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The 7-Step End Of Season Tax Checklist For 2023
Step 1: Review Your Client's Tax Return The first step in preparing your client's taxes is to review their tax return. This is important because you need to make sure that all the information is accurate and complete. Reviewing your client's tax return will help you identify any errors or discrepancies that need to...
Understanding The 1099
As a tax professional, it is crucial to understand the purpose of the 1099 form and how it affects certain individuals and businesses. Independent contractors and freelancers are among the top groups that require attention as this form most impacts them. The term "information returns" pertains to payment records, and...
Implementation of Estate Tax: Rules, Exemptions, and Strategies to Minimize Tax Impact
Implementation of Estate Tax: Rules, Exemptions, and Strategies to Minimize Tax Impact The implementation of the estate tax is a complex process that involves various rules, exemptions, and thresholds. In the United States, for example, the federal estate tax applies to estates worth more than $11.7 million for...
Earned Income Tax Credit
Maximize Your Clients' Benefits with the Earned Income Tax Credit (EITC) The Earned Income Tax Credit (EITC) is an important tax credit to remember as Tax Professionals. This credit is designed to provide financial assistance for low- to moderate-income workers and families by reducing their tax liability and, in...
IRS Corrects 14 Million 2020 Tax Returns
The IRS has successfully gone through approximately 14 million 2020 tax returns to see who was eligible for the correction of overpayment on taxes for unemployment compensation. The IRS either gave those people refunds or applied the extra money to other debts and balances owed to the government agency starting in May...
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