You also might be eligible for atax deduction, as with some other types of thefts.Internal Revenue Service (IRS)Publication 547, Casualties, Disasters, and Thefts, explains what to do. Note that some of the special tax rules enacted after the Madoff scandal now apply to the victims of Ponzi...
As of January 2024, the IRS proposed regulation regarding inherited IRAs and annual RMDs had not been finalized. Keep your eyes onInvestopediafor updates. Or contact your financial advisor or tax advisor and request that they update you with relevant news from the IRS about inherited IRAs and RM...
Written by Rocky Mengle, Attorney • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 1:48 AMOVERVIEWThere are two federal education tax credits that can cut your tax bill by thousands of dollars. You’ll save more with the American Opportunity Credit – up ...
Well, many people who qualify for the credit miss out on it because they are newly qualified or choose to not file a tax return because their income falls below the IRS income filing limit (for tax year 2023 it’s $13,850 for single filers and $27,700 for ...
Do I need an ITIN number to open a business bank account?You only need an Individual Tax Identification Number (ITIN) if you're a non-US citizen.[4] For US citizens, you can open a business bank account with your SSN (for sole proprietors or single-member LLCs) or EIN. Why is ...
You’re looking for a professional who can provide personalized service, unlike an institution You need someone who can work through legal and family dynamics A trust attorney offers specialized expertise and a more personalized approach than a large trust company, provided they have the availability...
*Disclaimer*:Harvard Business Services, Inc. is neither a law firm nor an accounting firm and, even in cases where the author is an attorney, or a tax professional, nothing in this article constitutes legal or tax advice. This article provides general commentary on, and analysis of, the sub...
Most Of The Tax Work Is In The Prep The Benefits Of Using Accountant #1 We Got Audited By The IRS – Enter Accountant #2 The Outcome Of Accountant #2 Conclusion Why We Went With An Accountant In The First Place Back in 2010 when I used an accountant for the first time, I was runn...
My attorney and I are ready to take legal action, but waiting. What can I do in the meantime to thwart their harassing?Answer: Your attorney should be able to advise you regarding measures you can take. There may be some extra information here: https://discover.hubpages.com/technology/...
IRS office has faced years of budget cuts and personnel reductions, so field audits don’t happen often. In most cases, the IRS must suspect fraud or believe that you underpaid your tax enough to justify the expense of occupying IRS agents for weeks or months on end managing an IRS audit...