Current Updates

Frequently Asked Questions

Q. Is the loss on the sale of your home deductible?

A. – The loss on the sale of a personal residence is a nondeductible personal loss

 

Q. Is an S-Corporation required to pay quarterly estimated tax?

A. – Rarely does an S corporation make estimated tax payments.

 

Q. Do self-employment taxes need to be paid quarterly or yearly?

A.- If you are required to make estimated tax payments, self-employment tax is paid by making quarterly estimated tax payments which include both income tax and social security tax

For answers to many more questions, visit the IRS FAQ website here: http://www.irs.gov/faqs/index.html or call one of our experience tax professionals to schedule an appointment today!