Tax Preparation

The limited liability company, or LLC, has become a popular form of business structure. The LLC provides limited liability to owners similar to other business forms like corporations and limited...

According to Internal Revenue Service (IRS) Publication 554, distributions from most retirement plans such 401(k) accounts and pension plans are considered taxable income. Generally,distributions...

The Form 1040EZ is available for taxpayers with simple filing requirements. Taxpayers using the Form 1040EZ usually have a regular employer that issues a W-2, do not have business or...

This article would introduce the basic deductions a sole proprietor can deduct on their form 1040 Schedule C. It will also describe some of the terminology that the IRS uses.

According to the Social Security Administration, approximately one-third of people pay taxes on Social Security benefits they receive. The percentage of Social Security benefits that is taxable...

A common stream of revenue that you might not realize you have is the interest paid on your savings accounts. Granted, it usually doesn't add up to a lot, but you do need to report it on your tax...

The Internal Revenue Service's 1040 tax form is the standard form for individuals to use to file their taxes. The 1040 can be used no matter what your filing status is; it accommodates deductions...

Before you file your taxes each year, there are several tax forms you can choose from. Form 1040 EZ is the simplest and shortest form, but it limits your potential deductions. Form 1040 is much...

IRS Form 1040NR-EZ is also known as the U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents. This form is used to file tax returns on wages, salaries and tips earned by...

Although the IRS would prefer that everyone files their taxes using a W-2, they have established a procedure for filing without one. This procedure will allow you to file on time and without...

IRS Tax Form 982 is a tax form for individuals, not businesses, to complete with their federal income tax returns. Form 982 does not have to be completed by all taxpayers because it is for...

A dividend is a portion of a company's earnings that it pays out to stockholders because they invested in the company. Dividends are paid based on how many stocks you own, and the total amount the...

Tax Form 4972 is used to reduce the tax load for lump sum distribution of a qualified retirement account. To qualify, the entire account must be payed out to the beneficiary in one tax year, the...

If you have a business with employees and have to file IRS form 941 for your employer's quarterly federal tax return and have been mailing in the form, you should know that there is another way...

Any decedent with a gross estate of at least $2 million who passed away during the year must have Form 706 filed with the IRS by his executor on his behalf. Learn how to find out whether you must...

Federal income tax Form 1040EZ is designed for single taxpayers or married persons filing a joint tax return. Use Form 1040EZ if your taxable income does not exceed $100,000 and you do not have...

Taxpayers who receive new and different sources of income or who incur new types of deductions may be at a loss when determining what form they should report them on. This article can help you to...

The 1040 Form is one of the most dreaded pieces of paper in life for many taxpayers. But while completing this form can be a challenge, it doesn't have to be the nightmare envisioned by some. This...

File extra income taxes after you have already filed your taxes by getting an amended return form, filling out the form and checking the mailing address to ensure the form gets to the right place....

IRS Form 1040 is the easiest way to file federal taxes, and it is designed for those who do not have itemized deductions other than dependent individuals and standard deductions. A new form is...

If you employ other people and are considered a business owner, you are probably required to file quarterly tax reports with the Internal Revenue Service (IRS). These reports detail how much money...

Whether you are in the country or not, your taxes are due on April 15th. If you happen to be out of the country and in the uncomfortable position of not having filed your taxes and think you’ll...

If you are planning on buying a house in Washington, D.C., you should be aware of a tax credit that can be claimed for doing so. The credit can be taken in the tax year in which you purchased the...

When a business is treating a worker or a group of similar workers as independent contractors rather than as employees, it avoids paying employment taxes and fringe benefits. The worker can file...

Members of certain religious groups who are opposed to accepting the benefits of any public or private insurance for death, disability, old age, retirement or health care can request to be...

IRS Form 3800 is a summary form on which allowable business credits are aggregated before entering the total on your primary tax return. Various business tax credits, such as investment credit,...

An individual or business can claim a credit on Form 4136 for various nontaxable uses of gasoline and other fuels. You can claim credits for fuel used for various purposes, including mining,...

If you cannot find your copy of the tax return that you filed with the IRS for a particular year, a copy of the return can be requested on Form 4506. Copies of tax returns are often needed when...

If you just can't get your taxes prepared and filed on time, you can ask the government for an extension. The usual process still requires that you pay an estimate of the taxes you owe, so if the...

IRS Form 1099-SA, titled "Distributions From an HSA, Archer MSA, or Medicare Advantage MSA," is sent to those taxpayers who received monetary disbursements from health savings accounts (HSAs) or...

If you need to verify tax information reported on your Federal income tax return for one or more years, you can request a transcript from the Internal Revenue Service (IRS) on Form 4506T. You can...

The gas guzzler tax was enacted to impose a tax on autos which do not meet certain standards of fuel economy. Automobiles which are imported for either business or personal use are subject to the...

If you were issued a qualified Mortgage Credit Certificate (MCC) by a state or local government under a qualified mortgage credit certificate program, you may be entitled to take a credit for...

A minister, member of a religious order or a Christian Science Practitioner who is conscientiously opposed to acceptance of any public insurance that makes payments in the event of death,...

American citizens living and working overseas must use a different form to complete their taxes from those within the United States. Complete the Foreign Earned Income Form 2555 to report your...

IRS Form 1099-A, entitled "Acquisition or Abandonment of Secured Property," is sent to taxpayers who abandoned a home or had a home re-acquisitioned by a bank. If a bank is forced to sell a...

IRS Form 1099-B is sent to those taxpayers who received proceeds from broker and barter exchange transactions. This article is written from the point of view of the entity filling out the 1099-B,...

IRS Form 1099-CAP, entitled "Changes in Corporate Control and Capital Structure," is sent to stockholders of a corporation that experienced a change in control or capital structure because the...

IRS Form 1099-DIV is sent to those taxpayers who received dividend or distribution income during the current tax year, such as that from stocks. This article is written from the point of view of...

IRS Form 1099-INT is sent to those taxpayers who received interest income during the current tax year, such as that from a savings account. This article is written from the point of view of the...

IRS Form 1099-LTC, titled "Long-Term Care and Accelerated Death Benefits," is sent to those taxpayers who received monetary disbursements from insurance programs. This article is written from the...

IRS Form 13715 is titled "SPEC Volunteer Site Information Sheet." The purpose of this form is to gather prospective locations to hold volunteer income tax preparation and outreach programs. SPEC...

Now that tax time has come you need to tie up all those loose ends. You need to know what to do and how to claim that jury duty pay you received last year. Although the laws change each year, it's...

The IRS Form 1099-G is for those taxpayers who received miscellaneous governmental income during the tax year. The most common reason a taxpayer would receive a 1099-G is if he or she collected...

If you receive income from one or more annuities, the taxable amounts can vary based on how much you invested in the annuity contracts. Any amounts that you received from an employer plan where...

If you were born before January 2, 1936, you may be eligible for alternate methods for determining the tax on lump-sum distributions from an employer qualified plan. The entire balance must be...

Doing your yearly taxes can be a hassle, but the more practice you get, the better you become. One frequently used form is the IRS Form 2106-EZ (Unreimbursed Employee Business Expenses)....

Tax schedule 8880 should be prepared if you contributed money to a traditional or Roth IRA, elective deferrals to a 401K, 403B, governmental 457, SEP plan or voluntary employee contributions to a...

Tax schedule 8453 is used as a personal declaration that the taxpayer has e-filed his taxes. It also provides the taxpayers consent to either direct deposit his refund or authorize an electronic...

The IRS will generally mail you the same IRS tax form you used to file your last year's tax return with, but if your filing status has changed, then those forms may not be beneficial for you. Once...