In a previous post, we discussed some of the tax benefits for military personnel serving in combat zones. In today’s post, we examine other types of tax breaks available to military members in other types of service.Reduced interest rates If you come into the...
U.S. military service members who are stationed in combat zones face extreme challenges each day. They risk their lives to serve their country. It’s reasonable to expect that filing their taxes may be the furthest thing from their minds. The IRS has decided that such...
If you requested an extension to file your 2017 income taxes, your deadline is approaching. Tax payers who requested an extension have until October 15 to file their income tax return for last year. How to request an extension Getting an extension doesn’t come...
In a previous post, we discussed how a nonprofit can apply for tax-exempt status. One common misconception that many nonprofit owners have that, once they achieve this status, they don’t have to take any further action. This misunderstanding can land nonprofits...
If you’re starting up a nonprofit, you probably have questions. You may have heard that charitable organizations can receive tax-exempt status. However, this designation is not automatic. The IRS has fixed regulations on which organizations are eligible and what...
Last year, the Tax Cuts and Jobs Act made dramatic revisions the rates of business taxes. Notably, it cut the top tax rate for C corporations from 35 percent to a mere 21 percent, and gave S corporations a 20 percent tax deduction. This change has prompted some...
In last week’s post, we discussed how the Tax Cuts and Jobs Act (TCJA) can drastically change the impact of taxpayers’ paycheck withholding. This week, we take a closer look at how this new legislation impacts taxpayers with dependents.Anytime you start a...
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