October 2023 - Tax2efile Blog

Tax Relief Measures Announced by IRS for Victims of Terrorism in Israel

October 26, 2023

Owing to the continuous terrorist attacks in the state of Israel from October 7, 2023, the Internal Revenue Service has issued news released on tax reliefs for the taxpayers affected by the attack. The IRS has proposed certain postpones in deadlines for Forms that relate to Health Savings Accounts, Coverdell Education Savings Accounts, retirement accounts, etc. Let us discuss these concessions and relaxations in detail here. Tax concessions proposed by IRS for war victims The Internal Revenue...

Schedule C: Profit or Loss from Business

October 16, 2023

Citizens of the United States have to file Schedule C of Form 1040 to report income or loss from the business they operated, or a profession they practiced as a sole proprietor. Any act is qualified as a business if the person engages in the activity with regularity and continuity and the primary purpose of the person to engage in the activity is for income or to seek profit. Who should File Schedule C? All sole proprietors...

IRS 1040 extension Form with 4868 Form (5 -month)

October 6, 2023

IRS Tax Form 1040 serves as the official documentation that United States taxpayers utilize to submit their yearly income tax reports. The typical due date for filing this tax form falls on April 15th each year. However, in cases where April 15th is a designated holiday, the deadline extends to April 18th of that specific year. Taxpayers who have yet to file their returns and find themselves near the impending tax due date can request an extension...