Tax Articles
395 expert articles on U.S. taxes — free, plain-English guides from credentialed professionals.
Form 4506-T: Request for Transcript of Tax Return — A Complete Guide
Form 4506-T is the IRS form used to report request for transcript of tax return. This plain-English guide explains who receives it, what the thresholds are, and how to handle it on your tax return.
By Jessie Seaman, Tax Professional
Form Schedule-B: Interest and Ordinary Dividends — A Complete Guide
Form Schedule-B is the IRS form used to report interest and ordinary dividends. This plain-English guide explains who receives it, what the thresholds are, and how to handle it on your tax return.
By Markos Banos, Tax Writer
Form Schedule-E: Supplemental Income and Loss — A Complete Guide
Form Schedule-E is the IRS form used to report supplemental income and loss. This plain-English guide explains who receives it, what the thresholds are, and how to handle it on your tax return.
By Nick Charveron, EA
Form Schedule-SE: Self-Employment Tax — A Complete Guide
Form Schedule-SE is the IRS form used to report self-employment tax. This plain-English guide explains who receives it, what the thresholds are, and how to handle it on your tax return.
By Jacob Dayan, CPA
Form 1099-G: Certain Government Payments — A Complete Guide
Form 1099-G is the IRS form used to report certain government payments. This plain-English guide explains who receives it, what the thresholds are, and how to handle it on your tax return.
By Markos Banos, Tax Writer
Form 1099-C: Cancellation of Debt — A Complete Guide
Form 1099-C is the IRS form used to report cancellation of debt. This plain-English guide explains who receives it, what the thresholds are, and how to handle it on your tax return.
By Nick Charveron, EA
Form 1099-B: Proceeds From Broker Transactions — A Complete Guide
Form 1099-B is the IRS form used to report proceeds from broker transactions. This plain-English guide explains who receives it, what the thresholds are, and how to handle it on your tax return.
By Nick Charveron, EA
Form 1099-DIV: Dividends and Distributions — A Complete Guide
Form 1099-DIV is the IRS form used to report dividends and distributions. This plain-English guide explains who receives it, what the thresholds are, and how to handle it on your tax return.
By Markos Banos, Tax Writer
Form 1099-INT: Interest Income — A Complete Guide
Form 1099-INT is the IRS form used to report interest income. This plain-English guide explains who receives it, what the thresholds are, and how to handle it on your tax return.
By Markos Banos, Tax Writer
Form SS-4: Application for Employer Identification Number — A Complete Guide
Form SS-4 is the IRS form used to report application for employer identification number. This plain-English guide explains who receives it, what the thresholds are, and how to handle it on your tax return.
By Markos Banos, Tax Writer
Form Schedule-A: Itemized Deductions — A Complete Guide
Form Schedule-A is the IRS form used to report itemized deductions. This plain-English guide explains who receives it, what the thresholds are, and how to handle it on your tax return.
By Jasmine DiLucci, JD, CPA
Form Schedule-C: Profit or Loss From Business — A Complete Guide
Form Schedule-C is the IRS form used to report profit or loss from business. This plain-English guide explains who receives it, what the thresholds are, and how to handle it on your tax return.
By Jacob Dayan, CPA
Form 1099-NEC: Nonemployee Compensation — A Complete Guide
Form 1099-NEC is the IRS form used to report nonemployee compensation. This plain-English guide explains who receives it, what the thresholds are, and how to handle it on your tax return.
By Nick Charveron, EA
The Best LLC & EIN Filing Formation Service in 2026
Starting an LLC and getting an EIN is one of the smartest steps you can take to protect your personal assets and unlock key financial and tax benefits for your business.
By Jacob Dayan, CPA
Additional Form 8959 for Additional Medicare Tax: Calculating Do Your Employee Wages or Self-Employment Income Meet These Thresholds?
“What’s in a name? Form 8959 by any other name might still mean you pay more taxes.”
By Nick Charveron, EA
Nonprofits With Tax Returns: What Are IRS Form 990 and Form 990-EZ Used For?
There’s no profit in not turning in your Form 990 or Form 990 EZ!
By Jacob Dayan, CPA
Amended Federal Tax Return
Did you make a mistake on your Federal tax return that you need to correct?
By Jacob Dayan, CPA
How to File Prior Year Tax Returns
Being your own boss can be incredibly freeing. No office politics, no micromanaging supervisors, and definitely no punching a time clock. But one thing self-employment doesn’t exempt you from is your
By Jacob Dayan, CPA
Setting Up the IRS Installment Agreement Online
If you owe more taxes than you can afford to pay right now, the IRS offers payment arrangement options. However, it is important to understand that regardless of your reason for paying taxes late, the
By Jacob Dayan, CPA
Everything You Should Know About Getting, Using, and Renewing Your ITIN
An Individual Taxpayer Identification Number (ITIN) is a nine-digit tax processing number that starts with a “9,” used by individuals to file a federal tax return if they do not have (and are ineligib
By Jacob Dayan, CPA
What Is Tax Form 8881: What It Is And How To Use It
Form 8881 is the go-to IRS form for small business owners looking to cash in on retirement-plan tax credits. Thanks to updates from the SECURE 2.0 Act, this form now allows employers to claim up to th
By Jacob Dayan, CPA
What Is Tax Form 4835: What It Is And How To Use It
If you own farmland that someone else operates, you might be wondering how to report your income from that arrangement come tax time. That’s where IRS Form 4835 comes into play.
By Jacob Dayan, CPA
IRS Code 846: What the Notice Means & How to Respond
If you're checking your IRS account transcript and spot Code 846, that’s usually a good sign because it means the IRS has officially issued your refund and the funds have been released. For most taxpa
By Jacob Dayan, CPA
What Is Tax Form 6781: What It Is And How To Use It
Form 6781 is the IRS form used to report gains and losses from certain financial instruments, specifically Section 1256 contracts and straddles. If that already sounds like a mouthful, don’t worry; we
By Jacob Dayan, CPA
What Is Tax Form 4136: What It Is And How To Use It
In a nutshell, IRS Form 4136 lets you claim a refund on certain federal fuel taxes you paid throughout the year. If you used gasoline, diesel, or other fuels for farming, off-highway business activiti
By Jacob Dayan, CPA
IRS Code 806: What the Notice Means & How to Respond
IRS Code 806 is a line on your IRS Account Transcript that shows how much federal income tax and excess Social Security (FICA) tax was withheld and credited to your account for the year. It’s not a bi
By Jacob Dayan, CPA
What Is Tax Form 8911: What It Is And How To Use It
Form 8911 is used to claim the Alternative Fuel Vehicle Refueling Property Credit (similar to the EEHIC). If you installed EV charging or other qualified refueling equipment, this form helps you get b
By Jacob Dayan, CPA
CP05 Notice: What Is It And How Should I Respond?
If you’ve received a CP05 notice from the IRS, take a breath; it’s not a bill, and it’s not a formal audit either. This letter simply means the IRS has placed a temporary hold on your refund while it
By Jacob Dayan, CPA
What Is Tax Form 8379: What It Is And How To Use It
If your tax refund got taken because of something your spouse owes, Form 8379 might be your lifeline. This guide walks you through exactly what the injured spouse form is, who should use it, and how t
By Jacob Dayan, CPA
What Is Tax Form 6252: What It Is And How To Use It
If you’ve ever sold something big like a rental property or a piece of land and didn’t get all your money upfront, you might have heard of installment sales. And if that’s the case, then Tax Form 6252
By Jacob Dayan, CPA
Will the IRS Catch a Missing 1099?: How the IRS Tracks Income
If you've missed reporting a 1099 form, you might be wondering if the IRS will eventually catch it. The short answer is yes, they have ways of tracking down missing forms, and they’re pretty good at i
By Jacob Dayan, CPA
Is Daycare Tax Deductible? Here's What You Should Know in 2025
Daycare expenses can be a major cost for working parents, but the good news is, they may help reduce your taxes. Certain childcare costs are eligible for deductions or credits, like the Child and Depe
By Jacob Dayan, CPA
Schedule K-1 (Form 1065): AKA Form K-1
If you've ever been involved with a partnership, S corporation, or certain types of trusts, there's a good chance you’ve come across Form K1. While it might seem like one of those forms that only acco
By Jacob Dayan, CPA
A Complete Guide to IRS Form 3949-A: What It Is, How to Use It, and Why It Matters
If you’ve ever come across someone who might be playing fast and loose with their taxes, you might have wondered whether there’s anything you can actually do about it. As it turns out, there is—and it
By Jacob Dayan, CPA
Form 6198: At-Risk Limitations Explained
Taxes aren’t always just about reporting what you earned and paying what you owe. Sometimes, it’s about figuring out how much of your investment or loss you’re actually allowed to deduct. That’s where
By Jacob Dayan, CPA
Form 8958: Allocation of Tax Amounts Between Certain Individuals in Community Property States
IRS Form 8958 helps married couples who live in community property states split up income, deductions, and credits when filing separately. If you're not filing jointly, this form makes sure everything
By Jacob Dayan, CPA
Form 7202: Remembering (And Handling) COVID-19 Relief
It’s time to take a walk down memory lane; unfortunately, we’re going back to a time you probably hated: The lockdowns. If you're self-employed and were affected by COVID-19 back when the pandemic hit
By Jacob Dayan, CPA
What You Need to Know About Form 8888: Allocation of Refund in 2025
Tax season is no one’s favorite time of year, but if you’re due for a refund, there’s at least something to look forward to. And that’s where Form 8888 might come into play.
By Jacob Dayan, CPA
Form 8615: A Guide for Parents and Young Taxpayers
Taxes can be a bit tricky, especially when there are rules that catch families off guard. One of those rules involves Form 8615, or the "Kiddie Tax" form. If you're a parent or guardian of a child or
By Jacob Dayan, CPA
Form 4684: Reporting Casualty and Theft Losses in 2025
When disaster strikes (whether from a storm, fire, theft, or another unexpected event) the emotional and financial toll can be huge. If you've experienced a significant loss and you're trying to recov
By Jacob Dayan, CPA
Form 2106: A Guide for Employee Business Expenses
When it comes to tax time, there are plenty of forms out there that seem to only apply to certain people in very specific situations. Form 2106, officially titled Employee Business Expenses, is one of
By Jacob Dayan, CPA
Form 944: The Annual Payroll Tax Return for Small Employers
If you're a small business owner or a new employer in the U.S., the IRS has a form specifically designed to help you simplify your tax reporting: Form 944. You might not have heard much about it, espe
By Jacob Dayan, CPA
Form 1310: Claiming a Refund for a Deceased Taxpayer
When someone you love passes away, taxes are probably the last thing on your mind. But if they were due a tax refund when they died, someone has to claim that money from the IRS, and that’s where Form
By Jacob Dayan, CPA
Form 8300: Reporting Cash Payments of Over $10,000
Form 8300 is used to report large cash payments—specifically, any cash transaction over $10,000 received in a trade or business. If you run a business and someone hands you a big pile of cash (or even
By Jacob Dayan, CPA
Your Guide to Form 8936: Claiming the Clean Vehicle Credit in 2025
Form 8936 is your ticket to claiming the Clean Vehicle Credit, which helps you get some money back when you buy a qualifying electric or plug-in hybrid vehicle. It’s the form you’ll fill out to tell t
By Jacob Dayan, CPA
Form 8862: Getting Back Tax Credits After a Disallowance
If you’ve ever been denied a tax credit like the Earned Income Credit (EIC) or the Child Tax Credit (CTC), you may have been told that you need to file Form 8862 before you can claim that credit again
By Jacob Dayan, CPA
Form 4562: How to Depreciate and Deduct Business Property
If you're running a business, even a small one, chances are you’ve spent money on things like equipment, vehicles, or computers to help you do your work. When you make those kinds of purchases, you do
By Jacob Dayan, CPA
Form 8995: Qualified Business Income Deduction
If you're a small business owner, freelancer, or self-employed individual, there's a good chance you’ve heard about the Qualified Business Income Deduction (also called QBI); and, if you’ve heard of Q
By Jacob Dayan, CPA
Understanding Form 709: The Gift Tax Return
When it comes to giving gifts, most people aren’t thinking about taxes. But if you’re giving away a significant amount of money or assets, the IRS may want to hear about it. That’s where Form 709 come
By Jacob Dayan, CPA
Form 8606: Nondeductible IRA Contributions
When it comes to retirement savings, things can get a little tricky once you start mixing traditional IRAs, Roth IRAs, and after-tax contributions. That’s where Form 8606 comes in.
