If you didn’t know this before, now you do: owing to the IRS and having a significant outstanding balance can get your passport denied. The State Department and the IRS have...
Posted by Dennis Jao on 09/19/2021
Medical expenses can be deducted from the federal tax return as long as they exceed 10% of gross annual income. Most people are familiar with the usual medical bills you can afford...
Posted by James Financial Services Inc on 08/15/2021
Why is it important to know the taxpayer's source of income? This is important because the Foreign Tax Credit (FTC) can only offset U.S. taxes on foreign income. An American is...
Posted by Tiffany Gaskin on 08/15/2021
You might think that the only time there would be taxes on an IRA or other type of retirement account would be when you make withdrawals or distributions. However, some income received...
Posted by Taxes Made EZ Inc on 06/06/2021
The legislative arm of the government, known as Congress, is in charge of formulating the Internal Revenue Code (IRC), also known as the tax code. This tax code guides tax collection,...
Posted by Pat Raskob on 05/24/2021
After Hurricane Katrina, it became quite common for Congress to enact tax legislation that provides tax relief for victims of natural disasters. The Internal Revenue Code's (IRC)...
Posted by Jim McClaflin, EA, NTPI Fellow on 05/19/2021
A joint tax filing return makes both parties responsible for the tax bill. It removes the need to foot additional tax debt with an innocent spouse relief if your partner or ex-partner...
Posted by CORE PERFORMANCE on 05/06/2021
The gross estate's value must be determined to know if an estate tax is paid and how much it will cost. Subtitle B, Title 11, Subchapter A, Part III of the Internal Revenue Code...
Posted by The TaxAdvocate Group, LLC on 04/26/2021
Imagine that you could invest in real estate with all the advantages and a few disadvantages of the market. You can skip the process of buying and maintaining a property and jump straight...
Posted by Dennis Jao on 04/06/2021
