There are some processes involved in filing an amended tax return with Uncle Sam. One needs to fill form 1040X and submit it to the IRS. Understanding the tax code is a pretty complicated...
Posted by Taxes Made EZ Inc on 01/07/2021
Your basis in a business asset is essentially the cost of that asset. The term applies to all types of assets held by your business, including real estate, land, equipment, and investments...
Posted by Taxes Made EZ Inc on 01/01/2021
Amnesty is an act of mercy on the part of the government. It is the decision not to punish a person, business, or entity for a crime. Under a tax amnesty program, a state provides...
Posted by Taxes Made EZ Inc on 12/26/2020
One of the things that occupies most of a businessman’s time when it is time to file taxes is how much legitimate tax deductions they can make. Next to saving you some extra...
Posted by Taxes Made EZ Inc on 12/21/2020
The IRS permits the use of per diem rates (which means "for each day" or "daily rate" in Latin) to facilitate reimbursement for employers and employees. Per-diem...
Posted by Taxes Made EZ Inc on 12/15/2020
Filing your taxes correctly and responsibly is important. Small mistakes or oversights can result in large consequences, both legally and financially. The reasons to hire...
Posted by Taxes Made EZ Inc on 11/30/2020
Many people struggle to find the funds they need to build up their retirement savings. Fortunately, a non-refundable tax credit, called a retirement savings contribution credit, can...
Posted by Taxes Made EZ Inc on 11/25/2020
IRS Form 1099-A is an informational declaration that reports the application of a property. Homeowners typically receive an IRS Form 1099-A from their lender after their home has been...
Posted by Taxes Made EZ Inc on 11/19/2020
Depreciation is negative. It is like something losing value. In the tax world, however, depreciation can translate to considerable tax savings. Depreciation means deducting the...
Posted by Taxes Made EZ Inc on 11/09/2020
One of the more intricate provisions of the Tax Cuts and Jobs Act (TCJA) is the new limitation of business interest expenses. At first glance, this limitation seems simple, but the...
Posted by Taxes Made EZ Inc on 10/30/2020
Business owners have specific rules and guidelines associated with filing their taxes. Running a daycare can be expensive, and the IRS offers incentives for the expenses incurred....
Posted by Taxes Made EZ Inc on 10/22/2020
A student's credit card helps students pay for college needs of students without income. It is also a good idea for a student whose credit score is not enough for a regular credit...
Posted by Taxes Made EZ Inc on 10/16/2020
When it comes to taxes, the federal income tax is the one that gets the most attention. However, this is far from the only money American residents pay the government. Most states...
Posted by Taxes Made EZ Inc on 10/01/2020
Surviving spouses and children of deceased veterans and service members are eligible for death benefits or DIC. Certain cash benefits are available to survivors of deceased active...
Posted by Taxes Made EZ Inc on 09/28/2020
If you want to enjoy deductions on federal tax bills, mortgage point deduction is a terrific way to claim it. At times, it is sometimes called discount points or origination points;...
Posted by Taxes Made EZ Inc on 09/18/2020
A tax identification number, also known as TIN, is a distinct nine-digit number directed at individuals, businesses, or others for the sole purpose of taxes and other IRS issues. The...
Posted by Taxes Made EZ Inc on 09/15/2020
Many taxpayers do not like taking the home office deduction because they fear they might raise some eyebrow from the IRS. Sadly, this is true, especially if you take excessively large...
Posted by Taxes Made EZ Inc on 08/30/2020
It is glaring that the lesser you pay, the longer you remain in debt. Besides, bear in mind that the interest of the debt keeps growing, and your credit score also takes a blow. If...
Posted by Taxes Made EZ Inc on 08/24/2020
Taxpayers use form 3903 to deduct moving expenses involved in a new job. This deduction, however, is no longer applicable to all taxpayers. A couple of years ago, Uncle Sam came up...
Posted by Taxes Made EZ Inc on 08/20/2020
Being a Caregiver is a pretty tricky job that could also take its toll on your pocket. It is like being responsible for someone's well being, hence everything the person needs...
Posted by Taxes Made EZ Inc on 08/07/2020
An annuity is an exciting option for seniors and investors as they provide a steady stream of income as long as you live. If you meet an insurance agent, they will probably define...
Posted by Taxes Made EZ Inc on 07/24/2020
Are you thinking of prepaying your mortgage? It might be a savvy move for some homeowners, but beefing up their loan payments just doesn't make sense for others. Here are the pros...
Posted by Taxes Made EZ Inc on 07/17/2020
Many people think bankruptcy is a cure-all for their debts. In many cases, however, this is not the case. Yes, the money you pay on your tax debt is unique, and you will have to deal...
Posted by Taxes Made EZ Inc on 07/16/2020
A type of fringe benefit offered to employees of a certain business is an employee stock purchase plan (ESPP). The business allows the employees’ option to purchase the company’s...
Posted by Taxes Made EZ Inc on 07/09/2020
Economic crises are not the only problem stimulated by the current COVID-19 pandemic, it also greatly affect the health-related issues. Because of unemployment, the following weeks...
Posted by Taxes Made EZ Inc on 06/23/2020
Two small-business loan programs will be given new life after a $484 billion coronavirus aid deal was finalized last week. The programs are created to relieve the economic devastation...
Posted by Taxes Made EZ Inc on 06/23/2020
There are many ways to resolve taxes that tax professionals can use to help their clients at the state, local, and federal levels. Tax agencies offer a variety of these tax resolution...
Posted by Taxes Made EZ Inc on 06/15/2020
The Internal Revenue Service (IRS) estimates that millions of transactions with cryptocurrencies go unreported, despite awareness of tax rules and measures to create lawsuits against...
Posted by Taxes Made EZ Inc on 06/15/2020
When consumers do not pay for loans, primarily cars, they are subject to a repossession. The damage caused by repossession goes far beyond the loss of the vehicle.What is Repossession?The...
Posted by Taxes Made EZ Inc on 05/18/2020
Tax filing this year got more stressful than ever. There are changes in all the federal tax code made by the 2017 Tax Reform Law which they need to conform with. Part of the modifications...
Posted by Taxes Made EZ Inc on 04/03/2020
When your anticipated tax refund is being held by the federal government, the possibility is that you have defaulted your federal student loans.Funds are collected by the Treasury...
Posted by Taxes Made EZ Inc on 04/03/2020
What is the severance tax?The severance tax is a state tax imposed on the extraction of non-energy natural resources for consumption in other states. These natural resources include...
Posted by Taxes Made EZ Inc on 02/27/2020
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