by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is Schedule A?In the United States, taxpayers file their annual income tax returns with the Internal Revenue Service (IRS) using the standard 1040 form. Schedule A is an attachment to 1040 form that allows taxpayers to report eligible expenses or itemized...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is a Schedule D?Schedule D is a form attached to the Individual Income Tax Return Form (1040) that individuals use to report their capital gains and losses for a particular year. In the United States, the Internal Revenue Service (IRS) mandates individuals to...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is the Child Tax Credit?The Child Tax Credit refers to a type of credit given to a taxpayer for his or her qualifying child dependent. The child tax credit is given to the taxpayer at the end of every year. The child must be below 17 years to qualify as a...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is the Buffett Rule?The Buffett Rule refers to a share of tax proposed in 2011 by the former U.S. president Barack Obama. The term Buffett Rule is named after a U.S. billionaire investor known as Warren Buffett. Buffett was concerned why a wealthy person like him...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is Cancellation of Debt (COD)?Cancellation of debt (COD) is an act of relieving a debtor of a debt obligation. It is sometimes referred to as debt forgiveness, when a creditor lets go of debt repayment, thereby relieving the debtor. There are many reasons a...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is the Child And Dependent Care Credit?Child and dependent care credit is a tax credit, usually non-refundable, offered to taxpayers who pay for childcare using money from their own pockets. The main purpose of this credit is to help the low income working...
