Frequently Asked Questions

Tax FAQs

Business Taxes

• Is my business required to make tax payments electronically?
• Can I deduct expenses for business travel, meals, and entertainment?
• How do I report fringe benefits for an S corporation shareholder?
• What are the requirements for notifying California employees about the Earned Income Tax Credit?
• Is a worker an employee or an independent contractor?
• What is the Domestic Production Activities Deduction (DPAD)
• Does my corporation need to pay estimated taxes for 2010?
• Is a single member LLC required to have its own federal employer ID number?
• Does a Limited Liability Company (LLC) pay tax?
• What is the federal tax research credit?

Individual (Personal) Taxes

• What is the Residential Energy Efficiency Property Credit?
• Do I have to pay my individual taxes electronically?
• Can I deduct my mortgage interest?
• Do I owe tax on internet or out-of-state purchases?
• What is AMT (Alternative Minimum Tax)?
• Who can I claim as a dependent?
• What are the Basics of Individual Income Tax?
• How can I avoid federal tax penalties?
• Do I need to pay estimated taxes for 2010?
• What is a Section 529 Plan?
• What are the pros and cons of converting to a Roth RIA in 2010?

We appreciate suggestions for new FAQs.