What is an Accounting Method?An accounting method refers to the rules that a business follows when reporting income and expenses. The two main accounting methods are accrual accounting...
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
In December 2017, major tax reform was launched, which concerns individuals and businesses. It is commonly known as the Tax Reduction and Employment Act, TCJA, or Tax Reform. Most...
Several recent developments may affect taxpayers based on a strategy of trading or holding tax-exempt state and local bonds, commonly known as municipal or "munis" bonds....
The I.R.S. has issued final regulations that clarify a qualified relative's definition within the meaning of various provisions of the Code for fiscal years 2018-2025. The final...
The Internal Revenue Service recently published new, higher contribution limits for health savings accounts for 2021. An individual is allowed to contribute $ 3,600, while it is $...
Posted by Carmen Garcia on 10/15/2020
The non-profit status may make an organization eligible for certain benefits, such as exemptions on state sales, property tax, and income; however, this corporate status does not automatically...
An overview of spousal liability concerns in the world of income tax.To be able to understand this concept better, we will create a scenario where we have imaginary characters. "For...
We want to remind you of the federal education tax benefits you may be eligible for. Making the most of these tax benefits would help reduce spending on higher education.If you're...
Posted by Carmen Garcia on 07/24/2020