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Which Form Should You Use: 1040, 1040-SR, or 1040-NR?

For individuals filing their taxes in the United States, the IRS provides a variety of forms based on your specific…

2 weeks ago

When Should an LLC File as a Corporation vs a Partnership?

When forming a Limited Liability Company (LLC), one of the key decisions business owners must make is whether to elect…

2 weeks ago

When Does Your Corporation Need to File Form 1120?

For corporations operating in the United States, filing taxes is a fundamental responsibility. One of the primary forms that corporations…

2 weeks ago

When and How to Issue K-1s to Your Partners

Partnerships and Limited Liability Companies (LLCs) are "pass-through" entities, which means they are not directly taxed by the IRS. Instead,…

2 weeks ago

What’s the Difference Between Sales Tax and Use Tax?

When it comes to taxation, especially for businesses operating in multiple states, understanding the difference between sales tax and use…

2 weeks ago

What’s the Difference Between a Tax Credit and a Deduction?

When it comes to preparing taxes, understanding the difference between a tax credit and a deduction is essential. Both tax…

2 weeks ago

What’s the Difference Between a Shareholder K-1 and a Partner K-1?

When it comes to U.S. taxes, understanding the differences between various tax forms is crucial for compliance and accurate reporting.…

2 weeks ago

What U.S. CPAs Should Look for When Choosing an Offshore Tax Prep Partner

In today's globalized business environment, U.S. Certified Public Accountants (CPAs) are increasingly looking to offshore tax preparation partners to manage…

2 weeks ago

What to Do If You Owe Back Sales Tax

If you owe back sales tax, it’s essential to take action as soon as possible to avoid significant penalties, interest…

2 weeks ago

What to Do If You Forgot to Include Income on Your 1040

Filing your taxes can be a complex and sometimes stressful process, and it's easy to overlook certain details—such as forgetting…

2 weeks ago

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