Every business, whether small or large, wants to minimize tax liability and maximize deductions. Understanding business tax write-offs can save you thousands of dollars annually. However, many business owners miss out on key deductions that could significantly lower their tax bills. At IRS Medic – Parent & Parent LLP, we help businesses navigate the complexities […]
5 Top Business Tax Write-Offs and Deductions for 2023 Read More »
Understanding the Connecticut Pass-Through Entity Tax (PET) The Connecticut Pass-Through Entity Tax (PET) was introduced in 2018 as a response to changes in federal tax laws that limited the state and local tax (SALT) deduction. This tax provides a workaround by shifting the tax burden from individual business owners to the entities themselves, offering potential
Connecticut Pass-Through Entity Tax Election: Should Your Business Opt In? Read More »
Introduction: Donald Trump’s Bold Vision for Tax Reform Donald Trump’s stance on tax reform has consistently demonstrated his commitment to reshaping the American tax system. Known for his unconventional approaches to policy, the former president has proposed eliminating the Internal Revenue Service (IRS) altogether, a move that would drastically alter the way Americans manage their
Donald Trump Wants To End The IRS | Should You Still File Taxes in 2025? Read More »
Understanding the Importance of Accurate Business Records Accurate business records serve as the cornerstone of a well-organized and compliant enterprise. The IRS explicitly requires businesses to maintain comprehensive records that support their income, expenses, and deductions. These records ensure transparency and provide the necessary documentation to back up any claims made in tax returns. Without
Understanding the Basics: What is IRS Audit Reconsideration? IRS audit reconsideration is a formal process that allows taxpayers to request a review of an audit assessment they believe to be incorrect. This procedure is particularly useful when a taxpayer disputes the outcome of a previous audit, especially if new information or documentation has come to
Understanding the Basics of Tax Deductions: What Are the ’99 Deductions’? Tax deductions are a critical tool for taxpayers to legally reduce their taxable income, leading to potential savings on their tax bill. The term “99 Deductions” refers to a broad concept often marketed to taxpayers as a way to maximize deductions by leveraging a
The Shocking Truth About Claiming 99 Deductions: IRS Warning Signs Read More »
Introduction: Understanding the Financial Challenges for U.S. Expats Navigating the financial landscape as a U.S. expat is a challenging endeavor. We are obligated to follow complex tax regulations, which demand thorough planning and a clear understanding of financial obligations on both domestic and international fronts. Unlike most nations, the United States enforces citizenship-based taxation, meaning
How Local Tax Laws Impact U.S. Expats: Key Insights Read More »
Understanding the Concept of Citizenship and Freedom When we explore citizenship, it becomes evident that it is more than just a legal status. Citizenship ties us to a nation through obligations, rights, and a shared sense of belonging. It provides us with access to resources, protections, and cultural identity. As citizens, we adhere to laws,
Renouncing U.S. Citizenship: A Symbolic Shift Toward Freedom Read More »
Introduction: The Scope and Context of the Question The question of whether Donald Trump, or any U.S. president, could eliminate the Internal Revenue Service (IRS) and the federal income tax without congressional approval touches on fundamental aspects of American governance, constitutional law, and fiscal policy. The conversation revolves around the extent of executive power and
Could Donald Trump End the IRS Without Congress Approval? Read More »
Introduction: The Evolving Role of Tax Professionals We find ourselves navigating a rapidly changing landscape where the role of tax professionals extends far beyond computations and compliance. As legislation becomes more intricate and client expectations rise, the tax profession has transformed into a dynamic field that demands adaptability, strategic thinking, and a proactive mindset. Tax
3 Keys to Thriving as a Tax Pro: Camaraderie, Advocacy & Growth Read More »