Think of tax deductions as small (and sometimes not so small) gifts from the IRS. First, its value is subtracted from taxable income, and then the tax bill is calculated based on what's...
Posted by KLSM CPA Firm PLLC on 02/22/2023
Many married couples prefer using the joint filing status to file tax returns. In essence, you or your spouse can file the tax return. Married couples using the joint filing status...
Posted by KLSM CPA Firm PLLC on 01/30/2023
Supplemental Security Income (SSI) is the flagship federal safety net program for the blind, elderly, and disabled. It offers them a guaranteed minimum income.For 2022, the maximum...
Posted by Tiffany Gaskin on 01/30/2023
If you are an American who has lived or worked outside of the United States, you will almost certainly need to file a tax return with the IRS and be eligible for the foreign tax credit....
Posted by Taxes Made EZ Inc on 01/26/2023
Spouses who live in one of the nine community property states must classify their income as community income or separate income when filing separate federal income tax returns. In...
Posted by KLSM CPA Firm PLLC on 01/17/2023
Low and moderate-income earners are the beneficiary earned income tax credit, aka EITC or EIC. The program pays between $560 to $6,935 for the 2022 tax year but depends on your income,...
Posted by Rosovich & Associates, Inc. on 01/09/2023
What is a deductible?A deductible is an expense that a taxpayer or business can deduct from their adjusted gross income when filing a tax form. Deductible expenses reduce your taxable...
Posted by Dennis Jao on 12/31/2022
This goes for the money you earn and the interest and dividends you earn on your investments. Unless the IRS specifically describes a type of income as non-taxable, you are expected...
Posted by Tiffany Gaskin on 12/31/2022
Paying tax is not a feeling any taxpayer likes. Having your income after working for a month or having a personal savings slash is no joke. The anger has pushed most taxpayers into...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 12/08/2022
