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Tax Articles

Tax Benefits for Parents

1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information. 2. Child Tax Credit You may be able to take this credit on your tax return for each of your children under age…

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Forgiven Debt Exempt From Income Requires Tax Attribute Consideration IRS Form 982

If you are forgiven debt and that forgiven debt is not considered income then you should prepare and file IRS Form 982 – Reduction of Tax Attributes Due to Discharge of Indebtedness. Generally, the amount by which you benefit from the discharge of indebtedness is included in your gross income.  However, under certain circumstances described in section 108 such as…

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What is Self Employment Income

Some kinds of income may or may not be self-employment income. The source of your income and your involvement in the activity from which your income is received will determine whether it is self-employment income. INTEREST – Interest is not self-employment income unless you receive it in your trade or business, such as interest on…

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IRS Examination Techniques for Cash based business

Since many businesses in industry are cash oriented, have weak internal controls, lack an audit trail, and have inadequate books and records, the examiner’s audit should focus on probing for unreported income.  It is the responsibility of the business owner to maintain the documents needed to verify their reported income.  When the source documents are…

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Estate Tax Planning Opportunities

Being able to make transfers of up to $5 million ($10 million per couple) without having to pay gift taxes allows for planning opportunities that, combined with leveraging strategies, can transfer huge amounts of wealth. These include: Simple Gifts – Being able to give up to $5 million ($10 million per couple) in a lifetime…

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Tax Filing Status

The first step to filing your federal income tax return is to determine which filing status to use. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and deductions, and your correct tax. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household…

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