Form 941 is a quarterly payroll tax return filed by businesses with employees. This article and video tutorial cover a sample 3rd quarter payroll tax return for an S corporation.
Form 941 is a quarterly payroll tax return filed by businesses with employees. This article and video tutorial cover a sample 4th quarter payroll tax return for an S corporation.
Businesses that sell their vehicles must generally report the gain or loss of the sale on Form 4797. This example looks at an S corporation that sold a business vehicle in 2022.
If an individual runs a sole proprietorship business, they are generally considered self-employed for federal tax purposes. Self-employed persons with income over certain thresholds must file a Form 1040 tax return to report their SE income.
The sale of real estate is generally treated as Section 1250 property. An investor may have to recognize ordinary income recapture when they dispose of a rental real estate investment.
Section 1250 property is generally depreciable real property. The Section 1250 rules for gains, losses, and depreciation recapture are different from personal property. This article discusses the basics of Section 1250 tax rules.
In general, rental real estate activity is not a qualified business for purposes of the Section 199A deduction. There is a safe harbor available for taxpayers that want to treat rental activity as QBI.
Section 1250 property is generally depreciable real property. The Section 1250 rules for gains, losses, and depreciation recapture are different from personal property. Unrecaptured Section 1250 is depreciation recapture subject to maximum 25% tax rate.
Section 1231 applies to property used in a trade or business that was held for more than 1 year. Section 1231 gains are taxed as long-term gains while losses are ordinary. This article discusses Section 1231 as it applies to rental real estate.
The sale of property used in a trade or business is generally reported on Form 4797. This article and video tutorial cover Form 4797 reporting for the sale of rental real estate.
