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Education-related expenses can be a significant burden for students and their families, but the U.S. tax code offers several tax credits designed to help offset these costs. Among the most popular education tax credits are the American Opportunity Tax Credit...

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In the wake of the 2018 Supreme Court decision in South Dakota v. Wayfair, Inc., states gained the authority to impose sales tax obligations on remote sellers based on economic activity rather than physical presence. This ruling has led to...

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Understanding when you are required to file a tax return is crucial for ensuring compliance with U.S. tax laws. While many people are aware that they need to file a tax return, the specifics can vary depending on factors such...

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Managing payroll taxes can be a complex task for business owners, especially when dealing with various forms and filing requirements. If your business operates as an S Corporation (1120S), you may wonder whether you need to file Forms 941 or...

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When U.S. businesses engage with foreign partners or owners, they must comply with additional IRS filing requirements. These forms are necessary to report foreign ownership and ensure that U.S. tax laws are being followed. Three key forms—Form 5471, Form 8804,...

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When it comes to reporting income for tax purposes, understanding the different types of income—such as dividends, interest, and passive income—is crucial. These types of income can have different tax implications and must be reported correctly to avoid underreporting and...

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Choosing the right business structure is one of the most important decisions a business owner will make. In the United States, corporations can be classified as either C Corporations or S Corporations, each of which has distinct characteristics, benefits, and...

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Depreciation is a key tax concept that allows businesses to recover the cost of certain assets over time. Instead of claiming the full cost of an asset as a business expense in the year it was purchased, businesses can spread...

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For many businesses, meals, travel, and entertainment expenses are necessary and ordinary costs required to operate, build relationships, and grow. These expenses are also eligible for tax deductions, helping to reduce taxable income and lower overall tax liabilities. However, the...

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Outsourcing tax return preparation to offshore teams has become a common practice for many U.S.-based CPA firms and businesses. It allows them to reduce costs, streamline operations, and leverage specialized expertise. However, with the increasing volume of sensitive financial data...

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