Tax Law

Top GOP’s Priorities under Trump: How It Affects You and Small Business Owners

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IRS Tax Relief

With Donald Trump back as President, and both the House and Senate in GOP’s power, Republicans become ready to push a set of legislative changes. Most important will be the thorough reform of the U.S. income tax system. The following are some of the top GOP’s priorities and how those changes can influence individuals and small businesses.

An illustration of tax changes coming in 2025
Top GOP’s priorities and tax changes coming in 2025

Key Legislative Changes

Making the 2017 Tax Cuts and Jobs Act, TCJA Permanent

Overview: Major tax reductions and reforms were designed to be temporary, cessation or expiring by the end of 2025. The Republicans … Read more at 2009 Tax.

Step-by-Step Guide for How to Fix Tax Return Errors

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IRS1040X

Don’t let tax return errors ruin your day! Learn how to easily identify and fix errors with this step-by-step guide for correcting tax return mistakes.

Mistakes on your tax return can delay any refunds you are due and may even result in an IRS penalty. Following this step-by-step guide, you can easily identify and fix errors on your tax return to avoid these associated headaches.

Fix Tax Return Errors
Fix Tax Return Errors

Check Your Return for Error Messages or Red Flags.

After submitting your return, look for an error message or red flags that indicate something is wrong with your filing. The … Read more at 2009 Tax.

The IRS Publication 17 And You

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IRS Publication 17

IRS publication 17 deals with general instructions and guidance for people using form 1040. Paying income tax can be daunting but reading this publication will aid you in this process. The materials contained in this publication are the interpretation of the Internal Revenue Service of court decisions, treasury regulations, tax laws, and additions to the tax code. It also deals with general rules and reminders to help you file your return.

IRS publication 17 can be extremely helpful for filing your tax returns.  If you are new to the workforce, it can tell you whether you … Read more at 2009 Tax.

Surviving An IRS Audit

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Surviving An IRS Audit

An IRS tax audit is requested when the tax filer submits tax information that doesn’t match with that submitted by employers, brokerage firms, banks and other institutions. This document-matching is only one means of identifying tax returns to be audited. The Discriminant Function System (DIF) is a point system the IRS gives each return rating it on its possibility of containing fraudulent information. Informants are still a popular means to detecting who has filed a fraudulent tax return and finally, self-employed persons and persons earning $200,000-1 million are often pursued when their returns appear suspicious.

Any … Read more at 2009 Tax.

Know the Impact of Bankruptcy on Your Taxes

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Know the Impact of Bankruptcy on Your Taxes

The term bankruptcy is considered as a legal status of an individual or company that happens to be unable to repay their incurred debts from their creditors. In most cases, bankruptcy is being imposed by the court orders. It is usually initiated by the debtor. However, sometimes the weight of the issue is given to the debtor from the creditors.

The IRS pub 17 2013 signifies the legal implications on income taxes. This involves the possibility of declaring bankruptcy and its variable forms. Chapter 11 bankruptcy pertains to the debts of the … Read more at 2009 Tax.