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Tag: Chicago Tax Preparation

Tips for a Stress-Free Tax Season

Earlier is better when it comes to working on your taxes but many people find preparing their tax return to be stressful and frustrating. Fortunately, it doesn’t have to be. Here are six tips for a stress-free tax season. Don’t Procrastinate. Resist the temptation to put off your taxes until the very last minute. Your haste to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your […]

IRS Launches Directory of Federal Tax Return Preparers; Online Tool Offers New Option to Help Clients

The Internal Revenue Service today announced the launch of a new, online public directory of tax return preparers. This searchable directory on IRS.gov will help Clients find a tax professional with credentials and select qualifications to help them prepare their tax returns. “This new directory will be a practical tool for the millions of Americans who rely on the services of a paid return preparer,” said IRS Commissioner John Koskinen. “Clients can also look to […]

What Foreign Taxes Qualify For The Foreign Tax Credit?

Generally, the following four tests must be met for any foreign tax to qualify for the credit: 1.     The tax must be imposed on you 2.     You must have paid or accrued the tax 3.     The tax must be the legal and actual foreign tax liability 4.     The tax must be an income tax (or a tax in lieu of an income tax) Tax Must Be Imposed on You You can claim a credit only for foreign taxes that […]