Since preparing your tax return hasn't been intimidating enough, there may be times when you need to amend a pre-filled tax return. While filling out a correct return may seem...
Restaurants can claim a federal income tax credit based on the share of FICA and Medicare ("employment") taxes that they pay on reported tip income to employees. In an ideal...
Posted by Elliot Kravitz, ATP on 03/05/2021
If a creditor acquires your property through foreclosure and evicts you, or if you surrender your property before the eviction, the lender will send you an IRS Form 1099-A Acquisition...
Barter transaction happens when a business and another one exchange services with one another. While there are no funds exchanged with barter transactions, Uncle Sam believes you need...
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...
There are many ways in which sales compliance form applies, and one of them is the Use Tax. It is one of the terms common when applying for a sales tax permit in any state or accessing...
You might have a home where you stay for some time in a year while you rent it for the other part of the year. Doing this means you have to prorate the incurred expenses between rental...
A day trader employs the rise and fall of stock prices, hoping that it will result in net profit over a year. This means there will be a tax on the proceeds. There are, however,...
An overview of the issues of spousal liability in the world of income tax.John and Jane divorced after five years of marriage and two children. Jane got the children, the house, and...