The QBI (qualified business income deduction) allows individuals to deduct up to 20% of business income, REIT dividends, or PTP income from personal income tax returns. Those who are...
If you are one of those persons who supported your parents financially in the previous year, the U.S government is willing to share the cost by providing certain deductions when you...
Many small business owners might have no idea what a payroll tax is. This article will explore what you need to know about IRS schedule SE whenever you start a business. Payroll...
If you've made a mistake on your tax form, don't panic. There are processes and forms to remedy the situation.The worst thing that can happen with a mistake is interest and...
Several charities are experiencing a drop in donations as the United States grapples with the COVID health crisis. In response, Congress included a clause in the CARES Act, designed...
There are essential elements in the 2018 tax law changes that will affect farmers and their families. These changes span through to 2025.Effect on Individuals Standard Deduction:...
Posted by Carmen Garcia on 11/18/2020
The medical expense deduction is large enough to cover pregnancy tests, braille books, and smoking cessation programs. However, it doesn't cover everything you pay to stay healthy....
In December 2017, major tax reform was launched, which concerns individuals and businesses. It is commonly known as the Tax Reduction and Employment Act, TCJA, or Tax Reform. Most...
Many baby boomers and retirees prefer to invest in savings bonds because they are safe and convenient investments, but stocks don't always earn interest. Over time, they expire,...