Save Taxes With a Home Equity Line of Credit
In general, taxpayers that purchase a home are allowed to deduct the mortgage interest expense as an itemized tax deduction. In certain cases, interest from a HELOC may also be tax deductible.
What are Refund Anticipation Loans (RAL)
The RAL loans are loans issued in anticipation of receiving a federal tax refund. These loans are generally issued by certain tax return preparation companies.
How to Report Gambling Winnings & Losses on IRS Form 1040
Gambling winnings are generally included in gross income and subject to federal income taxes. This article examines how a taxpayer should report their gambling winnings and losses on their federal tax return.
IRS Letter 6475 for the Third Stimulus Check
The IRS Letter 6475 is a confirmation letter from the IRS which provides the total amount of the third stimulus check paid to the taxpayer.
IRS Form W-4 Updates for 2022
This article and video tutorial cover the new updates to the 2022 version of the Form W-4 withholding certificate.
IRS Form 673 – Exemption From Withholding Taxes
U.S. expats that are living and working abroad are generally still subject to federal income taxes on their gross income. Form 673 can be completed and provided to an employer to claim an exemption from federal withholding taxes for U.S. expats.
IRS Form 15103 – Form 1040 Return Delinquency
The IRS will frequently send a taxpayer a notice if the IRS believes the person had to file an income tax return and the IRS has no record a return being filed. The Form 15103 is filed in response to those notices.
IRS Form W-4V Certificate for Voluntary Withholding on Unemployment Compensation
Taxpayers that receive unemployment benefits can voluntary have federal withholding taxes taken from the disbursements. Unemployment compensation is generally included in taxable income for federal tax purposes.
IRS Form 8316 – Statement Attached to IRS Form 843
The Form 8316 is filed by nonresidents that had payroll taxes withheld from their wages by mistake.
IRS Form 843 FICA Tax Refund Claim
The IRS Form 843 is filed by taxpayers requesting a refund of taxes or an abatement of penalties and interest. The form can be filed for a refund or abatement of estate, gift, employment, excise, or income taxes.