Tax Preparer
Virginia Beach Virginia 23462
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An exemption is a legally permitted deduction that reduces the amount of income subject to income tax. The IRS previously offered two exemptions: personal exemptions and employee exemptions....
Posted by James Financial Services Inc on 05/07/2021
Capital gains tax for U.S. citizens living abroad can be complex due to expatriate tax laws and regulations. Whether you are selling your home overseas or renting out a property, this...
Posted by James Financial Services Inc on 04/30/2021
There are situations in which multiple parties claim the same dependent. For example, in divorced cases, a child may be claimed as a dependent by both parents. In general, only one...
Posted by James Financial Services Inc on 04/27/2021
Can't Pay Tax Before Tax Day? The most important piece of advice we can offer you is: don't avoid the problem! The IRS cannot tell if you have a legit reason for not paying...
Posted by James Financial Services Inc on 04/21/2021
What is an IRS audit?The IRS may choose to examine the taxpayer's accounts and financial information to ensure that all tax laws are followed. Even though the IRS only verified...
Posted by James Financial Services Inc on 04/09/2021
Investing in funds is not yet common among most new investors. Many retail investors turn to stocks and fixed deposits to start investing in. In this article, we'll examine which...
Posted by James Financial Services Inc on 03/31/2021
As the business world becomes more competitive and everyone seeks efficient operations in terms of time and money, the practice of Business Process Outsourcing (BPO) becomes more and...
Posted by James Financial Services Inc on 03/28/2021
Suppose you have an investment property, such as a house, apartment, condominium, or commercial property that you rent out. In that case, you usually have to pay capital gains tax...
Posted by James Financial Services Inc on 03/19/2021
Most Americans are familiar with federal and state income taxes, but payroll taxes are not well understood.Payroll taxes are types of taxes applied to earned income: wages, salaries,...
Posted by James Financial Services Inc on 03/09/2021
There are different goals for all taxpayers when filing their returns each year. Some might aim at reducing their tax amount. At the same time, another might desire a huge refund amount,...
Posted by James Financial Services Inc on 03/01/2021
The employer will take a part of your salary and send it to the IRS for people paid regularly, which happens via withholding taxes. People that are self-employed or paid via non-wage...
Posted by James Financial Services Inc on 03/01/2021
As a U.S. citizen or U.S. Resident Alien, you must pay taxes on your worldwide income. Suppose you are not a resident of the United States or its territories or have income in the...
Posted by James Financial Services Inc on 02/23/2021
The employer shared responsibility requirements under the Patient Protection and Accessibility of Care Act (PPACA or ACA) include the employer's mandate - paid or play- and the...
Posted by James Financial Services Inc on 02/17/2021
One of the ways insurance companies estimate their reserve is via the expected loss ratio method. This is a technique they use to estimate the earned premiums. Whenever the insurer...
Posted by James Financial Services Inc on 11/30/2020
What is Form 1099-K?Internal Revenue Service (IRS) Series 1099 forms help taxpayers report money received from various sources in addition to salary. Form 1099-K, "Merchant Card...
Posted by James Financial Services Inc on 11/25/2020
With the new tax reforms, many people, except the military, do not qualify for moving expense deduction. For moving expense deduction to be valid, one needs to meet some time...
Posted by James Financial Services Inc on 11/19/2020
One of the legislation's outputs for tax reform is establishing the Global Intangible Low-taxed Income (GILTI). The idea is to provide global (minimum), which brings about several...
Posted by James Financial Services Inc on 11/09/2020
Higher education is expensive, with tuition and expenses rising every year. Thankfully, there are assistance programs to relieve some of these costs in the form of scholarships,...
Posted by James Financial Services Inc on 10/29/2020
For parents throughout the United States, adopting a child is something they wait years to do, and a source of great joy. However, the adoption process is not without significant...
