Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
How to File IRS Form 4868 Extension Request for Form 1040 Individual Income Tax Return
Individuals must generally file their federal income tax return (IRS Form 1040) on or before April 15th of each tax year. If the individual needs more time, they can file the Form 4868 extension request.
IRS Form 8959 for Additional Medicare Tax
The IRS Form 8959 is included with Form 1040 to calculate the additional Medicare tax owed or refunded to the individual taxpayer. This article and video tutorial cover an example Form 8959 filing for the 2020 tax year.
IRS Form 1040 Schedule 3 – Additional Credits and Payments
The IRS Form 1040 Schedule 3 is included with the Form 1040 to report additional credits or payments made during the tax year. This article and video tutorial walkthrough the basics of the Schedule 3.
IRS Form 1040 Schedule 2 – Additional Taxes
The IRS Form 1040 Schedule 2 is included with the Form 1040 to report additional taxes owed with the income tax return. This article and video tutorial walkthrough the basics of the Schedule 2.
IRS Form 1040 Schedule 1 – Additional Income and Adjustments to Income
The IRS Form 1040 Schedule 1 is included with the Form 1040 to report additional income and adjustments to income. This article and video tutorial walkthrough the basics of the Schedule 1.
What’s the Difference Between a 501(c)(3) Organization and a “C” Corporation
A Section 501(c)(3) charitable organization is a tax-exempt entity for U.S. federal tax purposes. Most charities are organization as corporate entities but are not subject to corporate income taxes.
How to Deduct S Corporation Health Insurance Premiums on IRS Form 1040
An S corporation shareholder is treated as a self-employed individual with respect to health insurance premiums paid by the S corporation. The premiums must generally be included in wages and reported on Form W-2.
IRS Form 8960 Net Investment Income Tax
The net investment income tax (NIIT) is a 3.8% tax imposed on net investment income for taxpayers with AGI above certain thresholds. The Form 8960 is used to calculate a taxpayer's investment income and the related NIIT.
What’s the Difference Between AGI and Taxable Income?
A taxpayer's adjusted gross income (AGI) and taxable income are two different calculations. This article and video tutorial discuss those different calculations and why they are important.
IRS Form 8582 Passive Activity Loss Limitations on Form 1040
Investors in partnerships and S corporations must carefully characterize whether the investment is an active or passive activity. Passive activity losses are subject to certain rules and reporting obligations on IRS Form 8582. This article and video cover a sample Form 8582 with the Form 1040.
IRS Form 8880 Credit For Qualified Savings Contributions
The IRS Form 8880 is included with a taxpayer's Form 1040 when they make qualified retirement contributions. For certain taxpayers, they may be eligible for a federal tax credit. This article and video cover an example for the 2020 tax year.
Foreign Owned Single Member LLC – Do You Use a Form W-9 or Form W-8BEN?
A single member LLC is by default a disregarded entity for federal tax purposes. This article and video covers the basics of disregarded entities and whether a nonresident owner needs the Form W-9 or Form W-8 series.
IRS Form 8621 PFIC Statement and a QEF Election
When a U.S. shareholder owns shares in a passive foreign investment company (PFIC), the shareholder must include a Form 8621 with their tax return. This article discusses the QEF election available to PFIC shareholders.
How to Record Unreimbursed Partnership Expenses on Form 1040
When a general partner personally pays for business related expenses, the partnership should generally reimburse that partner for those costs. If a partner has unreimbursed expenses, they may be able to deduct those on their personal tax return.
Non-US Owner of a Delaware Corporation – What Filings are Required?
Delaware corporations have generally no restrictions on who can be a shareholder. In the event a nonresident owns stock in a Delaware corporation, the corporation has some additional filing requirements which are outlined in this article and video.