Category: Direct Tax

If you receive a Schedule K-1 from a partnership, S corporation, or trust, you may be wondering whether you need to make estimated tax payments throughout the year. Unlike a regular paycheck, where taxes are automatically withheld, income reported on...

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Even in states without a traditional income tax, businesses must meet annual compliance requirements to maintain good standing. Texas and Florida are often touted for their business‑friendly tax climates—but what happens if you miss your franchise tax report or annual...

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Schedule K-1 (Form 1065) is a tax form issued to partners in a partnership to report their share of the partnership's income, deductions, credits, and other financial items. Among the various sections of the K-1, Boxes 6a through 6c are...

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Schedule K-1 (Form 1065) is a vital document used by partnerships to report each partner’s share of income, deductions, credits, and other tax-related items. Among the most important—and potentially beneficial—sections for individual taxpayers are Box 12 (Section 179 Deduction) and...

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When a loved one passes away, financial and tax matters are not always the first thing on your mind. However, understanding how to handle the final tax return of a deceased person, particularly when it involves medical expenses, can offer...

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Health insurance premiums can represent a significant expense for individuals and families. While many taxpayers hope to reduce their tax bill by deducting these premiums, the rules around what qualifies and what doesn’t can be complex. The IRS allows deductions...

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Understanding the tax calendar is essential whether you're a taxpayer or a tax professional. Filing deadlines and extension rules ensure compliance and help avoid unnecessary penalties or interest. Here's a detailed breakdown of Form 1040 deadlines in both 2025 and 2026,...

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Each year the IRS adjusts penalty amounts for inflation and updates rates based on legislative changes. In 2025 and 2026, both corporate entities and individual taxpayers will face modified penalty structures for late filing and late payment of federal returns....

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Missing federal tax deadlines can lead to substantial financial and administrative burdens for individual and business taxpayers alike. While both late‑filing and late‑payment incur penalties and interest, the structure, rates, and maximum caps differ significantly. This blog explores the nuances...

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Understanding the differences between federal and California medical expense deduction rules is essential for effective tax planning, especially for those who incur significant out-of-pocket healthcare costs. While the Internal Revenue Code (IRC) provides guidelines for deducting medical expenses at the...

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