Posted by James Financial Services Inc on 10/22/2020
If you want to set money aside for your retirement, an Individual Retirement Account (IRA) provides the perfect opportunity. There are some tax advantages of IRA – it allows...
Posted by James Financial Services Inc on 10/16/2020
Working and getting tips are tough, but regulations on tips and taxes can make life even more difficult if you don't know what to do. Some tax software can help, but it is best...
Posted by James Financial Services Inc on 10/01/2020
Pension FundsPension fund is a type of plan in which employers, workers, or both decide to put aside funds to make life easier during retirement. The pension company invests the money...
Posted by James Financial Services Inc on 09/28/2020
For people with substantial medical bills that the insurance plan cannot take care of, there might be some relief when you file your taxes. This article explores what you can claim...
Posted by James Financial Services Inc on 09/18/2020
An education savings bond program allows eligible taxpayers to exempt all or part of the interest earned on eligible savings bonds' redemption from gross annual income. Securities...
Posted by James Financial Services Inc on 09/14/2020
People that own a car or a truck will not be strangers to property taxes. These are taxes levied by the local government. The government uses the money majorly for projects and other...
Posted by James Financial Services Inc on 08/30/2020
The head of household filing status confuses taxpayers compared to any other IRS terms. This is not surprising as the head of filing signifies the breadwinner and the provider of the...
Posted by James Financial Services Inc on 08/24/2020
Also known as Child and Dependent Care Expenses, Form 2441 targets reporting child and dependent care expenses on your tax return. This is an Internal Revenue Service (IRS) form used...
Posted by James Financial Services Inc on 08/20/2020
A business line of credit gives you access to a range of funds when you need capital. Unlike the traditional business loan, you have the option of borrowing up to a predetermined amount,...
Posted by James Financial Services Inc on 08/07/2020
There has been an awakened interest among many investors looking for an alternative as there are slowing economies in most of the developed countries, fiat currencies worldwide take...
Posted by James Financial Services Inc on 07/17/2020
What Is the Pre-tax Rate of Return?The pre-tax rate of return is the return on an investment that does not include the investor's taxes. Because people have different tax situations...
Posted by James Financial Services Inc on 07/16/2020
The IRS has closely examined the accurate and timely reporting of foreign distributions and gifts to and from foreign trusts. As regards this, the Large Business and International...
Posted by James Financial Services Inc on 07/09/2020
The latest Paycheck Protection Program (PPT) and the current Economic Injury Disaster Loans (EIDL) program are the two loan bundles that the Cares Act offers to small business owners...
Posted by James Financial Services Inc on 06/23/2020
Real estate investment trusts (REITs) are the main concern when constructing any equity or fixed-income portfolio. They offer greater divergence, possibly higher total returns and/or...
Posted by James Financial Services Inc on 06/23/2020
If your weekend plans include placing a bet on the Super Bowl, remember that Uncle Sam wants some of what you will win if you win.It is expected that Americans will bet around $6.8...
Posted by James Financial Services Inc on 06/15/2020
With the end of February in sight, comes the beginning of March (a month when there is usually a race for tax investment and planning among those who have not done so during the year)....
Posted by James Financial Services Inc on 06/15/2020
Retirement is a major headache for American women. This is because they always have a hard time deciding when to retire and the uncertainty that goes with it. At a time when women...
Posted by James Financial Services Inc on 05/17/2020
We all knew someone who takes care of other people. They are usually our relatives whose husband or a wife chooses to stop working to take care of their sick spouse or our friend who...
Posted by James Financial Services Inc on 04/03/2020
Everyone needs an investment strategy that suits the budget and needs. While many individuals choose the market as an investment option, real estate investment can be more effective...
Posted by James Financial Services Inc on 04/03/2020
The tax credit for lifetime learning represents 20% of the first $ 10,000 of tuition fees paid per year, up to a maximum of $ 2,000. You must have at least $ 10,000 of eligible expenses...
Posted by James Financial Services Inc on 02/27/2020
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