Insurance and Taxation I. Introduction A. Explanation of personal insurance B. Importance of understanding insurance and taxes C. Overview of tax planning related to insurance II. Types of Personal Insurance A. Life insurance B. Health insurance C. Disability insurance D. Long-term care insurance III. Taxation of Personal Insurance A. Overview of taxation on …
Interest Income I. Introduction A. Definition of Interest Income B. Overview of Interest Income and its taxation II. Sources of Interest Income A. Bank Deposits B. Bonds and Corporate Debentures C. Treasury Bills and Notes D. Certificates of Deposit (CDs) E. Money Market Funds III. Taxation of Interest Income A. Tax Rates for …
Real Estate and Taxation Introduction Overview of the real estate industry Importance of tax planning for real estate professionals Understanding Real Estate Taxation Types of taxes for real estate professionals Property taxes Income taxes Capital gains taxes Tax benefits for real estate investments Depreciation deductions 1031 Exchanges Tax Planning Strategies for Real Estate …
The Adoption Tax Credit: Helping Families with Adoption-Related Expenses As a tax professional, it’s important to inform my clients about the benefits available to them. One such benefit is the adoption tax credit, which can be a significant help to families who have gone through the adoption process. In this article, I’ll provide …
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Tax Filing Season Returns Are Due April 18 The Internal Revenue Service (IRS) has kicked off the 2023 tax filing season with a focus on improving service and a reminder to taxpayers to file electronically with direct deposit to speed up refunds and avoid delays. This article will provide essential information about the …
Digital Assets Taxation The Internal Revenue Service (IRS) has updated its approach to the taxation of digital assets. The change has involved the use of the term “digital assets” instead of “virtual currencies.” The IRS has also clarified and expanded the instructions for the digital asset question that appears on Forms 1040, 1040-SR, …
Common Mistakes When Filing Your Tax Return As a tax professional, I have seen countless mistakes made by taxpayers when they file their tax returns. These mistakes can range from simple math errors to incorrect information, which can cause a delay in processing and even trigger an audit. However, the good news is …
Backup Withholding Payment Deadline Backup withholding is a process by which the payer is required to withhold a certain percentage of the payment to ensure that the Internal Revenue Service (IRS) receives the tax due on the income. This can apply to most payments reported on Forms 1099 and W-2G. Due Date for …
Filing Season 2023 has begun: Employer Jan. 31 Wage Statement Deadline Almost Here As the 2023 tax season has officially started, it’s crucial for employers to be aware of the January deadline for filing Forms W-2 and other wage statements. Not only will timely filing prevent late-penalties, but it will also ensure that …
Earned Income Tax Credit (EITC) American taxpayers who earned $59,187 or less in the previous year to take advantage of the Earned Income Tax Credit (EITC). “This is an extremely important tax credit that helps millions of hard-working people every year,” said IRS Acting Commissioner Doug O’Donnell. “But each year, many people …
