Articles by Elyssa Carlos

What is Innocent Spouse Relief?

Tax matters can be complex and often present challenges for married couples who file joint tax returns. In certain situations, one spouse may find themselves unfairly penalized for the actions of their partner, leading to financial difficulties and strained relationships. To address this issue, the IRS offers a form of relief known as innocent spouse […]

What are Required Minimum Distributions? 

As individuals approach retirement, understanding the intricacies of financial planning becomes crucial. One essential aspect of retirement planning is navigating Required Minimum Distributions (RMDs). RMDs are mandatory withdrawals from retirement accounts that individuals must take once they reach a certain age. This article aims to shed light on the significance of RMDs, the rules governing […]

E-Filing vs. Paper Tax Returns

As tax season approaches, individuals and businesses face the crucial decision of how to file their tax returns. Traditionally, paper filing has been the go-to method, but with technological advancements, e-filing has gained popularity. In fact, only about 10% of Americans still file a paper return. This article explores the key differences between paper tax […]

What is the Qualified Business Income Deduction? 

In recent years, the tax landscape for businesses has undergone significant changes. One notable addition is the Qualified Business Income (QBI) deduction. Enacted as part of the Tax Cuts and Jobs Act (TCJA) in 2017, the QBI deduction provides a valuable tax break for eligible businesses and their owners. This deduction aims to stimulate economic […]

Trading Stocks and What it Means for Your Taxes

It’s a new year and with that may come new financial resolutions. One we hear often is the desire to learn to invest. Trading stocks can be a thrilling venture, providing investors with the opportunity to grow their wealth and achieve financial goals. However, it’s essential to understand that the gains and losses incurred in […]