Category: US Taxation

Each year, the IRS adjusts dozens of key tax provisions to account for inflation. This crucial process, known as indexing, prevents "bracket creep"—a situation where inflation pushes you into a higher tax bracket even though your real purchasing power hasn't...

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As part of its annual inflation adjustment routine, the Internal Revenue Service (IRS) has introduced modest but noteworthy changes in the 2025 draft version of Schedule D (Capital Gains and Losses). These changes are primarily technical and designed to ensure...

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For the 2025 tax year, the Internal Revenue Service (IRS) has implemented an important change to the penalty structure for late-filed returns. The revised policy increases the minimum late-filing penalty to the lesser of the total tax due or $510...

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The Internal Revenue Service (IRS) regularly updates Form 1040 to reflect new tax laws, policy changes, and compliance requirements. For tax year 2025, several key modifications to Form 1040 and its accompanying schedules have significant implications for small business owners...

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Health Flexible Spending Accounts (FSAs) remain one of the most valuable tools for employees to save money on out-of-pocket medical expenses using pre-tax dollars. With the IRS announcing annual inflation-adjusted updates, the contribution cap for employee health FSAs has been...

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For the 2025 tax year, the IRS has updated Form 13614-NR, the intake and interview sheet used by Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs to assist nonresident alien taxpayers. This form helps tax...

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Form 7004, officially titled the “Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns,” remains a vital tool for businesses that need additional time to prepare their tax filings. As of the 2025...

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IRS Form 1042-S is used by withholding agents to report income subject to withholding tax paid to foreign persons, including nonresident individuals, partnerships, corporations, and other foreign entities. The form plays a vital role in U.S. withholding tax compliance and...

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Form 1040-C, also known as the “U.S. Departing Alien Income Tax Return,” is a crucial filing requirement for nonresident aliens and resident aliens who intend to leave the United States permanently or for an extended period. Its primary purpose is...

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As the gig economy continues to grow, more individuals are turning to self-employment through driving, delivery, freelance services, and independent contracting. With this rise, understanding how to file taxes efficiently has never been more important. One significant benefit available to...

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