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How State Penalties Differ from Federal for Late Tax Filings

When small businesses or individuals miss federal tax deadlines, the IRS imposes well‑known penalties and interest. However, state tax agencies…

3 weeks ago

How Schedule K-1 Affects Your Self-Employment Tax Obligations

If you are a partner in a business entity that files a partnership return (Form 1065), you likely receive a…

3 weeks ago

How New York’s Itemized Deduction Limits Impact Your Medical Expenses

If you’ve incurred significant medical costs in 2025, understanding how New York State treats itemized deductions can help maximize your…

3 weeks ago

How HSA and FSA Contributions Interact with Medical Deductions

When it comes to managing healthcare costs and reducing taxable income, Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)…

3 weeks ago

How Filing Late Affects Tax Credits Like EITC and CTC on Form 1040

Tax credits such as the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) can significantly reduce your…

3 weeks ago

Georgia Medical Expense Deductions: Understanding the AGI Threshold in 2025

Georgia residents who incur significant medical costs may qualify for a valuable tax break. Unlike many states that follow the…

3 weeks ago

Form 8938 (FATCA): Supplemental Due Dates Aligned with Form 1040 and Extension Handling

The Foreign Account Tax Compliance Act (FATCA) requires certain U.S. taxpayers to report specified foreign financial assets by filing IRS…

3 weeks ago

Form 4868 vs. Form 2350: Choosing the Right Extension Path for Individual Taxpayers

When April 15 approaches, many individual taxpayers need extra time to assemble documents, calculate income, or coordinate complex financial situations. The…

3 weeks ago

Form 3520 & 3520‑A: Due Dates for Foreign Trusts and Gifts, Including Extensions and Late‑File Penalties

U.S. persons who create, transfer property to, or receive distributions from foreign trusts, as well as those receiving certain large…

3 weeks ago

Form 1120‑S (S‑Corporations): Due Dates, File Form 7004 Extensions, and State Synchronization

Form 1120‑S is the U.S. Income Tax Return for an S‑Corporation, a pass-through entity where profits and losses flow directly to…

3 weeks ago

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