by Pierre Philantrope | Feb 22, 2023 | Tax Tip
New business owners could learn from Gregg M. Kellett’s court experience (Gregg M. Kellett, T.C. Memo. 2022-62). In 2013, while working for the Bloomberg Industry Group, Kellett purchased the vizala.com domain name and formed Vizala, LLC of which he was the sole...
by Pierre Philantrope | Feb 15, 2023 | Tax Tip
Your tax filing obligations follow you worldwide. However, there are several tax rules to avoid double taxation and to lower your tax liabilities. Taxpayers should keep track of their worldwide financial transactions. There are 7 categories of income: 1- Section 951A...
by Pierre Philantrope | Feb 8, 2023 | Tax Tip
There are two (2) types of education related tax credit that taxpayers may claim for qualified tuition and related expenses paid or incurred during the tax year: The American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). The Protecting...
by Pierre Philantrope | Feb 1, 2023 | Tax Tip
The earned income tax credit (EITC) is not for every taxpayer. As your income increases, the credit is reduced and it is phased out at an income level. Taxpayers should be more alert by looking for any schedule A and schedule C on their tax return if they are not...
by Pierre Philantrope | Jan 25, 2023 | Tax Tip
Taxpayers tax filing status is extremely important. They are 1) Single, 2) Married Filing Jointly, 3) Married Filing Separately, 4) Head of Household, and 5) Qualifying surviving spouse. Your filing status determines your filing requirements, your tax rates,...
by Pierre Philantrope | Jan 18, 2023 | Tax Tip
The IRS (IR-2023-05) announced on Thursday, January 12 that 2023 tax filing season will officially start on Monday 23, 2023. Tax returns could be very complicated for taxpayers. Regardless of the level of complication, all taxpayers could benefit by partially...
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