Direct Tax

Do You Need to Pay Estimated Taxes Based on Your K-1?

If you receive a Schedule K-1 from a partnership, S corporation, or trust, you may be wondering whether you need…

4 weeks ago

Do States Like Texas or Florida Still Penalize You for Late Franchise/Business Filings?

Even in states without a traditional income tax, businesses must meet annual compliance requirements to maintain good standing. Texas and…

4 weeks ago

Dividends and Royalties: Breaking Down Boxes 6a–6c on Schedule K-1

Schedule K-1 (Form 1065) is a tax form issued to partners in a partnership to report their share of the…

4 weeks ago

Deductions and Credits in Boxes 12–13: What You Can Use on Your Return

Schedule K-1 (Form 1065) is a vital document used by partnerships to report each partner’s share of income, deductions, credits,…

4 weeks ago

Deducting Medical Expenses for a Deceased Taxpayer: A Complete Guide

When a loved one passes away, financial and tax matters are not always the first thing on your mind. However,…

4 weeks ago

Deducting Health Insurance Premiums: What Qualifies and What Doesn’t?

Health insurance premiums can represent a significant expense for individuals and families. While many taxpayers hope to reduce their tax…

4 weeks ago

Deadlines for Form 1040 in 2025 & 2026: Standard Filing and Extension Due Dates

Understanding the tax calendar is essential whether you're a taxpayer or a tax professional. Filing deadlines and extension rules ensure…

4 weeks ago

Corporate vs. Individual Late‑Filing Penalties: What Changes Between 2025 and 2026

Each year the IRS adjusts penalty amounts for inflation and updates rates based on legislative changes. In 2025 and 2026,…

4 weeks ago

Consequences of Missing Federal Tax Filing Deadlines: Comparing Late‑Filing vs. Late‑Payment

Missing federal tax deadlines can lead to substantial financial and administrative burdens for individual and business taxpayers alike. While both…

4 weeks ago

Comparing Federal vs. California Medical Expense Deduction Rules

Understanding the differences between federal and California medical expense deduction rules is essential for effective tax planning, especially for those…

4 weeks ago

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