By Jacob Dayan, CPA
Schedule D: A Friendly Guide to Capital Gains and Losses
If you’ve sold stocks, mutual funds, cryptocurrency, property, or any other type of investment in the last year, chances are you’ve run into something called Schedule D while doing your taxes. It may
By Jacob Dayan, CPA
Section 179: How It Helps Your Business Save on Taxes
If you’ve ever wondered whether buying new equipment, software, or even a vehicle for your business could actually lower your tax bill, then you’re already halfway to discovering what Section 179 is a
By Jacob Dayan, CPA
Form 940 For Small Businesses: Who Files It and Why
If you run a business with employees, you've probably dealt with more than your fair share of tax forms. One that often flies under the radar (until it’s due, at least) of most small business owners i
By Jacob Dayan, CPA
Form W-9: What It Is and Why You Might Need to Fill One Out
Form W-9 might look a little intimidating, but it's actually pretty simple! It’s mainly used when someone needs your taxpayer info—like your name and Social Security number—so they can report how much
By Jacob Dayan, CPA
Form 1065: Return of Partnership Income
Form 1065 is used by partnerships to report their income, deductions, gains, and losses to the IRS. Although the partnership itself doesn’t pay income tax, Form 1065 is essential for informing the IRS
By Jacob Dayan, CPA
What Is Form 941 and Why It Matters
If you run a business and have employees on your payroll, then you have definitely heard about Form 941 (or you should, we hope). But if you're new to hiring or just starting to get a grip on payroll
By Jacob Dayan, CPA
Can I Roll My Taxes into Next Year?: A Last Resort For Tax Debt
When tax season rolls around and the numbers don’t quite work in your favor, it’s natural to start asking questions like, can I roll my taxes into next year? Maybe you owe more than you expected, or m
By Jacob Dayan, CPA
Can the IRS Take Your 401(k)? What You Need to Know in 2025
While retirement accounts are generally protected from most creditors, they’re not off-limits to the IRS. However, the agency must follow specific legal steps before accessing your savings, and in man
By Jacob Dayan, CPA
Tax Benefits of an LLC for Rental Property: What They Are and How to Take Advantage of Them
Rental property is a hot commodity these days, so if you own rental property or are considering investing in real estate, forming a Limited Liability Company (LLC) can provide neat financial advantage
By Jacob Dayan, CPA
Tax Benefits for Small Business Owners: 12 Most Common Types
Owning a small business comes with many responsibilities, but it also offers significant tax advantages. Understanding the tax benefits for small business owners can help you save money, reinvest in y
By Jacob Dayan, CPA
Tax Benefits for Buying a Car
Buying a car can come with some surprising tax perks, depending on how and why you purchase it. This article covers the tax benefits of buying a car, from potential deductions for business use to cred
By Jacob Dayan, CPA
IRS Rejected Return: 6 Common Reasons and Fixes
“Filing taxes can be stressful” is the understatement of a lifetime, but it’s also true that the last thing anyone wants is to have their return rejected by the IRS. An IRS rejected return means that
By Jacob Dayan, CPA
The Tax Penalty for No Health Insurance
Health insurance is an essential aspect of financial and medical security for many Americans. However, for those who choose to go without health insurance, there may be financial consequences dependin
By Jacob Dayan, CPA
Tax Write Off for Donations to Goodwill
Donating to Goodwill is a great way to give back to the community while also benefiting from potential tax savings. The IRS allows taxpayers to claim a tax write off for donations to Goodwill and othe
By Jacob Dayan, CPA
Backup Withholding: What It Is and Who Has to Pay It
Backup withholding is one of those tax mechanisms that can seem deceptively simple: Normally, it’s used by the IRS to ensure that individuals and businesses report and pay the appropriate taxes on cer
By Jacob Dayan, CPA
State Income Tax Rates in the U.S.
State income tax rates vary widely across the U.S., from states with no income tax at all to those with steep progressive rates. This article breaks down how state income taxes work, compares flat vs.
By Jacob Dayan, CPA
Understanding Back Taxes: What They Are and How to Handle Them
Back taxes are unpaid taxes that were not paid by their due date. They can accumulate over time due to various reasons, such as financial difficulties, misunderstandings about tax obligations, or simp
By Jacob Dayan, CPA
Energy Efficient Home Improvement Credit
With rising energy costs and growing environmental concerns, many homeowners are looking for ways to improve their homes' energy efficiency. The Energy Efficient Home Improvement Credit is a valuable
By Jacob Dayan, CPA
Defining the Qualified Business Income Deduction (QBI)
For many, the QBI deduction is a crucial tool in managing tax costs, but it can also be complex to understand. Knowing how the deduction works, who qualifies, and what limitations exist can help busin
By Jacob Dayan, CPA
What is the Fresh Start Program And How Can it Benefit You?
The Fresh Start Program is an initiative by the Internal Revenue Service (IRS) designed to help taxpayers struggling with unpaid taxes. Originally launched in 2011 and expanded over the years, this pr
By Jacob Dayan, CPA
The Inheritance Tax: What You Should Know and What To Do About It
Inheritance tax is an important consideration for individuals who receive assets from a deceased person’s estate. While the United States does not have a federal tax for inheritances per se, several s
By Jacob Dayan, CPA
Can I Claim My Girlfriend as a Dependent?
When tax season rolls around, many people start looking for ways to maximize their deductions and reduce their taxable income. One common question that comes up is: can I claim my girlfriend as a depe
By Jacob Dayan, CPA
Married Filing Separately: What It Means and When It Makes Sense
When you’re married and preparing to file your taxes, you generally have two filing status options: married filing jointly or married filing separately. While most couples choose to file jointly to ta
By Jacob Dayan, CPA
CPA Tax: What It Is and How It Can Help You
When tax season rolls around, many people find themselves overwhelmed by the complexity of the U.S. tax code. Whether you’re an individual taxpayer with a straightforward return or a business owner de
By Jacob Dayan, CPA
Understanding Tax Rebates: What They Are and How They Work
Tax rebates are a form of financial relief provided by the government, offering taxpayers the opportunity to receive a refund or reduction on the amount of taxes they owe. Many people associate rebate
By Jacob Dayan, CPA
Filing Business Taxes for LLC for the First Time: A Complete Guide
Filing business taxes for an LLC for the first time can feel overwhelming, especially if you’re unfamiliar with the various tax classifications, filing deadlines, and reporting requirements. While LLC
By Jacob Dayan, CPA
Can Long Term Losses Offset Short Term Gains?
When it comes to investing, taxes play a significant role in determining how much of your profits you actually keep. If you buy and sell stocks, mutual funds, or other investments, you will eventually
By Jacob Dayan, CPA
Tax Benefits of Marriage: How Tying the Knot Can Lower Your Tax Bill
Marriage is often viewed as a romantic and personal milestone, but it also comes with financial implications—especially when it comes to taxes. For American couples, saying "I do" can unlock several t
By Jacob Dayan, CPA
W2 Form Control Number: Who Is In Control?
The W2 Form control number is an internal control measure by your employer. It doesn’t mean they’re useless; there are some specific scenarios where you might use them, especially if you use tax softw
By Jacob Dayan, CPA
Depreciation Recapture: What It Is and How It Affects Your Taxes
When you own property or assets used for business or income-generating purposes, you can claim depreciation on your taxes. Depreciation allows you to deduct a portion of the asset's value over time, r
By Jacob Dayan, CPA
Tax for Self-Employed Individuals: A Comprehensive Guide for 2025
If you work for yourself, whether as a freelancer, independent contractor, or small business owner, you’re responsible for handling your own taxes. Unlike traditional employees, whose employers withho
By Jacob Dayan, CPA
The Wash Sale Rule in 2025
If you’ve been investing in stocks or other securities, you may have heard of the wash sale rule. This is an IRS regulation designed to prevent investors from claiming a tax deduction for a loss on a
By Jacob Dayan, CPA
Cómo calcular los taxes en USA: Guía completa para latinos en 2025
Calcular correctamente los taxes en Estados Unidos es una parte esencial de la vida financiera, especialmente para los latinos que residen en el país. Ya sea que trabajes por cuenta propia, como emple
By Jacob Dayan, CPA
Why Is My Federal Withholding So High?
If you’ve recently taken a look at your paycheck and wondered, "Why is my federal withholding so high?"—you’re not alone. Withholding can sometimes seem unexpectedly large, leaving you with less take-
By Jacob Dayan, CPA
What Is IRA Deduction? A Complete Guide for U.S. Taxpayers
Saving for retirement is one of the smartest financial moves you can make, and an Individual Retirement Account (IRA) is a popular tool to help you do just that. But what is an IRA deduction, and how
By Jacob Dayan, CPA
Are Home Repairs Tax Deductible? A Complete Guide for U.S. Homeowners
If you’re a homeowner, you’ve probably wondered: Are home repairs tax deductible? Also, whether the money you spend on home repairs can give you a break at tax time. After all, repairs can be very cos
By Jacob Dayan, CPA
Are Scholarships Taxable? Everything You Need to Know
For many students and their families, receiving a scholarship can be a huge financial relief. Whether it’s a merit-based award, an athletic scholarship, or a need-based grant, this free money can help
By Jacob Dayan, CPA
A Complete Guide to Restricted Share Units (RSUs) and Their Tax Implications
If your employer has granted you Restricted Share Units (RSUs), congratulations—you’re essentially receiving a promise of company stock that could become a valuable asset over time. RSUs are a common
By Jacob Dayan, CPA
1099 Deductions: The Ultimate Guide for Independent Contractors and Freelancers
Being your own boss comes with many perks, sure, but it can also make you feel like a lone ship adrift at sea, especially when it comes to taxes. As an independent contractor, you don’t have the conve
By Jacob Dayan, CPA
Your 401(k) Tax Benefits
By taking advantage of your 401(k) tax benefits, you’re not only helping yourself to build a more financially secure future, but it may also lower your tax bill in the present as well.
By Jacob Dayan, CPA
Are Political Donations Tax Deductible?
