You may have considered a custodial account if you want more flexibility regarding how your child's education funds are allocated. That way, the money doesn't have to be used...
Posted by Rosovich & Associates, Inc. on 11/28/2022
Taxpayers who have accrued or paid foreign income taxes in a U.S. possession or foreign country can generally deduct those taxes from their U.S. tax on foreign source income. The foreign...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 11/17/2022
Partnerships should use Schedule K-1 tax forms to distinguish partnership income from owners' income. By doing this, your business will more likely avoid the $54,171 tax penalties...
Posted by Taxes Made EZ Inc on 11/17/2022
A tax deduction is a legal method of reducing your taxes without being penalized. There is a wide margin between a deduction and credit, and the value is not the same, making it look...
Posted by Taxes Made EZ Inc on 11/10/2022
The S & P are the talks happening in the stock market. These are indexes for a group of securities. They represent the trends in a particular market, economy segment, or industry....
Posted by Pat Raskob on 11/10/2022
The IRS considers an independent contractor as a self-employed or an entity hired to provide a service or work for another entity as a non-employee. Due to that, independent contractors...
No matter how chaotic your work life feels during the last quarter, the end of the current year and the start of a new year is the perfect opportunity to organize your office and regain...
Posted by Rosovich & Associates, Inc. on 10/26/2022
Each year, taxpayers must file Form 1098, Mortgage Interest Statement, with the Internal Revenue Service (IRS) for their mortgages and provide this statement to you. This statement...
Posted by Taxes Made EZ Inc on 10/16/2022
Form 1099-C and Cancelation of Debt is a system created by the Internal Revenue Service (IRS) to clarify all transactions made to taxpayers by loan service providers and creditors....
Posted by Pat Raskob on 10/16/2022