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Child Tax Credit Bill: Understanding the Latest Changes and Implications

Understanding changes to tax law is crucial for optimizing your financial well-being. The Child Tax Credit, a key component of tax relief for American families, underwent significant updates with the Tax Relief for American Families and Workers Act of 2024. If you have qualifying children under the age of 17, these changes potentially affect your

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Tax Corner I Blog

How to Calculate IRS Penalties and Interest: Your Step-by-Step Guide

Calculating IRS interest and penalty charges can be essential if you’ve missed a tax deadline or underpaid your taxes. The Internal Revenue Service imposes penalties and interest on various grounds, including late filings and payments of your federal taxes, underpayment (if you owe tax), and inaccuracies on tax returns. Understanding how these additional charges accrue

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Tax Corner I Blog

Deadline for Filing Taxes 2024: Key Dates and Essential Information

As the 2024 tax season approaches, you (along with many other Americans) are probably starting to feel the stress of tax deadlines, wondering about your tax liability, estimated tax payments, tax withholdings, and all the other tax-adjacent terms that make your head spin. First things first, the Internal Revenue Service has set the opening date

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Tax Corner I Blog

Real Estate Professional Status: Your Guide to IRS Qualifications

Achieving real estate professional status can significantly impact your tax situation. This status, recognized by the IRS, arises from meeting specific criteria centered around how much time you spend working in real estate activities instead of other businesses or trades. Understanding these requirements is essential, as qualifying as a real estate professional allows you to

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Tax Corner I Blog

Best Practices to Prepare for the Tax Season

As tax season approaches, staying proactive with your planning is paramount to ensure a smooth filing process. Adequate preparation can significantly reduce stress and potential errors on your tax return. Familiarizing yourself with the best practices for a successful tax season is essential. Begin by gathering all necessary documents, such as W-2s from employers, 1099s

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Tax Corner I Blog

How to Calculate Fair Market Value (FMV) for Charitable Donations

Determining the fair market value (FMV) of items you plan to donate to charity can be an important aspect of tax planning and ensuring you maximize your deductions. The IRS considers the FMV of a donated item as the average price at which it would change hands between a willing buyer and a willing seller,

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Tax Corner I Blog

QBI for Rental Property: Maximizing Your Deductions Made Simple

The Qualified Business Income (QBI) deduction is a tax benefit for owners of pass-through entities such as sole proprietorships, partnerships, and S corporations. As a rental property owner, you might be wondering if your rental income can qualify for this deduction. Understanding the QBI deduction and its applicability to rental property income is essential to

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Tax Corner I Blog

EV Tax Credit: How It Works and Its Impact on Electric Vehicles

As you explore the world of electric vehicles (EVs), you may come across the term “EV tax credit.” This federal incentive aims to make it more affordable for taxpayers to switch to environmentally friendly transportation. In the United States, the EV tax credit can significantly lower the cost of purchasing a new electric vehicle, promoting

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Tax Corner I Blog

DC FR-500: How to Register a Business in Washington DC

Are you starting a new business in Washington, D.C.? The District of Columbia requires businesses to complete registration and licensing processes, including submitting Form FR-500, otherwise known as the Combined Business Tax Registration Application. This document allows businesses to register with the Office of Tax and Revenue (OTR), securing their tax identification numbers and ensuring

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Tax Corner I Blog

6-Step Guide to Find a CPA for Small Business

As a small business owner or entrepreneur, have you ever asked yourself, “Do I need an accountant for my small business?” or wondered about the difference between a CPA and an accountant and which is better for you? These are important questions, and the short answer is yes, you definitely should find an accountant, ideally

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