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5 Crucial Tax Tips For Horse Owners

As a horse owner, it’s highly unlikely that tax breaks had anything to do with your love of horses. Nor are taxes a reason for business owners to get into the horse industry. With that said, proper tax planning can take some of the bite out of those hefty business expenses, especially for equine business owners. However, the Internal Revenue Service pays close attention to horse businesses to ensure they follow very specific rules when trying to deduct horse-related expenses. Here are 5 important tax tips for horse owners that everyone should know. Tax Tip #1: Know the difference between…

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SSA Form 3368-How to Fill Out Your Disability Claim

If you’re applying for disability benefits from the Social Security Administration, you may be trying to complete SSA Form 3368-BK, Disability Report. Although you should receive professional advice from a disability attorney or advocate, this might not be an option for you. This in-depth article will walk you through each step of the SSA Form 3368 so you can start receiving Social Security disability benefits. Why should I seek professional assistance? Filing as a disability claimant can be a daunting task. It’s one thing to understand your medical conditions, as debilitating as they may be. But it’s another thing to…

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What is Tax Topic 151? What You Need to Know

You filed your federal tax return, expecting a big refund from the Internal Revenue Service. Instead, when you check Where’s my refund with the IRS refund status tool, you see a reference to IRS Tax Topic 151. So what is Tax Topic 151? According to the IRS website, IRS Topic No. 151 refers to taxpayer appeal rights. There might be numerous reasons for this to appear. However, this reference is usually generated when a proposed adjustment is being made or a collection action is being taken against the taxpayer. This collection action usually you’ll receive a partial refund or no…

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ssa Form 3288

SSA Form 3288-What You Need to Know

If you’re trying to provide detailed information or information about yourself contained in your Social Security records to a third party, you may need to complete SSA Form 3288. This in-depth article will walk you through: What SSA Form 3288 is used forStep-by-step instructions on how to complete the formImportant information contained in the form that you should be aware ofCommonly asked questions about SSA Form 3288 Let’s start with what the form can be used for. What is the SSA Form 3288 used for? SSA Form 3288-Consent For Release of Information is used to give the Social Security Administration…

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Are Trustee Fees Subject to Self-Employment Tax?

Trust administration is a fiduciary duty that many individuals don’t pay attention to until they become a trustee. Usually, this happens when the benefactors of a grantor trust pass away. At that point, the trust becomes an irrevocable trust and the successor trustee takes over. And one of the first questions that most people ask about trustee fees is: “Are they taxable income?” As a general rule, trustee fees are tax-deductible to the trust and considered taxable income to the trustee. The second question might be: “Are trustee fees subject to self-employment tax?” Fiduciaries acting in a nonprofessional fiduciary capacity…

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