by Pierre Philantrope | Jul 21, 2021 | Tax Tip
A taxpayer may claim a child tax credit for a qualifying child under the age of 17 who is a dependent on his or her tax return. Taxpayers may also claim a partial child tax credit for dependents who are over the age of 16 and dependents who do not have the required...
by Pierre Philantrope | Jul 14, 2021 | Tax Tip
US citizens and resident aliens are taxed on their worldwide income. Your tax filing obligations follow you wherever you are. The good news: there are several tax rules to avoid double taxation and to lower tax liabilities. Taxpayers should keep track of their...
by Pierre Philantrope | Jul 7, 2021 | Tax Tip
The source of your income determines your tax rates and tax liability. Taxpayers benefit from the lowest rates available when they have diverse sources of income, like real estate, stocks, bonds, mutual funds, and other sources. The income that you receive from these...
by Pierre Philantrope | Jun 30, 2021 | Tax Tip
Even though taxpayers are liable for every position taken on their tax return, however, the code and regulations allow taxpayers to shift the liability for the penalty to others when the taxpayer could prove there was reasonable cause. As per the Internal Revenue Code...
by Pierre Philantrope | Jun 23, 2021 | Tax Tip
Tax returns could be very complicated for taxpayers. Regardless of the level of complication, all taxpayers could tremendously benefit by knowing their tax return or by asking questions. Hiring a tax preparer to prepare a tax return does not confer an...
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