Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
IRS Letter 6419 for Advanced Child Tax Credit Payments
The child tax credit (CTC) is claimed on a taxpayer's annual Form 1040 tax filing. During the 2021 tax year, taxpayers may have received an advanced CTC amount which needs to be reconciled at year-end. The IRS Letter 6419 attempts to confirm with taxpayers what advanced payments they may have received.
What are the Standard Mileage Reimbursement Rates for 2022
The IRS has recently published the new standard mileage reimbursement rates for businesses and charitable purposes.
Save Taxes With a Home Equity Line of Credit
In general, taxpayers that purchase a home are allowed to deduct the mortgage interest expense as an itemized tax deduction. In certain cases, interest from a HELOC may also be tax deductible.
How to File IRS Form 4952 Investment Interest Expense Deduction
When taxpayers borrow funds to purchase investments, the taxpayer may be able to deduct some or all of that investment interest expense. The investment interest expense is an itemized tax deduction calculated on Form 4952.
Business Vehicle Lease Payments – How Much is Deductible?
In general, if a business leases a vehicle for business reasons, the business can deduct the cost of the lease payments and the insurance. In many cases, the business must record adjustments for an owner's personal use the vehicle.
IRS Form 8606 Nontaxable Distributions From an IRA
In general, distributions from a Traditional IRA are included in taxable income. However, a distribution may be nontaxable to the extent the taxpayer has basis in their Traditional IRA. This article and video covers an example Form 8606.
Are Business Gifts Tax Deductible Expenses?
A business may make gifts to its customers and clients as a thank you for their business. The deductible amount of the gift, however, may be limited.
What are Refund Anticipation Loans (RAL)
The RAL loans are loans issued in anticipation of receiving a federal tax refund. These loans are generally issued by certain tax return preparation companies.
Can You File a Superseded Form 1040 Tax Return
If a taxpayer files Form 1040 and needs to make changes, the taxpayer may be able to submit an amended return or a superseded tax return. This article discusses the differences between amended and superseded returns.
How to Report Gambling Winnings & Losses on IRS Form 1040
Gambling winnings are generally included in gross income and subject to federal income taxes. This article examines how a taxpayer should report their gambling winnings and losses on their federal tax return.
How to Prepare IRS Form 1041 for the 2021 Tax Year. Step-by-Step Instruction
The Form 1041 is filed by certain estates and trusts that have gross income over the relevant threshold for the tax year. This article and video tutorial covers a sample Form 1041 filing for the 2021 tax year.
Last Day to File Your Taxes for 2022 – Don’t Miss the Deadline!
The 2022 tax return deadline is right around the corner. Make sure to timely file your tax return or file for an extension.
IRS Letter 6475 for the Third Stimulus Check
The IRS Letter 6475 is a confirmation letter from the IRS which provides the total amount of the third stimulus check paid to the taxpayer.
IRS Form 7203 for S Corporation Shareholder Basis
The IRS Form 7203 is included with a shareholders Form 1040 to track their stock and debt basis in the S corporation. This article and video covers a sample Form 7203.
How to Fill Out IRS Form 1040 for the 2021 Tax Year. Step-by-Step Instructions
This article and video tutorial cover a sample Form 1040 individual income tax return for the 2021 tax year.