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
The Internal Revenue Code is configured to offer numerous tax reductions to individuals and businesses. Even the IRS recognizes that you have to save money to live and manage your...
Posted by Elliot Kravitz, ATP on 08/07/2020
A payday loan seems like a lifesaver because it provides an easy way to get cash. If you were suddenly met with a high expense without any means of payment, a payday loan might appear...
Posted by Elliot Kravitz, ATP on 01/19/2020
As a self-employed worker, you can claim the status of an independent contractor. However, when it comes to paying taxes, your status has its peculiarities.If you're an independent...
Posted by CORE PERFORMANCE on 03/17/2022
If you've taken a break from the Required Minimum Distributions (RMDs) in 2020 due to the CARES Act, we hope you had a great vacation and are ready to come back and update your...
Posted by CORE PERFORMANCE on 12/10/2021
What is a Profit and Loss Statement?After every financial year, it is normal for businesses to know if they are making a profit or losing. A company can access its revenue, expenses,...
Posted by CORE PERFORMANCE on 11/04/2021
Having a cash flow projection can be the difference between a thriving business and filling for a Chapter 11 for small business owners.A study found that 30% of businesses fail because...
Posted by Karen Munoz, EA on 08/06/2021
What are foreign tax credits?Foreign tax credits are non-refundable income tax credits paid to a foreign government because of income tax. The foreign tax credit is available for those...
Posted by Carmen Garcia on 01/26/2021
The QBI (qualified business income deduction) allows individuals to deduct up to 20% of business income, REIT dividends, or PTP income from personal income tax returns. Those who are...
Posted by Schneiderman and Friedman on 12/28/2020
