Definition of Taxable Income:• Taxable income is the portion of your total income that is subject to taxation by the government....
Posted by True Tax Service on 10/30/2023
Federal Income Tax Deadline:In the United States, the federal income tax deadline typically falls on April 15th, except when it falls on a weekend or holiday. If that's the case,...
Posted by True Tax Service on 10/28/2023
Gather All Necessary Documents:Collect all relevant tax documents, including W-2s (for employment income), 1099s (for various types of income), mortgage interest statements, investment...
Posted by True Tax Service on 09/12/2023
Accurate reporting of income to the Internal Revenue Service (IRS) is an essential responsibility for every taxpayer. Failure to report income can result in significant penalties and...
Posted by KLSM CPA Firm PLLC on 07/02/2023
Buying and selling of bonds is accessible through primary public issues, secondary markets, or from the exchange (NSE / BSE). Government bonds with taxation rates are available on...
Spouses who live in one of the nine community property states must classify their income as community income or separate income when filing separate federal income tax returns. In...
Posted by KLSM CPA Firm PLLC on 01/17/2023
Managing your taxes is as much about planning for next year as it is about completing and filing your taxes this year. Life does not stop. Your income or deductions may change, but...
Every US citizen that wants to live in another country should consider learning what the Foreign Tax Credit Entails and how it works. It also applies to all citizens that desire to...
The IRS requires all taxpayers to file an income tax return, regardless of their age.The Internal Revenue Service (IRS) requires all taxpayers, regardless of their age, to file an...
Posted by KLSM CPA Firm PLLC on 11/11/2021