IN February 2018, the IRS started certification of individuals with delinquent tax debt to the State Department. How will the IRS certification impact you? • Upon receipt of certification. The…

1. TAX identity theft is a significant threat. Fraudsters are more sophisticated and large breaches happening so frequently like the 2017 Equifax incident which affected many Americans, so beware if…

YOU have not filed your income tax returns for the current year and previous years because: 1) you decided you are not required to file? 2) You are a victim…

HOW you will benefit from standard deduction versus itemized deduction. To maximize your deduction, you take the larger of standard deduction or total amount of itemized deductions by bunching itemized…

IN February 2018, the IRS started certification of individuals with delinquent tax debt to the State Department.  How will the IRS certification impact you? • Upon receipt of certification. The…

IN part 1: we defined 1) who are resident aliens, nonresident aliens or both, 2) who are exempt individuals, and 3) closer connection exception. In part 2: we defined 1)…

AMOUNTS for tax returns in 2018 are compared with amounts in 2017. Exemption credits: a. $118 from $114 – Single, Married filing separately, Head of Household. b. $236 from $228…

• YOU may need to pay quarterly estimated taxes unless tax owed is less than $1,000 upon filing of the tax return or you do not owe any taxes in…

YOU have not filed your income tax returns for the current year and previous years because: 1) you decided you are not required to file? 2) You are a victim…

(Part 3) 1. Amusement, recreation, and entertainment are now non-deductible under the new act. Businesses may still claim 50% deduction on meals if 1) provided to potential customer or client…

U.S. citizens are generally taxed on their worldwide income regardless of where the income is earned or received. A U.S. citizen who earns income in a foreign country may also…

Part 2 THE US tax system is on a pay-as-you-go basis. Taxpayers are required to pay most of the tax liabilities during the same year they earn the income. If…

THE new tax law could have an impact on how much your employer should withhold from your paycheck. Too little withholding from your paycheck could mean large unexpected tax bill…

IN February 2018, the IRS started certification of individuals with delinquent tax debt to the State Department.  How will the IRS certification impact you? • Upon receipt of certification. The…

1. BLENDED Federal Income Tax Rate: For Corporations tax elected to use a fiscal year will pay a blended tax rate and not the 21% flat rate. The new rate…

• PERSONAL exemptions: the personal exemptions for you, your spouse, and dependents are suspended. This line item may not even show on your 2018 Form 1040. • Credits for child…

(Part 4) IN part 1: we defined 1) who are resident aliens, nonresident aliens or both, 2) who are exempt individuals, and 3) closer connection exception. In part 2: we…

YOU have not filed your income tax returns for the current year and previous years because: 1) you decided you are not required to file? 2) You are a victim…

YOU may exclude from gross income gain from sale of principal residence under Internal Revenue Code Section 121. 1. You may be able to exclude gain of $250,000 or $500,000…

(Part 2) IN part 1: We defined 1) who are resident aliens, nonresident aliens or both, 2) who are exempt individuals, and 3) closer connection exception. In part 2: We…

IN February 2018, the IRS will start certification of individuals with delinquent tax debt to the State Department.  How will the IRS certification impacts you? • Upon receipt of certification….

THE solar investment tax credit is available to both commercial under section 48 and to residential under section 25D for both solar water heating systems and photovoltaics property to generate…

A SOLAR electric residential property to be qualified for the credit must meet the following requirements: 1. Costs paid must be for qualified for solar electric property. 2. Qualified solar…

THE tax laws refer only to two controlling principles whether you are a resident alien or nonresident alien while the immigration laws of the US refer to aliens as immigrant,…

U.S. citizens are generally taxed on their worldwide income regardless of where the income is earned or received. A U.S. citizen who earns income in a foreign country may also…

THE only means an employer can offer employees between taxable and nontaxable benefits is through section 125 plan. What are a section 125 plan, a cafeteria plan, and the IRS…

IN February 2018, the IRS will start certification of individuals with delinquent tax debt to the State Department.  How will the IRS certification impacts you? • Upon receipt of certification….

THE Foreign Account Tax Compliance Act (FATCA) requires foreign financial Institutions and other non-financial foreign entities to report on the foreign assets held by their U.S. account holders or be…