Taxpayers who purchase bonds between interest payment dates may need to account for accrued bond interest income and expense. In this video, we look at an example of how to account for the accrued interest.
Individuals who work as subcontractors and NOT as employees may receive a Form 1099-NEC which reports their nonemployee compensation paid by the company. This video discusses where a taxpayer can report those amounts.
U.S. taxpayers must report all of their gross income on Form 1040, which includes reporting gambling winnings and losses. This example tutorial looks at how to report those winnings.
When a person sells U.S. situs real estate, the transaction is generally reported on a Form 1099-S. The taxpayer uses this information to complete their Form 1040 tax return.
Form 6781 is used to report gains and losses from Section 1256 contracts and straddles. In certain cases, if a taxpayer has a net loss for the year, they can carryback those losses to prior years.
Tax refunds are slowly making their way to taxpayers. When will you receive yours?
U.S. taxpayers may be eligible for a solar electric tax credit if they make certain eligible improvements to their home. This article covers the basics of the solar electric credit and a sample Form 5695 to calculate the tax credit.
If taxpayers make eligible energy efficient improvements to their home, they may qualify for a federal tax credit. This article covers the solar water heating property tax credit and how to complete Form 5695 with the Form 1040.
A U.S. taxpayer may be eligible for a residential energy tax credit if they make eligible improvements to their property. This article covers the basics and a sample Form 5695 for the 2022 tax year.
In order to claim the child tax credit (CTC) taxpayers must have a qualifying child and meet other criteria. This article discusses what it means to meet the "support test" for CTC.
