Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
2021 Tax Tables Released for Form 1040
The IRS has published the marginal tax rate tables for the 2021 tax year. Although the tables are largely similar to last year, there are some updates.
IRS Form 56 – Notice of Fiduciary Relationship
The IRS Form 56 is filed by a trustee or a fiduciary when they need to notify the IRS that a fiduciary relationship has been created.
Real Estate Taxes vs. Property Taxes – What Are the Differences?
Real estate taxes and property taxes are not necessarily the same thing. Real estate taxes apply to real property assets while property taxes can apply to tangible or intangible personal property assets. This article and video discusses some of those primary differences.
Form 1120 Schedule L – Balance Sheet per Books for a Corporation
A corporation is required to file an annual Form 1120 income tax return each year. Schedule L is a disclosure of the corporation's balance sheet figures at the beginning and end of the tax year.
Schedule C Form 1065 – Additional Information for Schedule M-3 Filers
The Schedule M-3 is included with partnership returns when the partnership's assets or revenue exceed certain thresholds. This article and video cover the basics of the M-3 and who is required to file.
Is Your Social Security Income Taxable?
Social security payments and generally included in gross income and subject to federal income taxes. There are certain exclusions where a portion of the social security income is not subject to federal income taxes.
IRS Form 1099-Q Distributions from Section 529 Plans – Where to Report on Your Tax Return?
Section 529 plans are a valuable financial planning tool for taxpayers with children that plan to attend college. The Form 1099-Q reports distributions from the Section 529 plans.
IRS CP2000 Matching Notice for Form 1040
The IRS CP2000 matching notice is sent by the IRS when the information reported on your tax return does not match the information submitted by third parties.
Recourse vs Nonrecourse Partnership Debts – What Are the Differences?
Partnership debts are allocated to partners in three separate categories: recourse debt, nonrecourse debt, and qualified nonrecourse debt. This article and video tutorial discuss some of the differences and tax rules.
IRS CP10 Tax Notice on Changes in Tax Credit Carryover
The IRS CP10 tax notice is sent to a taxpayer when the IRS has made a change to your tax return because of a miscalculation.
$3,000 Capital Loss Deduction on Form 1040
Individual taxpayers are generally allowed to offset their capital gains with capital losses. Capital losses can be used to offset ordinary income up to certain limitations.
Schedule B of Form 1120 – Additional Information Needed for Schedule M-3 Filers
The Form 1120 corporate income tax return may require a Schedule B attachment for corporations required to complete Schedule M-3. Schedule B contains additional questions about the corporation.
Schedule C of Form 1120 – Dividends, Inclusions, and Special Deductions
The Form 1120 corporate income tax return includes a Schedule C which reports dividends and special deductions available to the corporation.
Schedule B-1 of Form 1120-S for Disclosure of Certain Shareholders
The Form 1120-S income tax return may require a Schedule B-1 inclusion for certain shareholders. Schedule B-1 reports information on shareholders that are trusts, estates, disregarded entities, or nominees.
Schedule G of Form 1120 – Information on Persons Owning Voting Stock
The Form 1120 corporate income tax return may require a Schedule G inclusion for shareholders that own a large portion of the corporation's shares.