Our Blog

Category: Tax Preparation Service

Tax Tips for Foreign Taxpayers

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may be required to file Form FinCen114, known as the “FBAR” as well as Form 8938, also referred to as “FATCA.” Note: FBAR is not a tax form, but is due to […]

What Income is Taxable?

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable income includes any money you receive, such as wages and tips, but it can also include non-cash income from property or services. For example, both parties […]

Five Tax Breaks that Survived Tax Reform

Recent tax reform legislation affected many provisions in the tax code. Many were modified, either permanently or temporarily, while some were repealed entirely. Here are five that survived. 1. Mortgage Interest Deduction While the House bill repealed the mortgage interest deduction, the final version of the act retained it, albeit with modifications. First is that the allowed interest deduction is limited to mortgage principal of $750,000 on new homes (i.e., new ownership). For prior tax […]

Missing Important Tax Forms? Here’s what to do

Form W-2   You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2017 earnings and withheld taxes no later than January 31, 2018 (allow several days for delivery if mailed). If you do not receive your Form W-2, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it […]

What to Do if You Haven’t Filed a Tax Return

Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that full payment of taxes upfront saves you money. Here’s What to Do When Your Return Is Late Monday, April 18, […]

Reduce Your Taxes with the Child Care Tax Credit

If you paid someone to care for a person in your household last year while you worked or looked for work, then you may be able to take the Child and Dependent Care Tax Credit and reduce the amount of tax owed. Here are 12 facts you should know about this important tax credit: Child, Dependent or Spouse. You may be able to claim the credit if you paid someone to care for your child, dependent […]

Tax treatment of an Investment Clubs

Investment Clubs An investment club is formed when a group of friends, neighbors, business associates, or others pool their money to invest in stock or other securities. The club may or may not have a written agreement, a charter, or bylaws. Usually the group operates informally with members pledging to pay a regular amount into the club monthly. Some clubs have a committee that gathers information on securities, selects the most promising securities, and recommends […]

Self-Employed Individuals Tax Center

Who is Self-Employed? Generally, you are self-employed if any of the following apply to you. • You carry on a trade or business as a sole proprietor or an independent contractor. • You are a member of a partnership that carries on a trade or business. • You are otherwise in business for yourself (including a part-time business) What are My Self-Employed Tax Obligations? As a self-employed individual, generally you are required to file an […]

Reasons that make a CPA best for tax preparation purposes

Businesses are always recommended to itemize their tax preparation system and give them to one of the best CPA. There are few people in the US who like to do the job on their own and handle their taxes. But this can be a complicated process and they should leave it in the hands of professional tax preparation experts. Schaumburg Tax Preparation is one such professional company that provides efficient services for helping people get […]

Self-Select Pin Signature Method for Online Registration.

If you e-file using online filing software, you must sign the tax return using the self-select PIN (personal identification number) signature method. The self-select PIN signature method allows taxpayers to electronically sign their individual income tax return by selecting a five-digit PIN.The PIN is any five numbers (except all zeros) that you choose to enter as your electronic signature. Each taxpayer filing a joint return needs a PIN and each may choose any five numbers. […]