 Introduction Interest earned on a savings account or certificate of deposit (CD) is considered taxable income and must be reported to the IRS. Banks and credit unions issue Form...
Introduction Depreciation is a critical tax deduction for businesses, allowing them to recover the cost of assets over time. The Internal Revenue Code (IRC) §167 and §168 define depreciation...
 Introduction Dependent care benefits help working parents and caregivers pay for childcare and dependent care services. Many employers offer Flexible Spending Accounts (FSAs) or direct reimbursements for dependent care...
 Introduction Medicaid waiver payments are made to caregivers providing home and community-based services (HCBS) for individuals with disabilities or medical conditions. However, the tax treatment of these payments depends...
 Introduction Tips are taxable income and must be reported to the IRS. Many employees in service industries (e.g., restaurant workers, bartenders, and hotel staff) receive cash tips, credit card...
Introduction Employers are required by the IRS to issue Form W-2 (Wage and Tax Statement) to employees by January 31 each year. However, some employees may not receive their...
In the digital age, where cryptocurrency has become a significant part of our financial landscape, understanding the complexities of crypto taxes has become more important than ever. With the...
Introduction The IRS provides special tax relief to widowed taxpayers through the Qualifying Surviving Spouse (QSS) filing status. This status allows eligible individuals to continue using the Married Filing...
 Introduction The Social Security Number (SSN) is one of the most critical pieces of information on IRS Form 1040. The IRS matches the SSN provided on tax returns with...
Introduction As an Indian citizen, forming a US Limited Liability Company (LLC) in Delaware can be an attractive business venture. However, navigating the complexities of US taxation can be...