Wouldn't life be beautiful without taxes? You can't avoid them entirely, but as an active member of the U.S. military or veteran, you have access to tax benefits not usually...
Posted by Pat Raskob on 01/09/2023
Partnerships should use Schedule K-1 tax forms to distinguish partnership income from owners' income. By doing this, your business will more likely avoid the $54,171 tax penalties...
Posted by Taxes Made EZ Inc on 11/17/2022
Made a mistake on your tax return or realize you lost a valuable deduction or tax credit? You can file an amended tax return to correct it. Filing an amended tax return with the IRS...
Posted by Rosovich & Associates, Inc. on 04/30/2022
There exist two kinds of dividends, qualified and ordinary dividends. Ordinary dividends are taxed at the income tax rate, and qualified dividends are taxed at a lower special rate.As...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 08/24/2021
Some years, Congress changed the rules facing investors. In other years, the economy has the final say in rethinking the best investment plans. At the same time, the personal situation...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 08/06/2021
For federal tax purposes, inheritance is not classified as income, no matter what you inherited – cash, property, or investment. However, whatever you earn on such an inherited...
Posted by Pat Raskob on 07/06/2021
You might think that the only time there would be taxes on an IRA or other type of retirement account would be when you make withdrawals or distributions. However, some income received...
Posted by Taxes Made EZ Inc on 06/06/2021
When dealing with taxes, one needs to be proactive as things do not always move in a single direction. One might receive an income now with the mandate to repay some or everything...
One of the more intricate provisions of the Tax Cuts and Jobs Act (TCJA) is the new limitation of business interest expenses. At first glance, this limitation seems simple, but the...