IRC Code, Section 501(c) sheds light explicitly on the critical requirement for a tax-exempt organization. In applying for tax exemptions, firms need first to apply to be recognized...
What is a private activity bond (PAB)?PABs are tax-exempt bonds distributed by or on behalf of a state or local authority to provide special financial benefits for eligible projects....
Uncle Sam gives taxpayers the allowance to reduce their tax bill with a credit for adoption expenses that qualifies provided one meets some qualification requirements. Form 8839...
Here are some FAQ related to taxes:What Income am I to Pay taxes on?Uncle Sam’s definition of income is money, services, and properties. All income can be taxed, except there...
Posted by Don Bell Law on 02/17/2021
One of the things business owners like hearing when it comes to taxes is "tax credit," as it signifies something good. Even though some business owners might confuse tax...
For people that relocated to start a new job, they can deduct moving expenses. This deduction is available for people in the military. Rules for Military Qualification Military...
A taxpayer will often end up with a huge tax bill that will be above what they can afford. This leaves most taxpayers confused on the next cost of action. Owing Uncle Sam, a sum...
When a taxpayer cannot pay the tax bill (now or in the future) with future assets and monthly income, they may qualify for the I.R.S. Offer in Compromise program—providing a...
Posted by Flynn Financial Group Inc on 01/23/2021
The adoption credit is a nonrefundable tax credit, which means that the tax credit amount is limited to taxes due on your 2020 income tax return. Any additional credit value can be...