Election season brings out the patriot in all of us, but while you might want to support your candidate, party, or political organization of choice with your wallet, you need to remember how the IRS l
By Jacob Dayan, CPA
LLC Taxes: How Are LLCs Taxed?
Are you considering going the LLC route? Whether it’s because of your business growing in complexity, or you just want to do some risk management, we can guide you through the tax side of things.
By Jacob Dayan, CPA
Should I Hire a CPA? What You Should Know
CPA’s can definitely help you file your taxes, but that’s really not taking full advantage of what they can offer; hiring a CPA can help you work out a personalized tax strategy to boost your long-ter
By Jacob Dayan, CPA
How Long to Keep Your Tax Forms
If you’re like most Americans, then the fact that you’re keeping your old tax forms is incidental because they’re just a part of the towering stack of old documents at home. It’s time to get serious a
By Jacob Dayan, CPA
The FICA EE Tax: What It Is And How It Affects You
Whether you’re an employee or an employer, you’re probably used to seeing an endless list of acronyms next to the many deductions on the money you take home at the end of the year. Out of these endles
By Jacob Dayan, CPA
The Penalty For Taking Early 401(k) Withdrawals
Having an untapped source of money for emergencies is tempting, particularly in an economy like this, but tapping into retirement will get you a 401k early withdrawal penalty—unless you understand the
By Jacob Dayan, CPA
Is Social Security Disability Income Taxable by the IRS?
Social Security Disability Income (SSDI) provides crucial financial support to people unable to work due to a disability. While the benefits can be a much needed lifeline for many Americans, many new
By Jacob Dayan, CPA
1099 Deductions: The Ultimate Guide for Independent Contractors and Freelancers
Being your own boss comes with many perks, sure, but it can also make you feel like a lone ship adrift at sea, especially when it comes to taxes. As an independent contractor, you don’t have the conve
By Jacob Dayan, CPA
Car Registration Tax Deduction: A Complete Guide for U.S. Taxpayers
Nothing like a visit to the DMV to really shake up your routine, right? Add paying fees on top of that and you have a recipe for a fantastic day. But there’s always a silver lining, and for this situa
By Jacob Dayan, CPA
Treasury Bonds and Taxes: The Ultimate Guide
In general, income from any type of bond issued by the federal government (including its many agencies), is considered taxable income and therefore subject to federal income tax. There are, of course,
By Jacob Dayan, CPA
Paying Taxes When You Sell a House
Technically, yes. However, the profit on home sale can be tax free if certain conditions are met. In fact, many home sellers will not even be required to report the sale of their home to the IRS, but
By Jacob Dayan, CPA
What Taxes Are Progressive? A Guide on the Progressive Tax System
What taxes are progressive? Well, all of them! At least at the federal level for income tax. The US federal government utilizes a progressive tax system, meaning that tax rates increase (or progress,
By Jacob Dayan, CPA
About Paying Taxes on Your Winnings From Gambling
Gambling winnings are fully taxable and must be reported on your tax return. However, there are a few key differences on how you might have to report and pay taxes on winnings than from other forms of
By Jacob Dayan, CPA
How to Know If You Owe Taxes: The Complete Guide
How will you know if you owe taxes? Well, the IRS makes it no secret, truth be told. In fact, they’re supposed to inform you by mail if you owe them anything; through that initial letter, they will te
By Jacob Dayan, CPA
Taxes and Military Funding: Your Tax Dollars at Work
Whether you want to be better informed in order to engage in public discourse about the US’ fiscal policy, or are simply curious about how your hard-earned tax dollars are spent, this guide is for you
By Jacob Dayan, CPA
Claiming Parents as Dependents: How it Works
Who doesn’t want to help their parents? Claiming an elderly parent as a tax dependent is not only caring for them as they enter the final stage of their lives, but it can also bring you substantial ta
By Jacob Dayan, CPA
The Consequences of Filing Taxes Late
Filing your tax return late is not going to put you on the IRS’s good side, and they could penalize you with both late-filing penalties and, if you also let the payment deadline slip by, a late-paymen
By Jacob Dayan, CPA
Babies And Tax Returns: A Real (If Unlikely) Pair
The IRS doesn’t discriminate on the basis of age, not even babies. It’s one of those things that sound funny but it’s actually true; a baby (technically, a dependent child of any age) must file a tax
By Jacob Dayan, CPA
How Much Does a Dependent Reduce Your Taxes?
Dependents can bring significant tax savings for you, but you have to make sure they qualify for it, so don’t go claiming every child around you just yet!
By Jacob Dayan, CPA
How Do I Prove Gambling Losses On My Taxes?
Gambling is full of thrills and excitement, at least for those who enjoy it. What it also comes with is tons of financial implications, and that includes your taxes. If you’ve incurred in any gambling
By Jacob Dayan, CPA
Car Donation Tax Deduction: A Comprehensive Guide for U.S. Taxpayers
No matter how committed you are to a cause, if someone told you “hey, donate your car!” you’d probably have some choice words for them. Well, what if we told you that you can get a pretty substantial
By Jacob Dayan, CPA
What Are Dividends Now Taxed At? A Comprehensive Guide for 2025
As we’ve explained before, dividends are a form of income distribution given to a corporation’s shareholders, and are a popular choice for investors seeking passive income. So, are dividends taxed? Wh
By Jacob Dayan, CPA
Understanding Estimated Taxes
It’s safe to say that tax season is unnecessarily stressful, but at least it only comes around once a year, right? Think again. For millions of Americans, especially freelancers, small business owners
By Jacob Dayan, CPA
Understanding S Corp Taxes
S Corps taxes have some of the most unique tax advantages available to small businesses and their shareholders. In short, an S Corp is a designation that the IRS provides to small businesses under Sub
By Jacob Dayan, CPA
Your Tax Return Is Still Being Processed: What Does It Mean?
Your tax return is still being processed, so does the online tool reads. It’s the stuff of nightmares for many. You check the IRS’s "Where’s My Refund?" tool only to find the ominous message: "Your re
By Jacob Dayan, CPA
If You Have No Income Can You Get a Tax Refund?
Believe it or not, you can qualify for a tax refund and actually receive it even if you have no income to speak of (at least not taxable income, but more on that later). Here’s the catch, however: To
By Jacob Dayan, CPA
Do Minors Have To Pay Taxes?
This should come as no surprise to anyone, but the IRS sees little difference between minors and adults when it comes to filing and paying taxes. But, do minors have to pay taxes?
By Jacob Dayan, CPA
Where Is My Tax Refund?
Are you counting down the minutes until you get that notification that your tax refund has been deposited? Why isn’t it here now? Maybe this is the first year you actually applied for a refundable cre
By Jacob Dayan, CPA
What Is Taxable Income?
As you know, U.S. citizens are subject to taxes based on their annual income. There are, however, distinct definitions of what “income” is under federal law.
By Jacob Dayan, CPA
How Do I File Back Tax Returns?
Let’s say you didn’t file your tax return for a year (or a couple of years, maybe even three). The reason doesn’t really matter, maybe you forgot or didn’t have enough to think you’d have to pay taxes
By Jacob Dayan, CPA
Is Social Security Taxed After Age 70?
Is social security taxed after age 70? In life there are many myths that people keep believing despite them having no basis in reality, like chewing gum supposedly doesn’t digest, or how it’s safe to
By Nick Charveron, EA
What Happens If You Don't File Taxes?
Failure to file your taxes, or filing them late even if you get a tax extension, can bring about bothersome and potentially serious consequences for you, from hefty fines to severe legal troubles depe
By Jacob Dayan, CPA
Is It Worth Claiming Medical Expenses On Taxes?
Is it worth claiming medical expenses on your taxes? Well, for most Americans, medical expenses take up a big chunk of their yearly budget. Still, many people don’t have a clear idea of which specific
By Nick Charveron, EA
Powerball After Taxes: How Much Will The IRS Take?
You know how it goes, one person becomes a millionaire overnight, and the rest of America turns into financial analysts. The Powerball jackpots have been nothing short of epic in the last decade, so b
By Jacob Dayan, CPA
Understanding The EITC: Who Gets Earned Income Credit?
For taxpayers who are low- to moderate income workers, the earned income tax credit (EITC) can be a highly valuable tax break that is very much worth knowing. It’s not too hard to qualify for it, eith
By Nick Charveron, EA
Short-Term Capital Gains Tax: A Quick Guide
A Quick Guide To The Short-Term Capital Gains Tax
By Jacob Dayan, CPA
How Are Bonuses Taxed? A Quick Explanation
How are bonuses taxed? It's a valid question since, after a year’s worth of hard work helping your company meet its goals, getting a bonus feels like a well-deserved reward for any red-blooded America
By Nick Charveron, EA
Claiming Dependents On Taxes: A Complete Guide
For tax purposes, a dependent is anyone who relies on you for financial support and can be “claimed” on your tax return (other than your spouse, of course.) Typical examples of dependents are your chi
By Jacob Dayan, CPA
How To Know What Tax Rate To Use In Your Return
With different brackets, deductions, and credits to consider, it’s easy to feel overwhelmed. But don't worry, you'll find everything you need to know inside this handy guide.
By Nick Charveron, EA
Irs Code 971: What the Notice Means & How to Respond
A big part of the work that the IRS does is cross-checking information. As you can imagine, that means they’ll often run into returns and other documentation that’s short on the required information,
By Nick Charveron, EA
IRS Code 766: What it Means on Your Transcript
Taxes and good news seldom come together, but that doesn’t mean it never happens. Case in point, you might one day receive your tax transcript and find IRS code 766 on it. Well, Code 766 serves as a c
By Jacob Dayan, CPA
How To Qualify for the $4000 Used EV Tax Credit
It's easy being green, especially when you get a tax credit for it.
By Sarah Nieschalk, Tax Writer
Updated Tax Extension Deadline for US Citizens Abroad
The IRS recently reported the guidelines and instructions on when and how to file if you were living or working abroad. Here is an outline of what you need to know.
By Markos Banos, Tax Writer
Pilot IRS Direct File Program a Success: Taxpayers Get $90 Million in Refunds
The Internal Revenue Service has just announced on X (formerly Twitter) that it has officially closed down the pilot IRS Direct File program, with over 300,000 taxpayers in 12 states signing up for Di
By Nick Charveron, EA
The IRS Just Became 1 Billion Dollars Richer
In April, the IRS warned nearly 1 million taxpayers that they may be leaving more than $1 billion on the table because they never filed a 2020 return.
By Jessie Seaman, Tax Professional
The Credit for Employer-Provided Childcare Facilities
The Credit for Employer-Provided Childcare Facilities is tax credit that encourages employers to provide childcare to their employees. An employer can get a tax credit up to $150,000 per year to offse
By Jacob Dayan, CPA
How Do I Pay Estimated Tax Payments to the IRS?
Paying the IRS isn’t fun, but unfortunately it is something we all have to do, and especially around tax season. The good news is that the IRS has finally made it as easy to make Estimated Tax Payment
By Nick Charveron, EA
When Corporations File Taxes: Tax Form 1120 and Form 1120-S for Corporation Income Tax Returns
Yes, corporations do file income tax returns. No, pigs still don't fly.
By Markos Banos, Tax Writer
When Corporations File Taxes: Tax Form 1120 and Form 1120-S for Corporation Income Tax Returns
Yes, corporations do file income tax returns. No, pigs still don't fly.
