An overview of spousal liability concerns in the world of income tax.To be able to understand this concept better, we will create a scenario where we have imaginary characters. "For...
When you consider the amount of money you have to send to Uncle Sam every month, it might be tempting to forge figures and inflate your tax returns. Intentionally lying on your...
Accumulating financial assets in a tough and competitive world is hard work. Yet, no matter how much you have, there are sharks and potholes along the way ready to eat at your financial...
Form 8396 is an IRS form used by homeowners to apply for a mortgage. The purpose of the mortgage is to help low-income taxpayers pay for their housing. You can only apply for a credit...
The Internal Revenue Code (IRC) talks about Title 26 of the U.S. Code. It is commonly called IRS Code or IRS tax code with laws enforced by the Internal Revenue Service. The United...
Posted by Elliot Kravitz, ATP on 08/28/2020
You have completed all necessary tax documents, including Schedule C and your tax return. Now you discovered a mistake, and an Amended form 1040X will come to your rescue.Form 1040X:...
As humans, mistakes are inevitable. Although, when you arm yourself with some information, you can avoid mistakes. When you have an error on your tax, it might not trigger a full audit....
While the separate filing of tax is a good idea and comes with its advantages, filing jointly brings about significant tax breaks in addition to being a simple method. We compiled...
You do not need to think twice before answering the question of your marital status. The answer can, however, get complicated when you are filing your tax. For tax purposes, the last...