Category: Direct Tax

As cryptocurrency trading becomes increasingly mainstream, many investors have begun to grapple with the tax implications of their digital asset activities. One of the most common concerns among crypto holders—especially during bear markets—is how to report losses. The good news...

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It may seem counterintuitive, but even if you had no income for the year, you could still be eligible for a tax refund from the IRS. Many people assume that filing a tax return is only necessary when you’ve earned...

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For self-employed individuals, freelancers, and small business owners, vehicle expenses can be a major tax deduction. If you use your car for business purposes—whether for delivering products, meeting clients, or traveling to job sites—you’re allowed to deduct the associated expenses....

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Form 1040 is the cornerstone of individual income tax filing in the United States. Whether you’re a salaried employee, self-employed entrepreneur, retiree, or someone with multiple income sources, you are likely required to complete this form each year. Understanding the...

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Filing a tax return is a complex process, and even the most diligent taxpayers can make mistakes or receive new information after submitting their original return. When this happens, you may need to file an amended return—both at the federal...

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One of the most common questions among taxpayers—especially retirees, students, part-time workers, and low-income earners—is: “Do I have to file a tax return if I made very little income?” The short answer is: it depends. While the IRS sets income...

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Alimony—also referred to as spousal support or maintenance—is a financial arrangement that arises from divorce or legal separation. It involves one spouse making regular payments to the other to help maintain their standard of living. From a tax perspective, however,...

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Adopting a child is a life-changing decision that comes with emotional, legal, and financial responsibilities. To help offset the often significant costs associated with adoption, the U.S. government offers the Adoption Tax Credit, a valuable benefit that can result in...

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Form 1099-SA is a critical IRS information return used to report distributions from Health Savings Accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Medicare Advantage MSAs (MA MSAs). If you withdrew money from any of these tax-advantaged medical accounts,...

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Form 1099-R is a crucial IRS information return used to report distributions from various retirement and pension plans. If you received money from a pension, annuity, retirement account such as an IRA or 401(k), or even from insurance contracts, you...

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