Key TakeawaysThe IRS Section 179 deduction helps businesses save on taxes when purchasing qualifying assets like heavy vehicles (Vehicles over 6000 lbs), machinery, and eligible software.Vehicles over 6000 lbs that are used primarily for business purposes qualify for...
Key TakeawaysAn Employer Identification Number (EIN) Verification Letter (Form 147C) is important for businesses.You can get your EIN Verification Letter by calling or writing to the IRS.When you call the IRS, have your EIN, business name, and other details ready.The...
Key TakeawaysBox 12 Code on your W-2 form shows the details about your pay and benefits. This includes retirement contributions, health savings accounts, and some fringe benefits.Knowing the codes in Box 12 deductions helps you file your taxes right. It also helps you...
Dealing with an IRS audit doesn’t have to be a nightmare. By preparing in advance and gaining a solid understanding of the process, you can navigate it confidently, saving yourself from unnecessary anxiety. This comprehensive article will guide you through the...
Need more time to file your taxes? Filing an extension for filing taxes is a common solution for gaining extra time without incurring penalties. This article provides straightforward guidance on requesting a tax extension, outlines the important deadlines and forms...
Filing income tax returns can be daunting, especially for individuals with zero income. Many people may assume that filing taxes is only necessary for those who earn income during the year. However, filing a zero-income tax return is important for several reasons,...
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