It is common for someone to live in one state and have employment in another state. In this case, one might need to file a nonresident tax return if they have earnings in a state they...
Are you wondering if there is a hard rule on taxable income and non-taxable income? The answer is simple: all income is taxable unless it is expressly excluded by law. But, as you've...
Here are some FAQ related to taxes:What Income am I to Pay taxes on?Uncle Sam’s definition of income is money, services, and properties. All income can be taxed, except there...
Posted by Don Bell Law on 02/17/2021
Before the Kiddie tax, parents could get tax savings by setting up an investment account using the kid's name. Parents could give various items like a stock to their kids in which...
Bad debts arise because money was loaned to a debtor or a customer received credit for purchasing a product or service, but the recipient could not fully or partially repay the debt....
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....
Divorce is hard and horrible. But at times, love turns sour, and two people have to part ways. The singular decision of parting ways involves many things. There are a ton of decisions...
Prepared or not, tax return reporting was amended once more for the 2020 tax year. The IRS considerably fused the Form 1040 in 2018 which results in a total reconstruction of the old...
Posted by Freddie Cook, CPA on 04/03/2020
When it comes to who you can claim as a dependent on your tax return, the Internal Revenue Service (IRS) defines “relative” somewhat loosely -- that is the good news. The...