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Accounting

  While idly shopping for a home may be pleasant, serious homebuyers need to start the process in a lender's office, not an open house. Potential buyers benefit in several ways by consulting with a lender and obtaining a pre-approval letter. First, they have an opportunity to discuss loan options and budgeting with the lender. Second, the lender will check on their credit and alert the...

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What is 'Schedule K-1'?   Schedule K-1 is a tax document used to report the incomes, losses and dividends of a partnership. The Schedule K-1 document is prepared for each individual partner and is included with the partner’s personal tax return. An S corporation reports activity on Form 1120S, while a partnership reports transactions on Form 1065.     BREAKING DOWN 'Schedule K-1'   While not filed with an individual partner’s tax...

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  When planning for your retirement, you may focus on trying to figure out how much income you'll need, where that income will come from, how the stock market will affect your investments, what your expenses will be during retirement and whether they will change over time. But one aspect of retirement savings that you may have forgotten could end up costing you plenty. The effect...

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The Internal Revenue Service has many free products available for small businesses to help them understand and comply with the law. Products ranging from online calculators, printable calendars, step-by-step guides and a series of educational webinars are all available on IRS.gov.   Federal law requires most employers to withhold federal taxes from their employees' wages. IRS tools can help small businesses understand some of the requirements for withholding, reporting,...

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The IRS is warning a new set of Individual Taxpayer Identification Number holders that their numbers are set to expire at the end of 2017, and that they’ll need to renew them before they next file a return.   In the second year of the renewal program, the IRS has made changes to make the process smoother for taxpayers. The renewal process for 2018 is beginning now,...

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The IRS’s first-time abatement penalty waiver (FTA), although introduced 12 years ago, is infrequently used by qualifying taxpayers. An FTA can be obtained for a failure-to-file, failure-to-pay, or failure-to-deposit penalty.   A taxpayer may claim an FTA for only a single tax period. To qualify, taxpayers must not have been assessed any other penalties of a “significant amount” on the same type of tax return within the...

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If you have some type of IRA, the financial institution acting as custodian or trustee must give you – and the IRS – an information return each year. The form, called IRS Form 5498, IRA Contribution Information, resembles Form W-2 for reporting wages. It contains information about IRA contributions, rollovers, Roth IRA conversions and required minimum distributions (RMDs).     The Basics   Reporting applies for traditional IRAs; it also...

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Partnerships do not pay tax on their profits; their partners do. Partnerships are pass-through entities that report their income, deductions, credits and other items to partners so that partners can then enter their share of this information on their personal tax returns. The partnership, as well as an entity treated as a partnership for federal income tax purposes, uses Form 1065, U.S. Return of Partnership...

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