Category: Featured

As part of the Corporate Transparency Act passed in 2021, most businesses are required to submit their beneficial ownership information (the individuals who owns or controls the business) to the Financial Crimes Enforcement Network (FinCEN) starting January 1, 2024, unless they are part of the 23 exemptions. And for businesses formed or created in the… Continue reading FinCEN Company Applicant: What You Need to Know 

Did you make or are you planning to give your home an energy saving upgrade? Then, check out the latest Internal Revenue Service (IRS) rules and qualifications to claim a tax credit for your energy efficient home improvement projects.   Who May Claim the Energy Efficient Home Improvement Credit  To claim this credit, the energy efficient… Continue reading Energy Efficient Home Improvement Credit 

The government provides public goods and services for the community. And although paying taxes is not a welcoming thought to most taxpayers, it is the government’s main source of fund to support their projects and perform their functions. However, the complexities of taxes can lead taxpayers to either underpay or overpay taxes.   Overpayment of Taxes… Continue reading Overpayment and Underpayment of Taxes: Which is Better? 

Business financial reports provide information that are useful for decision-making, compliance, and performance evaluation. But on top of the standard financial reports such as income statements and balance sheets, financial analysts use other different metrics to make a deeper evaluation of an organization’s financial performance and position. And there is a simple but powerful tool… Continue reading Year-Over-Year (YOY) Analysis and its Benefits 

Taxpayers have varying reasons for missing a tax deadline. It could be due to an important life event or emergency, an intentional deferral of filing due to a busy schedule, a need for more time to complete tax documents, or simple because they forgotten to file at all.  But just recently, the Internal Revenue Service… Continue reading Missed the April tax-filing deadline? Here’s What the IRS Tells You to Do 

The Internal Revenue Service (IRS) allows taxpayers to claim business-related vehicle expenses. To figure the deduction, one can either use the actual vehicle expense method or the IRS standard mileage rate depending on which method can provide the most deduction. For the IRS standard mileage deduction, the rate for 2024 is now 67 cents for… Continue reading Effortless Mileage Tracking to Maximize Your Deductions 

The Internal Revenue Service (IRS) requires tax returns be reported in U.S. dollars. This means that U.S. taxpayers living and working abroad, except qualified business units (QBU), must report and translate their income into U.S. dollars.   However, even if you are domestically based, you may still need to make foreign currency translations when you file… Continue reading Foreign Currency Transactions and Conversion Rates 

Small business owners, freelancers, gig workers, independent contractors, or individuals with self-employment income are the ones who will most probably need to fill out a Schedule C when they file their IRS 1040 form. If you are one of them, here’s what you need to know about this tax form.  What is Schedule C IRS… Continue reading Schedule C: Profit or Loss from Business

The Internal Revenue Service (IRS) has identified the common tax return mistakes and issued the following guidelines on how taxpayers can avoid them to expedite the processing of their returns and potential refunds.  Collect all tax-related documents.  Having all your tax documents ready before you start your return will not only speed up its processing… Continue reading IRS Reminders to Avoid Tax Return Mistakes 

U.S. individuals will need to fill out a form 1040 to file their annual return with the Internal Revenue Service (IRS). However, individuals with more complex tax situations may need to accomplish additional schedules to support the standard IRS 1040 form. Listed below are the common 1040 schedules during tax season.  Schedule 1, Additional Income… Continue reading An Introduction to Various IRS Form 1040 Tax Schedules