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
Suppose you're in active service and receive pre-retirement payments; you can decide to rollover the amount into another retirement account. Or suppose you switch between jobs;...
Posted by Dennis Jao on 11/17/2022
A nominee dividend is an interest recorded on Form 1099-DIV and submitted to the IRS. The form implies that the interest income is from a different account holder. In other words,...
Posted by Abundant Wealth Planning LLC on 11/10/2022
GILTI stands for Global intangible low-tax income, which is income earned from other countries by U.S-controlled foreign corporations (CFCs), and it undergoes peripheral treatment...
Posted by Rosovich & Associates, Inc. on 11/10/2022
You may be rewarded with dividends when you invest in a company by buying individual stocks, mutual funds, or exchange-traded funds (ETFs). A dividend is a per-share portion of a company's...
Posted by Dennis Jao on 10/26/2022
Taxpayers find filing taxes hectic because it consumes more than thirteen hours of their time. The time consumed can extend beyond those hours depending on the complexity of your financial...
Posted by KLSM CPA Firm PLLC on 10/16/2022
This is the first year that individuals, estates, and trusts ("owners") holding these pass-through businesses will be able to claim the 199A deduction. The Tax Act of 2017...
Posted by Dennis Jao on 09/02/2022
Learn what to do when you have not been paying your estimated quarterly taxes, especially when you may not be able to pay all your owed taxes at once.When it comes to paying federal...
Posted by Taxes Made EZ Inc on 08/24/2022
How the Internal Revenue Service defines and calculates different types of income affects the taxes you owe. Modified adjusted gross income (MAGI) is one of them. MAGI also decides...
Posted by Pat Raskob on 08/11/2022
