Direct Tax

How to Use Supplemental Statements with Schedule K-1 Properly

When filing your taxes and receiving a Schedule K-1 (Form 1065, 1120S, or 1041), it’s not uncommon to encounter supplemental…

3 weeks ago

How to Track and Organize Your Medical Expenses for Maximum Deductions

Medical expenses can take a serious toll on your finances, but the good news is that the IRS allows you…

3 weeks ago

How to Read Your Schedule K-1 from a Partnership in 2025

Receiving a Schedule K-1 (Form 1065) can be intimidating if you're unfamiliar with how partnerships report income, deductions, and other…

3 weeks ago

How to Qualify for IRS Reasonable Cause Waiver on a Late Filing Penalty

Filing your tax return late can lead to significant penalties. However, the IRS offers a potential lifeline in the form…

3 weeks ago

How to Meet Nebraska’s Lower Threshold for State-Level Medical Deductions

Nebraska offers a more accessible route for deducting medical expenses on your state income tax return compared to federal rules.…

3 weeks ago

How to Handle Box 7 on Your Return: Net Short-Term Capital Gains

When you receive a Schedule K-1 (Form 1065) from a partnership, it provides a breakdown of your share of income,…

3 weeks ago

How to Fix a Late Filing After Receiving a Notice CP161 or CP504

If you’ve received an IRS Notice CP161 or CP504, it's a serious signal that there may be unresolved tax issues—often…

3 weeks ago

How to File Late Extension Forms and Avoid Penalties

Missing an extension deadline can be stressful, but it doesn’t have to lead to crippling penalties if you act promptly…

3 weeks ago

How to File for a State Extension and Avoid Penalties: Best Practices for 2025

Tax season can be hectic for both individuals and businesses juggling multiple returns, payments, and deadlines. When you realize you…

3 weeks ago

How to Deduct Long-Term Care Insurance Premiums in 2025

As Americans live longer and healthcare costs continue to rise, long-term care insurance has become an essential part of financial…

3 weeks ago

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