AI Tax Answer Library

Find answers to common tax questions. All answers were generated by HIVE Tax AI agents and verified by a professional CPA.

Latest Tax Questions & Answers

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What is the tax impact of life insurance policy payouts?

Amounts paid by reason of the insured’s death are generally excluded from the beneficiary’s gross income. Any interest paid on top of the death benefit (for example, if the insurer holds the proceeds and pays installments with interest) is taxable as interest income and should be reported accordingly.

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PTE tax election strategies and deadlines

Many states let partnerships and S corporations elect to pay state income tax at the entity level (PTE or PTET). The entity-level tax is generally deductible by the business for federal income tax purposes, bypassing the individual SALT $10,000 cap on Schedule A

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