TAXATION ON FOREIGN PENSIONS & ANNUITIES According to the IRS, pensions and annuities from foreign countries may not be taxable in the United States. Well this is largely dependent upon the tax treaty that the United States has with the country in question. So is foreign pension tax preparation required for you? You should consult with an experienced tax... continue reading →
Married Filing Separately Income Tax Return New clients often inquire about the advantages of filing income tax returns separately, or as a couple. We have cited the advantages and disadvantages of a married filing separately income tax return. Hopefully, it will benefit you to review the advantage, versus the disadvantages. And our tax preparers will be able to help you... continue reading →
Dissolving a Nonprofit Shutting down or dissolving a nonprofit requires meticulous attention to detail. Because a certain chain of events will need to occur in precisely the exact order. For example, you don’t want to shut down the corporation before filing the form 990 tax return for the organization. Let your employees know about an impending closure. If possible,... continue reading →
Back taxes may be resolved in a number of ways. And one method may be IRS tax negotiations through the Offer In Compromise Program (OIC). Setting up a monthly payment plan with the IRS is the easiest. But it is not necessarily the best for your circumstances. Some installment plans require substantial information. And taxpayers may wish to go it... continue reading →
Don’t leave any of your income tax credits and deductions on the table! Taxpayers throughout the country, may unknowingly qualify for tax credits. And fail to claim them because of inadequate tax preparation. So we encourage to to seek the help of professionals. You know, you can be “a penny wise, and a pound foolish.” There is a difference... continue reading →
Capital gains tax is an essential aspect of the tax landscape for residents in Maryland, Virginia, and the District of Columbia (DC). Understanding how it works and exploring ways to manage capital gains tax can lead to significant tax savings. In this comprehensive guide, we will delve into capital gains tax for MD-VA-DC residents, exploring strategies for deferring taxes... continue reading →
When to File an Amended Tax Return? You should file amended tax return if you need to correct any piece of information that will alter your tax calculations. Business & Financial Solutions can file an amended return (1040X) for taxpayers to make corrections to the filing status, dependents, income, deductions, or tax credits. You can amend you return if you need to... continue reading →
Back taxes Frederick MD, Bethesda, or Rockville? Maybe we have a solution for you. In 2012, the IRS announced a program to help U.S. citizens resolve their filing obligations. And the program would allow taxpayers who owe little or no tax to avoid penalties and audits. Relatively new, the program was first launched in September 2012 and the IRS hasn’t said when... continue reading →
Starting a 501(c)(3) nonprofit organization is a significant endeavor, but the rewards it brings to the community and the potential for funding opportunities make it worth the effort. Business & Financial Solutions (BFS) provides comprehensive assistance in setting up tax-exempt organizations, ensuring compliance with IRS guidelines, and maintaining meticulous accounting records. Let us guide you through the process of... continue reading →
Have back taxes, liens or levies with the IRS or your state? Need help with Unfiled tax returns or tax settlements in Frederick MD? We negotiate settlements in Frederick, Damascus and Northern Virginia. continue reading →
