Do I Pay Taxes on Foreign Income?
U.S. taxpayers are generally required to report their entire gross income from whatever source derived. This includes income from non-U.S. sources.
How to File IRS Form 8840 for a Closer Connection to Foreign Country
Nonresidents of the U.S. can become U.S. tax resident by spending too many days inside the USA. If the nonresident meets the substantial presence test, they may be able to file the Form 8840 to assert a closer connection to a foreign country.
I Lost My Form W-2? What Are Your Options?
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.
How to Deduct Student Loan Interest Reported on IRS Form 1098-E
Taxpayers that make student loan payments may be able to deduct some or all of the interest expense on their tax return. The interest expense paid each year is reported on Form 1098-E.
How to Deduct Casualty Losses on IRS Form 4684
If a taxpayer suffers property damage, they may be able to deduct the losses as a casualty loss on their federal tax return.
Where to Report Form 1099-DIV Income on Form 1040
When a taxpayer receives dividend income from ownership in a corporation, the dividend distributions are reported on Form 1099-DIV. This information can be used to complete Schedule B of a taxpayer's Form 1040.
IRS Form 6252 Tutorial – Reporting Capital Gains Using the Installment Method
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.
How to File IRS Form 2350 for Additional Time to File IRS Form 1040
U.S. expats that live and work abroad may be eligible for the foreign earned income exclusion (FEIE). If the taxpayer needs more time to establish residency, they can file Form 2350.
What Is the US Substantial Presence Test?
Nonresidents of the USA may become a U.S. tax resident if they are physically present in the U.S. for a certain number of days during the tax year. This article discusses the substantial presence test and what it means for non-U.S. persons.
How to Claim the 2020 Recovery Rebate Tax Credit
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.