Who can claim a deemed paid tax credit? - A domestic “C” corporation that owns 10% or more of the voting stock and receives...
Posted by The Accounting and Tax on 12/28/2015
If foreign tax credits exceed the limitation in a given taxable year, these can be carried back one year and forward up to ten years. Excess credits on general limitation income...
Posted by The Accounting and Tax on 12/25/2015
General Income: It includes all income other than passive income. It includes most of the foreign source active business profits of domestic corporations and their foreign subsidiaries. Passive...
Posted by The Accounting and Tax on 12/21/2015
The United States restricts the credit to foreign income taxes that duplicate the U.S income tax against which the credit is taken. Under code section 901, a foreign levy must...
Posted by The Accounting and Tax on 12/18/2015
Tax deductions can prove to be very beneficial for your small business setup. Not only do they put extra money in your pocket every year, but they also provide you various personal...
Posted by Asharp Bookkeeper on 11/30/2015
A small business generally doesn’t have a stream of corporate tax lawyers and accountants to plow through the ever evolving tax regulations to find all the legal methods and...
Posted by ERNIE BUSTAMANTE on 11/18/2015
When it comes to tax season, self-employed individuals often envy their employed relatives and friends, wishing they could mechanically input data in a W-2 form and be done with their...
Posted by ERNIE BUSTAMANTE on 11/18/2015
Businesses are required by the federal law to pay taxes on time and accurately. To begin with; tax refers to the levy paid by a taxpayer and it is imposed by the government. All businesses...
If you plan on filing your own business taxes this year, it is important to gather the following documents below as it will make the process much easier for you. If you run into any...
Posted by Stephen Elmore on 10/30/2015
