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The most important thing for any tax payer is to enjoy tax deductions while filing their tax returns. Here are few ideas through which you can cut your tax bill and get the benefit of tax deduction: Business expense that is not expected If something is used to benefit your business and you can document [...]
Like many individuals even the Corporations want to minimize their taxes in every possible manner. American corporations have to pay one of the highest tax rates in the world. There are several corporate tax breaks that can minimize taxes. Here are few of the most costly corporate tax loopholes that can benefit the corporations: [...]
What is a C corporation? Let us first discuss about the difference between corporation and a C corporation. C Corporation is registered at state level. It is a type of company which is incorporated without limitations on the number of shareholders or whether those shareholders are foreign or domestic. A C Corporation also [...]
If you are waiting for a tax refund, don’t over stress about it. Keep a check on about the tax refund status on the IRS website. Here are some important details that you must know about the federal tax returns: “Where’s my refund” tool and its Limitations The IRS website has a “Where’s My [...]
Filing a tax return is an obligation for all the US citizens. Sometimes you might not be able to file the tax returns on time. Can you file taxes late? This kind of situation makes you anxious about the consequences. Take a deep breath, there is no need to get scared or helpless. Filing taxes [...]
If you are a regular tax payer, IRS will have all your past records with them. It is important to understand how to request a copy of a tax return so you can access that information in a timely manner. There are many reasons why you might need to get past tax return records. [...]
Taxes are levied on every business. A husband and wife business has different family business tax requirements from a normal business. Here are some family business tax rules which are applied when the employees are family members: Employer/employee relationship between husband and wife There are two scenarios in this case: One spouse is the employer [...]
The most awaited amount of money is the money you are expecting as a Tax refund from the IRS. If you have filed for the return electronically you should expect a response within 21 days. On the other hand if you have filed on paper you need to wait for atleast six weeks. Having said [...]
Difference between a Child Tax Credit and Additional Child Tax Credit Child Tax Credit is issued to people who have children. They can lower their tax bill by claiming tax credit on a child. If the tax balance is below zero dollars the tax credit cannot be claimed. The tax credit is non-refundable. You [...]
Tax Audit is one of the nightmares for a taxpayer. Everyone wants to know how to avoid tax audits. Here are some blunders by tax payers that can help you understand what triggers an IRS audit: Breaking the rules related to foreign accounts The IRS has strict reporting requirements as far as foreign accounts are [...]
