Reading Time: 7 minutes Digital currencies, also known as cryptocurrencies, have been gaining popularity in recent years due to their decentralized nature and potential for anonymity. However, their tax implications are often misunderstood or overlooked. In this article, we will explore the tax implications of digital currency and what you need to know. Digital currency is treated as property […]
Reading Time: 7 minutes As the world changes, so do the tax codes that govern our finances. The tax code for 2022-2023 is no exception. This new tax code brings many changes, some of which will affect you directly. In this article, we will examine some of the most significant changes to the tax code for 2022-2023. 1. Higher
Reading Time: 7 minutes As tax season approaches, many individuals may find themselves scrambling to gather all the necessary forms and paperwork. One of the forms that taxpayers may need to fill out is IRS Form 8283. This form is used to report noncash charitable contributions, such as donations of property or vehicles, to the Internal Revenue Service (IRS).
Reading Time: 6 minutes Tax credit for dependents is a way to reduce your tax liability by claiming a credit for each qualifying dependent that you have. The credit can be applied to your federal income tax return, and it can help you to reduce your overall tax bill. As a tax professional, I often get questions about tax
Reading Time: 7 minutes As a tax professional, I am well aware of the various tax credits and deductions available to individuals and families. One such credit that has been of great assistance to many low- and moderate-income families is the Earned Income Tax Credit (EITC). In this article, I will provide a comprehensive overview of the EITC, its
Comprehensive Review of Earned Income Tax Credit (EITC) Read More »
Reading Time: 8 minutes As an experienced tax specialist, I often get asked about the “Where’s my refund?” tool, and I can’t stress enough how important it is for taxpayers to use this resource to track the status of their tax refund. In this article, I’ll explain what the “Where’s my refund?” tool is, how to use it, and
Reading Time: 7 minutes Today many taxpayers are not aware of their tax obligations, especially those who are not US citizens or permanent residents. One common question that arises is about Individual Taxpayer Identification Numbers (ITINs). In this article, I will explain what ITINs are, why you might need one, and how to obtain one. What is an Individual
Reading Time: 7 minutes Sometimes taxpayers must make changes to their tax returns after they submitted them. This may be due to various reasons such as a missed deduction or loan, an error in the reporting of income or expenses, or any other changes that affect their tax obligation. In such cases, IRS allows taxpayers to submit the corrected
How to make changes to the tax return using Form 1040X? Read More »
Reading Time: 7 minutes Taxpayers have many questions, especially when it comes to filing a tax return. In this article, we will discuss what a US tax return is, how to file one, and how to make changes to it if needed. What is a US tax return? The US income tax return is a form filed with the
Reading Time: 7 minutes Tax season in the US runs from January to April each year. This is the time of year when individuals and businesses in the United States must file their tax returns with the Internal Revenue Service (IRS) and pay all taxes due. In this article, I will explain what US tax season is, how to
Reading Time: 6 minutes QBI or Qualified Business Income is a frequently asked topic among taxpayers. QBI is a tax provision introduced by the Tax Cuts and Jobs Act of 2017 that allows for the deduction of up to 20% of qualified business income earned by individuals, trusts, and estates. In this article, I will explain what Qualified Business
Reading Time: 7 minutes As a tax expert, I know that tax season can be a stressful time for many taxpayers. One of the most important tasks during tax season is filing your tax return accurately and on time. To help you navigate the complex tax code, the Internal Revenue Service (IRS) has provided various forms and instructions. One
Reading Time: 7 minutes As a tax expert, one of the many forms that I frequently encounter is IRS Form 4668. This form is an important document that serves as an application for an extension of time to file a return. In this article, we will explore the basics of IRS Form 4668, including who must apply for it,
Reading Time: 7 minutes As a tax professional, I often come across people who don’t know all sorts of tax forms, especially IRS form 8995. This is pretty important to keep your money safe and avoid penalties. In this article, I will explain that this is an IRS form 8995, what lines you need to fill out, and the
Reading Time: 7 minutes As a tax expert, it was interesting for me to observe the recent tax agreement between the United States and China. The agreement, signed on November 30, 2021, is an important milestone for businesses and individuals operating in both countries. Essentially, the agreement aims to reduce the risk of double taxation for individuals and businesses
Tax agreement between the United States and China Read More »
Reading Time: 6 minutes It is not uncommon for taxpayers to learn about Form 8962. This form is considered a required document for taxpayers who enrolled in health insurance under the Affordable Care Act. In this article, I will explain what form 8962 is, how to fill it out, and what its functions are. What is 8962? Form 8962,
Reading Time: 7 minutes As a highly experienced tax professional, I have seen many taxpayers bewildered by the tax process. One of the topics that come up frequently is Tax Topic 152. In this article, I will explain what Topic 152 is, how to complete it, and the features of this Tax Topic. What is Tax Topic 152? Tax
Reading Time: 10 minutes As a tax professional with extensive experience, I am well-versed in all the intricacies of the US tax system. One of the most common tax forms that taxpayers use is Tax Form 1040A. This form is for individuals who have a simple tax situation and do not need detailed deductions. In this article, I will
Reading Time: 8 minutes As a tax expert, I have come across various tax forms relevant to US taxpayers. One form required for individuals and businesses is Tax Form 2848. In this article, I will explain what it is, its features, and how it is used. Tax Form 2848 Tax Form 2848 is also known as a Power of
Reading Time: 7 minutes Tax season is here again, and for many Americans, that means it’s time to start thinking about filling out tax forms. One of the forms you may come across is Tax Form 8812. This form can be confusing, so in this article, we’ll take a closer look at what it is and who can use
Reading Time: 7 minutes Tax Form 1040 Tax Form 1040 is a tax form used by individual taxpayers in the United States to report their annual income to the Internal Revenue Service (IRS). It is one of the most important forms used by taxpayers in the country and is required to be filed by all citizens and resident aliens
Reading Time: 6 minutes The procedure for collecting tax system, fees, duties and other obligatory payments from a citizen established in a certain territory is one of the oldest signs of the existence of a state. In the modern world, such payers are individuals or legal entities who are required by law to pay taxes. The tax system is
