As taxpayers, we are accustomed to navigating the complex web of tax laws and regulations. One aspect that often takes individuals and businesses by surprise is the Alternative Minimum Tax (AMT). The AMT was originally designed to ensure that high-income individuals paid their fair share of taxes. However, it has evolved over the years, ensnaring […]
Article from December 2023
Qualifying Widow(er) Filing Status Explained
The loss of a spouse is a challenging and emotional experience, and during such times, financial matters can add an extra layer of complexity. The tax implications of losing a spouse are among the many considerations that individuals may face. One important filing status that may apply to widows and widowers is the qualifying widow(er) […]
Can the IRS Automatically Complete Tax Returns?
Years ago, a study showed that the IRS may might be able to complete nearly half of the nation’s tax returns automatically. The study was conducted by researchers from the U.S. Department of the Treasury, Minneapolis Federal Reserve and Dartmouth College. Random samples of 344,400 individual tax returns from 2019 were used in this study. […]
Tax Forms for Self-Employed Individuals
Filing taxes when you are self-employed can be very complex. There are plenty of factors involved, from figuring out how much you earned to adding up your business expenses. One of the ways you can better prepare yourself for the filing season is to ensure you have all the correct and relevant tax forms. Unlike traditional […]
Federal Tax Treatment of C Corporations
C corporations, or “C corps,” are a common business structure in the U.S. that offer several advantages, such as limited liability and the ability to raise capital through the sale of stock. One crucial aspect of operating a C corporation is understanding its federal tax treatment. The IRS has established a set of rules and […]