Filing your federal income tax return late when you owe taxes can lead to significant financial consequences. The IRS imposes penalties and interest on unpaid taxes, and failing to file on time can compound those costs. If you find yourself...
The medical expense deduction is one of the most misunderstood — and often underutilized — deductions available to taxpayers who itemize. For the 2025 tax year, the IRS allows taxpayers to deduct unreimbursed qualified medical and dental expenses that exceed...
The IRS First-Time Penalty Abatement (FTA) program offers a one-time opportunity for taxpayers to have certain penalties waived automatically if they meet specific eligibility criteria. In 2025, this program remains a valuable tool for individuals and small businesses to recover...
Failing to file or pay state or federal taxes on time can be costly for small businesses, both in terms of direct penalties and indirect consequences like cash‑flow disruption and audit risk. This blog outlines the key deadlines, penalty structures,...
Schedule K-1 is a vital tax document partners receive from a partnership, detailing their share of income, deductions, credits, and other financial information needed to complete individual tax returns. However, when a partnership files Form 1065 late, the issuance of...
Medical costs can significantly impact your finances, especially in years when you face substantial out-of-pocket expenses. Fortunately, both the federal and state tax systems offer some relief through itemized deductions. If you’re a resident of New York, you might be...
When filing your federal tax return using Form 1040 in 2025, Schedule A allows taxpayers to itemize their deductions instead of taking the standard deduction. One of the most significant categories under Schedule A is medical and dental expenses. However,...
When filing your California income tax return, knowing which medical expenses you can deduct on Schedule CA (540) is key to maximizing your deductions. California generally conforms to federal rules but comes with its own AGI threshold and adjustment rules. This...
Texas is known for its wide open spaces, economic opportunities, and favorable tax climate. One of the most appealing aspects of living in Texas is the absence of a personal state income tax. For taxpayers, this means simplified state tax...
For individuals involved in partnerships or multi-member LLCs, Schedule K-1 (Form 1065) plays a vital role during tax season. It’s a critical tax document that reports each partner’s share of income, deductions, credits, and other items that pass through the...
