In an attempt to acknowledge the significant challenges taxpayers are facing as a result of the severe economic crisis, the IRS introduced the “Fresh Start” program. The program is supposed to make it easier […]
From the 'Taxation' Category:
If you’ve already filed a tax return and need to make corrections, you can file an amendment using Form 1040X if it’s a personal return or refile the return and select “amendment” if it’s […]
If you find you owe tax after completing your federal tax return but can’t pay it all when you file, there are some options and some things to keep in mind. Take a Second […]
If you ever wondered whether or not it made sense to incorporate your sole proprietorship business, the IRS just gave you another reason. In the Taxpayer Advocate’s report to Congress this year, they revealed […]
April 15th came and went and you didn’t get your tax return or extension request filed – what now? Well, here are a few things to consider: File as soon as possible. If you […]
We often see situations where a taxpayer has significantly underreported their business deductions and could realize a substantial refund of past taxes if the business return was filed. However, for a variety of reasons, […]
If you made your home more energy efficient, you may qualify for a tax credit on your 2012 federal income tax return. Here is some basic information about home energy credits that you should […]
One of the most common questions we’re asked by self-employed individuals is “should I make estimated tax payments and if so, how much?” Not everyone needs to make estimated tax payments. However, some taxpayers […]
The American Opportunity Credit and the Lifetime Learning Credit may help you pay for the costs of higher education. If you pay tuition and fees for yourself, your spouse or your dependent you may […]
Believe it or not, US tax law requires US citizens and resident aliens to report ALL worldwide income to the IRS, including income from foreign trusts, and foreign bank and securities accounts. This applies […]