Can you claim new central air conditioner on taxes?
The IRS allows you to take the standard deduction. The cost of a new central air-conditioning system can run between $500-$4000. It just makes sense to ta...
Can maintenance charges be deducted from rental income?
We find the Tribunal in the case of Bombay Oil Industries (supra) has held that maintenance charges and municipal taxes paid by the assessee are to be ded...
How can you tell if someone is messing with your Social Security number?
To see if your Social Security number is being used by someone else for employment purposes, review your Social Security Statement at to look for suspicio...
Is Banamex affiliated with Citibank?
It is the second-largest bank in Mexico. The Banamex Financial Group was purchased by Citigroup in August 2001 for $12.5 billion USD. It continues to oper...
Is hurricane damage covered by homeowners insurance?
Hurricane Damage Caused by Wind Wind is typically among the perils covered by a standard homeowners insurance policy. However, some policies partially or ...
How do you Journalize a rental deposit?
The person paying the security deposit would credit the asset account Cash and would debit the asset account Security Deposits. The person receiving the s...
What are passed audit adjustments?
An audit adjustment is a proposed correction to the general ledger that is made by a company’s outside auditors. The auditors may base the proposed correc...
Is repair taxable in California?
If you repair and return the customer’s original part, tax generally applies only to the charge for parts and materials furnished in reconditioning or rep...
What is Schedule M-2 and what is its purpose?
Schedule M-2, Analysis of Partner’s Capital Accounts is the section in Form 1065, U.S. Return of Partnership Income where the partnership reports to the I...
Does New York recognize S-Corp?
New York City does not recognize Federal or New York State “S Corporation” elections. S Corporations are subject to this tax. A taxable association or pub...
