Tax Preparation

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How to Report Dividends From a Partnership Stock on a Tax Return

A partnership is an association of two or more people that pursues some business or financial operation and divides profits among its members. Partnerships are different from C corporations, in that they do not pay taxes. Rather, partners pay the partnership's taxes on their ...

Formula for Calculating Federal Taxable Income

Not all earnings are taxed. If you claim deductions, these can lower your taxable income, and the adjusted number after you've claimed all of your deductions is your federal taxable income. There's no specific formula for calculating your taxable income. Instead, your taxable ...

Can You File as a Dependent and Independent in the Same Tax Year?

One of the first things you have to decide when filing a tax return, after selecting a filing status, is whether you should file as someone else's dependent or independently. Although you can be claimed as someone else’s exemption while still filing your own return in the same ...

Where Do I Put My 1099 Miscellaneous Income on My Tax Return?

If you work for an entity as a non-employee and earn more than $600 in income, you receive an Internal Revenue Service Form 1099-MISC typically by the end of January of the following year. The IRS receives the same information from the entity for which you worked. You report ...

How to Report FOREX Profits & Losses

Understanding the fine details of FOREX tax reporting is an absolute must for anyone who plans on trading in this dynamic marketplace. Depending upon your particular trading methods, you will be required to complete different tax forms that directly affect your end-of-year tax ...

How to Fill Out Line 3 on Tax Schedule D Form

Taxpayers must report their capital gains and losses on IRS Schedule D on their federal income tax return. Brokerage firms normally send 1099-Bs to their clients and the IRS for each closed trade, but when brokerage firms don’t report the trades or furnish clients with 1099-Bs, ...

What Form Is Used to Re-Do a Previous Year's Tax Return?

If you need to revise a previous tax year's tax return for any reason, the Internal Revenue Service requires that you file an amended return. You must also amend your return if your filing status or number of dependents changes. The form you file to report an amendment is Form ...

Do I Need to Save the Original Receipt for Tax Purposes or Will a Scanned Document Suffice?

Keeping receipts for your taxes is not only necessary to deducting the correct amount, but also ensures your deduction holds up under examination. The U.S. tax system works largely on the honor system, but the Internal Revenue Service conducts audits of tax returns every year to ...

Married Filing Jointly Vs. Separated

The Internal Revenue Service recognizes five income tax filing statuses. Each filing status is determined, at least in part, by your marital status. You might qualify for more than one filing status. For example, if your are married, you have the option of filing your federal ...

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