A pass-through entity is a business structure in which income from the company passes through to its owners or shareholders and gets reported on their personal tax returns. This is in contrast to C corporations, which are taxed at the corporate level and then taxed again on their dividends to shareholders, a process known as … Read more
S corporation is a type of corporation that meets certain IRS requirements to qualify for a special tax status. S corporations are considered pass-through entities, meaning that the corporation does not pay federal income taxes. Instead, the corporation’s income, deductions, and credits are passed to the shareholders, who report them on their tax returns. To … Read more
Dental coverage plans bring often-expensive tooth care within your financial reach. They can reduce the cost of everything from emergency tooth extractions to cosmetic procedures like teeth whitening. They can also help you save money for the long term by supporting oral health and helping you avoid major dental problems. They also offer important peace … Read more
Filing taxes can be a daunting task for many, and using software like TurboTax has made the process a little more bearable. However, even with this helpful tool, errors can still occur. In this article, we will discuss the most common TurboTax errors and provide expert advice on how to avoid them for a stress-free … Read more
The sale of timber can present both financial opportunities and tax implications for individuals and businesses engaged in forestry activities. As timberland owners consider monetizing their forest assets, navigating the complexities of capital gains tax becomes crucial. Understanding the intricacies of calculating and managing capital gains tax on timber sales is essential to ensure compliance … Read more
Inflation is an inevitable reality that affects our economy and our investments. While it may seem like a small percentage at first, the impact of inflation can add up over time and erode the value of your investments. As an investor, it’s essential to consider the nominal returns on your investments and factor in the … Read more
The H-2A program is beneficial for both employers and workers. Employers can hire workers to fill temporary agricultural positions that they cannot fill with domestic workers. The program allows workers to work legally in the United States and earn money to support themselves and their families. To apply for the H-2A program, employers must submit … Read more
Form CT-647, or the Farm Workforce Retention Credit Affidavit, is used by eligible farmers in New York State to claim a tax credit for hiring and retaining qualified employees in the agricultural industry. To be eligible for the Farm Workforce Retention Credit, farmers must have paid wages to qualified employees during the tax year in which the … Read more
The Tax Cuts and Jobs Act of 2017 (TCJA) is a landmark tax reform bill that was signed into law on December 22, 2017, by President Donald Trump. The TCJA represents one of the most significant changes to the U.S. tax code in decades, with a wide range of provisions that affect individuals, families, and … Read more
The Lifetime Learning Credit (LLC) is a tax credit designed to help offset the cost of higher education expenses for eligible individuals. This article will explore the LLC, who is eligible for it, how to apply, and how it compares to other common tax credits. The Lifetime Learning Credit is a tax credit that can … Read more