Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
Form 8936 – Clean Vehicle Tax Credit for a Cadillac LYRIC in 2023
Form 8606 is filed with an individual income tax return to claim a federal tax credit for the purchase of an electric vehicle. This tutorial covers a sample Form 8606 for an individual who purchased a Cadillac LYRIC.
Partnership Self-Employment Taxes Reported on Schedule SE
If an individual is a partner in a partnership and actively participates in the business, their allocation of income is generally subject to self-employment taxes in the U.S. This sample Schedule SE covers the reporting obligations of active partners.
Form 4562 – How to Claim Section 179 Depreciation Expense
Form 4562 is completed to report depreciation and amortization expense of property used in a trade or business. This tutorial covers how to complete Form 4562 when claiming Section 179 expense on eligible property.
Form 1099-C and Form 982 – Cancelled Debt Income is Taxable Income
If you receive a Form 1099-C, it means you had debts that were cancelled by the lender. Most taxpayers must include this as taxable income; however, some cancelled debt exclusions may apply.
Form 4797 – How to Record Sale of Company Vehicles with Depreciation Recapture
Form 4797 is filed with an income tax return to report the sale of assets used in a trade or business. This example Form 4797 covers a scenario where the business sells company vehicles and has to account for depreciation recapture.
Form 8889 – Contributions to an HSA for 2023 – Step-by-Step Guide
Form 8889 is completed with a Form 1040 (US Individual Income Tax Return) to report contributions and distributions to a health savings account (HSA). This sample video covers a Form 8889 tutorial for the 2023 tax year.
Form 4562 – How to Record Disallowed Section 179 Depreciation Expense
Form 4562 is used to report depreciation and amortization expense for property used in a trade or business. This example covers how to report Section 179 expense that cannot be fully used in the current tax year.
Form 4797 – Sale of Business Use Property with Section 1231 Gains
The IRS Form 4797 is completed when a business sells property that was used in connection with that trade or business. This example covers a Form 4797 reporting for the sale of business use assets that realized a Section 1231 gain.
Form 4797 – How to Report the Distribution of Property From an S Corporation
Form 4797 is filed to report the sale or disposition of assets used in a trade or business. This video tutorial covers a sample Form 4797 for an S corporation that distributed assets to its shareholders. The distribution of assets is treated as a deemed sale.
IRS Form 8889 – How to Report Taxable Distributions From an HSA
Form 8889 is filed with Form 1040 to report contributions and distributions with a health savings account (HSA). This tutorial covers how to report taxable distributions from an HSA that were not used for qualified medical expenses.
Form 4797 – Depreciation Recapture When Business Use Falls Below 50%
IRS Form 4797 is used to report the sale of assets used in a trade or business. Many businesses use bonus depreciation or Section 179 to accelerate depreciation expense. If business use falls below 50%, there may be depreciation recapture.
IRS Form 4797 – Reporting the Sale of Section 179 Assets for S Corporations
Form 4797 is filed to report the sale of assets used in a trade or business. This example covers a Form 4797 where an S corporation sells assets that previously claimed Section 179 deduction.
IRS Form 1099-C Tutorial – Cancelled Debt Income is Taxable
Form 1099-C is filed by a lender to report debts that were discharged. Cancelled debts are considered taxable income for U.S. federal income taxes.
IRS Form 4797 – Ordinary Losses on Short Term Property Sales
The IRS Form 4797 is filed to report the sale or disposition of property used in a trade or business. This tutorial covers a sample Form 4797 for the sale of property held less than 1 year.
IRS Form 7206 – Self Employed Health Insurance Deduction
Form 7206 is included with a Form 1040 (US Individual Income Tax Return) to report a self-employed person's health insurance deduction for premiums paid.