At the start of tax-filing season, the managers of profit-sharing plans, IRAs, pensions, annuities and insurance contracts report the payments they made to you the previous year on IRS Form 1099-R. To transfer the information to your tax return correctly, you need to understand ...
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 ...Read More
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 ...Read More
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 ...Read More
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 ...Read More
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 ...Read More
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, ...Read More
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 ...Read More
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 ...Read More
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. ...Read More
Whether it's Feb. 15 or March 1, your school should have a priority filing deadline for the Free Application for Federal Student Aid. This deadline looms up to two months before taxes must be filed, ...Read More
The laws around tax on options trading aren't too different from those involving trading other securities like stocks and bonds. Calculate long and short term capital gains using the appropriate ...Read More
The Internal Revenue Service allows you to deduct expenses you incur while conducting business, including any vehicle expenses you run up. Because fraud is common in vehicle expense claims, the IRS ...Read More
Few people enjoy dealing with the Internal Revenue Service, especially regarding a tax return audit. Preparing your tax return correctly and on time helps you avoid audits and paying unnecessary ...Read More
Many people dread the late winter and spring for one reason: it's tax season. The good news is that you can make your tax planning easier, less stressful and potentially less costly by doing a little ...Read More