An Insight into Personal Use propertyUncle Sam defines personal use property as an asset or property used solely for private purposes and does not serve as an investment or business...
IRC Code, Section 501(c) sheds light explicitly on the critical requirement for a tax-exempt organization. In applying for tax exemptions, firms need first to apply to be recognized...
An IRS relief procedure for certain former citizens was introduced in September 2019 to allow certain Americans to renounce their U.S. citizenship without paying taxes and fines.The...
As we ring in a New Year every year, the excitement eventually paves the way for certain realities such as paying taxes! Yes, taxes must be filed yearly, and 2020 is no different as...
Posted by Stevenson Tax and Accounting, Inc. on 02/23/2021
Alternative minimum tax refers to a percentage of taxes a taxpayer must pay the government regardless of the deductions the taxpayer claims. With the AMT, some taxpayers get to pay...
What is a private activity bond (PAB)?PABs are tax-exempt bonds distributed by or on behalf of a state or local authority to provide special financial benefits for eligible projects....
It is a sad reality for many people that they will have to let go a particular percentage of their income to Uncle Sam. While there is nothing much we can do about that, the right...
It's tricky to make the mistake of believing that perhaps the benefits of the Roth IRA are limited to retirement. After all, you've presumably been told that you can...
Posted by CORE PERFORMANCE on 02/23/2021
Uncle Sam gives taxpayers the allowance to reduce their tax bill with a credit for adoption expenses that qualifies provided one meets some qualification requirements. Form 8839...