by PSA CPA | Aug 16, 2023 |
The typical cutoff for undergraduate students to commit to their college of choice is May 1, which means tuition payments are not far behind. Here’s what you should know if your child’s scholarships are taxed. What Is a “Scholarship?” First, it’s critical to grasp...
by PSA CPA | Aug 16, 2023 |
For several years, IRS regulations prohibited people from keeping retirement assets in their retirement accounts for long stretches of time. When individuals reach the age of 70 1/2, they should begin withdrawing from their IRA, SIMPLE IRA, SEP IRA, or retirement plan...
by PSA CPA | Aug 16, 2023 |
When a family member hires an individual, the tax consequences vary depending on the connection to that family member, and the business type. It is critical that individuals and employers know their tax status. Here’s what you should know: Married people in business...
by PSA CPA | May 1, 2023 |
If you own any form of property in the United States, the law requires you to pay a Property Tax on a regular basis. People frequently ask if this tax must be paid on a continuous basis, until the property owner passes away. The brief response is that any property...
by PSA CPA | Apr 24, 2023 |
Now that the initial tax deadline has passed, If you did not complete your tax return, you ought to have submitted Form 4868, Application for Automatic Extension of Time to File, with the IRS. The extension offers you an additional six months to file your tax return,...
by PSA CPA | Apr 1, 2023 |
If you, your spouse, or dependents had considerable medical or dental expenditures in 2022, you may be eligible to deduct those costs when filing your tax return this year. What you should know about medical and dental bills, as well as other benefits: Itemizing: Only...
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