At a Glance A tax audit is a detailed examination of your tax return by tax authorities to ensure the accuracy of income and deductions reported. Failing an audit may result in civil penalties, criminal charges, damaged credit, and more. Severity depends on the degree of non-compliance. You have the…
At a Glance Form 940 is an annual tax return filed by employers to report and pay Federal Unemployment Tax Act (FUTA) tax. The FUTA tax applies to the first $7,000 paid to each employee annually, and the form is due every January 31st. Employers are required to file the
At a Glance The DE 4 form is crucial for employers in California, as it reports employee wages and withholdings. Corporations, LLCs, partnerships, nonprofits, small business owners, household employers, and government and public agencies must file the DE 4 form. The DE 4 form requires detailed infor…
At a Glance IRS Form 433-D is used to request a monthly installment plan for paying off tax debt. The form requires detailed information about your income, expenses, assets, and liabilities. If some of the tax debt is from a business, additional information about the business’s finances is req…
At a Glance Form 7004 is used to request a 6-month extension for business income, excise, and payroll tax returns. The extension is for filing the tax form, not for paying any taxes owed. Form 7004 must be filed by the original due date of the business tax return needing
At a Glance: Form DS-260 is an online application form used by individuals applying for a U.S. immigrant visa. It collects necessary information and must be completed by various visa applicants, including family-based, employment-based, and diversity visa lottery winners. The form consists of differ…
At a Glance Home improvement loan interest can be tax-deductible, providing potential savings for homeowners. To qualify for these deductions, the loan must fund substantial improvements to the primary residence, and accurate record-keeping is essential. It’s beneficial to consult with a tax p…
At a Glance Financial aid can be taxable depending on the type. Grants, scholarships, and fellowships are usually tax-free, but work-study and part-time job earnings are subject to taxes. Student loans are typically not considered taxable income, and interest on these loans may be tax-deductible. Lo…
At a Glance Uniform expenses are generally not tax deductible for most employees under the Tax Cuts and Jobs Act (TCJA) of 2017. Exceptions include armed forces reservists, professional performers, and certain state and local government officials. Proper documentation and record-keeping are importan…
At a Glance Interest payments from tax-exempt bonds are not tax-deductible. Tax-exempt bonds offer tax advantages as the interest is not subject to federal income tax. Tax-exempt interest must be reported on tax returns. Consider tax planning implications and consult a tax advisor for personalized a…