At a Glance Adoption expenses can be offset by the Adoption Tax Credit provided by the IRS. While expenses themselves are not deductible, the credit helps lower tax bills and covers adoption fees, court costs, and travel expenses. Eligibility criteria apply, and detailed record-keeping is necessary….
At a Glance Alimony payments’ tax deductibility depends on the execution date of the divorce or separation agreement. Pre-2019 agreements follow old rules, allowing deductions, while post-2018 agreements don’t. Visit the IRS website for details. Seek professional advice and consult IRS g…
At a Glance Contributing to archaeological site preservation can be tax deductible. Donations to eligible nonprofit organizations working in this field may lower taxable income. Guidelines for claiming deductions include itemizing donations, providing documentation, and considering limitations. Cons…
At a Glance IRS Form 843 is utilized for claiming refunds or requesting abatements on overpaid non-income taxes, penalties, fees, or interest. It applies in scenarios like incorrect penalty assessments, employment tax corrections, specific credits, and trust fund recovery penalties. To complete, pro…
At a Glance U.S. persons must file Form 926 if they transfer property to a foreign corporation and meet certain ownership or value thresholds. Transactions that require reporting include property or cash transfers for stock or interests when specific conditions are met. The filing process involves d…
At a Glance Complete IRS Form 706 for estates over certain values. Detail tax obligations under Chapters 11 (estate tax) and 13 (GST tax) of the Tax Code. File timely, report assets fairly, claim deductions, avoid common mistakes, and consult professionals for accurate completion. Navigating the com…
At a Glance IRS Form 2441 lets you claim the Child and Dependent Care Credit for eligible childcare or dependent care expenses, necessary for you to work or seek employment. Qualifying costs include payments for care services for children under 13 or incapacitated dependents. Correctly identifying c…
At a Glance Deductible dental expenses exceed 7.5% of AGI and must be itemized on Schedule A (Form 1040). Costs include preventative care, treatments, and surgery—excluding cosmetic procedures. Keep detailed records; non-reimbursed, necessary expenses qualify. Consult IRS guidelines for updates. Den…
At a Glance Medical expenses can be tax-deductible, but eligibility hinges on exceeding 7.5% of your AGI. Deductible expenses cover diagnosis, treatment, and prevention of disease. Non-deductible items, like gym memberships, are typically unrelated to medical conditions. Itemizing deductions on Form…
At a Glance A tax levy is a process used by tax authorities to forcibly collect tax debts, such as the IRS in the United States. It involves seizing a taxpayer’s assets, like bank accounts or wages, to recover the owed money. The IRS prefers voluntary arrangements but can levy