Tax Refunds Are On the Way!!
Tax refunds are on the way to U.S. taxpayers. When can you expect to receive your refund this year?
IRS Form 8862 – Disallowed Child Tax Credit
Form 8862 must be completed by a taxpayer when they previously had certain federal tax credits disallowed in a prior tax year for reasons other than math or clerical errors.
Where is My Tax Refund – 2022 Tax Season Delays
Are you still waiting for your tax refund? You are not alone. Many taxpayers filed their tax returns as early as possible hoping to get a quick refund check, yet those checks have not been issued...
IRS Form 1099-K and the $600 Threshold
The IRS Form 1099-K reporting thresholds and requirements have been expanded and will now impact millions more taxpayers. So, what are the rules and what do you need to do if you receive a Form 1099-K?
2022 Tax Refund Updates for This Season
The 2022 tax season is underway and taxpayers are anxiously awaiting their federal tax refunds. Here is an update on the season so far.
What is the Qualified Dividends and Capital Gains Tax Worksheet?
U.S. taxpayers are generally subject to reduced federal tax rates on qualified dividend income and long-term capital gains. The taxpayer should complete the applicable worksheet to calculate those reduced taxes.
How to File IRS Form 8814 for “Kiddie Taxes” on Investment Income Earned by Dependents
Investment income earned by dependents is generally subject to income taxes at the parents tax rate. This is referred to as the "kiddie tax" for U.S. tax purposes.
Teenagers and Summer Jobs – What Taxes Do They Need to Pay?
Any U.S. person that has earned income in excess of the standard deduction must generally file a tax return. For parents that have teenagers working summer jobs, you might need your teenager to separately file their own tax return.
Can You File a Superseded Form 1040 Tax Return
If a taxpayer files Form 1040 and needs to make changes, the taxpayer may be able to submit an amended return or a superseded tax return. This article discusses the differences between amended and superseded returns.
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.