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
Tax resolution maximizes your chances of settling your tax debt and trying as much as possible to avoid the IRS. Unfortunately, there are only a few reasons that will warrant a contact...
Posted by KLSM CPA Firm PLLC 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
Caregivers do forfeit their jobs and employee benefits to perform a selfless act of caring for loved ones. However, there are benefits attached to the selfless act that is not known...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 10/30/2022
The IRS considers an independent contractor as a self-employed or an entity hired to provide a service or work for another entity as a non-employee. Due to that, independent contractors...
Posted by Taxes Made EZ Inc on 10/30/2022
There are specific organizations that provide tax benefits to their donors. For example, the Internal Revenue Code provides tax incentives to people donating to organizations like...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 10/26/2022
Municipal bonds are loans that investors such as cities, countries, states, and other government agents give to the local government. The investor gets the loan plus interest, tax-free...
Posted by Abundant Wealth Planning LLC on 10/26/2022
Nobody likes paying spousal support. At least when you pay child support, you know it is for your kids, not your ex. Long-term alimony (or maintenance, spousal support, or whatever...
Posted by Pat Raskob on 10/26/2022
The cost basis in real estate can significantly impact your tax liability. If you're buying a property, understanding the cost basis in advance can help you prepare for the possible...
Posted by Tiffany Gaskin on 10/26/2022
