Can a therapist write off their own therapy?
As a therapist, you can still claim the 20% deduction even if you own a private therapy practice if your taxable income is less than $315,000 (if you’re m...
Published: Apr 25, 2026
Can I write off a computer as an independent contractor?
The good news for you as an independent contractor is that you can deduct many of your business expenses — such as the cost of a computer, printer and oth...
Published: Apr 25, 2026
Who needs to fill W 8BEN?
You must give Form W-8BEN to the withholding agent or payer if you are a nonresident alien who is the beneficial owner of an amount subject to withholding...
Published: Apr 25, 2026
What is shifting in taxation?
The incidence of a tax rests on the person(s) whose real net income is reduced by the tax. General sales taxes are paid by business firms, but most of the...
Published: Apr 25, 2026
Can I renew my parents ITIN if they live in Mexico?
If you are claiming a dependent from Mexico, make sure they have a valid active ITIN. All ITINs not used on a federal tax return at least once in the last...
Published: Apr 25, 2026
What is a premium tax credit in health insurance?
1. What is the premium tax credit? (updated May 14, 2021) The premium tax credit is a refundable tax credit designed to help eligible individuals and fami...
Published: Apr 25, 2026
What is the difference between contractor and part-time employee?
Classifying a person as a contract worker has substantial tax benefits over declaring them as a common law employee. While part-time employees are usually...
Published: Apr 25, 2026
How does motor home financing work?
How does an RV loan work? While an RV loan is typically specific to the purchase or refinance of a recreational vehicle, it works like any other consumer ...
Published: Apr 25, 2026
What is a payment for a good or service?
Payment is the transfer of money or goods and services in exchange for a product or service. Payments are typically made after the terms have been agreed ...
Published: Apr 25, 2026
Is a spouse a beneficiary of a trust?
In the trust document, you and your spouse or partner must each name beneficiaries — the family, friends or organizations who will receive your share of t...
Published: Apr 25, 2026
