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For individuals involved in partnerships or multi-member LLCs, understanding Schedule K-1 is vital for accurate tax filing. One of the most important components of the K-1 is Box 1 – Ordinary Business Income (Loss). This figure represents your share of...

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Receiving a late filing notice from the IRS can be alarming, but ignoring it can lead to far worse consequences. The IRS sends these notices to alert taxpayers that their tax return has not been received or processed by the...

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Residents of Indiana face a key limitation: the state does not allow you to deduct unreimbursed medical expenses on individual income tax returns—even though such deductions are permitted federally. This disparity means that tracking medical expenses matters only for federal...

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When you receive a Schedule K-1 from a partnership, you might notice references to Section 704(c) allocations. These allocations are a critical aspect of partnership tax accounting and can significantly affect the income, gain, loss, and deduction amounts reported on...

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Entering into a business partnership or joining a multi-member LLC brings both opportunities and responsibilities—especially when it comes to taxes. One key document every partner must understand is the Schedule K-1 (Form 1065). For first-timers, the form can appear overwhelming,...

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IRS Publication 502 is the official guide issued by the Internal Revenue Service to help taxpayers understand which medical and dental expenses are deductible on their federal income tax return. This publication plays a crucial role for anyone looking to...

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Schedule K-1 (Form 1065) is an essential IRS tax form issued to partners in a partnership. Each line of this form provides important details about income, deductions, and other tax-relevant figures related to that partnership interest. Among the various boxes...

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Administrators of trusts and estates must navigate a complex web of federal and state filing requirements to ensure compliance and minimize tax liabilities. While the federal Form 1041 governs the income reporting for estates and trusts, many states impose separate inheritance...

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Medical expenses can add up quickly, especially when they include not just treatment and prescriptions, but also the cost of getting to and from your healthcare providers. The IRS recognizes this financial burden and allows taxpayers to deduct certain travel...

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As a tax professional, dealing with late filings is an inevitable part of your practice. Whether your clients are individuals, partnerships, or corporations, timely intervention and smart strategies can mitigate penalties and protect your clients’ financial wellbeing. In 2025, with...

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