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What else can I help you with?
Do you pay taxes on your checking account?
No, you do not pay taxes on the money in your checking account.
Is it permissible to pay my personal taxes using funds from my business account?
No, it is not permissible to pay personal taxes using funds from a business account. It is important to keep personal and business finances separate to maintain legal and financial integrity.
Can you explain how a checking account works?
A checking account is a type of bank account that allows you to deposit money, withdraw funds, and make payments using checks, debit cards, or online transfers. You can deposit money into your checking account from sources like your job or other income, and you can use the funds in the account to pay bills or make purchases. The bank keeps track of the money in your account and provides you with statements to show your transactions.
When do you have to pay taxes on dividends?
You have to pay taxes on dividends when you receive them from investments in stocks or mutual funds.
Can you write checks or pay bills directly from an online savings account?
No, typically you cannot write checks or pay bills directly from an online savings account. You would need to transfer the funds to a checking account first to make payments.
Do you pay taxes on your checking account?
No, you do not pay taxes on the money in your checking account.
If you deposit a cashiers check to a friends checking account do they pay taxes the money is mine and 5 figures?
If the money that is being deposited into the checking account is a gift, then they do not pay taxes. However, if this is a business transaction, then they may have to pay taxes.
Is it permissible to pay my personal taxes using funds from my business account?
No, it is not permissible to pay personal taxes using funds from a business account. It is important to keep personal and business finances separate to maintain legal and financial integrity.
Do you paid taxes on checking account?
The only tax you would pay on money in a checking account is any interest the money made if it is a interest type of account.
Can someone else have full ownership of your checking account?
HelloYes if you make it a joint checking account with their name on it. They will be able to do all the same things you can. Withdraw, transfer, pay in funds etc.
Can you explain how a checking account works?
A checking account is a type of bank account that allows you to deposit money, withdraw funds, and make payments using checks, debit cards, or online transfers. You can deposit money into your checking account from sources like your job or other income, and you can use the funds in the account to pay bills or make purchases. The bank keeps track of the money in your account and provides you with statements to show your transactions.
An account used by mortgage lenders for the safekeeping of the funds accumulating to pay next year's property taxes and hazard insurance is called an escrow account?
True, escrow account.
When do you have to pay taxes on dividends?
You have to pay taxes on dividends when you receive them from investments in stocks or mutual funds.
Can the State of Minnesota or the IRS take money from a bank account that is not a joint account to pay for a spouse's back taxes if the one who has the account does not owe taxes?
Minnesota is not a community property state, so the answer is generally no. However, if the funds are in the account as a result of a fraudulent conveyance to evade payment of taxes, action could be taken to recover them. Errors do happen, of course. As long as you are married to someone who does not pay their taxes, you do have to worry.
Can you write checks or pay bills directly from an online savings account?
No, typically you cannot write checks or pay bills directly from an online savings account. You would need to transfer the funds to a checking account first to make payments.
What type of account is held by the mortgage lender and used to cover property taxes and homeowner's insurance?
(Escrow:) funds held in an account to be used by the lender to pay for home insurance and property taxes. The funds may also be held by a third party until contractual conditions are met and then paid out.
If you own a ccorp that owns a llc and your personal account is linked to the llc account since you will pay taxes at year end anyway can you move funds from the llc to your personal account legally?
The c corp needs to issue a dividend or pay you a salary. It's important not to co-mingle funds. (you might want to talk to your accountant about this)
