The rules for filing alimony income on your tax return changed with the 2019 fiscal year. Alimony income or payments are no longer tax-deductible, and the receipt of alimony is not...
Posted by KLSM CPA Firm PLLC on 07/09/2022
The term ‘income tax' means a lot of things to various people, possibly because there are similar technical terms like tax benefit, tax deduction, income tax exemption, and...
Posted by KLSM CPA Firm PLLC on 03/31/2022
When tax season is upon us, it is usually when tax professionals get panic questions from clients who are being audited by the Internal Revenue Service (IRS) because they haven't...
Posted by Karen Munoz, EA on 08/15/2021
An enrolled agent is someone who has earned the privilege of representing taxpayers before the IRS by passing a comprehensive IRS test covering personal and corporate income tax returns...
Posted by Karen Munoz, EA on 05/30/2021
Income from fundraising is not considered a taxable source of income by the IRS. Tax fundraising laws define donations as gifts, which recipients do not have to report on their tax...
Posted by Flynn Financial Group Inc on 05/29/2021
The Internal Revenue Service can impose a huge number of tax defaulters that do not pay taxes or do not pay on time. These penalties may also include financial penalties imposed on...
Getting a fiat loan on your appreciated crypto is a great way to withdraw money without paying capital gains tax. This article will analyze several transactions associated with a cryptocurrency...
Uncle Sam has rules for pretty much everything. As a result, one should not be surprised to have rules guiding bankruptcy discharge. With this, if there is any reason for the IRS to...
An Insight into Personal Use propertyUncle Sam defines personal use property as an asset or property used solely for private purposes and does not serve as an investment or business...