Dropdown button for navigation mobile view

Blog

What taxpayers need to know about claiming the credit for other dependents

Posted by: Zaher Fallahi

IRS Tax Tip 2021-18 What taxpayers need to know about claiming the credit for other dependents Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. The maximum credit amount is $500 for each dependent who meets the following: 1. Dependents who are age […]

Read Full Post

Select a tax return preparer with care

Posted by: Zaher Fallahi

Source: IRS  IR-2021-46 Tax Time Guide: Select a tax return preparer with care WASHINGTON – The Internal Revenue Service today reminded taxpayers to choose a tax return preparer with care. Even though the vast majority of tax return preparers provide honest, quality service, some cause great harm through fraud, identity theft and other scams every year. […]

Read Full Post

All first and second Economic Impact Payments; eligible people can claim Recovery Rebate Credit

Posted by: Zaher Fallahi

All first and second Economic Impact Payments; eligible people can claim Recovery Rebate Credit IR-2021-38, February 16, 2021 WASHINGTON – The IRS announced on February 16, 2021 that, as required by law, all legally permitted first and second round of Economic Impact Payments (EIP) have been issued and the IRS now turns its full attention […]

Read Full Post

Things taxpayers should know when choosing between standard and itemized deductions

Posted by: Zaher Fallahi

Source: IRS Tax Tip 2021-22 Things taxpayers should know when choosing between standard and itemized deductions Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes.Most taxpayers have a choice of either taking the standard deduction or itemizing their […]

Read Full Post

Taxpayer Bill of Rights

Posted by: Zaher Fallahi

Source: IRS   Taxpayer Bill of Rights The Right to Be Informed Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms, instructions, publications, notices, and correspondence. They have the right to be […]

Read Full Post

Taxpayers must report gig economy income on their tax return.

Posted by: Zaher Fallahi

Source: IRS   Issue Number: COVID Tax Tip 2021-21 Taxpayers must report gig economy income on their tax return. In 2020, many taxpayers joined the gig economy to help make ends meet during the pandemic. Whether it is a side business or a primary source of income, all taxpayers need to understand how their gig work affects […]

Read Full Post

New Economic Impact Payments

Posted by: Zaher Fallahi

Source; IRS January 8, 2021 IRS and Treasury continue to work closely with our partners in the tax and financial industry to do everything possible to get the second round of Economic Impact Payments to the American people as quickly as possible. At this point, over 100 million EIPs have been direct deposited into eligible […]

Read Full Post

Questions and Answers about the Second Economic Impact Payment

Posted by: Zaher Fallahi

Below are frequently asked questions about the second Economic Impact (Stimulus) Payment, separated by topic. Please do not call the IRS. You can check the status of your payment with Get My Payment. General Information Eligibility Calculating The Payment Requesting My Payment Receiving My Payment General Information Use tab to go to the next focusable element […]

Read Full Post

2020 Year-End Tax, Gift and Estate Planning

Posted by: Zaher Fallahi

2020 Year-End Tax, Gift and Estate Planning Welcome to the Website of Zaher Fallahi, Tax Attorney, CPA. The partial materials contained herein below are for general informational purposes only and are not intended as tax or legal advice. For specific advice, seek tax advice from us or your tax advisor. 1.      Individual Taxpayers’ Tax Rates […]

Read Full Post

Taxation of Americans Living Abroad (2019 Filing Season)

Posted by: Zaher Fallahi

Taxation of Americans Living Abroad (2019 Filing Season) If you are a US citizen or a US Green Card Holder, a US person the Internal Revenue Code 7701(b), and live overseas, you are taxed on your worldwide income regardless of where you earned it. You are also subject to all the US international tax laws, including Report […]

Read Full Post