Thankfully, you can quickly solve this issue with the help of tax transcripts. These IRS tax records can help you apply for loans, verify your income when applying for government programs, or provide tax information when someone requests it. You can also use them to estimate future tax liabi...
Making a mistake on your tax return isn't as big a deal as you might think. The IRS allows you to file an amended tax return to correct any errors you may have made, including missed tax deductions. If you made a mistake or missed something on your lates
Even if you don't owe taxes for the year, you should still claim the credit since it permits you to claim a refund when it exceeds your tax liability. With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. Or, get...
Getting hit with a big tax bill is scary—especially if you don’t have the money to pay it. Here are some ways to pay off your bill and make sure you don’t get a scary surprise next year. Ramsey Solutions Married Filing Jointly? What You Should Know Are you married? Congrats! The...
You expect to have no tax liability in the current tax year Keep in mind that this exemption only applies to federal income tax. You still need to pay theFICA taxesfor Social Security and Medicare. Fine-Tuning Your Withholdings You can claim deductions and extra withholding as you so desire...
How do you estimate the useful life of an intangible asset? If there no useful life time in intangible assets, how we amortize? Is it possible? What are factors to be considered in estimating the useful life of an intangible asset? How is the useful life of an intangible asset determine...
Installment agreements may not reduce your total tax liability, but they will allow you to pay what you owe over an extended period of time. Generally, installment agreement money is collected in a monthly payment plan that may last up to 6 years. Your taxes must be filed to qualify, but...
Amortizing intangible assets is important because it can reduce a business's taxable income, and therefore its tax liability, while giving investors a better understanding of the company’s true earnings. Intangible assets also have a finite useful life; over time, trademarks or patents may lose ...
As partnerships, private equity funds and hedge funds generally qualify asflow-through entities(also known as pass-through entities). This means that rather than being subject to taxation themselves (as corporations are), they pass their entire tax liability onto their investors, escapingdouble taxatio...
What is a value-added tax (VAT), and what is an advantage of such a tax relative to an income tax? What is negative income tax? What taxes are considered payroll taxes? What is the equation to figure out the tax liability? What is custom and excise duty? What is the effect of an...