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,...
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,...
Carried interest is part of the income obtained when a private equity fund sells an asset. Sometimes called "carry," it is part of the net capital gains of the sale fund....
Will you pay taxes on the sale of your home? Probably not, unless you have an income over $ 250,000 or over $ 500,000 for couples. But before we continue, let's take a look at...
Except you have recently taken a vacation to Mars, you must have felt the Covid-19 pandemic pinch. There have been job losses, and people are feeling the heat. With the time for the...
Article Highlights:Skyrocketing Government Spending Federal and State Deficits Tax Increases in Our Future Tax Strategies The outcome of the November elections...
Posted by Ace Plus Tax Resolution on 08/04/2020
What is Liquidation?Liquidating a business is the process by which business comes to an end and no longer exists. This can happen for several reasons and can be voluntary or involuntary....
Recognize whether which of the standard deduction and itemized deduction suits you before you file.Although you don’t have plenty of choices when it comes to paying taxes, you...
The CARES Act recently passed into law some measures to stimulate the economy. There is a provision that allows retirees to stop taking Required Minimum Distributions (RMD) from 401(k)...
Posted by Carmen Garcia on 06/22/2020