Claiming parents as dependents can bring significant tax advantages to a taxpayer. Under the Internal Revenue Code, two tax credits and one deduction are available to a taxpayer if you include your parents as dependent on you. But, there are...
Read more"Who is required to file a tax return?", is a ubiquitous question among people earning less or having a casual income. Well, legally speaking, filing a tax return is obligatory not just for a person with a total income exceeding a...
Read moreThe standard deduction is the hassle-free deduction under the Internal Revenue Code that is available to almost every taxpayer who does not choose itemized deduction. So, the standard deduction is a flat amount of deduction based on your filing status....
Read moreCryptocurrency taxation is the need for the hour. This is so because cryptocurrency has developed into a solid, self-serving financial system in a very short time. On one hand, it has brought in people from different walks of life by...
Read moreEFIN, or Electronic Filing Identification Number, is an integral part of the professional tax landscape, specifically for those who handle electronic tax submissions. EFIN for CPAs, EAs let IRS know who prepared and filed the tax return on behalf of...
Read moreForex frauds or commodity trade frauds have gone up with the advancement of technology and increased interest in financial markets, forex trading . The ease of access to global markets and the allure of quick profits make forex trading an...
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