By Markos Banos, Tax Writer
How to Read Tax Transcripts: Find Your Refund Date on Your Tax Transcript
There's a lot of data in your tax transcript codes. Understanding them is like reading The Matrix.
By Jessie Seaman, Tax Professional
How to Read Tax Transcripts: Find Your Refund Date on Your Tax Transcript
There's a lot of data in your tax transcript codes. Understanding them is like reading The Matrix.
By Jessie Seaman, Tax Professional
What Form 1099-R Means For Your Retirement: Pensions, IRAs, Retirement or Profit-Sharing Plans
The R stands for Retirement. The 1099 stands for "Pay your fair share, even if you're retired.'
By Jacob Dayan, CPA
What Form 1099-R Means For Your Retirement: Pensions, IRAs, Retirement or Profit-Sharing Plans
The R stands for Retirement. The 1099 stands for "Pay your fair share, even if you're retired.'
By Jacob Dayan, CPA
Opinion: The Future of Artificial Intelligence Tax Preparation Is (Not Quite) Here
What happens when computer code meets the U.S. tax code?
By Nick Charveron, EA
Opinion: The Future of Artificial Intelligence Tax Preparation Is (Not Quite) Here
What happens when computer code meets the U.S. tax code?
By Nick Charveron, EA
You Can Now Claim Self Employed Tax Credits for Sick Time & Family Leave
A new tax credit to claim is something you'll never get sick of.
By Jacob Dayan, CPA
You Can Now Claim Self Employed Tax Credits for Sick Time & Family Leave
A new tax credit to claim is something you'll never get sick of.
By Jacob Dayan, CPA
Potential Self-Employed Taxpayer Penalties in 2024
If Americans pay their estimated taxes late, they could be in line for a shocking bill from the IRS this spring. Last October, the IRS increased the self-employed taxpayer penalties for filing late or
By Nick Charveron, EA
Reporting your Child’s Capital Gains and Dividends on Your Taxes: Form 8814
Little Timmy's investments actually paid off? Congrats! Here's how to put your kiddo's income on your joint tax return.
By Sarah Nieschalk, Tax Writer
Tax Refunds Disappointing Many in Early 2024
Due to the increasing volume of returns being processed, the IRS has cautioned taxpayers that the average refund amount will likely change in the coming months. However, early data published by the IR
By Nick Charveron, EA
How IRS Exchange Rates Work When Converting Foreign Currencies to US Tax Dollars
Taxpayers who earn income in a foreign country or financial assets in foreign currencies must report their earnings and assets in US dollars on their tax returns. The IRS exchange rates are used to de
By Markos Banos, Tax Writer
The Only Official IRS Penalty Calculator Is an Accurate Tax Return
A fast tax penalty calculator? It's the IRS, not hockey.
By Sarah Nieschalk, Tax Writer
Want Credit for Saving With Qualified Retirement Plan Contributions? Then Use Form 8880
You know those score multipliers in pinball? Saving for retirement is kinda like that.
By Nick Charveron, EA
IRS Publication 502: Yes, You Can Deduct Your Medical and Dental Expenses on Your Tax Return
If you've never heard of the medical expense deduction, you might be in for a treat.
By Markos Banos, Tax Writer
The IRS One Time Forgiveness Program: How It Relates to Offer in Compromise, Installment Plans and Tax Penalties
Financial hardship makes taking care of your tax liabilities difficult, if not impossible. Sometimes a payment plan isn't enough.
By Jessie Seaman, Tax Professional
IRS Announces Tax Season Deadlines, When Can You File and Expect Your Refund in 2024?
On January 8th, the IRS issued a statement that said taxpayers can start filing their annual returns on January 29. People who need extra time beyond the return filing due date can still request an ex
By Nick Charveron, EA
Additional Form 8959 for Additional Medicare Tax: Calculating Do Your Employee Wages or Self-Employment Income Meet These Thresholds?
Additional Form 8959 for Additional Medicare Tax: Calculating Do Your Employee Wages or Self-Employment Income Meet These Thresholds?
By IRS.com Editorial Team, CPA-Reviewed
Can You Write Off Your Kid's Private School Tuition as a Tax Deduction? It Depends on Your School, Your Student and Your Income
Can You Write Off Your Kid's Private School Tuition as a Tax Deduction? It Depends on Your School, Your Student and Your Income
By IRS.com Editorial Team, CPA-Reviewed
"Status: It's Complicated" Breaking Down the Head of Household status, Spouse vs Dependents, and How Many Allowances You Can Claim
"Status: It's Complicated" Breaking Down the Head of Household status, Spouse vs Dependents, and How Many Allowances You Can Claim
By IRS.com Editorial Team, CPA-Reviewed
There Is No Such Thing As a Department of Employee Retention Credit: Ignore ERTC Promoters, Skip the Seminars, and Avoid ERC Scammers
There Is No Such Thing As a Department of Employee Retention Credit: Ignore ERTC Promoters, Skip the Seminars, and Avoid ERC Scammers
By IRS.com Editorial Team, CPA-Reviewed
401k Contribution Limits Increased for 2024
The year 2024 brings good news for retirement savers. The 401k contribution limits are set to increase, allowing individuals to save even more towards their golden years. These changes aim to address
By Jacob Dayan, CPA
2024 Tax Brackets And Deductions: A Complete Guide
With the amount of tools and other forms of assistance available to taxpayers, you’d be surprised at how little you have to be exposed to numbers and math in general when filing a tax return. However,
By Nick Charveron, EA
How Do Taxes on Gambling Winnings Work?
Gambling activities can be thrilling and potentially lucrative, but it's important to understand the implications of taxes on gambling winnings. By staying informed, you can enjoy your gambling activi
By Nick Charveron, EA
How to Get a Copy of W2 Fast
If you're searching for your W2 quickly for a variety of reasons, whether it's a third party request, trying to qualify for a loan, or just filing your tax return and receiving your refund, it can lea
By Jessie Seaman, Tax Professional
How to Claim Premium Health Insurance Tax Credits
When it comes to navigating the complex world of tax credits, one area that often confuses individuals is the realm of health insurance tax credits. Specifically, understanding how to claim premium he
By Sarah Nieschalk, Tax Writer
Understanding the IRS Hardship Program
Sometimes unforeseen financial difficulties can arise, leaving individuals and businesses struggling to fulfill their tax responsibilities. The Internal Revenue Service (IRS) recognizes these challeng
By Nick Charveron, EA
Nonprofits With Tax Returns: What Are IRS Form 990 and Form 990-EZ Used For?
There's no profit in not turning in your Form 990s!
By Jessie Seaman, Tax Professional
How Are Cryptocurrencies Taxed? When You Pay Taxes on Bitcoin, What's Your Taxable Income?
And you thought e-filing your taxes was the hottest, new-fangled doodad the IRS tracked.
By Jacob Dayan, CPA
Form 982: The Lifeline IRS Form
Did you get any debts canceled or forgiven this year? You may need IRS tax form 982.
By Markos Banos, Tax Writer
President Biden’s SAVE plan is not entirely tax free
By Nick Charveron, EA
Where’s My Refund? Lost in the Mail, If You Don’t Follow the New Mail Forwarding Policy from USPS
Everyone always asks how to contact the IRS, but can the IRS contact you?
By Nick Charveron, EA
Caught In the Net Investment Income Tax? When to File Form 8960
Excited about passive income? So were we, until we got to the NIITy gritty.
By Jacob Dayan, CPA
How Does Form 8992 Work? Round-the-world Tour of Global Intangible Low-Taxed Income (GILTI)
It's not that kind of guilty, your honor.
By Markos Banos, Tax Writer
The Business End of Form 945: Nonpayroll Payments and the Annual Return of Withheld Federal Income Tax
Gambling with nonpayroll withheld taxes? Grab form 945 instead.
By Jessie Seaman, Tax Professional
Form 8962 Instructions to Claim the Premium Tax Credit (PTC)
So premium tax credit is not like premium gas. Well, that's a relief.
By Sarah Nieschalk, Tax Writer
The Healthy Way to Fill out the 8889 Tax Form for HSAs
With great tax benefits from HSAs come great tax forms, like the 8889 tax form.
By Markos Banos, Tax Writer
Reporting Sales, Capital Gains and Capital Losses With Form 8949
When it comes to reporting sales, capital gains, and capital losses on your tax return, Internal Revenue Service Tax Form 8949 is the go-to form. This form is designed to help individual taxpayers acc
By Sarah Nieschalk, Tax Writer
Declare Your Assets on Form 8938: What Are Specified Foreign Financial Assets and How They're Taxed
Are you a US taxpayer with investment assets in foreign countries or with foreign entities? If so, it's essential to understand how to properly declare these offshore assets to the Internal Revenue Se
By Jessie Seaman, Tax Professional
It's Not a Sequel: Form 8865, Return of U.S. Persons to With Respect to Certain Foreign Partnerships
If you're reaching for this form, you're about to file a complicated return. Then again, you're earning worldwide income and an international tax specialist would know the best routes for you to follo
By Nick Charveron, EA
Form 8824: What Are Like-Kind Exchanges and How Do You Report 1031 Exchanges on Your Tax Return?
If you've ever engaged in a 1031 exchange, it's important to understand how to report this transaction on your federal income tax return. This is where IRS Form 8824 steps in to explain a complex exch
By Jacob Dayan, CPA
Self Employed? Take Advantage of These Tax Savings Strategies for Business Owners
Are you self-employed? As a business owner or independent contractor, it’s essential to take advantage of tax savings strategies to maximize your deductions and minimize your tax liability. By impleme
By Jacob Dayan, CPA
Earn Extra Credit with Form 8863! Claim Your American Opportunity and Lifetime Learning Tax Credits
You might be thinking about academic credit hours and how to finish the academic period early, but there are other cool credits to consider: The education credits for your federal income tax return.
By Jessie Seaman, Tax Professional
Tax Debt? Myths and Facts About Owing Money to the Internal Revenue Service
Are you facing tax debts and worried about the consequences? Don't let myths cloud your judgment. Let's debunk some common misconceptions and shed light on the facts about owing money to the Internal
By Nick Charveron, EA
Schedule 8812: Add This List to Your 1040 to Claim Credits for Qualifying Children and Other Dependents
If the 1040 had kids, schedule 8812 would be the tidy one.
By Sarah Nieschalk, Tax Writer
For Your Eyes Only: Using Form 8821 to Give Tax Information Authorization
Facebook has privacy settings. The IRS uses 8821.
By Sarah Nieschalk, Tax Writer
Partnership Withholding With Form 8804: The Annual Return for Business Partners
Doing business in the US means you're effectively connected to Uncle Sam.
By Markos Banos, Tax Writer
Which Adoption Expenses Qualify for a Tax Write-off? Finish Form 8839 Right
The beloved musical Annie had a secret song about the adoption tax credit, but what does everyone remember? "Tomorrow, tomorrow! I love ya, tomorrow." Give us a tax break.
By Jessie Seaman, Tax Professional
Remote Workers Take a Tax Break: How to Claim the Home Office Tax Deduction with Form 8829
Like the Wellerman sea shanty, this form got real popular during and after the pandemic.
By Jessie Seaman, Tax Professional
Sharing Is Taxable: Form 8621 for American Expatriates Who Own Shares in Passive Foreign Investment Companies (PFICs)
International taxation can get as hard to follow as a Mission: Impossible plot.
