Most families are not tax professionals. So when the time comes to hire a nanny, especially if it's your first time, knowing all the details and IRS requirements and your status...
What is the 1099-PATR form?The forms in the IRS 1099 Series helps taxpayers report money received from various lesser-known sources. Form 1099-PATR is the IRS form sent to taxpayers...
There are essential elements in the 2018 tax law changes that will affect farmers and their families. These changes span through to 2025.Effect on Individuals Standard Deduction:...
Posted by Carmen Garcia on 11/18/2020
Some laws remain relatively unchanged for decades, if not centuries. However, tax laws are not timeless and must reflect an ever-changing global economy, complex government changes,...
For everyone buying a home via financing, the mortgage interest rate has a huge impact. Mortgage borrowers, however, are interested in the lowest rate possible. Yet, money lenders...
Is Foster Income Taxed?Payments received as Foster Income are NOT taxable, so you do not need to report them. Suppose the assistance is provided to a qualified foster individual and...
The government encourages everyone to save money for their retirement. Tax breaks such as the Retirement Savings Contribution Credit and penalties for early distributions from retirement...
What is a Subsidy?A subsidy is a benefit granted to a person, a company, or an institution, generally by the government. This is usually a cash payment or a tax exemption. The subsidy...
Posted by CONTINENTAL TAX AND ACCOUNTING SERVICES on 01/30/2020
When it comes to who you can claim as a dependent on your tax return, the Internal Revenue Service (IRS) defines “relative” somewhat loosely -- that is the good news. The...