by Ekrem Duman | Jun 20, 2026 | Country Tax Guides, US Tax
Accounting › Country Tax Guides › US Tax ⚡ TL;DRGood record-keeping and meeting deadlines are the foundation of US tax compliance. Keep tax records at least three years (longer in some cases), since that’s the standard IRS audit window. Key...
by Ekrem Duman | Jun 20, 2026 | Country Tax Guides, US Tax
Accounting › Country Tax Guides › US Tax ⚡ TL;DRThe IRS charges separate penalties for filing late (failure-to-file) and paying late (failure-to-pay), plus interest on unpaid tax. The failure-to-file penalty is much larger, so always file on time even if...
by Ekrem Duman | Jun 20, 2026 | Country Tax Guides, US Tax
Accounting › Country Tax Guides › US Tax ⚡ TL;DRAn IRS audit is a review of your return to verify it’s accurate. Audit rates are low overall — most returns are never audited — and many audits are handled entirely by mail. The IRS selects returns...
by Ekrem Duman | Jun 20, 2026 | Country Tax Guides, US Tax
Accounting › Country Tax Guides › US Tax ⚡ TL;DRSales tax is a state and local tax on retail sales, collected by sellers and remitted to the state. Since the 2018 Supreme Court Wayfair decision, online sellers must collect sales tax in states where they...
by Ekrem Duman | Jun 20, 2026 | Country Tax Guides, US Tax
Accounting › Country Tax Guides › US Tax ⚡ TL;DRState income tax is a separate layer on top of federal tax. Nine states levy no income tax at all — Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming — while...
by Ekrem Duman | Jun 20, 2026 | Country Tax Guides, US Tax
Accounting › Country Tax Guides › US Tax ⚡ TL;DRBusiness deductions reduce taxable income by subtracting ordinary and necessary business expenses — supplies, salaries, rent, marketing, travel, and more. Key deductions include the home office deduction,...
