A deficiency occurs when the IRS determines that you owe additional taxes. A deficiency notice will be sent to you if the IRS believes you have underpaid your taxes. The notice will include the amount of the deficiency and how you can pay the amount owed. What does deficiency increase mean in taxes? If you … Read more
An S corporation, for United States federal income tax purposes, is a closely held corporation that meets certain qualifications under Subchapter S of the Internal Revenue Code. S corporations are not subject to corporate income tax; rather, their income or losses are passed through to their shareholders and are taxed on the shareholders’ individual income … Read more
IRS Publication 970: Tax Benefits for Education This document from the IRS provides an overview of the tax benefits available for education expenses. Is the Lifetime Learning Credit available in 2022? Yes, the Lifetime Learning Credit is available in 2022. Who qualifies for the education tax credit? The education tax credit is a tax benefit … Read more
