Running a farm can be cumbersome when you consider several expenses and income sources, credits and deductions, etc., which makes things complicated when it is time to file taxes. Everyone...
On January 5, 2021, the Treasury and IRS released a second set of final business interest expense deduction regulations (the 2021 Final Regulations) that provide additional rules to...
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
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,...
When a business has a net operating loss, it means there is a negative income. It happens when the tax that can be deducted from a company is more than taxable income. While this is...
Posted by Don Bell Law on 04/02/2020
In general, if the IRS refuses your statement, it's probably because it contains an error other than a simple mathematical error. The IRS generally corrects mathematical errors...
Posted by Elliot Kravitz, ATP on 11/05/2019
Some years will not go as planned, and sometimes companies do not realize profits as high as in previous years. When expenses start to exceed your income, you lose your position. However,...
Posted by Advanced Accounting & Tax Planning on 08/02/2019
Every year does not go as expected, and sometimes it could be a situation where businesses made fewer profits as they did the years before. When the cost of expenses begins to exceed...
Posted by Elliot Kravitz, ATP on 07/25/2019
There were a lot of provisions to the reform bill or Tax Cuts and Jobs Acts recently, reducing taxes for most business such as a change on corporate tax rate cut from 35% to 21% and...
Posted by Foudy CPA Group,PC on 04/12/2018