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Stay informed with the latest tax strategies, accounting best practices, and financial insights from our team of experienced CPAs.
Page 43 of 57
Browsing all posts: Page 43 of 57
This was a slow and painful process for taxpayers, who needed to file a paper Form 1040-X and wait months for the IRS to process the form. That said, the IRS has set up electronic filing for some amended returns, which might make the filing not just faster but easier.
Expat Tax IRS: The international tax obligations of U.S. citizens and green card holders living abroad This strict rule is the reason why expats need to have a clear idea of their tax obligations because all U.S. citizens must report their foreign income, including income derived from abroad, regardless if you live outside the United States or not – as mandated by the IRS.
PwC Cross Border Tax Talks — A leading global podcast covering international tax laws, compliance hurdles and major regulatory changes. Economies and markets is an essential reading for those businesses or individuals that have to meet tax obligations across borders, from corporate tax to further insights on international compliance and developments in the world of double taxation treaties.
The Airbnb Tax Loophole allows hosts to earn rental income tax-free when they rent out their place for 14 days or less in a year. It is known as the 14-Day Rule — this part of U.S. tax law lets short-term rental hosts avoid reporting income to the IRS and save big on taxes.
The Section 179 deduction vehicle limits 2024 is a part of the Internal Revenue Code that allows businesses to deduct certain income expenses. The vehicle is partially written off, which means it can significantly improve the operating income and free cash flow of small and medium-sized enterprises, as this deduction allows vehicles to be deducted from taxable duties in one go instead of writing them off over the years.
Accelerated depreciation recapture is a tax rule requiring taxpayers to pay back some of the benefits received from accelerated depreciation when an asset has been sold. If an asset is sold for more than depreciated value, the IRS classifies part of the gain as ordinary income so that January 1, (2013) they get to take some tax benefit for faster depreciation, and then April 15 (2014) they pay ordinary income taxes on at least a portion of their gain.
Airbnb tax preparation is the process of organizing, reporting and filing income from Airbnb rentals per federal, state and local tax regulations. As an Airbnb host, you want to make sure to report your rental income correctly but also take as many deductions related to rents as possible so that you do not pay too much tax.
Back tax relief covers IRS programs that allow taxpayers to settle back owed taxes, lower penalties, and pay in a manageable way. Taxes left unpaid are subject to interest and penalties. The IRS offers many types of relief such as installment agreements, offers in compromise and penalty abatement to help taxpayers pay their tax debts.
1031 depreciation recapture is the deferred tax liability on depreciation deductions taken on a potential investment property. In a 1031 exchange, both capital gains tax and depreciation recapture are deferred to the replacement property. These tax liabilities are deferred, not eliminated — they come due upon something else happening in the future which makes the property taxable, like selling the replacement property without another 1031 exchange.
U.S. citizens with financial interests in foreign accounts must also file an FBAR—the Foreign Bank Account Report. Here’s everything you need to know about the FBAR Deadline for 2024, staying compliant, and how Dimov CPA can assist.
An expat tax advisor assists U.S. citizens or residents living outside of the United States with both tax compliance and minimizing tax liability. Even if they live abroad, U.S. expats do still have to file their global income with the IRS. Experts help you to navigate through these complicated rules, prepare exclusions such as the Foreign Earned Income Exclusion (FEIE), and other requirements like the Foreign Bank Account Report (FBAR).
Estimated taxes are quarterly payments required of freelancers, independent contractors, and small business owners who receive income without tax withholding, often reported on Form 1099. These payments cover federal income tax, self-employment tax, and other applicable taxes, helping individuals avoid penalties and interest by staying on track throughout the year.
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