The Internal Revenue Service recently published new, higher contribution limits for health savings accounts for 2021. An individual is allowed to contribute $ 3,600, while it is $...
Posted by Carmen Garcia on 10/15/2020
Taxpayers are allowed to amend tax returns using the form 1040x if the following cases occur: a mistake was found in the tax return, failure to file eligible deductions or credit,...
For people in the real estate business with agents that you give commissions after every sale or lease, you must report such payment on a 1099 MISC form. Your obligation as an employer...
The Income Tax Service has classified the income of Indian citizens into five different categories, depending on their source of income. These categories mainly include homeownership,...
Most would agree that taxes are not an interesting topic. But a proper understanding of the tax rules is essential for employers. It is a special responsibility to manage your employees...
The EITC (earned income tax credit) is a refundable credit that applies to all taxes owed after completing the return and calculating the amount owed. The Internal Revenue Service...
Posted by Carmen Garcia on 09/14/2020
You have completed all necessary tax documents, including Schedule C and your tax return. Now you discovered a mistake, and an Amended form 1040X will come to your rescue.Form 1040X:...
Your business is personal good, has resources within its walls, and has a huge impact on what your organization owes in tax. Unfortunately, this critical perspective is often overlooked...
COVID-19 surely has triggered a huge frustration to all taxpayers. The IRS has shut down and has been failing to operate normally. In response, many taxpayers have been suffering from...
Posted by Ace Plus Tax Resolution on 08/04/2020