By Jessie Seaman, Tax Professional
Asset Acquisition Statements With Form 8594 Explained: Selling or Buying Businesses
The difference between selling furniture in a building and a furniture store is Form 8594.
By Markos Banos, Tax Writer
Tax Form 8582 Instructions: How to File Passive Activity Loss Limitations With the IRS
Losing money sucks. Having to tell the IRS about it might be embarrassing and a smart tax strategy.
By Nick Charveron, EA
Only One Parent Can Claim Their Child for Taxes: Form 8332 and Custodial Parent Claiming
Form 8332 is of those tax forms that deserves its own country song.
By Jessie Seaman, Tax Professional
The Low-down on Form 8396, the Mortgage Interest Credit Certificate from Uncle Sam
Uncle Sam sent this form to help pay for your first home because, let's face it, that bathroom needs remodeling.
By Sarah Nieschalk, Tax Writer
Need More Time to File Your Small Business Tax Return? Send Form 7004 to Request a Business Tax Extension
It's IRS language for "Can I get six more months to do my homework?"
By Jessie Seaman, Tax Professional
Form 8082: What Does an Administrative Adjustment Request Do for a Business?
Ever start a story with "What had happened was..."? This is that in corporate taxes.
By Jacob Dayan, CPA
The Ins and Outs of Form 656, Offer in Compromise
If you wanna make 'em an offer they can't refuse, use Form 656 and all the right documents.
By Nick Charveron, EA
How to Report Transactions With Foreign Trusts and Certain Foreign Gifts Using Form 3250
Trust is a two-way street, unless the IRS defines it with trust grantor rules in the US tax code.
By Markos Banos, Tax Writer
The 411 on Form 2441, Claiming the Child and Dependent Care Credit
Want to write summer camp off your taxes? Get the tax ID number on that ropes course!
By Jacob Dayan, CPA
How to Expats Should Use Form 2555 to Exclude Foreign Income on Tax Returns
The official way expats say, "Hey, Uncle Sam, gimme a break."
By Jacob Dayan, CPA
Form 3520-A: Your Foreign Trust's Reporting Requirements with the Internal Revenue Service
If your foreign trust sends money to a U.S. citizen. here's how you let the IRS know.
By Markos Banos, Tax Writer
Form 4361 Allows Ministers to Opt out of Social Security and Medicare
Huh, I never thought about how social security gets in the way of a vow of poverty.
By Jacob Dayan, CPA
What Was the Economic Impact Payment (EIP) 2 and Why Did I Get It?
Remember when the government mailed everyone money? Good times.
By Jacob Dayan, CPA
Reporting Additional Taxes on Qualified Plans With US Tax Form 5329
Break the rules on your 401k? This form is how you tell the IRS "I'll pay the penalty but I'm not trying to break the law."
By Sarah Nieschalk, Tax Writer
U.S. Tax Form 56 and Fiduciary Relationship Concerns: Does This Matter Concern You?
A tax form with just two numbers? Not a cause for concern.
By Sarah Nieschalk, Tax Writer
State Withholding on W2: U.S. Wage and Tax Statement
The W-2 Form (AKA Wage and Tax Statement) is how you, as an employee, report your income for the previous tax year, along with all the wages your employer withheld for tax purposes.
By Markos Banos, Tax Writer
The Basics of the Foreign Tax Credit: What It's For, How to Claim It, and What Else an Expat Needs to Know
Like she was made to live in a faux-inspirational Hallmark movie, Kate Michell loves Italian wine, flirts with Italian men, savors the Italian sunrise — and has to file both Italian income taxes and A
By Jessie Seaman, Tax Professional
Explain Form 2439: When Undistributed Long-Term Capital Gains Are Good News for Shareholders
Every 1099-DIV means you owe some new taxes. Well, this is the opposite.
By Nick Charveron, EA
Completing IRS Form 433D for Your Direct Debit Installment Agreement
A form for direct debit. Does the IRS have a form for taking Apple Pay?
By Jacob Dayan, CPA
What Is Form 2210? The Underpayment Penalty And Who Must File It
They're not called "Guessimated" Tax Payments for a reason. Check your tax math!
By Markos Banos, Tax Writer
Your Guide to the Foreign Earned Income Exclusion: How It Works and Which U.S. Expatriates It Applies To
Landing that dream job overseas doesn't mean paying both taxes - but it doesn't mean you can skip.
By Markos Banos, Tax Writer
What The Failure to Pay Penalty Means and What to Do About It
And you thought that librarian was harsh about late fees.
By Jessie Seaman, Tax Professional
Qualified Dividends vs. Nonqualified Dividends: How Are They Taxed?
It's a battle! Qualified vs nonqualified dividends. If you're looking for the thrill of the day trader, expect a bit of a tax hangover.
By Jacob Dayan, CPA
The 1040 Is Already Easy: Why There Is No 1040 EZ for 2023
EZ come, EZ go.
By Markos Banos, Tax Writer
Charitable Contributions: Is Money Raised Through GoFundMe Taxable?
Yeah, GoFundMe isn't like Free Parking on Monopoly.
By Jessie Seaman, Tax Professional
How IRS Affidavit Form 14039 Can Protect You From Identity Theft
I mean, I wish my tax refund were big enough that I could be a target of tax refund theft.
By Jessie Seaman, Tax Professional
When You're Filling out Your W-4, How Many Exemptions and Allowances Should You Claim?
Withhold taxes now or owe taxes next April?
By Nick Charveron, EA
How to File an Amended Tax Return Online Easily
It’s really called the “Where’s My Amended Return Tool”? Well, the IRS isn’t subtle.
By Markos Banos, Tax Writer
Is Child Support Taxable Income or Tax Deductible? No
Child support might be tax neutral, but it's rarely feelings neutral.
By Sarah Nieschalk, Tax Writer
How Do I E-File? Electronically Submit Tax Returns, 1099s and More
Even the IRS prefers e-filing, and they love paperwork!
By Jessie Seaman, Tax Professional
No, There Is No First-time Homebuyer Tax Credit With the IRS
Yeah, the tax credit isn't real. Maybe Santa will bring us one. Oh, wait...
By Nick Charveron, EA
Do You Have to Pay Taxes on Unemployment Benefits?
If you're looking up this question, you probably have had your fill of unpleasant surprises.
By Sarah Nieschalk, Tax Writer
Do You Have to Pay Taxes? Yes, You Do. And Not Just Because the Law Says So.
Sure, paying taxes doesn't feel patriotic. But it is.
By Jacob Dayan, CPA
Retired and Filing Taxes: Does My Social Security Count as Income on My Taxes?
You think you're asking a yes-or-no question. Then the IRS answers with a percentage.
By Markos Banos, Tax Writer
Do You Really Have to File Taxes Every Year?
Not to oversell it, but doing your taxes can really pay off.
By Markos Banos, Tax Writer
Does Unemployment Count as Income?
So you got fired and now you're taxed? Believe it or not, there's good news: You have income.
By Jacob Dayan, CPA
Minor Question: Are Minors Exempt From Tax Withholding?
If minors don't get taxes taken out, can I be 18 again?
By Jacob Dayan, CPA
How to Check if You Owe the IRS Money (And Smart Ways to Negotiate and Pay Them, Including Installment Plans)
"Do I owe the IRS?" Well, it's always a good idea to check.
By Jacob Dayan, CPA
Disability Income Can Affect Your Tax Refunds in a Good Way, Depending on Its Origin
"Refund" might be the wrong word for a tax credit, but it's usually good news either way, right?
By Markos Banos, Tax Writer
What Every Parent Needs to Know About the Child Tax Credit (and the Update Portal)
Just because the monthly check is gone, the tax credit isn't.
By Sarah Nieschalk, Tax Writer
Making Allowances for Dependents: How Do I Claim a Dependent on My Form W-4 for Tax Year 2023?
Very Important: The allowance on W-4 is not like an allowance from your parents.
By Jessie Seaman, Tax Professional
Who's Got Control of the Control Number on W2 Forms?
So this is like "quality control" but for my income taxes. Better than "Inspected by No. 12."
By Jacob Dayan, CPA
Funeral Expenses: Tax Deductible or Not?
Death and taxes might be certain, but funeral expense tax deductions are a little less so.
By Jessie Seaman, Tax Professional
How to Navigate the (Slightly Simpler) Alternative Tax System: The Alternative Minimum Tax Calculator
There's an alternative to regular taxes? Yeah, paying more.
By Jacob Dayan, CPA
Which 990 Form Should My Tax-Exempt Organization Use?
You might be exempt from taxes, but no one's exempt from paperwork!
By Sarah Nieschalk, Tax Writer
Do Capital Gains Count as Income When I'm Doing My Taxes?
Gains, income, gravy train - it's all the same, isn't it? Not to Uncle Sam.
By Markos Banos, Tax Writer
Math Errors and Missed Deductions: When You Should File an Amended Tax Return and How to Track Yours
What to do when something doesn't add up on your tax refund.
By Markos Banos, Tax Writer
What's The Right Way To Use Tax Form 540, California Resident Income Tax Return
Look! It's the tax form all the movie stars use!
By Nick Charveron, EA
Foreign Accounts and Financial Assets with Form 8938: The Facts on Complying With FATCA
So all those Bond villains with Swiss bank accounts still pay taxes? With this form, yes.
By Nick Charveron, EA
The 2023 Child Tax Credit Payment Schedule: Only Annual Tax Credits (For Now)
If you're looking for a "payment schedule" to your child credit, well, the good news is there still is a child tax credit.
By Sarah Nieschalk, Tax Writer
Procrastinate At Your Own Risk: You Can Go to Jail for Not Filing Your Taxes
Yes. It's how they got Al Capone, right? Boy, I hope no one's googling this on a work computer.
By Jacob Dayan, CPA
Use the Advance Child Tax Credit Calculator to See How It All Adds Up
It could be also outdated, too, but I'm not sure.
By Nick Charveron, EA
Advance Premium Tax Credit: How the Federal Government Can Help Individuals Pay for Health Insurance
The APTC does real good for families, but in a very IRS-meets-health insurance kind of way. Talk about two institutions who share a love of paperwork.
By Jessie Seaman, Tax Professional
The Real Answer: "I'm a Single Parent: How Many Allowances Should I Put on My Form W-4?"
1 or 0? But the answer is, there's an art to doing your taxes.
By Jacob Dayan, CPA
The Care Credit Calculator: How Uncle Sam Helps Watch Your Kids and Dependents While You Work
Uncle Sam's watching the kids. As in, paying someone to help watch them. So, like most uncles?
By Sarah Nieschalk, Tax Writer
What's the Non-Refundable Child and Dependent Care Tax Credit for and What Does It Mean for Working Families?
One more reason to love those adorable bundles of tax breaks.
By Sarah Nieschalk, Tax Writer
The Civil Side of Retirement: Your Paycheck and the Federal Insurance Contributions Act (FICA)
What the FICA? If I earn $160,201, I don't have to pay into Social Security?
By Markos Banos, Tax Writer
Capital Gains Taxes Really Do Apply to Inherited Property: Here's How and How to Minimize Them
It's sad they passed away, but they left you a house. Selling it may hit you with capital gains, but you can minimize them. What a rollercoaster.
