The IRS issued depreciation limits for commercial passenger cars placed in service by taxpayers in 2020. The IRS also released annual income inclusion values for these vehicles first...
Posted by Elliot Kravitz, ATP on 11/16/2020
In 2015, Congress adopted a centralized audit regime for the partnership (the partnership audit rules) that assesses and collects federal taxes due to a partnership-wide audit entity....
Posted by Elliot Kravitz, ATP on 02/25/2020
The points you paid for when you signed a mortgage to buy your home can help you reduce your federal tax bill. With scores, sometimes referred to as loan origination points or discount...
Posted by Elliot Kravitz, ATP on 09/30/2019
Over the last 70 years, child support payments have been deductible by the payer and taxed as income for the recipient (note that significant rule changes occurred in 1984). The previous...
Posted by Elliot Kravitz, ATP on 08/02/2019
As you are probably aware, the large proportion of your income is taxable. Whether earned through a salary, hourly wages, tips, commissions, rent from a property that you lease or...
Posted by Elliot Kravitz, ATP on 07/25/2019
What Are Tax Brackets? Tax brackets are specific income ranges used to determine the tax rate you pay on your taxable income. The United States, for example, uses a progressive...
Posted by True Tax Service on 10/25/2023
Although same-sex marriages have been nationally recognized since 2015, some couples may still have a common-law marriage or civil partnership rather than a marriage. Persons living...
Posted by CORE PERFORMANCE on 03/31/2022
After the death of any property owner, their property must be accounted for and distributed based on their wish. As a result, there should be a will, which should name parties executors...
Posted by CORE PERFORMANCE on 12/18/2021
Almost every gambler looks forward to winning when they bet on a sport. Unknown to most gamblers; however, the taxman also wants his cut. Uncle Sam considers sports betting winning...
Posted by Karen Munoz, EA on 10/30/2021
