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They provide employment for state residents, and pay taxes into the state's coffers.

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10y ago

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Does unemployment count as income for a tax return?

Yes. You will receive the 1099 from the State that paid the benefit. You can elect to have withholding made from the payments.


What is Tangible Vs Tangible benefit?

Tangible Benefit: - It is a benefit to a person or organization which can be felt and touched. It is a real benefit which is straight forward. Ex: Saving money Intangible Benefit: - It is an indirect benefit which can't be felt or touched. Ex: Saving time


What is the benefit of forming a Limited Liability Company, and how would I start the process?

The main benefit of a Limited liability company is that the owners of the LLC, called "members," are protected from some or all liability for acts and debts of the LLC depending on state shield laws. You would start the process by contacting an attorney.


Who is it beneficial to deduct the amount paid in state income tax from their income for purposes of computing federal income tax?

It is beneficial for taxpayers who itemize deductions on their federal income tax returns to deduct the amount paid in state income tax. This deduction can lower their taxable income and ultimately reduce their federal tax liability. However, the benefit primarily applies to those in states with higher income tax rates or those who paid a significant amount in state taxes. Taxpayers who take the standard deduction will not benefit from this deduction.


What is tangible vs intangible benefits?

Tangible Benefit: - It is a benefit to a person or organization which can be felt and touched. It is a real benefit which is straight forward. Ex: Saving money Intangible Benefit: - It is an indirect benefit which can't be felt or touched. Ex: Saving time