Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
How to Fill Out Form 1120-S for the 2021 Tax year. Step-by-Step Instructions
This article and video tutorial cover a sample Form 1120-S filing for the 2021 tax year. The example fact pattern is for a Florida based consulting business with several owners.
How to Fill Out IRS Form 1120 for the 2021 Tax Year. Step-by-Step Instructions
This article and video tutorial cover a sample Form 1120 tax filing for the 2021 tax year. The example fact pattern is for a marketing consulting agency with several ownership.
IRS Form W-4 Updates for 2022
This article and video tutorial cover the new updates to the 2022 version of the Form W-4 withholding certificate.
IRS Form 6781 – Section 1256 Gains and Losses
When U.S. taxpayers trade Section 1256 contracts, those gains and losses are treated as capital gains. 40% of the total is short-term capital gain while 60% of the total is long-term capital gain. The gains and losses are reported on Form 6781.
IRS Form 8858 – Foreign Disregarded Entity Disclosures
The IRS Form 8858 is filed with a U.S. income tax return to disclose operations from a foreign branch or foreign disregarded entity. This article and video tutorial covers a sample Form 8858.
Bonus Depreciation Recapture When Business Use Falls Below 50%
When the business use of an asset falls below 50%, the business may have to recapture accelerated depreciation taken in earlier tax years. This example covers bonus depreciation recapture for business use vehicles.
IRS Form 8396 Mortgage Credit Certificate Program
If a homeowner has a qualified mortgage credit certificate (MCC), they may be eligible for a federal tax credit based on the amount of mortgage interest expense paid during the year.
IRS Form 851 Affiliations Schedule on Form 1120
The IRS Form 1120 corporate income tax return is eligible to file a consolidated tax return for a parent company and its subsidiaries. The subsidiaries included in the consolidated return are disclosed on IRS Form 851.
IRS Form 673 – Exemption From Withholding Taxes
U.S. expats that are living and working abroad are generally still subject to federal income taxes on their gross income. Form 673 can be completed and provided to an employer to claim an exemption from federal withholding taxes for U.S. expats.
IRS Form W-9S for Student Taxpayer ID Number
Students may be required to provide a withholding certificate to their university for student loan purposes. The Form W-9S is a variant of the Form W-9 withholding certificate.
IRS Form 15103 – Form 1040 Return Delinquency
The IRS will frequently send a taxpayer a notice if the IRS believes the person had to file an income tax return and the IRS has no record a return being filed. The Form 15103 is filed in response to those notices.
IRS Form W-4V Certificate for Voluntary Withholding on Unemployment Compensation
Taxpayers that receive unemployment benefits can voluntary have federal withholding taxes taken from the disbursements. Unemployment compensation is generally included in taxable income for federal tax purposes.
Election to Reclassify Rental Income as ECI – Complete IRS Form W-8ECI
U.S. source rental income paid to nonresidents is generally treated as FDAP income and subject to taxes on gross income. A nonresident filing Form 1040-NR can elect to treat the income as ECI and pay taxes on a net basis.
Foreign Owned Multi-Member LLC – How to Report on Form 1065 for 2020 Tax Year
A multi member LLC is treated as a partnership for federal tax purposes. This article and video covers the basics of partnership taxation with nonresident owners and how to report on a Form 1065 for the 2020 tax year.
Foreign-Owned Multi Member LLC – No Taxes Owed!
A multi member LLC is treated as a partnership for federal tax purposes. Not every U.S. partnership that generates profits is subject to federal income taxes. This article and video covers the basics of partnership taxation with nonresident owners.