An exhaustive guide by the IRS outlining essential tax procedures and regulations for individuals who are not citizens of the United States.
IRS Publication 525 provides vital information on the types of income that taxpayers should consider as either taxable or nontaxable when filing their tax returns. Learn what constitutes taxable income, exemptions, and more.
Detailed information and guidelines on tax implications for those renting residential properties, as provided by IRS Publication 527.
Explore IRS Publication 535 for an in-depth understanding of common business expenses and the rules for deducting them, ensuring compliance and maximizing tax benefits.
A detailed exploration of IRS Publication 550, including how investment income and expenses impact your taxes, with practical guidelines and examples.
A detailed exploration of IRS Publication 590, covering the rules and guidelines for Individual Retirement Arrangements (IRAs).
A comprehensive guide to IRS Publication 590-B, covering the tax implications of withdrawing money from an individual retirement account (IRA) before or after retirement.
An in-depth exploration of IRS Publication 970, detailing the tax benefits related to higher education costs and expenses.
A key employee is a crucial stakeholder in a company, often holding a decision-making role and contributing significantly to business outcomes. This term is also used by the IRS to define highly compensated employees in regulatory contexts.
The Lifetime Learning Credit (LLC) is a provision of the U.S. tax code that lets taxpayers lower their taxes to offset higher education costs. This comprehensive guide covers its definition, benefits, eligibility requirements, and frequently asked questions.
A detailed analysis of Modified Endowment Contracts (MECs), their definition, tax implications, different categories, historical context, and practical examples.
Comprehensive guide to understanding an IRS Notice of Deficiency, including its meaning, examples, and implications for taxpayers.
A comprehensive guide to the IRS Offer in Compromise (OIC) program, which allows taxpayers to settle their tax debt for less than the full amount owed.
Detailed instructions from IRS Publication 972 for parents and guardians on how to claim the child tax credit for children under age 17.
An in-depth exploration of qualified appraisals, their importance in valuations, and the specific requirements set forth by the IRS for valid appraisals. Learn about the process, key elements, and application in real estate, finance, and taxation.
An in-depth look at qualified dividends, including their definition, taxation rate, IRS requirements, and more.
An in-depth guide to the Revenue Agent's Report (RAR), detailing its purpose, process, implications, and frequently asked questions for taxpayers.
A comprehensive guide to Rule 72(t), issued by the Internal Revenue Service, which allows penalty-free withdrawals from an IRA and other specified tax-advantaged accounts. Understand its definition, calculation methods, practical examples, and usage.
An in-depth look at S Corporations, including their definition, tax advantages, how they compare to LLCs, and a step-by-step guide on how to file.
A detailed guide to Schedule A (Form 1040 or 1040-SR), the IRS form for U.S. taxpayers who opt to itemize their tax-deductible expenses instead of taking the standard deduction.
Learn about the Tax Identification Number (TIN), its significance for taxpayers, how it's used by the IRS, and the different types available.
A comprehensive guide on Tax Identification Number (TIN), explaining its purpose, types, usage, and importance in tax administration, including examples and FAQs.
An in-depth look at tax liens, including their definition, how to resolve them with the IRS, and important considerations for taxpayers.
Learn what a tax underpayment penalty is, see examples, and discover strategies to avoid this IRS fee for not paying enough of your total tax liability during the year.
The Protecting Americans from Tax Hikes (PATH) Act: Comprehensive Overview and Impact on Tax Credits
An in-depth look at the Protecting Americans from Tax Hikes (PATH) Act, its objectives, key provisions, and its impact on tax credits to combat identity theft and fraud.
An in-depth look at the U.S. Treasury's history, the Internal Revenue Service (IRS), and the various financial instruments such as Treasury bonds, notes, and bills that it issues.
A comprehensive guide on unstated interest paid, its implications in installment sales, and the IRS assumptions on unpaid interest.
An in-depth look at the W-4 Form, including its purpose, how to complete it, and its impact on paycheck withholding. Essential reading for employees to understand how to ensure accurate tax deductions.
Explore the intricacies of the W-9 Form, including its purpose, eligibility, and step-by-step instructions on how to complete it.
A comprehensive guide to understanding worldwide income, its implications for taxpayers, particularly in the U.S., and methods of measurement. Learn about the rules and regulations governing worldwide income for citizens and resident aliens.
