Category: Direct Tax

Medical expenses can add up quickly, especially when they include not just treatment and prescriptions, but also the cost of getting to and from your healthcare providers. The IRS recognizes this financial burden and allows taxpayers to deduct certain travel...

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As a tax professional, dealing with late filings is an inevitable part of your practice. Whether your clients are individuals, partnerships, or corporations, timely intervention and smart strategies can mitigate penalties and protect your clients’ financial wellbeing. In 2025, with...

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Medical expenses can be one of the largest costs that individuals and families face, especially for seniors, those with chronic conditions, or those without comprehensive insurance. While the federal tax code offers some relief through itemized deductions for qualified medical...

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When businesses or individuals miss state tax deadlines, each jurisdiction imposes its own penalties and interest. Understanding how California, New York, Texas, and Florida handle late filings can help you manage compliance and avoid unexpected fees. Below, we provide an...

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While the IRS grants an automatic six‑month extension on Form 1040 when you file Form 4868 by April 15, state income tax extension rules vary widely. California and New York impose their own requirements, whereas Florida and Texas—lacking personal income taxes—have no individual‑return...

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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 and extension rules. Failure to align state filings with federal timelines can result in penalties, interest, and lost extension privileges....

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When dealing with large medical expenses, timing your payments can have a significant impact on your tax situation. The end of the calendar year presents a key decision point for taxpayers who are trying to maximize their medical expense deductions:...

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If you're self-employed, one of the most significant tax benefits available to you is the ability to deduct medical insurance premiums. Unlike W-2 employees who typically receive employer-sponsored health coverage, self-employed individuals often bear the full cost of their health...

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The Qualified Business Income (QBI) deduction under Section 199A of the Internal Revenue Code provides a valuable tax break for owners of pass-through entities like partnerships and S corporations. If you receive a Schedule K-1, Box 20 is where the...

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For residents of states that don’t impose a personal income tax—such as Florida, Texas, Alaska, and Washington—the process of tax planning is significantly streamlined. There’s no need to file a state income tax return, and with that comes a notable...

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