If you’re over 24, even if you’re still in college, the IRS considers you to be independent and the same applies if you have ever had a child or been marr...

Health care, including care to prevent and treat illness, is the right of all citizens of the United States and necessary to ensure the strength of the Na...

Schedule L – Balance Sheets per Books is the section in Form 1065 – U.S. Return of Partnership Income where the partnership reports to the IRS their Balan...

You and Your Current Spouse Filed “Married Filing Jointly” Last Year: If you filed your federal return last year with the filing status “Married Filing Jo...

The loss from the sale of one stock will cancel the gain from the sale of another stock, and such losses reduce your taxable net gains. Even if you only h...

On your nonresident tax return (for your work state), you only list the income that you made in that state. In most cases, your home state will allow you ...

Make sure you have documentation for each before you file: Retirement account contributions. You can deduct contributions to a traditional IRA or self-emp...

used mainly in an active business carried on primarily in Canada by the Canadian-controlled private corporation, or by a related corporation. certain shar...

The seller is not breaking federal law by charging your credit card before she ships. According to the Federal Trade Commission, however, many credit card...

For tax purposes, an S corporation is considered a pass-through taxing mechanism. That is, the tax on the S corporation is passed through to the owners fo...