Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
IRS Form 1099-DIV: How to Report Nondividend Distributions
Form 1099-DIV reports various types of cash and property distributions from a corporation to its shareholders. In some cases a corporation makes a nondividend distribution which is generally a nontaxable transaction.
IRS Form 1099-DIV Explained: How to Report Exempt Interest Dividend Income
Form 1099-DIV generally reports dividend distributions from a corporation to shareholders. For a shareholder in a RIC, they may receive a distribution of nontaxable exempt interest dividends.
IRS Form 1099-A Explained: How to Report on IRS Form 1040
Form 1099-A is filed by a creditor to report the acquisition or abandonment of property. In this example, the taxpayer receives a Form 1099-A for a foreclosed piece of real estate.
IRS Form 1099-INT Explained – How to Account for Accrued Interest on Bond Purchases
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.
How to File IRS Form 8938 for Foreign Financial Assets
U.S. persons with interests in foreign financial assets may need to include a Form 8938 with their tax return. In this example, we look at an individual taxpayer that needs to disclose foreign assets.
IRS Form 1099-NEC Explained – How to Report on Form 1040
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.
IRS Form 1099-C Explained with Form 982 for Cancelled Debt Income
If a person has debts cancelled by a lender, the lender may send the debtor a Form 1099-C to report the cancelled debt income. Taxpayers may be able to use Form 982 to exclude those amounts from income.
How to File Form 8936 for Business and Personal Use of EV Tax Credit
Certain types of electric vehicles are eligible for a federal tax credit when a taxpayer files their Form 1040. In this example, we look at an EV tax credit that contains both a personal and business use component.
How to Report Gambling Winnings and Losses on IRS Form 1040
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.
How to File IRS Form 8936 for Electric Vehicle Tax Credits for 2022
Certain types of electric vehicles are eligible for a federal tax credit when a taxpayer files their Form 1040. In this example, we look at an EV tax credit for the 2022 tax year.
How to File IRS Form 8863 for American Opportunity Tax Credit for 2022
An individual taxpayer who spends money on higher education may be eligible for the American Opportunity Tax Credit (AOTC). This example covers the eligibility, calculation, and reporting of AOTC on IRS Form 8863.
How to File IRS Form 8863 for the Lifetime Learning Credit for 2022
U.S. taxpayers that are enrolled in higher education classes may be entitled to a federal tax credit for a portion of the cost. This article examines the lifetime learning credit for a part-time student and how to report on Form 8863.
How to Get an EIN for a Non-US Company – IRS Form SS-4
The IRS Form SS-4 is an EIN application form used by U.S. and non-U.S. companies. In this example, we look at a Form SS-4 application for a foreign company.
How to File Form 1065 for a Real Estate Flipping Business
Partnerships file an annual Form 1065 to report income, expenses, and other transactions. This article examines a Form 1065 filing for a real estate flipping business.
How to File Form W-4 to Reduce Your Withholding Taxes
IRS Form W-4 is a withholding certificate that an employee provides to their employer. The certificate let's the employer know how much federal withholding tax to deduct from the employee paycheck.