Do I Qualify For The QBI Deduction?

Individuals, trusts, and estates with qualified business income (QBI) may qualify for the 20% QBI deduction. If you have income from partnerships, S corporations, sole proprietorships, you might be eligible for this 20% deduction. Any income you receive from a C...

Amending Your Tax Return to Include Cryptocurrency Sales

The IRS recently announced that they will be sending notices to 10,000 taxpayers regarding missing cryptocurrency transactions from their returns. The IRS will send out letters 6173, 6174, and 6174A. These letters are similar to the notices being sent out to persons...

Top Tax Filing Mistakes – And How to Avoid Them

Making mistakes on your tax return can cost you money: You may miss out on a larger refund than you claimed, wind up owing more taxes – plus interest and penalties – or invite an IRS audit. The best defense against these results is a good offense, namely avoiding...

Tax Relief

What is Tax Relief Tax relief is any program or incentive that reduces the amount of tax owed by an individual or business entity. Examples of tax relief include the allowable deduction for pension contributions, and temporary incentives such as tax credits for the...

IRS Publication 15 (Employer’s Tax Guide)

What Is the IRS Publication 15 (Employer’s Tax Guide) The IRS Publication 15- Employer’s Tax Guide is a document published by the Internal Revenue Service detailing an employer’s responsibilities for filing and reporting tax information. The document...

Internal Revenue Service (IRS)

What Is the Internal Revenue Service (IRS)? The Internal Revenue Service (IRS) is a U.S. government agency responsible for the collection of taxes and enforcement of tax laws. Established in 1862 by President Abraham Lincoln, the agency operates under the authority of...

Pretax Rate of Return Definition

What Is the Pretax Rate of Return? The pretax rate of return is the return on an investment that does not include the taxes the investor must pay on this return. Because individuals’ tax situations differ and different investments attract varying levels of...

Making Sense of Your IRS Letters

The IRS is required by law to notify taxpayers by mail of any actions taken or required in your tax situation. Below are sample letters along with explanations of what’s happening in each case. IRS Collections CP14: Notice of Unpaid Taxes This notice explains...

9 Strategies for Minimizing Taxes

Taxes can be tricky for high-income earners who often don’t qualify for different deductions, various credits, and tax-advantaged accounts. Even though some deductions are not available, high-income earners can still use the following strategies to minimize their tax...

What to Know about Taxes and Starting a Business

First of all, an owner must decide what type of an entity it should be. The type of business determines which tax forms a business will have to file. The most common forms of businesses are sole proprietorships, partnerships, C and S corporations, and limited...