Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
IRS Form W-4 for 2022 – Married Couple with One Job
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 one job.
IRS Form 8804 and 8805 for Withholding Taxes on Effectively Connected Income (ECI)
If a partnership entity generates effectively connected income (ECI) which is allocated to nonresidents, those nonresidents are subject to withholding taxes at source. The ECI and taxes are reported on Forms 8804 and 8805.
How to File IRS Form 8814 for “Kiddie Taxes” on Investment Income Earned by Dependents
Investment income earned by dependents is generally subject to income taxes at the parents tax rate. This is referred to as the "kiddie tax" for U.S. tax purposes.
IRS Letter 6419 is Incorrect…
The IRS Letter 6419 helps taxpayers reconcile their advanced child tax credit payments received in 2021. Taxpayers should keep this letter and use this information when preparing their Form 1040.
IRS Form 8839 for Qualified Adoption Expenses
U.S. taxpayers often incur substantial costs to adopt a child. Under some circumstances, a portion of the adoption expenses can be used as a federal tax credit to reduce federal income taxes.
Do I Need to File IRS Form 1120-S with No Activity?
Every S corporation should file an annual Form 1120-S tax return even when the S corporation has no activity for the year. This article discusses those details and filing rules.
What are Reportable Transactions on IRS Form 5472
The IRS Form 5472 is used to disclose non-U.S. ownership and reportable transactions with foreign parties. This article and video discuss what types of reportable transactions need to be disclosed on Form 5472.
Change the Responsible Party with IRS Form 8822-B
Every business entity that applies for an employer identification number (EIN) must appoint an individual to be the responsible party. A business can change its responsible party by filing Form 8822-B.
Can I Deduct Medical Expenses on My Taxes?
U.S. taxpayers may be able to deduct their unreimbursed medical expenses if they itemize their tax deductions. This article and video discusses those rules and how to report them on Schedule A.
Teenagers and Summer Jobs – What Taxes Do They Need to Pay?
Any U.S. person that has earned income in excess of the standard deduction must generally file a tax return. For parents that have teenagers working summer jobs, you might need your teenager to separately file their own tax return.
What is the IRS Form 5173 Tax Clearance Certificate for US Estate Taxes
When a non-U.S. person has U.S. situs assets, those assets are potentially subject to U.S. estate taxes when the nonresident dies. The Form 5173 is a clearance certificate issued after the nonresident's personal representative files Form 706-NA.
IRS Form 5213 for the Hobby Loss Rules
When a U.S. taxpayer has a hobby, any income generated from the hobby must be reported on their tax return. However, there are special rules with respect to deducting hobby related expenses.
What is the “Kiddie Tax” for US Federal Tax Purposes – How to Report on Form 1040
The “Kiddie Tax” for U.S. tax purposes means a child's investment income is subject to the same higher marginal tax rates as their parents. This article and video discuss the rules and how to report on Form 1040.
Give Your Hobby a Boost – Use an LLC Partnership or S Corporation
The hobby loss rules for U.S. tax purposes can be quite complex and nuanced. Many business owners can form a legal entity to try and give their operation a boost in the right direction.
How to Complete IRS Form 2441 for Child Care Tax Credits
Many taxpayers that pay for child care are eligible for a federal tax credit to help reduce their annual federal tax liability. This article and video tutorial cover the Form 2441 and how to claim the child care tax credit.