vince

Causes of positive Rheumatoid Factor

A higher level of rheumatoid factor in your blood is closely associated with autoimmune disease, particularly rheumatoid arthritis. But a number of other diseases and conditions can raise rheumatoi...

  • Updated 6 months ago by vince
Accounting for shareholder dividends in a partnership

Create "Dividends Payable: X" liability account for each partner Create an "Allocated Dividends" equity account (or just use the "Owner's Equity" account that is already created) For each dividend ...

  • Updated 6 months ago by vince
Wave

In accounting we create an "allowance" account. So your example would be "allowance for property taxes" this would be considered a contra cash account. Adding an amount to this is considered a cred...

  • Updated 6 months ago by vince
Wave Accounting

Wave is a free and robust cloud accounting software that lets you do double entry. Full instructions are at https://s3.amazonaws.com/wave-prod-customer-success/downloads/Wave-Fearless-Accounting-Gu...

Accounting Software

Soundproofing an Existing Ceiling in a Room

Learn how to soundproof an existing ceiling in a room using Insulation, Resilient Sound Clips, Furring/Hat Channel, a second layer drywall with Green Glue Noiseproofing Compound, Acoustical Putty ...

Capital Losses

can be either short-term (for assets held less than one year) or long-term (assets held longer than one year) each year, you add up all your short term capital losses and deduct them from your shor...

  • Updated 6 months ago by vince
Selling your home

can sometimes result in very large long term capital gains you can exclude $250k of those gains if for the last 2 years prior to the date of sale you didn't exclude gains from another sale during t...

  • Updated 6 months ago by vince
Mutual Funds

you're responsible for paying income tax on your share of the net capital gains by the fund your portion of the gains will be reported annually on Form 1099-DIV your capital gains can vary signific...

  • Updated 6 months ago by vince
Chapter 5: Capital Gains and Losses

A capital gain is simply the difference in what you sold something (eg shares) for and what you bought it for (also called the "cost basis" for that asset). Example: You buy 5 shares of a stock for...

Passive Income

Passive income is: Income from a business you do not materially participate in Rental income (even if you materially participate in, unless you're a real estate professional) It's taxed like intere...

  • Updated 6 months ago by vince
IKEA Kitchen Planning

You can design and get a great kitchen from IKEA delivered to your home. I think it's a lot easier, nicer, and cheaper than what most people assume. And the fact that it's IKEA means that the cabin...

  • Updated 6 months ago by vince
Dividend Income

like interest income dividend income is not subject to social security and medicare taxes often has lower income tax rates than other types of income if it meets certain requirements it will be a "...

Interest Income

most interest income (for example from a savings account) is subject to normal income tax rates but not social security and medicare taxes interest income is reported on Form 1099-INT some interest...

  • Updated 6 months ago by vince
Self Employment earnings

subject to the same income tax rates as wages and salaries instead of being subject to normal social security and medicare payroll taxes self employment earnings are subject to the self-employment ...

  • Updated 6 months ago by vince
Salary and Wages

this is the majority of income for most people taxed at normal income tax rates and normal social security and medicare taxes if you're an employee this will be reported to you and the IRS on Form ...

  • Updated 6 months ago by vince
Chapter 4: Taxable Income

Calculation of taxes is also affected by the type of income, each of which has it's own tax treatment Earned Income (salary, wages, and earnings from self-employment) Interest Income Dividend Incom...

Chapter 3: Your Refund

It's just the amount you paid (throughout the year before taxes are due) minus how much you actually owe. If the amount you paid is less then you don't get a refund -- you send money to the IRS. Th...

  • Updated 6 months ago by vince
Chapter 2: Deductions vs Credits

Deductions reduce your taxable income Credits reduce your tax Deductions Adjustments to income Itemized deductions Total Income - Adjustment to income deduction = Adjusted gross income - max(S...

  • Updated 6 months ago by vince
Chapter 1: Income Tax: It's Progressive!

If you're in the 22% tax bracket it does not mean all your income is taxed at 22% https://www.nerdwallet.com/blog/taxes/federal-income-tax-brackets Your tax bracket depends on your taxable income a...

  • Updated 6 months ago by vince