politics

What happens if my business expenses exceed my income?

If your costs exceed your income, you have a deductible business loss. You deduct such a loss on Form 1040 against any other income you have, such as sala...

Mar 06, 2026 • 0 READS

politics

What does a debit balance in allowance for uncollectible accounts mean?

Allowance For Doubtful Accounts have debit balance (which is An Unfavorable or A Negative Balance) because the amount of Actual Bad Debts Written Off is g...

Mar 06, 2026 • 0 READS

politics

Can a LLC be taxed as a partnership?

By default, an LLC with multiple members is taxed as a partnership. Any LLC that has more than one member will generally pay the required income taxes bas...

Mar 06, 2026 • 0 READS

politics

What is the extended date to sign up for stimulus checks?

November 21 Deadline The deadline to claim a stimulus check or an extra $500 payment for a dependent child is 3:00 p.m. Eastern on November 21, 2020. That...

Mar 06, 2026 • 0 READS

politics

Can you file a second extension for 1120S?

Since the inception of the Form 7004, the extension now grants you an extra six months to file your taxes, but there is no second extension. For Corporati...

Mar 06, 2026 • 0 READS

politics

How do you know when you get your first paycheck?

Payroll checks may be issued at the end of each pay period worked, or there may be a lag and your paycheck may be issued a week or two (or longer) after y...

Mar 06, 2026 • 0 READS

politics

Can I claim my child who graduated from college in 2019?

If your child is a full-time college student, you can claim them as a dependent until they are 24. If they are working while in school, you must still pro...

Mar 06, 2026 • 0 READS

politics

How do I pay taxes on retirement withdrawal?

401(k) taxes if you withdraw the money when you retire For traditional 401(k)s, the money you withdraw is taxable as regular income — like income from a j...

Mar 06, 2026 • 0 READS

politics

Does Canada recognize us LLCs?

The Canadian Revenue Agency (CRA) treats the U.S. LLC, regardless of its U.S. tax treatment, as a corporation. The Treaty’s benefits are extended to U.S. ...

Mar 06, 2026 • 0 READS

politics

Is it too late to change my address for stimulus check?

Finally, you can simply wait until you file your tax return reflecting the new address. The IRS will then update your records. If you’ve already filed you...

Mar 06, 2026 • 0 READS