Working from home has become increasingly common, and with it comes the potential to deduct home office expenses on your tax return. Here’s a simple guide.
Work From Home and Tax Benefits: Home Office Tax Deduction Read More »
Texas franchise tax is a privilege tax imposed on each taxable entity formed or organized in Texas or doing business in Texas. Let’s see how it works.
May 15th? Time to Report Texas Franchise Tax Read More »
Let’s explore the concept of standard deduction and itemized deductions. We’ll provide a simple and concise explanation of these terms and illustrate with examples to help you determine which option might be more beneficial for you.
Which One is Better for Me? Standard Deduction or Itemized Deductions Read More »
When you sell your primary residence, you may be subject to capital gains tax. However, IRS provides certain exclusions that can help you reduce or even eliminate this tax.
Capital Gains Tax on the Sale of Your Primary Residence Read More »
While some states levy a hefty income tax, others offer a tax-free haven to their residents. This article will explore the nine states that do not impose an income tax.
Tax-Free Paradises: No Income Tax States in the USA Read More »
Innocent spouse relief can help you not have to pay extra taxes if your spouse didn’t pay enough taxes on your joint tax return and you didn’t know about the mistakes.
Innocent Spouse Relief: A Lifeline in Tax Troubles Read More »
Low Income Taxpayer Clinics (LITC) assist low income individuals who have a tax dispute or tax refund problem with the IRS, and provide education and outreach to individuals who speak English as a second language (ESL).
Do You Have Tax Refund Problems with IRS? Read More »
IRS understands that life can be unpredictable, and sometimes events occur that prevent taxpayers from meeting their tax responsibilities on time. Here is how to request IRS penalty relief.
How to Request IRS Penalty Relief Read More »
Tax Penalties! Interest and Penalties Start Immediately If you don’t pay your tax bill in full by Tax Day (tax filing due date), the IRS will charge interest on the outstanding amount. Additionally, you may face a late-payment penalty (sometimes called a “failure-to-pay penalty”) of 0.5% per month, with a maximum penalty of 25% of your unpaid taxes. Notices Start to Arrive
What Happens If You Don’t Pay Your Taxes? Read More »
Understanding the 2024 Child Tax Credit In 2024, there’s talk about changing the Child Tax Credit to help families more.The House said yes to a plan that could let parents get more money based on their income. But, the Senate hasn’t decided yet, so we don’t know if it will really happen. Some states are
Waiting For 2024 Child Tax Credit Payment? Read More »