Understanding Business Structures for Married Couples Married couples have various options when it comes to structuring their business. One common question is whether they can file a joint Schedule C. To answer this, we need to delve into the different business structures available and their implications for tax purposes. Sole Proprietorship vs. Partnership A sole … Read more
Understanding Owner Compensation and PPP Loan Forgiveness The Paycheck Protection Program (PPP) was established to provide financial assistance to businesses and self-employed individuals impacted by the COVID-19 pandemic. While the program initially allowed for flexibility in using loan funds, the rules regarding owner compensation and loan forgiveness have since been clarified. Eligibility for Owner Compensation … Read more
Navigating the world of real estate investment can be a lucrative endeavor, but it’s crucial to understand the nuances between different property types. Two commonly discussed categories are investment properties and second homes. While both involve non-primary residences, they differ in their purpose, financing options, and tax implications. This comprehensive guide will delve into the … Read more
The answer is generally no. The IRS does not initiate contact with taxpayers by email, text messages, or social media channels to request personal or financial information. This includes requests for PIN numbers, passwords, or similar access information for credit cards, banks, or other financial accounts. Telltale Signs of a Phishing Scam Phishing scams are … Read more
Filing taxes as an expat can be a daunting task, and receiving a notice from the IRS stating that your information doesn’t match can be particularly unsettling. This mismatch can lead to delays in processing your refund and can raise concerns about potential errors or discrepancies. In this comprehensive guide, we will delve into the … Read more
Selling a home can be a significant financial transaction, and it’s important to understand the tax implications involved. The Internal Revenue Service (IRS) has specific rules and regulations regarding the reporting and taxation of home sales, and it’s crucial to be aware of these requirements to ensure compliance and avoid any potential issues. Reporting Home … Read more
Navigating the Legal Landscape of IRS Audits and Emotional Distress Claims The Internal Revenue Service (IRS), the federal agency responsible for tax collection and enforcement, wields significant authority in auditing taxpayers’ financial records. While audits are intended to ensure compliance with tax laws, they can also be a stressful and emotionally taxing experience for those … Read more
After filing your tax return, you may encounter the message “Your tax return is still being processed” when checking its status. This message indicates that the Internal Revenue Service (IRS) has received your return and is currently reviewing it. While this message does not necessarily imply any issues with your return, it’s important to understand … Read more
Section 115BAC of the Income Tax Act introduces a new tax regime for individuals and HUF taxpayers, providing an option to pay income tax at lower rates with fewer exemptions and deductions. This new regime became effective from FY 2020-21 (AY 2021-22) and is the default option for taxpayers starting from FY 2023-24 (AY 2024-25). … Read more
Intuit is a technology company, not a bank. However, Intuit has partnered with Green Dot Bank, a Member of the FDIC, to offer banking services through QuickBooks. QuickBooks Banking Features QuickBooks Banking offers a range of features to help small businesses manage their finances, including: Online banking: Access your accounts and make transactions online. Mobile … Read more