By Jacob Dayan, CPA
How Can You File Taxes Without a W-2 Form? It's Possible, and Here's How to Do Your Taxes Without a W-2
So the ol' "Dog ate my W-2" excuse won't work?
By Jacob Dayan, CPA
Big Questions, Small Form: What's Box-D on Form W-2? Where Is It, What's It for, and Can It Be Left Blank?
Is there a name for hypochondria about your tax forms? I've wondered about Box D on W-2, but now, I don't!
By Jessie Seaman, Tax Professional
Get Your Tax Return Amended: How to File Amended Returns and Check Amended Statuses
The IRS gives you a mulligan?
By Markos Banos, Tax Writer
Employers and Employees: Here's Where to Download a Blank W-4 Form for 2023 Tax Year
If you're asking "where's a blank W4?", then you probably have more questions.
By Jacob Dayan, CPA
Understanding Which Buttons to Push on Your Earned Income Credit Calculator
Even though it does add numbers, this calculator doesn't work like normal calculators.
By Nick Charveron, EA
How Many Cents Per Mile Can You Claim on Your Tax Return? Well, Your IRS Mileage Rate May Vary
This is where the term "Your mileage may vary" comes in.
By Jessie Seaman, Tax Professional
Who Qualifies for the Earned Income Tax Credit, How Do They Qualify and How Much Is the Credit?
Getting paid for getting a paycheck? Yes please.
By Nick Charveron, EA
EITC Schedule: What's the Soonest You Can Expect Your 2023 Earned Income Tax Credit Refund To Arrive?
The IRS has deadlines, too?
By Sarah Nieschalk, Tax Writer
Cash in on That Education: Go to School on Educational Tax Credits
Wow, that degree is worth something before you even finish it!
By Jessie Seaman, Tax Professional
Notice CP12: What This IRS Notice Means, How to Respond to It, and Why You Might Have Gotten a CP12 in the First Place
The CP12 Notice primarily addresses changes made to your e-filed tax return, and it provides information on the adjustments made, your updated income tax balance, and any additional refunds issued.
By Jessie Seaman, Tax Professional
Tax Teamwork: Instructions for Partnerships Using Form 1065 on Their Federal Tax Returns
They say partnership is hard. Then comes along Form 1065.
By Markos Banos, Tax Writer
What Is Earned Income When It Comes to Filing My Tax Returns?
It sounds like a philosophical question, but really, the IRS just wants the paperwork done right.
By Sarah Nieschalk, Tax Writer
Capital Gains and Income: Are You Ready to Realize How Your Gains Affect Your Taxes?
Did you realize this about your capital gains?
By Markos Banos, Tax Writer
Are Union Dues Tax Deductible?
As a member of a labor union, you may be curious to know if union dues are tax deductible. The answer is yes, but there are some caveats.
By Nick Charveron, EA
Incoming! Filing Income Taxes When You Don't Have Any Income to Report Has Real Benefits
You had me at "you might get money if you file, even if you don't have income."
By Nick Charveron, EA
Combat Pay: When It's Tax-free, When It's Not and What the IRS Needs to Know for Your Tax Returns
The irony of tax-free pay is how much paperwork is involved.
By Jessie Seaman, Tax Professional
The Other Tax Credit for Children: What is the Child Care Tax Credit and How Does It Work?
A credit for taking care of kids. A credit for having kids. Now where's the tax credit for teenagers sass?
By Sarah Nieschalk, Tax Writer
Love and Paperwork: What Does It Mean to Be Married and File Single?
So, it's got some tax advantages, but now my question is "how do you bring this up at dinner?"
By Nick Charveron, EA
What Will the Daycare Tax Credit Actually Pay for? Let's Take Care of That Child and Dependent Care Tax Credit
Also known as the "Keeping Mommy Sane" tax credit.
By Jessie Seaman, Tax Professional
How to Qualify for the IRS De Minimis Safe Harbor Election
My Latin might be rusty, but is this the business equivalent of "don't sweat the small stuff"?
By Markos Banos, Tax Writer
Child and Dependent Care Tax Credit Offers Benefits and Care for Caregivers
The Child and Dependent Care Tax Credit is a beneficial tax credit provided by the US government to assist families who have dependents that require care while a parent or guardian completes work-rela
By Jacob Dayan, CPA
The CTC's Growing Up: Highlights and Overview of the Child Tax Credit and How the CTC Works
My, how these child tax credits grow! Filing your taxes in 2021, 2022, and 2023 are very different years. (Fingers crossed that the CTC gets a growth spurt for filing in 2024.)
By Jacob Dayan, CPA
You Filed Your Amended Tax Return. So Where's Your Amended Refund?
I've never thought of doing my taxes a second time - kinda like how I never thought I'd go in for a second root canal. But amended returns can get you more?
By Nick Charveron, EA
Section 1231 Property, How It Works, And Reporting Them On Your Taxes
Section 1231 of the tax code provides guidance on the treatment of gains and losses derived from the sale or exchange of certain types of property. This section defines “1231 Property” as any deprecia
By Jacob Dayan, CPA
How a 1099 Tax Calculator Adds Up to Big Savings for Contractors and Self-Employed Individuals
If you're a freelancer, independent contractor, or vendor who isn't on an employer's payroll, you may receive a 1099 form for income you earned throughout the year. While being self-employed and recei
By Jacob Dayan, CPA
Adoption Tax Credit and the Benefits of Qualified Adoption Expenses
This credit seems pretty direct, but a lot of paperwork. Then again, if you're adopting a kid, the paperwork's not quite what's top of your mind, is it?
By Jessie Seaman, Tax Professional
What Do I Do With an IRS Adjusted Refund Letter?
I must have been doing something right for years -- I've never heard of this Adjusted Refund letter.
By Markos Banos, Tax Writer
I Got a 5071C Letter, Now What?
When the IRS sends you a 5071C letter, that’s a request for you to verify your identity. You’re probably getting one because their fraud detection system flagged your return as a potential case of ide
By Sarah Nieschalk, Tax Writer
How Your Employer Match Contributions Affects 401k Limits
No, your boss's 401k match doesn't count toward your limit. So stop buying pumpkin spice lattes every day and invest in your future.
By Jacob Dayan, CPA
The Tax Basics of 401k Distributions and Contributions
Here's a round-up of the 401K tax deductions!
By Jessie Seaman, Tax Professional
What Business Owners and Employers Should Do When The IRS Gives Them a 147c Letter
IRS Letter 147c is an official form of verification issued by the IRS (Internal Revenue Service) that confirms the business or entity's EIN (Employer Identification Number). It's commonly sent to the
By Markos Banos, Tax Writer
Rejoice, Employers! You Can File Your 1099 Tax Forms Online
The miracle of the Internet Age meets business tax compliance.
By Jacob Dayan, CPA
The Trusty Guide to Form 1041 for Estates and Trusts
Form 1041 is an IRS income tax form that is used to report and pay income taxes on behalf of a trust or estate. It is also known as the U.S. Income Tax Return for Estates and Trusts. This form must be
By Jessie Seaman, Tax Professional
The Right Way to Use Form 8962 to Claim the Premium Tax Credit
Form 8962 is an essential document for those who have received advance payments of the premium tax credit during the year or plan to claim the premium tax credit on their tax return. It helps taxpayer
By Markos Banos, Tax Writer
Your Opportunity to Explore Education Credits from Form 8863
Form 8863 is an Internal Revenue Service form used to figure and claim education credits. These credits are based on qualified education expenses paid to an eligible postsecondary educational institut
By Nick Charveron, EA
That $10,200 Unemployment Tax Break Makes Me Wonder, "How much will I get back?"
The pandemic unemployment credit.
By Sarah Nieschalk, Tax Writer
Know Before You File: The 1099 Reporting Requirements for Business Owners
The Internal Revenue Service (IRS) requires all businesses to report certain payment transactions on the Form 1099 series on their tax returns. The 1099 reporting requirements were established to ensu
By Jacob Dayan, CPA
The Ins and Outs of IRS Form 1099-MISC, the Income Catch-All Form
A comprehensive overview of the 1099-MISC form.
By Jessie Seaman, Tax Professional
Paypal, Square, Venmo, Etsy, and Other Third-Party Networks May Show up on Your 1099-K Tax Form
The 1099-K form is a tax form used by the Internal Revenue Service (IRS) to track and report payment transactions made through third-party networks. Third-party networks include companies like PayPal,
By Markos Banos, Tax Writer
The Real Estate Investor's Savvy Guide to IRS Form 1099-S
Real estate investing has some real tax implications. This one is an eye opener!
By Nick Charveron, EA
Investments Come and Go, but Form 8949 Remains a Crucial Part of Your Tax Returns
Here's another one for the books: Form 8949
By Sarah Nieschalk, Tax Writer
How to Make Sure You Get All Your Stimulus Money, Using Form 6475
Well, this could be a fun letter to get!
By Jacob Dayan, CPA
Found IRS Code 570 on Your IRS Transcript? Here's What Not to Do
If you hear about Code 570, always follow the Hitchhiker’s Guide… “Don’t Panic!”
By Jessie Seaman, Tax Professional
Can I Deduct My 529 Contributions on My Federal Tax Returns?
I think I might start a 529 just for the tax benefit!
By Jacob Dayan, CPA
How Old Do I Have to Be to Withdraw Funds from my 401k?
59 and a half is gonna be a big year! Or will it be?
By Jessie Seaman, Tax Professional
Required Reading for Anyone Worried About Their 401k RMDs (Required Minimum Distributions)
The dreaded RMD of 401ks.
By Markos Banos, Tax Writer
Power of Attorney and When to Use Form 2848 With the IRS
I didn't realize there was a form for this!
By Nick Charveron, EA
Get to Know Form 1099, How Independent Contractors Talk to the IRS
Form 1099 is a tax form used to report income from independent contractors. It is sent to the contractor by the client and also to the IRS at the beginning of tax season every year. The form lists all
By Sarah Nieschalk, Tax Writer
Making Sense of Tax Form 1042-S for Reporting Income Paid
When filling out a 1042-S form, it's important to provide information about the source of the income being paid and the type of income being paid. Additionally, you'll need to include an income code w
By Jacob Dayan, CPA
The Ins and Outs of 1040-NR for Nonresident Aliens and U.S. Expatriates
I hear Canada's nice this time of the election cycle.
By Jessie Seaman, Tax Professional
Capital Gains Taxes and the Key Inside the 28% Rate Gain Worksheet
The capital gains tax is a tax on profits from selling a capital asset. It applies to a range of investments, including stocks, bonds, mutual funds, real estate, and other tangible assets.
