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What Is The Difference Between A Limited Liability Corporation( LLC) And A Partnership?
User Photo Dan Selner
Tax Professional Level: Tax Enthusiast

The a partnership, you do not have a choice on how the business is taxed. With an LLC, it can be taxed in several ways: partnership, S-Corp or Corporation. The method you choose will affect how the business is...   Read More
What Is The Extension Due Date For A Tax Partnership Return In 2013?
User Photo Steven Potts JD EA IAR
Tax Professional Level: Tax Enthusiast

A partnership return is generally due on the 15th day of the fourth month following the date its tax year ended. For a calendar year taxpayer this is April 15th. There is the ability to get an "automatic"...   Read More
What Is The Purpose Of Filing Of A Protective Disclosure?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

A protective disclosure is an application filed by the taxpayer while a court (usually a State court) is determining whether the taxpayer, or group of taxpayers, must pay a certain tax which is under review. If...   Read More
User Photo Chuck Heyde, CPA, CGMA
Tax Professional Level: Tax Wizard

If you exercised in 2011, it should be reported in 2011. I would confer with your employer to see if they can provide you a W-2C.   Read More
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Assuming you mean a residential rental, it is depreciate out over 27.5 years and the depreciable basis is the basis in the entire property menus the FMV of the land. It is based on what month you put it in service...   Read More
User Photo Dan Selner
Tax Professional Level: Tax Enthusiast

Cash basis is generally the better method, depending upon your entire tax situation, of course. Cash basis means you only declare the income when received. That way you are not paying tax on rents owed but not...   Read More
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Each individual on the tax return is only eligible for one type of education credit or deduction. However everyone on the return who is a qualifying student in post secondary education may qualify for a credit or...   Read More
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

The American Opportunity Credit is available for each student for the first $4000 in qualifying expenses for a credit of up to $2500. Of the credit 60% is applied to tax liability and 40% is refundable even if you...   Read More


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