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Is a sole proprietoship separate legal entity for tax purposes?
A sole proprietorship is not a separate legal entity for tax purposes. An individual who operates a sole proprietorship claims all his revenues and expenses on a schedule C on his personal tax return.
What is a disregarded entity on a W-9 form?
A disregarded entity on a W-9 form refers to a business entity that is not treated as separate from its owner for federal tax purposes. This typically includes single-member LLCs, where the income and expenses are reported on the owner's personal tax return rather than on a separate business tax return. When completing the W-9, the disregarded entity's name and taxpayer identification number (TIN) should be provided, but the owner's information is also necessary for tax reporting.
If filing taxes jointly do you both have to be present?
Yes that is the way that it should be done to make sure that the tax return is prepared correctly and each taxpayer signs the income tax return after it is completed correctly
Can you file your personal income tax your business income tax separately?
Not as a sole proprietorship, independent contractor or self employed taxpayer. You would have to use the schedule C of the 1040 tax form for this purpose. If your Business is incorporated or a entity with it's own tax ID, then you will have to file separate business income tax return.
What is file an amended tax return?
If you have filed a tax return but you then realize that your return is inaccurate in some way and you wish to correct the inaccuracy, you can file a revised tax return which would be called an amended tax return.
Is a sole proprietoship separate legal entity for tax purposes?
A sole proprietorship is not a separate legal entity for tax purposes. An individual who operates a sole proprietorship claims all his revenues and expenses on a schedule C on his personal tax return.
What is a disregarded entity on a W-9 form?
A disregarded entity on a W-9 form refers to a business entity that is not treated as separate from its owner for federal tax purposes. This typically includes single-member LLCs, where the income and expenses are reported on the owner's personal tax return rather than on a separate business tax return. When completing the W-9, the disregarded entity's name and taxpayer identification number (TIN) should be provided, but the owner's information is also necessary for tax reporting.
Who signs a final corporate tax return?
Depends...frequently the trustee or acting offocers.
Can you go bankrupt on taxes?
do you have to pay tax late payments if you go bankrupt
What happens to a publicly traded company when its stock goes to zero?
you can claim a CAPITAL GAIN LOSS ON YOUR TAX RETURN FOR THE YEAR IF THE COMPANY GOES BANKRUPT that's it.
What government entity handles a tax rebate?
Wondering what Government entity handles a tax rebate? A tax rebate is money that is given back. The tax rebate is handled by the IRS government entity.
If filing taxes jointly do you both have to be present?
Yes that is the way that it should be done to make sure that the tax return is prepared correctly and each taxpayer signs the income tax return after it is completed correctly
Do you need a tax id for a condo association?
If your association is a legal entity, such as a non-profit corporation, you can apply for a tax ID, and use it to file income taxes. The tax implications are that you file a tax return and may be taxed on profits, if they exceed your expenses by the amount allowed by law. In addition to Federal taxes, you may also be responsible to file a state tax return and pay taxes on profits over a set amount. If you are a legal entity and you do not file tax returns, you are liable for the consequences of disobeying the tax law.
Do all Australian companies have to file tax returns?
I am not familiar with not-for-profit organisations, but other than this all Australian Companies have to lodge a income tax return while trading, please be aware than some "companies" are actually just "trustee" companies which mean that they do not have to lodge a return every year as they actually do not trade, they just hold another entity for security reasons. E.g. a company may be a trustee of a family trust who actually is the trading entity, so the family trust is the entity that has to lodge an return every year.
Can the Federal government take your wifes tax refund for your VA medical debt?
Yes on a Jointly filed return they can. Everyone that signs a tax return is individually and severally responsible for ANY tax due on the return. Having said that there IS a work-around. You have to prepare and submit an Injured Spouse form along with the jointly filed tax return. Then you can get any portion of the refund that would have generated for you if her deficiency was not taken into account.
Why is the state of Iowa holding your tax return 2 years after a bankrupt is over?
Because the conservative Supreme Court has held that the Bankruptcy Code does not apply to state taxes, so you still owe them.
Can gross receipt tax be collected on a bankrupt company in NM?
Yes
