Federal Taxes

More in Federal Taxes

What Is a Taxable Entity?

The IRS considers most individuals, married couples and corporations as taxable entities. Taxable entities must file tax returns each year if they have any taxable income. Except for qualified non-profit businesses, officially classified as 501(c)(3) entities by the IRS, or ...

How to Claim Tax Treaty Benefits on a Form 1040

The United States is the only country to tax its citizens regardless of where they earn their income. In addition, the U.S. taxes non-citizens' earnings from activities while they live here. Fortunately, many countries have tax treaties with the United States, trading exemptions ...

What Determines What Form You Will Fill out for Your Tax Returns?

Using the right form is the important first step in filing your federal income tax return. The Internal Revenue Service offers three basic choices: 1040EZ, 1040A and 1040. EZ is the simplest, the "long form" 1040 the most complex, but which one you use depends on your filing ...

How to Reduce Alternative Minimum Tax

Enacted in 1969, the alternative minimum tax started out as a tool to prevent a small number of high-income earners from paying absolutely no taxes. The AMT eliminates personal exemptions and just about every itemized deduction and replaces them with a single AMT deduction ...

How to Determine Capital Loss From Stocks in the Short-Term Vs. Long-Term Carry Forward

If you've had a rough year selling stocks, tax relief is in sight. Not only can you use your losses to offset any gains, you can also take a limited tax deduction. In addition, you can carry forward the excess loss into future years when, hopefully, you will have more gains to ...

How to Report the Rollover of a 401(k) to a Traditional IRA on a 1040

Whether you're looking for new investment options or just want to consolidate your retirement assets, you can move your 401(k) money to a traditional individual retirement account tax-free with a rollover. Although you won't owe taxes on the rollover, if you don't report the ...

How Will a 1099-C Affect Our Income Taxes?

When a creditor decides not to pursue – or can’t pursue -- you on a debt, it will send you a Form 1099-C. By doing so, the creditor triggers various tax consequences. The creditor writes off the uncollectible debt to avoid paying taxes on money it will never see. The cancelled ...

How Does a Death in the Family Affect My Taxes?

Depending on your particular situation, the death of a family member usually has tax implications. According to Internal Revenue Service guidelines, the spouse or person in charge of the estate must file a final tax return for the deceased for the year of death. Related tax ...

The Tax Effects of a Liquidation of a Partnership

When a business operates as a partnership, the partners each report a percentage -- which is usually the same as their percentage of ownership -- of annual earnings on their personal returns. As a result, the tax effects of a partnership that makes liquidating distributions only ...

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