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What should be reported as cost of goods sold on Schedule C?
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro Whether you run an online boutique or sell homemade goods at local markets, understanding what qualifies as cost of goods sold on Schedule C is important for anyone who makes or resells products. What counts as cost of goods sold? Cost of goods sold (COGS) refers to…
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What is depreciation recapture, and why it matters at tax time?
Contributed by: CoryF, FreeTaxUSA Agent, Tax Pro You sold your business property and are filing your taxes, only to find out you owe a lot of money in capital gains. The most likely reason is depreciation recapture. This article will explain and/or prepare you for the reality of depreciation recapture. When you depreciate…
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Your tax return and payment may not be considered “on time” if sent April 15th
Contributed by: KristineS, FreeTaxUSA Agent, TaxPro News from the National Taxpayer Advocate Important news from the National Taxpayer Advocate inside the 2025 Purple Book. Your tax return and electronic payment sent to the IRS may not be considered ‘on time,’ even if you can confirm it was electronically filed by the…
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Can I still file 2023 taxes?
by: Henry, FreeTaxUSA Agent, Tax Pro and AndyS, FreeTaxUSA Agent, Tax Pro Did a major life event prevent you from filing your 2023 tax return on time? Were you missing important documentation? Or maybe you simply procrastinated and forgot to file. Whatever the reason, if you missed the 2023 filing deadline, it’s not too…
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How do I claim a child who has to file their own return?