By Markos Banos, Tax Writer
The Major Deadlines for 1099s: When Your 1099 Forms Are Due
The due date for 1099 forms depends on the type of 1099 you are filing. Generally, Form 1099-MISC is due to the IRS and to the recipient by January 31 of each year. For 1099-NEC, which replaces Form 1
By Nick Charveron, EA
What Every Senior Should Know About the 1040-SR Tax Form
The 1040-SR is a special tax form designed to help seniors file their taxes more easily. It was created as part of the Bipartisan Budget Act of 2018 and has larger text and less shading than the regul
By Sarah Nieschalk, Tax Writer
The Bright Spot in Your Taxes: How Form 5695 Lets You Claim the Solar Tax Credit
Filling out Form 5695 of the Internal Revenue Service (IRS) to claim the Solar Tax Credit is an easy process, but there are a few important details that you need to know in order to make sure your cla
By Sarah Nieschalk, Tax Writer
Taking Control of Your International Taxation with Form 5471
Are you a U.S. citizen or resident alien that owns or is involved in a foreign corporation? If so, then you may be subject to filing Form 5471 with the IRS. Form 5471 can seem like a daunting task to
By Jacob Dayan, CPA
What HOAs Need to Know About Form 1120-H
Homeowners associations and timeshare associations use Form 1120-H is a United for income tax returns. Taxable income is determined by subtracting deductible expenses from the sum of both exempt funct
By Sarah Nieschalk, Tax Writer
Get to Know Form 1116: Your Key to Foreign Income Taxation and Credits
Form 1116 is a tax form that is used to report and claim a foreign tax credit. The form is filed with the Internal Revenue Service (IRS) when the taxpayer has income from sources in a foreign country
By Jessie Seaman, Tax Professional
1095-A vs 1095-C: A Healthy Understanding of Tax Forms about Health Insurance
These two forms I love scrambling for because I'm still not used to sticking them with my W-2s: The 1095s
By Markos Banos, Tax Writer
Form 1040: The Flagship Form of the IRS
Form 1040 is the flagship form of the Internal Revenue Service (IRS). It is used to report an individual's income and calculate their federal income taxes. This form is used by all citizens and perman
By Jacob Dayan, CPA
Your 411 on Tax Code 150: Transcripts, Codes and More
Tax Code 150 "Tax Return Filed" is a code used by the Internal Revenue Service (IRS) to identify transactions related to federal taxes. This code can be found on the tax return, tax liability, transac
By Nick Charveron, EA
Form 8919 Helps You Patch Up Social Security and Medicare Payments
Form 8919 is a form issued by the Internal Revenue Service (IRS) to help individuals who were treated as independent contractors by their employers to figure and report their share of uncollected Soci
By Sarah Nieschalk, Tax Writer
Making Common Sense of Form 8858
Form 8858 is a form used by taxpayers that own foreign entities and are required to report income from these entities on their U.S. tax returns. It is important to note that filing Form 8858 does not
By Nick Charveron, EA
Reporting your Child's Capital Gains and Dividends on Your Taxes: Form 8814
Are you the parent of a full-time student and unsure of your tax filing requirements? Form 8814, Parent's Election to Report Child's Interest and Dividends, is a helpful tool that can assist you in ma
By Nick Charveron, EA
How Long Can You Claim a Child as a Dependent?
Claiming your child as a dependent can provide significant financial benefits, including tax credits and deductions. However, as your children grow older and start to become financially independent, y
By Jasmine DiLucci, JD, CPA
Is Alimony Tax Deductible?
The financial struggles of a divorce can be overwhelming, but there may be some relief in the form of tax deductions. Alimony payments are often deductible from taxes, providing an opportunity to less
By Markos Banos, Tax Writer
Form 8805: When Your Business is Earning with Earning Foreign Partners
If you’ve ever had income from a partnership with foreign partners involved, there’s a good chance you’ve either come across Form 8805 or you will eventually. While it might sound like something that
By Nick Charveron, EA
Form 8275: Adjusting or Correcting Your Return
When you want to tell the IRS so much more than what's on their usual forms, there's Form 8275.
By Jessie Seaman, Tax Professional
Form 7203 Instructions: Reporting Distributions or Payments Received from a Corporation
Are you a business owner wondering what the requirements for filing Form 7203 are? Filing taxes can be an arduous and confusing process, but understanding the basics of Form 7203 may help you navigate
By Jacob Dayan, CPA
Form 3115: Application for Change in Accounting Method
Have you ever heard of a Form 3115? This document, which is also known as an Application for Change in Accounting Method, is required by the IRS if you want to change the way you calculate your busine
By Nick Charveron, EA
IRS Pub 596: What You Need To Know About
Are you looking for an easy way to file your taxes? If so, IRS Pub 596 is the publication for you! This comprehensive guide outlines the eligibility and filing requirements for claiming the earned inc
By Jacob Dayan, CPA
Do S Corps Get a 1099?
The 1099-Misc form is one of the most commonly used tax documents for businesses, but do S Corps actually need to receive it? This question can be difficult to answer without a better understanding of
By Markos Banos, Tax Writer
Can I Claim my Adult Child as a Dependent?
Parents who have adult children who still depend on them financially may wonder if they can claim them as dependents on their tax returns. In this article, we will explore what it means to claim an ad
By Nick Charveron, EA
Everything You Should Know About Getting, Using, and Renewing Your ITIN
An Individual Taxpayer Identification Number (ITIN) is a nine-digit tax processing number that starts with a "9," used by individuals to file a federal tax return if they do not have (and are ineligib
By Markos Banos, Tax Writer
Is Student Loan Forgiveness Taxable? - Why your IRS federal tax returns hold the answer
As of August 24, 2022, the Biden Administration announced a three-part plan to cancel certain amounts of federal student loan debt. The Student Loan Forgiveness Program aims to address the inflated co
By Jessie Seaman, Tax Professional
Jasmine DiLucci
Jasmine is a tax lawyer, certified public accountant, and enrolled agent. She graduated summa cum laude from SMU Dedman School of Law and cum laude from Claremont McKenna College with a Bachelor Degre
By Jasmine DiLucci, JD, CPA
IRS2Go App FAQs
In today's world of electronic streamlining and technological advances, there is an app for everything and the IRS is no exception. The IRS2Go App allows for a less challenging tax season experience.
By Sarah Nieschalk, Tax Writer
The Expanded Child Tax Credit
Thanks to recent temporary changes to the federal Child Tax Credit (CTC), many more families with children are eligible to claim the child credit and even receive advance monthly payments from the IRS
By Jessie Seaman, Tax Professional
How to stop child support from taking tax refund
Falling behind on any payment is never a good thing. But falling behind on child support payments can have ramifications on your finances -- it can even impact your tax refund. This article discusses
By Sarah Nieschalk, Tax Writer
IRS Topic 152
You logged into the "Where's My Refund" tool to check your refund status, and now you see a message with the words "Refer to IRS Topic 152." You may be wondering what that means, or worried that you d
By Jessie Seaman, Tax Professional
2022 Federal Income Tax Brackets, Rates, & Standard Deductions
The United States has what is called a progressive income tax system, meaning the greater your income, the more you pay. Different tax brackets, or ranges of income, are taxed at different rates. Thes
By Jessie Seaman, Tax Professional
Markos Banos
Markos M. Baños Cabán, Esq., serves as Director of Resolutions at Community Tax LLC after years of serving his clients as a tax practitioner and an attorney. He has turned his passion for service into
By Nick Charveron, EA
Markos Banos
Markos M. Baños Cabán, Esq., serves as Director of Resolutions at Community Tax LLC after years of serving his clients as a tax practitioner and an attorney. He has turned his passion for service into
By Nick Charveron, EA
How to File a Tax Return: Get Started Here
You have several options for filing your federal income tax return. The first step is to gather all necessary documents, including your W-2 forms, 1099 forms, and any other income or deduction records
By Jacob Dayan, CPA
How to File a Tax Return: Get Started Here
You have several options for filing your federal income tax return. The first step is to gather all necessary documents, including your W-2 forms, 1099 forms, and any other income or deduction records
By Jacob Dayan, CPA
Key Tax Numbers & IRS Due Dates for 2025
Your tax deadline is April 15, 2024. Uncle Sam has a deadline, too. When do will you get your federal tax refund?
By Jacob Dayan, CPA
Key Tax Numbers & IRS Due Dates for 2025
Your tax deadline is April 15, 2024. Uncle Sam has a deadline, too. When do will you get your federal tax refund?
By Jacob Dayan, CPA
Taxable vs. Non-Taxable Income
Generally speaking, the IRS considers almost every type of income under the sun to be taxable income. No surprises there, right? However, there are a few but significant exceptions, which are non-taxa
By IRS.com Editorial Team, CPA-Reviewed
Tax Deductions for Student Loan Interest
By making a federal student loan payment, you’re eligible to deduct a portion of the interest paid in your federal tax return for this year. This is known as a student loan interest deduction, and it
By IRS.com Editorial Team, CPA-Reviewed
How to Find Your Marginal Tax Rate in 2025
The marginal tax rate is what you pay on your highest dollar of taxable income. You’ve probably heard (and used) the term many times in the past, but what does it mean?
By Jacob Dayan, CPA
Refundable Tax Credits vs. Non-Refundable Tax Credits
Sometimes credits can be too much, and we mean that in every sense of the word. Thankfully, tax credits offer some much needed relief to the overwhelmed taxpayer.
By Markos Banos, Tax Writer
The Work Opportunity Tax Credit (WOTC)
It's a tough job market, and many businesses and workers are still struggling with the COVID-19 pandemic and its effects on the economy. The federal government created an incentive for employers to hi
By Sarah Nieschalk, Tax Writer
Where’s My Refund?: Checking The Status Of Your Tax Refund
“Yeah, I don’t really care to get my tax refund” said absolutely no one, ever. For millions of people, tax refunds are the light at the end of the tunnel that is tax season. Many of them even depend o
By IRS.com Editorial Team, CPA-Reviewed
The Standard Tax Deduction: 6 Key Points To Know
Are you going to take the standard tax deduction, or will you claim itemized deductions? To better answer this question, you may need to learn more about the standard deduction and the benefits that i
By IRS.com Editorial Team, CPA-Reviewed
Unemployment Tax Refunds Are Being Sent to People Who Overpaid Their Taxes
The IRS announced that it will be issuing another round of income tax refunds to nearly 4 million taxpayers who overpaid their federal taxes on unemployment benefits (both regular and federal extended
By Nick Charveron, EA
Missed the May 17 Deadline? File Taxes Now to Get a Refund & Lower Penalties
The IRS encourages people who have not yet filed their individual income tax return to do so as soon as possible. Here are some important tips and information if you have missed the filing due date.
By Jessie Seaman, Tax Professional
Cryptocurrency Taxes
When you hear cryptocurrency, your mind may automatically jump to big names like Bitcoin and Ethereum. What you may not think of is taxes. However, like other assets, cryptocurrency (and virtual curre
By Nick Charveron, EA
How to Obtain Old Tax Returns (For Free)
Getting a full copy or a transcript of your past tax returns is possible, but why would you want one? I mean, the past is in the past, and who needs the memories, right? Especially about taxes!
By Nick Charveron, EA
What Tax Bracket Am I In?: How To Find Your Income Tax Bracket
"What tax bracket am I in?" is probably a question that pops into your head at least once per tax season. Chances are that most people reading this article have a working yet still vague idea of what
By IRS.com Editorial Team, CPA-Reviewed
IRS Tax Withholding Estimator
Tax withholdings are the portion of your wages held from your paychecks by your employer. They are determined based on your filing status and standard deduction for the year. Federal taxes are withhel
By Sarah Nieschalk, Tax Writer
Apply for Estate Tax ID (EIN) Number | How to Apply Online
It’s not easy to be put in charge of someone else’s property, especially after that person has passed away. Managing their affairs after they’re gone can definitely be overwhelming, especially if you
By Jacob Dayan, CPA
Federal Tax Break for Child & Dependent Care Expenses
Did you pay for daycare, summer camp, or a babysitter to care for your kids during 2018? Or did you pay a care provider to look after your dependent (e.g., spouse or qualifying individual) while you w
By IRS.com Editorial Team, CPA-Reviewed
8 Smart Ways To Settle Your IRS Tax Debt
Most people know that there are few things is in this life as certain as death and taxes. However, each year, millions of people are still surprised by the amount of taxes they owe. Despite the absolu
By Jessie Seaman, Tax Professional
Which Tax Form To File Now That 1040A & 1040EZ Are No Longer Used?
