What is the Internal Revenue Code?The Internal Revenue Code refers to Title 26 of the United States Code. "Formal consolidation and codification of the United States' general...
How much you paid for your cryptocurrency (cost basis) greatly impacts the taxes you pay when you finally sell them. Understanding how the specific ID, first-in, first-out (FIFO),...
The Income Tax Service has classified the income of Indian citizens into five different categories, depending on their source of income. These categories mainly include homeownership,...
Is Foster Income Taxed?Payments received as Foster Income are NOT taxable, so you do not need to report them. Suppose the assistance is provided to a qualified foster individual and...
When Do You Need to Amend Your Tax Return?Filing an amended tax is a nightmare for many people. You have tried your best to be diligent with the preparation. You spend sleepless nights...
The Tax Cuts and Jobs Act (TCJA) of 2017 reduced the federal income tax rate for C Corps to 21%, effective January 1, 2018. With this tax rate reduction, business owners can assess...
Amid all the cautionary advice to prevent students from borrowing too much money to pay for their university education, one bit of good news may go unnoticed: interest paid on student...
The number of people that employ themselves is rising. This includes freelancers, gig workers, small business owners, and startup finders. It is not surprising that this sector is...
Posted by Elliot Kravitz, ATP on 07/16/2020
A sales tax is a consumption tax exacted by the government for the sale of goods or services. An established sales tax is levied at the store, collected by the retailer, and sent to...
Posted by Tim Thompson CPA PLLC on 07/16/2020