Tax exemption is the right to exclude from tax certain amounts of income or assets.Being tax-exempt or having a tax exemption seems like a way to lower your tax bill, but it can cause...
IRC Code, Section 501(c) sheds light explicitly on the critical requirement for a tax-exempt organization. In applying for tax exemptions, firms need first to apply to be recognized...
An IRS relief procedure for certain former citizens was introduced in September 2019 to allow certain Americans to renounce their U.S. citizenship without paying taxes and fines.The...
As we ring in a New Year every year, the excitement eventually paves the way for certain realities such as paying taxes! Yes, taxes must be filed yearly, and 2020 is no different as...
Posted by Stevenson Tax and Accounting, Inc. on 02/23/2021
It is a sad reality for many people that they will have to let go a particular percentage of their income to Uncle Sam. While there is nothing much we can do about that, the right...
Uncle Sam gives taxpayers the allowance to reduce their tax bill with a credit for adoption expenses that qualifies provided one meets some qualification requirements. Form 8839...
One of the many documents your employer will ask you to complete is IRS Form W-4: Employee Withholding Certificate when you get a new job. The way you complete this Form determines...
Posted by Carmen Garcia on 02/17/2021
A taxpayer will often end up with a huge tax bill that will be above what they can afford. This leaves most taxpayers confused on the next cost of action. Owing Uncle Sam, a sum...
When a taxpayer cannot pay the tax bill (now or in the future) with future assets and monthly income, they may qualify for the I.R.S. Offer in Compromise program—providing a...
Posted by Flynn Financial Group Inc on 01/23/2021