by Pierre Philantrope | Mar 23, 2022 | Tax Tip
Not all lawsuit settlements are taxed the same way A taxpayer may receive a substantial amount of money. There are certain tax consequences of which you should be aware. The money you receive may be taxable and, in many cases, the attorney fees that you pay relating...
by Pierre Philantrope | Mar 16, 2022 | Tax Tip
Taxpayers Save in Taxes by Claiming the Foreign Tax Credits. 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...
by Pierre Philantrope | Mar 2, 2022 | Tax Tip
Taxpayers, in general, are in a partnership with the Internal Revenue Service. However, unlike the case of traditional partnerships in which two or more taxpayers mutually agree on the terms of the partnership, in this partnership, the IRS sets the rules to share the...
by Pierre Philantrope | Feb 23, 2022 | Tax Tip
Tax returns could be very complicated for taxpayers. Regardless of the level of complication, all taxpayers could tremendously benefit by reviewing their tax return, knowing their tax return, and by asking questions. Hiring a tax preparer to prepare a tax return does...
by Pierre Philantrope | Feb 16, 2022 | 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 9, 2022 | 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 Widow/er with dependent child. Your filing status determines your filing requirements, your tax...
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