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When tax season approaches, proper handling of employee and contractor payments becomes critical. Business owners need to comply with IRS reporting requirements for W-2s, 1099s, and related filings. Failing to issue these forms accurately and on time can result in...

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Sales tax audits can be a nerve-wracking experience for any business owner. These audits are typically initiated by state tax authorities to ensure that businesses are collecting and remitting the appropriate amount of sales tax. If you operate in multiple...

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Starting an e-commerce business is an exciting venture, but it comes with several tax responsibilities that entrepreneurs often overlook. If you’re selling products online—whether physical or digital—you may have obligations for both sales tax and income tax, and it’s essential...

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Net Operating Losses (NOLs) are a powerful tax tool for corporations that have experienced more deductions than income in a given tax year. For C corporations filing IRS Form 1120, properly handling NOLs can result in significant tax savings by...

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Receiving a letter from the IRS can be stressful, especially when it involves an audit or a CP2000 notice. These communications indicate that the IRS has found a discrepancy or needs more information about your tax return. While this situation...

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Filing your federal income tax return in 2025 may feel overwhelming, especially with evolving tax codes, credits, and forms. Whether you're filing as an employee with a W-2, self-employed with a 1099, or someone managing investments, understanding the steps involved...

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IRS Form 1065 is the U.S. Return of Partnership Income. Partnerships in the United States—including limited partnerships (LP), limited liability partnerships (LLP), and general partnerships—must file Form 1065 annually to report the business’s income, deductions, gains, and losses. Although the...

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IRS Form 1040 is the foundation of individual income tax filing in the United States. Whether you're a salaried employee, freelancer, investor, or retiree, this form plays a critical role in calculating your income, deductions, credits, and tax liability. For...

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As the gig economy continues to grow, more individuals are earning income through freelance work, side gigs, and self-employment. While this offers flexibility and independence, it also introduces new responsibilities—especially at tax time. Filing Form 1040 correctly when you have...

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Filing taxes is an important responsibility, but mistakes can happen. Whether it’s a missed deduction, incorrect income, or forgotten credits, the IRS allows taxpayers to correct errors using Form 1040-X, the Amended U.S. Individual Income Tax Return. This guide will...

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