The IRS issued Form 1040-X to taxpayers with errors on their tax returns. The form is for correction, deletion, and addition of information to the same form submitted to the IRS. For...
Posted by Taxes Made EZ Inc on 02/22/2023
A net operating loss (NOL) occurs when a business has deductible expenses that exceed its taxable income for a given tax year. In other words, it is a tax loss that a business can...
Posted by Pat Raskob on 02/22/2023
Charitable contribution deductions are a type of tax deduction that allows individuals and businesses to deduct the amount of money they donate to a qualified charitable organization....
Posted by Pat Raskob on 02/17/2023
At times, paying your tax debt becomes impossible. However, there is a solution to cease the collection calls from the IRS. The organization has various programs aimed at assisting...
Posted by Rosovich & Associates, Inc. on 02/17/2023
Liens and Levies are two different legal actions that the Internal Revenue Service (IRS) can take to collect outstanding tax debts from taxpayers. Understanding the difference between...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 02/07/2023
If you are an American who has lived or worked outside of the United States, you will almost certainly need to file a tax return with the IRS and be eligible for the foreign tax credit....
Posted by Taxes Made EZ Inc on 01/26/2023
A trust is a lawful entity that holds assets and money for future distribution or administration. For example, you can create trust for your children's college education by setting...
Posted by Rosovich & Associates, Inc. on 01/26/2023
Since couples can file their taxes jointly, some partners purposely neglect their tax duties which explains the reasons the innocent spouse relief law was enacted. The program is a...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 01/17/2023
You may be eligible for the qualified business income deduction if you are a small business owner.The Qualified Business Income (QBI) deduction provides small business owners with...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 01/09/2023