When parents go through a separation or divorce, one of the many complex issues they face is determining who gets to claim the children as dependents for tax purposes. This decision can significantly impact the financial situation of both parents, as it affects eligibility for various tax credits and deductions.

Military service members face unique challenges and opportunities when it comes to taxation. The U.S. tax code provides specific provisions that recognize the sacrifices and circumstances of military life, offering various tax benefits and exemptions.

Underpayment penalties are a common concern for taxpayers, and many are unaware of how substantial they can be. These penalties are assessed by the Internal Revenue Service (IRS) when taxpayers fail to pay enough of their tax liability through withholding or estimated tax payments throughout the tax year.

As businesses expand their operations, understanding nonresidents' taxation and withholding requirements is crucial for both the nonresident and employer.