Tax articles
395 plain-English guides to U.S. federal taxes, newest first.
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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?"
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.
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"?
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…
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.)
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?
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…
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…
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?
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.
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…
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.
The Tax Basics of 401k Distributions and Contributions
Here's a round-up of the 401K tax deductions!
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…
Rejoice, Employers! You Can File Your 1099 Tax Forms Online
The miracle of the Internet Age meets business tax compliance.
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…
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…
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…
That $10,200 Unemployment Tax Break Makes Me Wonder, "How much will I get back?"
The pandemic unemployment credit.
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…
The Ins and Outs of IRS Form 1099-MISC, the Income Catch-All Form
A comprehensive overview of the 1099-MISC form.
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…
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!
Investments Come and Go, but Form 8949 Remains a Crucial Part of Your Tax Returns
Here's another one for the books: Form 8949…