Where’s My Delaware State Tax Refund? Track It Now If you’ve paid more state income tax to Delaware than what you actually owe—through employer withholding, estimated payments, or refundable credits—you may be eligible for a Delaware state tax refund. This guide explains who qualifies, how to file, how long it…
Creditable Withholding Tax: The Smart Way to Reduce Your Tax Bill Creditable withholding tax refers to a tax mechanism where a portion of a taxpayer’s income is withheld at the source by a third party—typically the payer of the income—and remitted directly to the government as an advance payment toward…
Publicly Traded Partnerships: What Every Investor Should Know? A Publicly Traded Partnerships (PTP) is a business entity that is organized as a partnership but whose interests (units) are traded on public exchanges, much like stocks of corporations. These entities are generally taxed as partnerships for federal income tax purposes, even…
Unlocking Early Retirement: What You Need to Know About the 72(t) Rule The 72(t) rule, as outlined in Internal Revenue Code §72(t), governs early withdrawals from retirement accounts. Ordinarily, distributions taken before reaching age 59½ from accounts such as Traditional IRAs, SEP IRAs, SIMPLE IRAs, or employer-sponsored plans like 401(k)s…
Confused by Form 941 Schedule B? Here’s the Clear-Cut Guide Form 941 Schedule B is a critical attachment for employers who follow a semiweekly deposit schedule for payroll taxes. It provides a detailed, day-by-day breakdown of tax liabilities within each quarter, helping the IRS verify that deposits are made on…
Decode Form 990 Instructions: Easy-to-Follow Instructions for Stress-Free Filing IRS Form 990 Instructions, officially titled “Return of Organization Exempt From Income Tax,” is a publicly accessible informational return that most federally tax-exempt organizations must file annually with the Internal Revenue Service. It is not used to calculate a tax liability,…
From Tax Preparer to Pro: Complete Your EFIN Application Today An Electronic Filing Identification Number EFIN Application number is a unique number assigned by the IRS to tax professionals and entities authorized to electronically file tax returns. Any tax professional planning to electronically file over 10 returns per year must…
Navigating Illinois Estate Tax in 2025: Empowering Your Legacy The Illinois estate tax is a state-imposed tax on the transfer of wealth at death, applicable to the gross estate of a deceased individual. It applies when the estate’s value exceeds the state exemption threshold of $4 million. The tax is…
What is the Michigan Flow Through Entity Tax? An Essential Guide Michigan Flow Through Entity Tax is an elective state-level income tax that allows certain pass-through businesses—such as partnerships, S corporations, and limited liability companies (LLCs)—to pay Michigan income tax at the entity level, rather than having the tax assessed…
How to Claim the Mortgage Interest Credit with IRS Form 8396? IRS Form 8396, titled Mortgage Interest Credit, is used by qualifying homeowners to claim a federal income tax credit on mortgage interest they paid during the tax year, provided they hold a Mortgage Credit Certificate (MCC). This certificate is…