Many U.S. taxpayers make charitable donations of cash and property during the year. For taxpayers that itemize their tax deductions, they may be able to deduct the fair value of those contributions on their income tax returns.
Losing your W-2 is never a good thing when it comes to preparing your tax return. If you are missing a W-2, you have a few options to try and recover the information.
A corporation can have deemed dividend distributions which must be reported on Forms 972 & 973. The shareholder must generally consent to this inclusion. This article and video tutorial cover the basics and how to prepare the forms.
U.S. taxpayers must include in their gross income any cancelled debts. If a taxpayer has cancelled debt income, they may be able to use Form 982 to exclude it from their taxable income.
Taxpayers may sell assets and collect the gross proceeds on an installment basis. If eligible, the taxpayer may recognize the income under the installment method and report those amounts on Form 6252.
In general, taxpayers must make estimated tax payments and pay all taxes owed before the filing deadline. In some cases, the taxpayer may be granted an extension to pay those taxes. This article and video tutorial cover the Form 1127 extension request.
The Form 1099 is filed by businesses to report certain types of income paid to taxpayers. If a taxpayer did not receive a Form 1099 when they were supposed to, they have a few options.
Taxpayers can defer or completely eliminate capital gains taxes by investing in qualified opportunity funds (QOF). This article and video discuss those tax benefits.
The recovery rebate tax credit is the 2020 stimulus payment related to the COVID-19 epidemic. This article covers how to claim the credit on a Form 1040 income tax return.
The Form W-4 withholding certificate is completed by employees to help their employer determine how much income tax should be withheld on their wages.
