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What is tax implications?
When someone states that something has or may have tax implications, that simply means that it may affect the taxes you pay. It's generally used in reference to your federal income tax return filed with the IRS (& state tax return if your state has an income tax). If receiving a prize has tax implications, it would likely mean that you need to report the income on your federal tax return.
Do you charge sales tax for irrigation work?
No you do not charge sales tax on irrigation.
Can creditors classify an account as a charge-off because it was included in a chapter 7 bankruptcy?
Yes and no. If an account was already charged-off before the bankruptcy, it can be reported as a charge-off. By law, the creditors must charge-off accounts included in bankruptcy, BUT they can not REPORT that charge-off if it happens AFTER the bankuptcy. Negative reporting on discharged debts is a violation of the permanent injunction of the discharge.
Can you charge sales tax on labor in Oklahoma?
Do you charge sales tax on labor in Oklahoma
Which kind of tax is paid when purchasing consumer goods and services?
sales tax
What are the tax implications of the Adient spin-off?
The tax implications of the Adient spin-off refer to how the transaction may impact the taxes of the company and its shareholders. This can include potential capital gains taxes, tax treatment of dividends, and other tax considerations related to the separation of the two entities.
What are the tax implications of gifting a business?
When gifting a business, there may be gift tax implications based on the value of the business. The giver may need to file a gift tax return if the value exceeds a certain threshold. The receiver of the gift may also have to consider income tax implications if they sell the business in the future. Consulting a tax professional is recommended to understand the specific tax implications of gifting a business.
What does it mean when a collection company is reporting a charge-off?
Charge off is an accounting term. It has been paraphrased from "charged off to profit and loss" and applies to bad debts. At the end of the year, or at certain times of the year, companies will write unpaid debts off so they are not showing red ink on their books for tax and accounting purposes. If the consumer has not paid the debt, any deficiency balance is still owed in full. For the consumer's purposes charged off is the same as a collection account. It is significant derogatory item and has a large impact on credit scores.
What is tax implications?
When someone states that something has or may have tax implications, that simply means that it may affect the taxes you pay. It's generally used in reference to your federal income tax return filed with the IRS (& state tax return if your state has an income tax). If receiving a prize has tax implications, it would likely mean that you need to report the income on your federal tax return.
What are the tax implications of buying out a business partner?
When buying out a business partner, there may be tax implications such as capital gains tax on the profit made from the buyout. It's important to consult with a tax professional to understand the specific tax consequences of the transaction.
Are there tax implications for giving a car to a friend?
There are not any tax implications for giving a car to a friend. Once you give the car to your friend, they are responsible for the car.
Do you charge tax on rentals?
Yes, we charge tax on rentals.
How can I offset the tax implications of receiving RSUs?
You can offset the tax implications of receiving RSUs by selling some of the shares to cover the taxes owed, or by using other available funds to pay the taxes. Additionally, you may consider consulting with a tax professional for personalized advice on managing the tax implications of RSUs.
Can I use my 401k to pay off my mortgage?
Yes, you can use your 401k to pay off your mortgage, but it is generally not recommended due to potential tax implications and early withdrawal penalties.
What are the tax implications of a divorce house buyout?
When one spouse buys out the other's share of a house during a divorce, it can have tax implications. The spouse receiving the buyout may owe capital gains tax if they sell the house later for a profit. It's important to consider these tax implications when negotiating a buyout agreement.
What is a loan charge off?
Charge off is a shortened version of "charged off to profit and loss". This accounting term describes a bookeeping entry routinely performed by creditors. While there are technical differences, for a consumer charge off is the same as a collection account. They are both derogatory defaulted debts which are due and payable in full. They show on a consumer's credit report for 7 years from the last month/year when they were paid as agreed immediately prior to default. Charged off accounts frequently are transferred or sold to collection agencies and become the target of lawsuits to recover the money owed. Important to understand Charge Off is NOT a forgiveness of the debt in any way. It is only an accounting entry by the one who is owed. The discussion below, originally more on a tax Q, provides detail. Explanation Charge Offs & Forgiven Debt If what your asking is really
Can you cash out your 401K?
You can cash out your 401k, but you could possibly face severe tax implications. When you cash out a 401k plan, you usually pay ordinary income tax on the amount, plus a 10% penalty. Sometimes this can result in a charge of over 40%!
