Jacob Dayan
CPA
Jacob Dayan is a tax professional at IRS.com with expertise in U.S. federal and state tax law. Their articles are written to help taxpayers understand complex tax topics in plain English.
Articles
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…
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.
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…