Category: Direct Tax

Filing your federal income tax return late or paying your taxes after the deadline can trigger penalties from the IRS. These penalties are designed to encourage timely filing and payment, and they can add significantly to the amount you owe....

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Medical and dental expenses are among the most significant costs that individuals and families face each year. Fortunately, the IRS allows you to deduct a portion of these costs if you itemize deductions on Schedule A of your Form 1040....

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Partnerships are required to file Form 1065, U.S. Return of Partnership Income, annually to report their income, deductions, credits, and other financial information. Timely filing is essential, as late filings incur penalties. One of the most significant penalties for partnerships...

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Medical expense deductions can provide significant tax relief for individuals facing high healthcare costs. While the federal tax code allows taxpayers to deduct qualified medical expenses that exceed 7.5% of adjusted gross income (AGI), state-level tax codes vary widely in...

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When small businesses or individuals miss federal tax deadlines, the IRS imposes well‑known penalties and interest. However, state tax agencies have their own rules, penalty structures, and interest calculations that can vary significantly from federal standards. Understanding these differences is...

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If you are a partner in a business entity that files a partnership return (Form 1065), you likely receive a Schedule K-1 each year. While most taxpayers focus on the income and deductions it reports, one of the most critical...

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If you’ve incurred significant medical costs in 2025, understanding how New York State treats itemized deductions can help maximize your tax savings. While the federal tax code allows deductions for qualified medical expenses exceeding 7.5% of Adjusted Gross Income (AGI),...

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When it comes to managing healthcare costs and reducing taxable income, Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are two powerful tools available to many taxpayers. Both allow individuals to use pre-tax dollars to cover eligible medical expenses....

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Tax credits such as the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) can significantly reduce your tax liability and increase your refund. However, filing your federal tax return late can impact your eligibility for these valuable...

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Georgia residents who incur significant medical costs may qualify for a valuable tax break. Unlike many states that follow the federal 7.5% adjusted gross income (AGI) threshold for medical expense deductions, Georgia imposes its own rules. In 2025, the state...

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