Business Q&A

Question:For 2006 what is the new 401(K) limit?
Answer: $15,000 - per the source below.

Question:can i claim unearned income on my 17 yr. old son?
Answer: You'll be better off asking the taxman on this one.

Question:Through no fault of either the employee or employer, some wages could not be paid during certain months over the past years. Now the employer wants to repay all of those wages. Will those wages be taxed as this years income, and will that income bump up the employee into a really high bracket? What […]

Question:Does the plan benefit the children for who the savings are being made? Or does the plan save the parent some taxes? I am not too clear.
Answer: Though the plans differ from state to state, they are all exempt from federal income tax, and that can give a […]

Question:my girlfreind wants to do peoples taxes to make a little extra money this year what do you need and where do you go
Answer: There is NO requirement to be registered or certified to do taxes in Arkansas for a fee. However, I would suggest that she take […]

Question:we are checking on wisconsin taxes and dont know what the ones they put on your estate when you dieare called, what are they called in wisconsin, eachstate is different
Answer: “Death” taxes. Get ahold of the county tax assessor in which the property is located. They are […]

Question:Hi,
I recently registered LLC company, It's a small Home-based business, I am the sole proprietor of this home-based small business. This LLC company does not have even one employee, I am living in a Rented apartment, Since I am running this small business in my apartment in which I am staying by paying monthly rent.
Can […]

Question:I'm not sure I read everything about gift and tax, but I think the person giving the cash gift have to report after $11k but only pay tax after $1mil/lifetime. But I'm not sure about the one receiving it.
Answer: Yes it is true. For gift tax there is […]