Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
How to Complete IRS Form 2555 for the Foreign Earned Income Exclusion (FEIE)
The foreign earned income exclusion (FEIE) is claimed on IRS Form 2555 and included with a U.S. taxpayers Form 1040. This article covers the basics of the FEIE and Form 2555.
Earned Income Tax Credit (EITC) For Illinois State Tax Purposes
The earned income credit (EIC) is a federal tax credit that helps low to medium income taxpayers reduce their federal taxes each year. Many states have their own version of the credit, including Illinois.
How to File IRS Form 1040-X for an Amended Tax Return
If an individual taxpayer makes a mistake on their Form 1040 tax return, they can file an amended return using Form 1040-X. This article covers a sample Form 1040-X filing.
Missing Stimulus Checks – What is the IRS Doing?
Many U.S. taxpayers qualified for a stimulus check during the COVID-19 pandemic. Some taxpayers, however, are missing those stimulus checks. Here is an update on what the IRS is doing.
Earned Income Tax Credit (EITC) For Colorado State Taxes
The earned income credit (EIC) is a federal tax credit that helps low to medium income taxpayers reduce their federal taxes each year. Many states have their own version of the credit, including Colorado.
Fraudulent Form 1099 Filings – How Do I Correct the Filings?
Some taxpayers may receive a 1099 with incorrect information. The 1099 could also be issued under fraudulent circumstances. Here are some tips on how to correct the issue.
How to Use IRS Form W-4 to Reduce Your Withholding Taxes
The IRS Form W-4 is a withholding certificate completed by an employee and provided to their employer. The employer uses this information to calculate the correct amount of federal withholding taxes that should be deducted from an employee's paycheck.
IRS Form 2848 for a Power of Attorney
The IRS Form 2848 is a power of attorney form which individuals and businesses can nominate a tax professional to represent them before the IRS. The POA also allows the representative to contact the IRS and obtain taxpayer information.
IRS Form 8453 for Transmittal of Individual Income Tax Return
When an individual or business electronically files their income tax returns, the taxpayer may be required to provide additional information that could not be electronically filed with the return. Those additional materials can be mailed to the IRS using Form 8453.
How to File IRS Form 3911 for a Missing Tax Refund Check
Form 3911 can be filed by individual taxpayers that are missing their tax refund checks. Taxpayers are encouraged to receive refund checks electronically using direct deposit. If a paper refund check is issued in the mail, the refund check may be lost or destroyed.
Can an S Corporation Owner Have an ITIN Instead of an SSN?
In order for an entity to qualify as an S corporation, it must only have eligible shareholders. Individuals must be US persons in order to be an S corporation shareholder.
When Do I Need to File an Amended Form 1040 Tax Return?
When a taxpayer's Form 1040 contains errors or omissions, the taxpayer must generally file an amended income tax return. This article discusses some of those circumstances where you may want to file an amended tax return.
How to Verify 501(c)(3) Status for Non-Profit Organizations
Individuals and businesses that make charitable contributions to a Section 501(c)(3) charitable organization are allowed a charitable tax deduction. Taxpayers are encouraged to verify the charity has been approved by the IRS as a public charitable organization.
What is the Generation Skipping Tax (GST) – Basic Introduction
U.S. persons that make gifts must be mindful of the federal gift taxes and generation skipping tax. This article discusses the basics of GST.
TPG Bank Products – What is This Deposit?
When taxpayers use tax preparation software to prepare and file their income tax returns, they often choose to have their tax refunds directly deposited into their bank accounts. The Santa Barbara Tax Products Group (SBTPG) processes the deposits for many taxpayers.