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How to Meet Nebraska’s Lower Threshold for State-Level Medical Deductions

Nebraska offers a more accessible route for deducting medical expenses on your state income tax return compared to federal rules.…

3 weeks ago

How to Handle Box 7 on Your Return: Net Short-Term Capital Gains

When you receive a Schedule K-1 (Form 1065) from a partnership, it provides a breakdown of your share of income,…

3 weeks ago

How to Fix a Late Filing After Receiving a Notice CP161 or CP504

If you’ve received an IRS Notice CP161 or CP504, it's a serious signal that there may be unresolved tax issues—often…

3 weeks ago

How to File Late Extension Forms and Avoid Penalties

Missing an extension deadline can be stressful, but it doesn’t have to lead to crippling penalties if you act promptly…

3 weeks ago

How to File for a State Extension and Avoid Penalties: Best Practices for 2025

Tax season can be hectic for both individuals and businesses juggling multiple returns, payments, and deadlines. When you realize you…

3 weeks ago

How to Deduct Long-Term Care Insurance Premiums in 2025

As Americans live longer and healthcare costs continue to rise, long-term care insurance has become an essential part of financial…

3 weeks ago

How the IRS Calculates Late Filing and Late Payment Penalties on Form 1040

Filing your federal income tax return late or paying your taxes after the deadline can trigger penalties from the IRS.…

3 weeks ago

How the 7.5% AGI Rule Affects Your Medical Deduction in 2025

Medical and dental expenses are among the most significant costs that individuals and families face each year. Fortunately, the IRS…

3 weeks ago

How the $220/Form Partner Penalty Works for Late 1065 Filings

Partnerships are required to file Form 1065, U.S. Return of Partnership Income, annually to report their income, deductions, credits, and…

3 weeks ago

How States Differ in Allowing Medical Expense Deductions: A Comprehensive Guide

Medical expense deductions can provide significant tax relief for individuals facing high healthcare costs. While the federal tax code allows…

3 weeks ago

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