You may have to pay federal income taxes on your Social Security benefits. This usually happens only if you have other substantial income (such as wages,

A common problem with single-owner and other closely-held corporations is intermingling of funds. This occurs when a corporate shareholder uses his or her

www.sba.gov. The U.S. Small Business Administration (SBA) provides programs for businesses in the areas of technical assistance, training and counseling,

Buy-sell agreements are usually part of a succession plan put in place to protect the financial interests of the owners of closely held companies and their

If some or all of your debt is cancelled, the amount of cancelled debt is generally taxable and must be reported on your return. However, you may be able to

In order to be a deductible, business expenses for travel, lodging, and meals must be ordinary and necessary. An ordinary expense is one that is common and

Certain individuals may be able to exclude from income the value of services and reimbursements received from an employer for moving expenses. If they are not

Updating your status from single to married may bring about some unanticipated changes, including changes relating to your taxes. While wedding planners don’t

This worksheet is geared toward helping young people determine whether they have the financial means to move out on their own and maintain their desired

  Accounting is less involved than partnerships and corporations. Double-entry bookkeeping is not required as no balance sheet is needed when filing Schedule C or F.

Some expenses are deductible whether or not you use your home for business. Others are deductible only if the home is used for business.

Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total

The alternative minimum tax was originally enacted to ensure that high-income taxpayers pay at least a minimum amount of tax if they benefit from certain

The following is a brief summary of key tax provisions included in the American Rescue Plan Act of 2021, signed into law March 11, 2021, affecting 2021.

Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a