Income Taxes
Form 1065: Return of Partnership Income
Form 1065 is used by partnerships to report their income, deductions, gains, and losses to the IRS. Although the partnership itself doesn’t pay income tax,…
What Is Form 941 and Why It Matters
If you run a business and have employees on your payroll, then you have definitely heard about Form 941 (or you should, we hope). But…
Backup Withholding: What It Is and Who Has to Pay It
Backup withholding is one of those tax mechanisms that can seem deceptively simple: Normally, it’s used by the IRS to ensure that individuals and businesses…
State Income Tax Rates in the U.S.
State income tax rates vary widely across the U.S., from states with no income tax at all to those with steep progressive rates. This article…
Understanding Back Taxes: What They Are and How to Handle Them
Back taxes are unpaid taxes that were not paid by their due date. They can accumulate over time due to various reasons, such as financial…
Defining the Qualified Business Income Deduction (QBI)
For many, the QBI deduction is a crucial tool in managing tax costs, but it can also be complex to understand. Knowing how the deduction…
CPA Tax: What It Is and How It Can Help You
When tax season rolls around, many people find themselves overwhelmed by the complexity of the U.S. tax code. Whether you’re an individual taxpayer with a…
Filing Business Taxes for LLC for the First Time: A Complete Guide
Filing business taxes for an LLC for the first time can feel overwhelming, especially if you’re unfamiliar with the various tax classifications, filing deadlines, and…
