Articles
2025 IRS Form 1040 Changes (Tax Year 2025): What’s New
The IRS made several meaningful updates that affect how individuals prepare the 2025 Form 1040 (filed in 2026). Below is a clear, item-by-item breakdown of the most important changes, including new deductions, updated credits, and rules that impact itemized deductions...
Resolve IRS Problems
Ways to Resolve IRS Debt In the realm of finance, few things can cause as much stress and uncertainty as dealing with IRS liabilities. Whether you're a seasoned business owner or an individual taxpayer, understanding and effectively managing your tax liabilities is...
IRS Revenue Officers Authority: Understanding Their Powers in Tax Collection
IRS Revenue Officers have significant authority when it comes to enforcing tax laws and collecting taxes owed to the government. Here are some key aspects of their authority: Collection Enforcement: Revenue Officers have the authority to take steps to...
7 Ways to Resolve Tax Debt: Proven IRS Resolution Tactics
In the realm of finance, few things can cause as much stress and uncertainty as dealing with IRS liabilities. Whether you're a seasoned business owner or an individual taxpayer, understanding and effectively managing your tax liabilities is crucial for financial...
IRS 1040 – Filing Status
Filing Status The first thing you need to determine in preparing your 1040 is what your filling status is. What your marital status is on the last day of the year has the most effect on which options are available to you. The five classification of filing status are:...
Basic Bookkeeping
The absolute first step to business success, bookkeeping is the the method of capturing and recording the economic activity of your business. Without it, you have no way of having the information necessary to make the right decisions. Bookkeeping in a business firm is...
Personal Taxes – 1040 Filing Basics
2019 Federal Income Taxes Federal income taxes are assessed by the IRS on your worldwide income. The amount of tax you’ll need to pay is determined by your gross income, less your standard deduction and any tax credits. The amount you will owe is then determined by...
Personal Taxes – Income Tax Brackets
Your filing status is what determines what table is used to determine your tax rate. Federal Income Tax 2019 Tax Brackets: Single Filers The income tax brackets if you’re just filing a 1040 for yourself are: Tax rate Taxable income bracket Tax owed 10% $0 to...
Business Returns
Business Pass-Through Entity Tax The term "Pass-Through" is confusing. What it means is that most small businesses entities don't pay income taxes. Any profit or loss is reported on the owner's personal 1040 tax returns. This includes Limited Liability Companies...