Filing 1120S with Multiple Shareholders: Allocation and Basis Tracking

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Filing Form 1120S for an S Corporation with multiple shareholders presents unique challenges, especially when it comes to allocating income,…

Filing 1040 as a Dependent: What You Can and Can’t Claim

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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…

FAQs on Late Filing Penalties and Extensions for 1120

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Filing corporate taxes accurately and on time is essential for avoiding penalties, interest, and other complications. However, due to various…

FAQs for Filing 1120S with Zero Revenue or Net Loss

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Filing taxes can be a complex process, especially for businesses operating as an S Corporation (1120S) that report zero revenue…

FAQs: Filing Form 1065 with No Activity or Dormant Partnerships

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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,…

Exemption Certificates: What They Are and How to Use Them

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Exemption certificates are powerful tools used by businesses to claim exemptions from sales tax, use tax, and other specific tax…

End-of-Year Tax Planning Tips to Lower Your Tax Bill

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As the year draws to a close, many taxpayers look for ways to reduce their tax liabilities and maximize savings…

Employment Tax Mistakes That Trigger IRS Penalties

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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…

Education Tax Credits: AOTC vs LLC Explained

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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…

Economic Nexus Thresholds by State: 2025 Update

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In the wake of the 2018 Supreme Court decision in South Dakota v. Wayfair, Inc., states gained the authority to…

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