You’ve been working at your regular, full-time job for a few years now. This year, you decided to use your free time to earn a little extra income. So you started marketing yourself as a freelance consultant for local businesses in your area. The money you earn...
Do you have assets in foreign accounts? If yes, the United States requires you to include filings with the IRS disclosing your foreign interests.One form most people with overseas accounts need to file is the Foreign Bank Account Report (FBAR). While the purpose may...
The conventional guidance on income tax returns is to file every year, and hold onto your tax records for at least three years after you file. However, there are certain situations under which those guidelines change—and additional factors that redefine those...
Many businesses reap the benefits of giving to charities. This generosity often leads to tax deductions, employee benefits and free publicity. Overall, giving is a good feeling. However, the perks that come with donating can be easily lost if taxes are filed...
You’ve had a lot of extra expenses lately—and money has been tight. So when your boss gives you the chance to work overtime, you jump on it. Time-and-a-half pay is just the extra income you need.But when pay day arrives, the increase on your paycheck...
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...
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