Taxes
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Latest Articles
TurboTax 2022 Form 1040 – Schedule C Tutorial
Schedule C is included with a Form 1040 when the individual runs a sole proprietorship. This article covers an example Schedule C for an E-commerce business. The taxpayer prepares his income tax return in TurboTax for the 2022 tax year.
TurboTax 2022 Tutorial Form 1040 – Basic Step-by-Step Guide
Generally, every U.S. person must file an individual income tax return (Form 1040) when their gross income exceeds the relevant thresholds for the year. This tutorial covers how to prepare a basic Form 1040 in TurboTax for 2022.
Schedule K-2 and K-3 Domestic Filing Exceptions
Schedule K-2 and K-3 are generally required schedules for a partnership or S corporation tax return. However, a domestic filing exception may apply to certain entities. This article discusses the requirements to meet the exception.
California Storm Victim Tax Relief – Extended Tax Filing Deadlines are Automatic
Taxpayers that reside in certain areas of California may receive an automatic extension of time to file and pay their taxes. Automatic extensions are granted when the federal government declares certain disaster areas.
2023 Tax Season Refund Processing Delays
Tax season has started and is underway; however, many individuals are experiencing delays with their tax refunds.
Child Tax Credit for 2023 – What Are the Changes?
The Child Tax Credit (CTC) for the 2023 tax year has some changes from the prior tax years. This article covers the main changes and what taxpayers need to know for this tax season.
The IRS Delays the Form 1099-K $600 Reporting Threshold for 2023
The IRS has placed a hold on the new Form 1099-K reporting requirements for many personal use transactions. This video details those changes and what taxpayers need to know.
2023 Tax Season Begins
Tax season opens this year on January 23, 2023, which is the day the IRS will start accepting electronically filed Form 1040 income tax returns for the 2022 tax year.
Basics of Withholding Foreign Partnerships (Schedule K-2 and K-3)
When a foreign partnership is classified as a withholding foreign partnership for federal tax purposes, it must comply with certain rules and regulations. Additional information is also disclosed on the Schedule K-2 and K-3 included with the Form 1065 partnership tax return.
How to Complete IRS Form W-9 for a Multi-Member LLC
The Form W-9 is a withholding certificate used by U.S. persons to verify their name, tax ID number, address, and tax classification for federal tax purposes. This article discusses the Form W-9 for multi-member LLCs.
Schedule K-2 and K-3 for an Investment Partnership
Schedule K-2 and K-3 are used to report additional information on a partnership's gross income, expenses, and foreign transactions. The schedules are generally required whenever a partnership has foreign activities or non-U.S ownership. This article covers an investment partnership with non-U.S. owners.
Schedule K-2 and K-3 for US LLC with Foreign Disregarded Entity and Effectively Connected Income (ECI)
Schedule K-2 and K-3 are used to report additional information on a partnership's gross income, expenses, and foreign transactions. The schedules are generally required whenever a partnership has foreign activities or non-U.S ownership. This article covers a U.S. partnership with foreign activities.
Schedule K-2 and K-3 for US LLC with a Foreign Disregarded Entity
Schedule K-2 and K-3 are used to report additional information on a partnership's gross income, expenses, and foreign transactions. The schedules are generally required whenever a partnership has foreign activities or non-U.S ownership. This article covers a U.S. partnership with ownership in a foreign disregarded entity.
How to Record the Sale of Publicly Traded Partnerships (PTP) Units on Form 1040
Investors in a PTP will receive a Schedule K-1 each year. The investor uses this information to complete their own tax returns. When an investor sells their PTP units, the gain/loss on sale must be recorded and certain adjustments are generally required.
IRS Form 4797 – Section 1250 Ordinary Recapture on the Sale of Real Estate
The sale of real estate is generally treated as Section 1250 property. An investor may have to recognize ordinary income recapture when they dispose of a rental real estate investment.