A state tax reciprocity tax agreement is a provision that allows individuals who reside in one state and work in another to pay income tax only to their state of […]

In recent decades, the value-added tax (VAT) has emerged as the fastest-growing form of indirect taxation globally. Most countries, except the United States, heavily rely on VAT as a major […]

The U.S. government puts a cap on the portion of your income that’s subject to the Social Security tax limit for 2023, this limit sits at $160,200, marking an increase […]

The Provision for Income Tax is the amount of money a company expects to pay in taxes during the current year. To calculate this, adjustments are made to the company’s […]

Schedule 8812 (Form 1040) serves as a tool for Americans to figure out if they qualify for the Child Tax Credit. When you want to take advantage of child tax […]

Think of loss carryback as a helpful tool for businesses, almost like a time machine for taxes. When a business has a year where it loses money, it can use […]

College costs have gone sky-high, and parents are worried about sending their kids to college. They’re searching for any help they can get to cover tuition and other expenses. That’s […]

The IRS has a couple of tax breaks for students to help with the hefty costs of education in the U.S. There’s the American Opportunity Credit (AOTC) and the Lifetime […]