We totally get it. People with thousands and millions of dollars sometimes like to hide their money abroad.Of course, the government disapproves of tax evasion. After the financial...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 12/27/2021
You might need to report the canceled amount as income on your tax return if you could get a debt write-off or forgiveness. You should know what to expect so you don't end up with...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 09/20/2021
Many seniors use savings bonds for good reasons. However, they still provide an incredible way to help pay for the college expenses of a young person. Understanding College Savings...
Franchise tax applies to taxes paid by certain companies that wish to do business in certain states. Also called a privileged tax, it gives the company the right to be established...
Posted by Pat Raskob on 08/24/2021
When preparing for your income tax, the general rule is that you write off your daily business purchases, such as office supplies or utility vehicle mileage, as expenses, and purchases...
Posted by Rosovich & Associates, Inc. on 08/15/2021
There are several college savings plans with 529 plans as one of them. It comes with a series of tax benefits and can allow you to build your kid's college funds with time. In...
Posted by Rosovich & Associates, Inc. on 06/18/2021
Your 1040sIf your income is over a specific amount, paying the federal income tax is mandatory. You might have to pay income tax in some states as well. The income tax rate is a matter...
If you are moving to a foreign land to settle, start a new job, or even set up a business, the US Expat taxes might qualify you for some tax exclusion. One, however, needs to apply...
Unknown to many people, the proceeds from selling a house might be taxable. However, this article sheds light on the mode of operation and simple ways to avoid ending up with a huge...