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 8949 for Qualified Opportunity Zones
The IRS Form 8949 has special reporting requirements when deferring gains on investments in qualified opportunity fund investments. This article and video tutorial cover the reporting rules.
How to Claim the 2020 Recovery Rebate Tax Credit
The recovery rebate tax credit is the 2020 stimulus payment related to the COVID-19 epidemic. This article covers how to claim the credit on a Form 1040 income tax return.
How to Adjust Federal Withholding Taxes on IRS Form W-4
The Form W-4 withholding certificate is completed by employees to help their employer determine how much income tax should be withheld on their wages.
Is Rental Income Taxable?
Many businesses and individuals invest in real property assets that are rented to tenants. The rental income is generally subject to federal and state income taxes. This article discusses the federal tax rules for rental income.
Leaving the USA? Make Sure to File Form 8854
Certain U.S. tax residents that leave the country may be required to file an expatriation statement with the IRS. This article and video discuss the basics of Form 8854.
What are the Controlled Foreign Corporation (CFC) Tax Rules?
A CFC is a foreign corporation with substantial U.S. ownership. This article and video discuss the CFC tax rules and what it means to be a CFC.
Do I Need an FBAR for my Crypto Holdings?
Foreign Bank Account Report (FBAR) filings are generally required when U.S. persons have an ownership interest or signature authority over foreign financial accounts. This article discusses whether FBAR filings may be required for cryptocurrency holdings.
How to Report S Corporation Shareholder Health Insurance Deduction
S corporation shareholders are generally allowed to deduct the health insurance premiums paid by the corporation. However, there are special reporting requirements which must be followed. This article and video discusses those reporting requirements.
File IRS Form 1310 to Claim Refund for Deceased Person
A deceased taxpayer generally must file an income tax return for the year they passed away. In cases where the taxpayer is due a tax refund, Form 1310 can be filed by a personal representative to claim the amounts.
How to File IRS Form 3911 to Get a New Refund Check
Some taxpayers have the misfortune of their tax refund checks being lost in the mail or destroyed. If a taxpayer is missing a refund check, they can generally file Form 3911 to have the IRS issue a new refund check.
Where to Report IRS Form 1099-NEC on Your Taxes?
The IRS Form 1099-NEC is filed by a business to report nonemployee compensation paid to a contractor. This article and video tutorial cover where taxpayers can report that information on their income tax return.
What is the Real Estate Professional Election?
Real estate investors generally have to treat their rental real estate income as passive income subject to the passive activity loss (PAL) rules. The real estate professional election may be available to some investors. This article and video discuss the real estate professional election and how to qualify.
Is a Form 1065 Filing Required if the Partnership Lost Money?
A partnership entity must generally file an annual Form 1065 partnership tax return. Many partnerships do not realize that they still have to file an income tax return even if the partnership is losing money each year. This article and video discuss the reporting rules.
How to Convert an LLC to an S Corporation
The S corporation election is a valuable tool for many small businesses. In order to make an S corporation election, the entity must be a domestic eligible entity, which includes U.S. LLCs. This article and video discuss the process to make an S election for an LLC.
What are the Basic Fields on Schedule K-1 of Form 1065?
The Schedule K-1 is included with a partnership Form 1065 tax filing. Each partner in the partnership should receive a Schedule K-1 which shows their allocable share of partnership items. This article and video walkthrough the basic fields on the K-1.