Month: June 2025

Filing Form 1120S for an S Corporation with multiple shareholders presents unique challenges, especially when it comes to allocating income, deductions, and credits to individual shareholders. These tasks require careful tracking of each shareholder's basis in the S Corporation, which...

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Filing a tax return as a dependent can be a bit tricky, especially when you're unsure of what deductions and credits you are eligible for. While you may not be able to claim the same tax benefits as an independent...

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Filing corporate taxes accurately and on time is essential for avoiding penalties, interest, and other complications. However, due to various reasons, many businesses sometimes miss deadlines or find themselves unable to file Form 1120 (U.S. Corporation Income Tax Return) on...

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Filing taxes can be a complex process, especially for businesses operating as an S Corporation (1120S) that report zero revenue or a net loss for the year. Many business owners may wonder if they are still required to file a...

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For partnerships in the U.S., filing Form 1065 is a crucial part of the annual tax filing process. Form 1065, "U.S. Return of Partnership Income," is used by partnerships to report their income, deductions, gains, losses, and other tax-related information...

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Exemption certificates are powerful tools used by businesses to claim exemptions from sales tax, use tax, and other specific tax liabilities. These certificates are issued by state or local taxing authorities and allow buyers to purchase certain goods or services...

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As the year draws to a close, many taxpayers look for ways to reduce their tax liabilities and maximize savings before the year ends. End-of-year tax planning is an essential practice for individuals and businesses to ensure they take full...

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Employment taxes are a critical part of a business's tax obligations. When employers fail to properly calculate, report, or remit these taxes, they can face severe penalties from the IRS. Employment taxes include Social Security and Medicare taxes, federal income...

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Education-related expenses can be a significant burden for students and their families, but the U.S. tax code offers several tax credits designed to help offset these costs. Among the most popular education tax credits are the American Opportunity Tax Credit...

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In the wake of the 2018 Supreme Court decision in South Dakota v. Wayfair, Inc., states gained the authority to impose sales tax obligations on remote sellers based on economic activity rather than physical presence. This ruling has led to...

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