Tax credits, such as elderly tax credit and the disabled, are credits applied to taxes owed. For example, if you owe $2,000 in taxes and have a loan of $700, you only have to pay $1,300....
The QBI (qualified business income deduction) allows individuals to deduct up to 20% of business income, REIT dividends, or PTP income from personal income tax returns. Those who are...
The US tax system is set up on both the federal and the state level. There are several taxes which citizens must file. These taxes include: income tax, capital gains and sales tax....
Before leaving the United States, all foreigners (except those listed below) must obtain a "Certificate of Compliance" from the United States Internal Revenue Service. This...
Amid all the cautionary advice to prevent students from borrowing too much money to pay for their university education, one bit of good news may go unnoticed: interest paid on student...
Article Highlights:Stimulus Payments to Deceased Individuals Stop Payments Being Made on Checks Already Issued IRS Authority to Deny Stimulus Payments to Deceased Individuals History...
Posted by Ace Plus Tax Resolution on 08/04/2020
Provided that the debts were properly paid off, filling for the IRS tax extension might be easier than what it seems.There are a lot of reasons why we need tax extensions. Some of...
The Lifetime Learning tax credit amounts to 20% of the first $10,000 tuition fee paid every year till it reaches $2,000. To claim the entire $2,000 credit, you must have at least $10,000...
Posted by Premier Accounting & Tax on 04/02/2020
The tax system of the United States is a pay-as-you-go system. Tax payments are usually required as you earn income. If you don’t pay your tax on time, you will be charged with...