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Using an Income Tax Preparation Service: Is It Worth the Cost?

MyIRSRelief

When it comes to tax season, many people are faced with the decision of whether to prepare their own taxes or use an income tax preparation service. While it may seem like an added expense, there are many benefits to using a professional tax preparation service that make it well worth the cost.

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1041 Trust Tax Preparation and the Need for Professional Tax Help

MyIRSRelief

Income Tax Return for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. The fiduciary of an estate or trust is responsible for filing Form 1041, which is due on April 15th each year (unless an extension is filed). Form 1041, U.S.

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What is tax advisory?

ThomsonReuters

Let’s take a look at what tax advisory is and how you can take advantage of this approach to serving clients. What are tax advisory services?

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How to Self-Check Your Tax Return

Withum

If you have a complicated tax return and the tax comparison schedule is inadequate, then you should prepare your own schedule, and I suggest using spreadsheet software. When you prepare this schedule, I suggest having columns for the last three years and the past year and comparing the four years’ amounts.

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Foreign asset reporting and Form 8938 explained

ThomsonReuters

For accountants, understanding how to navigate foreign asset reporting is essential, as the IRS requires taxpayers to report certain foreign assets to ensure compliance and combat tax evasion. It is filed with their annual federal income tax return if they meet certain criteria. Report foreign income. tax return.

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How are S corporations taxed? Tips for filing and reducing taxes as a pass-through entity

ThomsonReuters

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns. What IRS tax forms do S corps file?

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Overview of U.S. taxes on foreign income for individuals

ThomsonReuters

Jump to: What is foreign income? How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. citizens living abroad or earning income from foreign sources, questions often arise on how the U.S.

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