Archive for Category: Taxes

The Tax Impact of Depreciation

When it comes to running a successful business, understanding the nuances of taxation is crucial. One often overlooked aspect with a significant impact on taxes is depreciation. Depreciation is not just an accounting concept; it can have tangible effects on your tax liability. Let’s explore the tax implications of...

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What Exactly is an IRS Audit?

When it comes to taxes, the Internal Revenue Service (IRS) plays a crucial role in collecting revenue for the government. One of the ways the IRS ensures compliance with tax laws is through audits. The term “audit” can evoke fear and uncertainty in the minds of taxpayers but understanding...

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The Tax Implications of Remote Work

Working remotely is becoming an increasingly popular option for people who want to have more control over their work-life balance. But there are a few things you should know about the tax implications of working from home before making the switch. Remote Work and Taxes When it comes to...

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What Is IRS Form 5471?

While you might be currently living overseas, that does not mean that you are free from the tax obligations of being an American citizen. Even if you work overseas, there are still tax forms that you are required to file. One of those is known as IRS Form 5471....

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What Is the R&D Tax Credit?

The Tax Cuts and Jobs Act (TCJA) made many changes to the tax deductions and credits that are available to businesses. One of those is the R&D tax credit. This credit can save some businesses hundreds of thousands of dollars, but only if they understand exactly when it is...

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