The Internal Revenue Service Form 1040 is the standardized official document that individual taxpayers (most U.S. citizens and permanent residents who work in the U.S.) use to file their income tax re
By Sarah Nieschalk, Tax Writer
You and Your Form W2: What It Says, Why You Need It, and Where You Can Get Last Year's W2
How do you do that Form W2 voodoo you do so well?
By Nick Charveron, EA
How To Find AGI on Your Tax Return to E-File
Year after year, you collect a great amount of data and report it to the IRS, but what happens when you need to find one specific detail? It can be like finding a needle in a haystack! Well, if you wa
By Nick Charveron, EA
Income Tax Tips for Selling a Home
Selling your home is often a triumph – but it can also be a stressful and complicated process. Don’t forget to consider the tax implications for your real estate transactions.
By Nick Charveron, EA
How to Get an LLC and EIN (Tax ID Number)
Obtaining your EIN Number for an LLC can be done fairly easily online. Now that EIN (Tax ID) obtainment is available via the web, businesses no longer need to apply the “old way” via fax or by mail. S
By Jacob Dayan, CPA
Steps to Obtain your Estate Tax ID Number Online
Let's face it, dealing with the death of a loved one is never enjoyable; but with a little understanding of what you're going to need in advance, you can soften the hardships involved with settling yo
By Jacob Dayan, CPA
Amended Tax Return
Did you make a mistake on your Federal tax return that you need to correct?
By IRS.com Editorial Team, CPA-Reviewed
Top 5 Most Popular Itemized Deductions for U.S. Taxpayers
Itemizing your tax deductions can decrease your taxable income by a sizable amount, but you can’t just choose whatever expenses that catch your fancy. Familiarize yourself with how itemized deductions
By IRS.com Editorial Team, CPA-Reviewed
Can You Get an Additional Tax Return Extension?
It goes something like this: Tax season was fast approaching and you just knew you weren’t going to make the deadline to file your return on April 15, so you requested a tax extension.
By Jacob Dayan, CPA
Tax Tips To Report Your Hobby Income
Millions of people enjoy having hobbies — whether it’s photography, antiquing, craft making, collecting coins, or breeding horses, and even those that fall into the more bizarre side of things, but to
By IRS.com Editorial Team, CPA-Reviewed
Contacting the IRS: Phone Numbers, Email Addresses, and IRS Offices for Your Tax Issues
Need to talk to someone at the Internal Revenue Service? Start with 1-800-829-1040. The last four digits refer to individual income tax return Form 1040. (We see what you did there.)
By Jacob Dayan, CPA
What's The United States Treasury Address?
If you owe taxes to the IRS, it is important to know the correct address to send your money to. Sending your tax payments to the wrong IRS address could result in delayed processing that makes you lia
By IRS.com Editorial Team, CPA-Reviewed
How To Pay Taxes: The 6 Best Payment Options
Want to know how to pay taxes? Everyone has to pay taxes—that much is obvious. But you probably don’t know just how many options you have to do it. The IRS offers plenty of avenues on which to pay you
By IRS.com Editorial Team, CPA-Reviewed
AGI vs. MAGI: How to Calculate Each One
Adjusted Gross Income (AGI) and Modified Adjusted Gross Income (MAGI): When it comes to calculating your taxes, you will often hear those two different terms regarding income. You probably know that d
By Jacob Dayan, CPA
The Complete Guide to the Standard Deduction
Unlike itemizing deductions, which lets you pick and choose which expenses get deducted from your taxable income, the standard deduction is a set amount of money that is not subject to taxes, which mi
By IRS.com Editorial Team, CPA-Reviewed
Top 10 Tax Tips If You Sold Your Home in 2023
Have you heard of this? You might not have to pay taxes on the gain if you sell your home and make a profit. Yes, this is true, and it is a huge savings. If you are single, you can claim up to 250,000
By Jacob Dayan, CPA
How to Get a Tax Extension
Spring has arrived and April 15 will be here before we know it, but many of us won’t be ready to file our tax returns in less than a month.
By Jacob Dayan, CPA
Top 10 Tax Tips If You Sold Your Home in 2023
Have you heard of this? You might not have to pay taxes on the gain if you sell your home and make a profit. Yes, this is true, and it is a huge savings. If you are single, you can claim up to 250,000
By Nick Charveron, EA
IRS Tax Payment Plan
Do you owe back taxes to the IRS? Are you having trouble coming up with the money to pay your Federal taxes? You are not alone.
By Jessie Seaman, Tax Professional
The Pros and Cons of Filing Your Taxes Online and On Paper
Wondering about the pros and cons of filing your taxes online? Well, this tax season, do you go with e-filing or paper filing? You can avoid some of the drawbacks to paper filing and get your tax refu
By Nick Charveron, EA
Is My Gym Membership Tax Deductible?
With the rising costs of fitness centers, the question might pop into your head from time to time: Uh, is my gym membership tax deductible? Unfortunately, the general answer is “no.” Don’t worry, we’v
By IRS.com Editorial Team, CPA-Reviewed
What Is the Modified Adjusted Gross Income?
The simplest way we can define the Modified Adjusted Gross Income (MAGI for short) is “your AGI plus a few things”. Things are far more complex than that, of course! But this short explanation is the
By Markos Banos, Tax Writer
Understanding the Different Types Of Tax Returns
Understanding all different types of tax returns is no easy task. Did you know that there are over a thousand official IRS tax forms out there? Used to report income, expenses, deductions, ask for ext
By IRS.com Editorial Team, CPA-Reviewed
How to Determine Your Federal Filing Status
There are five statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Surviving Spouse with a Dependent Child. They determine many things about your tax
By Jacob Dayan, CPA
How to Find My Tax Return Refund
Not long after you file your federal income tax return, you may find yourself asking one very important question: how do I find my tax return refund?
By Jessie Seaman, Tax Professional
Tax Form 1040 Instructions: What You Need to Know
Form 1040 is the flagship form of the Internal Revenue Service (IRS). It is used to report an individual’s income and calculate their federal income taxes. This form is used by all citizens and perman
By Jacob Dayan, CPA
How Do Taxes Work?
How do taxes work? Well, if you're paying them, the question surely pops into your head from time to time. The truth is taxes (as hard as it is to believe sometimes) do play a big role in the day to d
By Jacob Dayan, CPA
Tax Credit vs Deduction
As you probably know, tax credits and tax deductions can help reduce your overall income tax liability. Every year, millions of taxpayers search for credits and deductions that can help them save mone
By Nick Charveron, EA
Types Of Tax Deductions
With the ever-changing tax laws and the temporary nature of most tax credits and deductions, timing is critical when it comes to claiming anything on your income tax return. To make the most of the av
By IRS.com Editorial Team, CPA-Reviewed
How to obtain a copy of past tax returns in all 50 states
If you are attempting to get a copy of your Federal Tax Return from the IRS, watch this how-to video on how to get copy of your past tax returns from the IRS.
By Markos Banos, Tax Writer
How to obtain a copy of past tax returns in all 50 states
If you are attempting to get a copy of your Federal Tax Return from the IRS, watch this how-to video on how to get copy of your past tax returns from the IRS.
By Markos Banos, Tax Writer
Pros And Cons of Professional Tax Preparation
Millions of Americans ask themselves the same question every year: Should I just pay a tax professional? A tax preparation service can be a fantastic help, but there are some things you need to keep i
By Jacob Dayan, CPA
Small Business Tax Preparation: A Quick Guide
Filing taxes for your business is a whole different beast from just filing your individual taxes. You have to be prepared and up to date, so let us give you a quick refresher of what you need to know
By IRS.com Editorial Team, CPA-Reviewed
Can The Windfall Tax Affect You?
The windfall tax is deceptively simple. When you receive a windfall — whether it’s an inheritance from a relative, winnings from the lottery or gambling, or proceeds from a legal settlement — you may
By IRS.com Editorial Team, CPA-Reviewed
Understanding and establishing 'Material Participation' for tax purposes
When it comes to your income taxes, U.S. tax law makes a distinction between different types of income — including income from passive investments and active businesses in which the taxpayer “material
By Sarah Nieschalk, Tax Writer
2025 and 2026 Work From Home Tax Deductions
There are certain work from home tax deductions that can reduce your taxable income by a sizable amount, but only if you are a qualifying worker. Want to know the ins and outs of these for the next tw
By IRS.com Editorial Team, CPA-Reviewed
Every Tax Payment Method You Can Use
Can I pay my taxes online? That’s a question that we run into all the time. Individuals have many different options for paying their federal income taxes. You can pay electronically (online) with a cr
By Nick Charveron, EA
How to E-File Taxes Online
Do you think the IRS wants all those paper returns? Think again.
By Jacob Dayan, CPA
Form 5498: What It Is and How to Use It
Sometimes, IRS Forms can get so specialized and specific that it gets a little overwhelming dealing with them, right? Well, there are a few of them that are refreshing in their simplicity: Enter Form
By IRS.com Editorial Team, CPA-Reviewed
IRS Payment Plan: How Much Interest Does the IRS Charge?
The IRS is not known for being idle in any matter, but it becomes particularly serious when it comes to penalties and interests. Even if you manage to set up a payment plan for your late or unpaid tax
By IRS.com Editorial Team, CPA-Reviewed
The Hope Credit: Where It Went And What Replaced It
As anyone that’s ever been to college can attest to, higher education can be prohibitively expensive in the U.S. These costs are not only a large burden on the students themselves, but on their famili
By Jessie Seaman, Tax Professional
AOTC: What Is The American Opportunity Tax Credit?
Higher education is a worthy pursuit, but it’s also way too costly for most Americans. The American Opportunity Credit (AOTC) can help many people afford college when they otherwise could not.
By IRS.com Editorial Team, CPA-Reviewed
Capital Gains Taxes: Know the Basics When You Sell a House, a Stock Portfolio, or a Beanie Baby
Minnie Arlowe felt so proud, prouder than she’d ever felt, when she finally sold the hyper, mega-ultra rare original-season, first-edition, never-been-out-of-the-box Beanie Baby that she saved since s
By Nick Charveron, EA
How Do I Have to Claim My Child as a Dependent?
As a parent, claiming your child as a dependent can help you save money on your taxes. However, the process of claiming your child as a dependent can be confusing for those who are unfamiliar with tax
By Jasmine DiLucci, JD, CPA
How to Fill Out Tax Extension Form 4868
In order to obtain a tax extension for filing your income taxes, a taxpayer must complete and return the IRS Tax Form entitled “Application for Extension of Time to File U. S. Individual Income Tax Re
By Nick Charveron, EA
W-3 Forms: Everything Business Owners Need to Know
How does the Social Security Administration know what your employee wages were?
By Jacob Dayan, CPA