No one loves the idea of giving Uncle Sam the hard-earned money. However, it is horrible to leave a tax deduction that could bring down your tax bill due to ignorance. As a result,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/30/2021
Getting a notice from Uncle Sam that you have outstanding debt can be devastating, especially if you believe there is some mistake. Sadly, owing Uncle Sam and ignoring him will...
Taxes on trust funds can create big problems for small businesses. When an employer withholds part of an employee's salary to pay income tax, health insurance, and social security,...
Understanding Itemized Deductions We define itemized deductions as a series of expenses with which one can reduce taxable income on a tax return. It includes medical bills, interest...
A small business needs to get its tax right to avoid unnecessary headache with the IRS. The idea is simple – a plain and accurate disclosure of losses, revenues and deductions...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/07/2021
You must be a U.S. citizen, lawful permanent resident (green card holder), or pass the "substantial presence" test to be recognized as a U.S. resident for tax purposes. Some...
Credit counseling is a process engaged in to help people especially debtors to settle their debts through education, counseling on budget, planning and also giving them enlightenment...
Tax credit for other dependents is a system designed by Uncle Sam in which relations (nuclear and extended families) can qualify for tax credits. With this credit, taxpayers can get...
A tax amnesty is a program by the US government designed for tax defaulters to pay a part of some of their debt without the interest and penalties. This happens in the US, in which...