Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
IRS CP09 Tax Notice – Earned Income Tax Credit Eligibility
Many taxpayers are eligible for the earned income credit (EIC) to help reduce their overall federal tax liability. If a taxpayer forgets to claim the EIC, the IRS may send a tax notice which brings attention to their potential eligibility for the credit.
IRS Form 5754 – How to Split Gambling Winnings and Losses
Gambling winnings and losses are generally reportable on an individual's income tax return. In some cases, the prize money is split between 2 or more individuals using Form 5754.
2022 Tax Refunds – Who Is Still Waiting?
Tax refunds are slowly starting to make their way to taxpayers, but many are still waiting. What are the delays?
Twitch and YouTube Form 1042-S
Twitch streamers and YouTube channel creators that are non-U.S. persons may receive a Form 1042-S at the end of each year. This information reports your U.S. source royalty income and federal withholding taxes.
2022 Tax Season – Why Is My Refund So Low?
Tax season is underway and many taxpayers are disappointed with the amount of their federal tax refunds. In this article we discuss some of those common reasons why refunds are lower than last year.
2022 Tax Season – The IRS Changed my Tax Refund Amount
Did the IRS adjust your expected refund amount? Many times a taxpayer will file a tax return and the IRS will automatically make changes before issuing the refund. Changes can be made to increase or decrease your refund amount.
2022 Tax Season Updates – Where is My Refund?
2022 tax season is in full swing and many taxpayers have already received that refunds. However, some are still waiting. So, what's the hold up?
IRS Crypto FAQ Updated on Form 1040
The IRS aggressively pursuing taxpayers who fail to disclose their cryptocurrency gains and losses on their income tax returns. The IRS website has recently updated their FAQ.
Twitch & YouTube Forms 1042-2 and 1099s, and W-8BEN
Online creators receive royalty income from advertisements run on their channels. This royalty income may consist of U.S. source income which is taxable when paid to nonresident creators. This article and video discusses those tax rules and the various forms.
YouTuber Royalty Income and the US Federal Tax Consequences
YouTubers with monetized channels can generate advertising revenue in the form of royalty income. For U.S. source royalty income paid to nonresidents, those receipts may be subject to federal income taxes.
2022 Tax Season – Make Sure to File Your Taxes
2022 tax season is here. It's important for every taxpayer to review their tax situation and determine whether they need to file an income tax return. If you have to file, make sure to file timely!
Form 1040 Common Filing Errors – What Went Wrong?
Taxpayers are only human. So, it is not uncommon for individuals to make mistakes on their income tax returns. This article and video we discuss some of those common filing errors.
IRS Form 5472 Cost Sharing Arrangements
Form 5472 is filed by a U.S. corporation when its has foreign ownership or transactions with foreign related parties. Any cost sharing arrangements between the U.S. corporation and foreign party must be disclosed on the Form 5472.
Trader Tax Status (TTS) – How to Report on Form 1040
A day trader may qualify for trader tax status (TTS) for federal tax purposes. The appeal of qualifying for TTS is the taxpayer can deduct ordinary and necessary business expenses connected with that trading business.
Deductible Travel Expenses – Business vs Personal Use Travel
Business owners can generally deduct the cost of their travel if the principal purpose of the trip is for business. So, what are the rules to determine business versus personal travel?