Direct Tax

Understanding Box 3: Other Net Rental Income and Where to Report It

Schedule K-1 (Form 1065) is an essential IRS tax form issued to partners in a partnership. Each line of this…

3 weeks ago

Trusts, Estates & State Inheritance Tax Returns: Aligning with Federal Schedules

Administrators of trusts and estates must navigate a complex web of federal and state filing requirements to ensure compliance and…

3 weeks ago

Travel and Transportation for Medical Care: Deducting Mileage in 2025

Medical expenses can add up quickly, especially when they include not just treatment and prescriptions, but also the cost of…

3 weeks ago

Tips for Tax Professionals Handling Late Filings for Clients in 2025

As a tax professional, dealing with late filings is an inevitable part of your practice. Whether your clients are individuals,…

3 weeks ago

States That Do Not Allow Medical Expense Deductions at All

Medical expenses can be one of the largest costs that individuals and families face, especially for seniors, those with chronic…

3 weeks ago

State Late Filing Penalties in California, New York, Texas, and Florida: A Comparison

When businesses or individuals miss state tax deadlines, each jurisdiction imposes its own penalties and interest. Understanding how California, New…

3 weeks ago

State Income Tax Extensions: How CA, NY, FL & TX Differ from Federal Dates

While the IRS grants an automatic six‑month extension on Form 1040 when you file Form 4868 by April 15, state income tax extension…

3 weeks ago

State C‑Corp & S‑Corp Deadline Comparisons: What You Must Know for 2025–26 Filing Seasons

While federal deadlines for C‑Corporations (Form 1120) and S‑Corporations (Form 1120‑S) are well‑known—April 15 and March 15 respectively—each state sets its own due dates…

3 weeks ago

Should You Pay Large Medical Bills Before or After December 31?

When dealing with large medical expenses, timing your payments can have a significant impact on your tax situation. The end…

3 weeks ago

Self-Employed? Here’s How to Deduct Your Medical Insurance

If you're self-employed, one of the most significant tax benefits available to you is the ability to deduct medical insurance…

3 weeks ago

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