It's the start of the 2021 tax season, and you can't wait to get started. Gather your documents for the 2020 tax year and complete federal and state taxes before the filing...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 04/08/2021
There is no known trick or formula developed to dodge payment of taxes to Uncle Sam, and if you want to avoid the headache of an audit, you have to get it right. Employees enjoy the...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 03/31/2021
If you're inheriting a relative's home, President Biden's plans to eliminate the stepped-up basis tax rule should be of concern to you. You may have seen bits of news on...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 03/27/2021
Anyone with a creation like art, music, literature, etc., which someone else used and profit from it, there will be royalty income to the owner. This means that if anyone uses your...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 03/18/2021
Deducting standard mileage when using your car for business purposes can result in huge tax savings. Here is what the IRS 2021 mileage rate is and the IRS rules for making this deduction.If...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 03/09/2021
Following the highly successful offshore voluntary disclosure program's closure at the end of 2018, the IRS updated its previous voluntary disclosure program. In April 2020, it...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 03/01/2021
Tax benefits are available for military personnel and their families. However, these tax benefits are often overlooked. For example, any monthly military payment earned during a combat...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 02/23/2021
For tax purposes, a dependent is any other qualifying person asides from the taxpayer or their partner that makes the taxpayer eligible to claim an exemption due to dependency on their...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 02/17/2021
In the past, writing a check was the only way to make a payment to the IRS. Now, however, there are many options. Find out how the current options for making an IRS payment work, how...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 02/10/2021
