Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
IRS Form 1099-K and the $600 Threshold
The IRS Form 1099-K reporting thresholds and requirements have been expanded and will now impact millions more taxpayers. So, what are the rules and what do you need to do if you receive a Form 1099-K?
How to File IRS Form 5472 for a Foreign-Owned Disregarded LLC
Form 5472 is a required filing for any domestic LLC that is a disregarded entity and is owned by a non-U.S. person or entity. This article and video tutorial covers the filing requirements and sample Form 5472 with a proforma Form 1120.
2022 Tax Refund Updates for This Season
The 2022 tax season is underway and taxpayers are anxiously awaiting their federal tax refunds. Here is an update on the season so far.
How to Claim the Earned Income Tax Credit (EITC)
The earned income credit (EIC) is a federal tax credit that helps low to moderate income workers reduce their federal tax liability. This article and video covers an example EIC calculation for the 2021 tax year.
How to File IRS Form 8911 for Alternative Fuel Vehicle Refueling Property Credit
The IRS Form 8911 can be included with a taxpayers federal income tax return to claim the alternative fuel vehicle refueling property tax credit. This article and video tutorial covers an example of Form 8911.
How to Pay Yourself From an LLC?
If you're a business owner with an LLC, you'll want to know how to pay yourself from the company's accounts. The payment methods largely depend upon how the LLC is structured for federal tax purposes.
What is the Qualified Dividends and Capital Gains Tax Worksheet?
U.S. taxpayers are generally subject to reduced federal tax rates on qualified dividend income and long-term capital gains. The taxpayer should complete the applicable worksheet to calculate those reduced taxes.
When Can I Expect My Tax Refund?
Many taxpayers filed their returns early and have not received their tax refunds. When can you expect to receive a direct deposit or a paper refund check in the mail?
What is the IRS CP80 Tax Notice?
The IRS CP80 tax notice is issued to taxpayers when the IRS received estimated tax payments or extension payments but the IRS has yet to receive a federal tax return. It's important for taxpayers to timely file their tax returns to reconcile these payments and calculate the actual amount of federal taxes owed each year.
What is the Definition of Net Pay?
When an employee works for an employer, the employee's take home paycheck is far less from their gross pay. The paycheck is reduced for items such as payroll taxes, income tax withholding, health insurance premiums, and retirement plan contributions. An employee's net pay is an important calculation.
How to File IRS Form 8863 for the American Opportunity Tax Credit (AOTC)
The American Opportunity Credit is a federal tax credit that helps taxpayers reduce their federal tax liability for money spent on higher education. This article and video covers how to complete Form 8863.
How to Fill Out IRS Form 1040-NR for 2021. Step-by-Step Guide
The Form 1040-NR is filed by nonresidents of the U.S. that have U.S. source income subject to taxation. This article covers an example Form 1040-NR filing for the 2021 tax year.
How to Fill Out IRS Form 8936 for an Electric Vehicle Tax Credit
U.S. taxpayers may be eligible for a federal tax credit if they purchase a qualified electric vehicle. This article and video tutorial covers the EV tax credit rules and a sample Form 8936 to claim the credit.
How to Complete IRS Form 4852 for a Substitute Form W-2
U.S. employees receive a Form W-2 at the end of each year which reports their wages, federal income taxes withheld, and payroll taxes withheld. In cases where the Form W-2 is unavailable, a substitute form can be prepared.
How to Fill Out Form W-4 for Married Couple with Two Jobs
The IRS Form W-4 withholding certificate is completed by an employee and provided to their employer. The employer uses this information to calculate the amount of withholding taxes taken from the employee paycheck. This article covers Form W-4 for a married couple with two jobs.