Tag: Tax Return

Tax Code, Regulations and Guidance

What Is the Work Opportunity Tax Credit (WOTC)?

May 2, 2023

Via: Fit Small Business

The Work Opportunity Credit (WOTC) is a federal tax credit for employers who hire and pay people who are having trouble getting into the workforce. The credit is usually equal to 40% of the qualified first-year wages of employees who […]

Tax Code, Regulations and Guidance

Michigan Court of Appeals holds MBT business loss carryforward cannot be claimed on taxpayer’s first corporate income tax return

February 6, 2023

Via: LexBlog

On January 19, 2023, the Michigan Court of Appeals held that a taxpayer, transitioning from the Michigan Business Tax (MBT) to the Corporate Income Tax (CIT), cannot claim prior MBT business losses on its first CIT return. For tax years […]

Tax Code, Regulations and Guidance

3 Ways to Save Money on Taxes That Most Entrepreneurs Miss

January 31, 2023

Via: Entrepreneur

There is one time a year that requires a detailed level of attention for a business owner, no matter the size of your business. When tax season comes around, entrepreneurs initiate survival mode sometime between January and April 15 and […]

Tax Code, Regulations and Guidance

How to Claim a Dependent on Your Tax Return

June 21, 2022

Via: Investopedia

Who Is a Tax Dependent? A dependent is generally defined as someone you take care of financially or otherwise. For tax purposes, not everyone you take care of qualifies as a dependent. The IRS allows two types of tax dependents: […]

Business Law & Regulations, Finance

20 Medical Expenses You Didn’t Know You Could Deduct

March 10, 2022

Via: Investopedia

Medical expenses add up quickly. If you, your spouse, or your dependents have had costly medical bills, hang on to those receipts—they could save you money at tax time. If you itemize your deductions at tax time instead of claiming […]

Tax Code, Regulations and Guidance

Form 1310: Statement of Person Claiming Refund Due a Deceased Taxpayer Definition

March 3, 2022

Via: Investopedia

Form 1310 is a tax form that notifies the Internal Revenue Service (IRS) of the decease of a taxpayer during the tax year and claims any refund that is due to the person’s beneficiaries or estate. The form is filed […]

Tax Code, Regulations and Guidance

Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return

July 23, 2021

Via: Investopedia

What Is Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return? IRS Form 709 reports transfers of assets that may be subject to federal gift tax and certain generation-skipping transfer taxes. This form reports taxable gifts you make to […]

Business Law & Regulations, Finance, Tax Code, Regulations and Guidance

Do I Have to File Taxes?

April 8, 2020

Via: Investopedia

This may come as a surprise to many people, but not everyone needs to file a federal tax return. The Internal Revenue Service (IRS) has threshold levels for tax return requirements just like tax brackets. Whether or not you need […]

Financing your Business

How to Find the Best Tax Preparer for You

March 13, 2020

Via: Investopedia

The IRS estimates that 60% of taxpayers use paid preparers. If you regularly turn to a tax pro to prepare your return—or if you have just decided you want to work with one—here are some tips for finding the right […]