The purpose of the foreign tax credits is to allow U.S. taxpayers to avoid double taxation on income that is taxed both by the United States and a foreign government. Note that any foreign […]
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Do you dream of leaving your day job to pursue your passion? Do you want to turn your hobby into a career? Maybe you aren’t there yet, but you’re working on it. What are […]
Most everyone seeks to conserve energy and use it wisely. There are a number of provisions in the Internal Revenue Code that encourage individuals to be energy smart. Residential Energy Efficient Property Credit […]
Tax credits are welcome news at tax time (or any time) and the Earned Income Tax Credit is one of the best. If you’re eligible, you could receive more than $6,000 in refundable credits. […]
Generally, a statute of limitations is a law that limits the time a legal proceeding, or act allowed under a law, can be initiated. Think of it as a way of legal housecleaning – […]
If you are a new parent through adoption, then please accept our heartfelt congratulations. And better yet, did you know the Internal Revenue Code provides for a tax credit, or an exclusion from taxable […]
Ever wonder what the chances of winning in an IRS Audit might be? With 1 in 100 taxpayers being selected for an audit, there’s a small chance you’ll find out. But it you’re just […]
With the majority of personal tax returns now filed, how did the IRS do compared to the prior tax year? Well, here are a few statistics just published by the IRS (processing dates are […]
The US is unique in its view that citizens should pay tax on money they earn anywhere in the world, even if they don’t live in the US. Most countries either tax their citizens […]
Valuing a piece of property where there is not a readily available market price available can be difficult. And issue may arises when you make a gift of this property to a loved one […]