Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
Dual US Citizen – Do You Complete Form W-9 or W-8BEN?
U.S. citizens are U.S. tax residents regardless of where they live and work. This applies to persons with dual citizenship with other countries. U.S. citizens need to be careful which withholding certificate they complete when requested by banks, custodians, and other payors.
Make Money on Fiverr – How to Report on Your Form 1040 Tax Return
Many individuals and businesses use Fiverr to find work. Those earnings are generally taxable for U.S. persons and should be reported on their income tax return. This article and video discusses those reporting options.
Form 1040 Standard Deductions on Schedule A for 2021
Schedule A is included with Form 1040 when a U.S. taxpayer wants to itemize their tax deductions instead of claiming the standard deduction. This article and video cover a sample Schedule A with Form 1040.
How to Report IRS Form 1099-S on Form 1040
Whenever a piece of U.S. real estate is sold, the broker generally issues a Form 1099-S to report the gross sales proceeds from the transaction. The seller of the real property uses this information to complete their income tax returns.
How to Search for an NAICS Code
A business will often have to disclose its NAICS code which most closely reflects its business activities. There are various ways to search for this business code.
2021 Gift Tax Exclusions – How Much Can You Give Away?
The IRS has recently updated the 2021 gift tax exclusion amounts. This article and video cover those 2021 exclusions and how much you can give away without having to file Form 709 gift tax return.
Do I Pay Income Taxes on Reinvested Dividend Income?
U.S. taxpayers will generally report gross income from whatever source derived. This includes dividend income that is automatically reinvested by the broker.
What is the IRS Form 1099-MISC for Miscellaneous Income
When a company makes payments to an independent contractor, they are generally required to report the payments on a Form 1099-MISC or a Form 1099-NEC. This article and video tutorial covers those basic rules and some of the reporting implications.
What is the IRS Form 1099-NEC for Nonemployee Compensation
When a company pays an independent contractor compensation, those payments are generally reportable on Form 1099-NEC. This article and video cover the Form 1099-NEC reporting requirements.
IRS Form 8925 for Employer Owned Life Insurance Policies
When a company takes out a life insurance policy on one of its employees, owners, or directors, there are certain disclosure requirements on annual income tax returns. This article covers the Form 8925 reporting obligations.
What are the Passive Activity Loss (PAL) Rules for Federal Income Taxes
The passive activity loss rules (PAL) prevent taxpayers from using losses from passive activities to offset active income. This article and video discuss the PAL basics and provide some examples.
What is the IRS Form 1042-S?
The IRS Form 1042-S is generally filed when U.S. source income is paid to a nonresident for federal tax purposes. The form is also filed to report the amount of federal income taxes withheld at source.
Rev Proc 84-35 Penalty Relief for Late Filed Form 1065 Partnership Tax Return
When a Form 1065 partnership tax return is filed late, the IRS imposes a monthly penalty per partner in the partnership. If the return is filed late and a penalty is assessed, the partnership may be able to use Rev Proc 84-35 to get the penalty waived.
Taxation of LLCs – Difference Between US and Foreign LLC
The LLC is a popular choice of entity inside and outside of the U.S. However, the tax treatment and default rules are not always the same with U.S. and foreign LLCs.
IRS CP49 Tax Notice – Why Did the IRS Keep Your Tax Refund?
The IRS sends you a CP49 tax notice when you have a tax balance due and didn't pay the full amount. When you filed your next tax return which showed a refund due, the IRS keeps your refund to apply towards the outstanding balance.