Many older children these days now look after and take care of their aged parents. Unknown to many; however, Uncle Sam can reward you in the form of tax credit for such care to reduce...
Posted by Elliot Kravitz, ATP on 06/24/2021
If you own a rental property, you should know your federal tax obligations. All rental income needs to be reported on your tax return, and the associated expenses can generally be...
Posted by Elliot Kravitz, ATP on 04/29/2021
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
Are you wondering if there is a hard rule on taxable income and non-taxable income? The answer is simple: all income is taxable unless it is expressly excluded by law. But, as you've...
Posted by Elliot Kravitz, ATP on 03/17/2021
The filing status of a taxpayer depends on individual circumstances. Are you married or single? Do you have dependents? Identifying the correct filing condition is essential, as it...
Posted by Elliot Kravitz, ATP on 02/17/2021
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
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
You've buckled down for quite a long time, and now you need to make the most of your golden years. In case you want to have a pleasant way of life in retirement, you are likely...
Posted by Elliot Kravitz, ATP on 10/23/2019
When it comes to tax treatment, there is a difference between unreimbursed business expenses for partners and S corporation shareholders. Also known as ordinary and necessary expenses,...
Posted by Elliot Kravitz, ATP on 04/17/2019
