You may be eligible for the qualified business income deduction if you are a small business owner.The Qualified Business Income (QBI) deduction provides small business owners with...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 01/09/2023
Partnerships should use Schedule K-1 tax forms to distinguish partnership income from owners' income. By doing this, your business will more likely avoid the $54,171 tax penalties...
Posted by Taxes Made EZ Inc on 11/17/2022
If you need additional time to file your taxes this year, the Internal Revenue Service allows you to make an extension. This gives you another six months to complete your return. And...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 07/18/2022
The type of business you own determines what your tax returns will be like to a large extent, whether your taxes will significantly be reduced. Let’s start by defining what LLCs...
Posted by KLSM CPA Firm PLLC on 01/01/2022
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
Choosing a business structure requires a calculation that balances tax and legal benefits with costs and time to set up. It is one of the most critical decisions you will make when...
The Federal Fuel Tax Credit is a program that allows businesses to reduce their taxable income dollar by dollar-based on specific types of fuel costs. The fuel tax credit encourages...
The Treasury and SBA launched a PPP forgiveness loan that many borrowers will use to apply for the Paycheck Protection Program (PPP) loan. There is also an alternate EZ Form. In this...
Taxation of trust fund incomeDeath and taxes are two things that you cannot avoid in life. While there are ways to minimize your tax participation, you certainly can't get rid...