Real estate investment partnerships (REIPs) can be an effective way to pool resources and invest in property, but they come with their own set of tax obligations. One of the most important tax forms that real estate investment partnerships need...
When it comes to choosing the right structure for your business, understanding the tax implications is critical. Many small business owners face the decision of whether to file as an S Corporation or as a Sole Proprietor. Both options have...
Filing Form 1120S for an S Corporation with multiple shareholders presents unique challenges, especially when it comes to allocating income, deductions, and credits to individual shareholders. These tasks require careful tracking of each shareholder's basis in the S Corporation, which...
Filing a tax return as a dependent can be a bit tricky, especially when you're unsure of what deductions and credits you are eligible for. While you may not be able to claim the same tax benefits as an independent...
Filing corporate taxes accurately and on time is essential for avoiding penalties, interest, and other complications. However, due to various reasons, many businesses sometimes miss deadlines or find themselves unable to file Form 1120 (U.S. Corporation Income Tax Return) on...
Filing taxes can be a complex process, especially for businesses operating as an S Corporation (1120S) that report zero revenue or a net loss for the year. Many business owners may wonder if they are still required to file a...
For partnerships in the U.S., filing Form 1065 is a crucial part of the annual tax filing process. Form 1065, "U.S. Return of Partnership Income," is used by partnerships to report their income, deductions, gains, losses, and other tax-related information...
Exemption certificates are powerful tools used by businesses to claim exemptions from sales tax, use tax, and other specific tax liabilities. These certificates are issued by state or local taxing authorities and allow buyers to purchase certain goods or services...
As the year draws to a close, many taxpayers look for ways to reduce their tax liabilities and maximize savings before the year ends. End-of-year tax planning is an essential practice for individuals and businesses to ensure they take full...
Employment taxes are a critical part of a business's tax obligations. When employers fail to properly calculate, report, or remit these taxes, they can face severe penalties from the IRS. Employment taxes include Social Security and Medicare taxes, federal income...
