The adoption credit is a nonrefundable tax credit, which means that the tax credit amount is limited to taxes due on your 2020 income tax return. Any additional credit value can be...
Couples living in a community property state own their marital properties, income, and assets jointly. If you earn around $75,000, the income is yours as much as it is your spouse....
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...
The OPR supports the IRS's strategy to improve tax law enforcement, ensuring that tax professionals meet tax practice standards and comply with the law. The OPR is the regulatory...
Estimated tax is the method some employers use to pay income taxes. When paying income taxes, there are two methods allowed by the IRS; the withholding method or, you guessed it, the...
What is an Accounting Method?An accounting method refers to the rules that a business follows when reporting income and expenses. The two main accounting methods are accrual accounting...
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...
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
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