The executor, most of the time, is charged with filing the state and federal income tax return for the deceased at the year of death. The surviving spouse is responsible if they file...
Posted by Karen Munoz, EA on 12/10/2021
Supplemental Security Income (SSI) is a benefit program administered by the Social Security Administration that provides monthly payments to people facing significant physical and...
Since preparing your tax return hasn't been intimidating enough, there may be times when you need to amend a pre-filled tax return. While filling out a correct return may seem...
The filing status of a taxpayer depends on individual circumstances. Are you married or single? Do you have dependents? Identifying the correct filing condition is essential, as it...
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...
The IRS deals with foreclosure as well as the sale of a property. It was already yours, and you no longer own it, so you could end up paying taxes on a mortgaged property. The event...
One of the tasks a person cannot put aside is filing taxes even though this might not be an interesting task to do on a weekend but filing your tax return evades a person from embarrassment...
Posted by Advanced Accounting & Tax Planning on 04/27/2020
The American Opportunity Credit and the Lifetime Learning Credit are currently the two major education credits provided by the government to help students lessen the cost of higher...
Posted by Advanced Accounting & Tax Planning on 02/25/2020
Earned Income tax Credit is an endeavor of the IRS to help millions of Americans. People need to review their credit and see if they qualify. Existing since 1975, it is one of the...
Posted by Frank Penn on 02/18/2020