The Internal Revenue Service can impose a huge number of tax defaulters that do not pay taxes or do not pay on time. These penalties may also include financial penalties imposed on...
Posted by Elliot Kravitz, ATP on 05/18/2021
The COVID-19 pandemic is complicating several people's efforts to file their 2020 taxes ahead of schedule, but the good news is that the Internal Revenue Service (IRS) has been...
Posted by Elliot Kravitz, ATP on 05/06/2021
Marriage changes many aspects of your life. One of these is the tax filing process. Your marriage can affect your filing's status, of course, and the deductions and credits you...
Posted by Elliot Kravitz, ATP on 04/26/2021
Reconciliation is the method of verifying the accuracy and consistency of your financial statements.Reconciliation also helps identify and explain any discrepancies that may arise...
Posted by Elliot Kravitz, ATP on 04/06/2021
Restaurants can claim a federal income tax credit based on the share of FICA and Medicare ("employment") taxes that they pay on reported tip income to employees. In an ideal...
Posted by Elliot Kravitz, ATP on 03/05/2021
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
Posted by Elliot Kravitz, ATP on 11/24/2020
Starting a business can be an exciting new adventure for those with an idea who wish to be self-employed. There are several things to consider, however, when you are opening...
Posted by Elliot Kravitz, ATP on 10/27/2020
Taxpayers are allowed to amend tax returns using the form 1040x if the following cases occur: a mistake was found in the tax return, failure to file eligible deductions or credit,...
Posted by Elliot Kravitz, ATP on 10/01/2020
Women tend to worry a lot about retirement. This is not surprising as women tend to live longer, and they typically need more health care plans compared to men. This makes it essential...
Posted by Elliot Kravitz, ATP on 09/24/2020
