- The New Tax Filer’s Guide to Itemized Deductions
Filing federal income taxes can be stressful. Making sure you plug in all the right numbers and snag every tax break you qualify for can make your head spin. If you’re relatively new to tax filing, you may not know… read more…
- Filing Taxes for the First Time? You’ll Need These Documents
Filing taxes for the first time can be nerve-racking. But being organized can relieve some of your stress. Knowing what paperwork and materials you’ll need is a good place to start, especially if you’re concerned about leaving out a key piece of information. If you’re preparing to fill out your tax return, here’s a breakdown… read more…
- All About IRS Form 8863
Taking higher education classes, whether in pursuit of a degree or to acquire additional professional skills, is something the government wants to encourage. To that end, the IRS offers tax credits for post-secondary education expenses. Two of those credits, the… read more…
- All About IRS Form 1040X
Did you make a mistake on your income tax return? Don’t sweat it – it happens. Whether you forgot about a tax deduction or credit or you need to include additional sources of income, you can fix those errors by… read more…
- All About IRS Form 1041: Tax Return for Estates and Trusts
If you’re designated the executor of someone’s estate, you may need to file Form 1041 to declare the income from that person’s estate (or hire someone to file the form for you). Form 1041 isn’t a substitute for Form 1040,… read more…
- All About IRS Form 2848
If you ever need ton resolve an issue with the IRS, whether or not it’s related to your federal income taxes, you will need to contact the IRS. That can be intimidating. You may not feel like you know enough… read more…
- All About IRS Form 4562
Starting a business can be expensive. You’ll likely have to cover the cost of a building or office space, equipment, utilities and legal and accounting fees. Fortunately, business owners can recoup some of the money they’ve spent by deducting expenses… read more…
- All About IRS Form 5498
When you don’t have access to an employer-sponsored retirement account – like a 401(k) or a 403(b) – you can save for retirement by opening an IRA. Your contributions may be tax-deductible, meaning you can use them to lower your… read more…
- A Guide to Filling Out Form 8917
We all know that the cost of higher education is steep and getting steeper. If you’re not relying solely on student loans or grants and are instead paying some of your own money toward tuition and fees, you may be… read more…
- All About IRS Form 4868
Meeting deadlines can be tough, especially when you have a lot on your plate. If you won’t have time to file your federal 2022 income taxes by April 18, 2023, deadline, don’t worry. You can get a six-month extension to file,… read more…
- What Happens When Your Tax Return Is Flagged for Review?
Filing taxes can be stressful. When the IRS opts to take a closer look at your tax return, that can only increase your anxiety level. Getting your return flagged for review doesn’t mean you’ll be audited, but it can raise the… read more…
- Tax Form 1095-A Details
Form 1095-A is a tax document Americans need to file if they buy health insurance through the government health insurance marketplaces established by the Affordable Care Act (commonly known as Obamacare). This is not a form you will actually fill… read more…
- All About IRS Form 8965
If you’re claiming an exemption from healthcare coverage, you’ll need to fill out IRS form 8965 when you do your federal income taxes. This form helps you comply with Affordable Care Act rules that require health insurance coverage for just… read more…
- Head of Household Filing Status: Definition, Rules and Requirements
For IRS purposes, a head of household is generally an unmarried taxpayer who has dependents and paid for more than half the costs of the home. This tax filing status commonly includes single parents and divorced or legally separated parents (by… read more…
- How to Do Your Taxes at Home
There are several good reasons to consider filing your own tax return. It can be cheaper than putting everything in the hands of a professional. You’ll learn how to lower your tax bill and you’ll be able to crunch the… read more…
- What Is a Tax Refund and Why Do We Get Returns?
Tax season can be stressful. But for many taxpayers, there is a light at the end of the tunnel in the form of a tax refund. Indeed, many people even depend on their annual refund, using the windfall for everything… read more…
- How to Fill Out Your Form 1040
Form 1040 is the tax form you will fill out every year when you do your federal income taxes. Prior to the 2018 tax year, there were multiple versions of the 1040 form, but for 2019 and beyond, the form… read more…
- All About IRS Form 1040A
Update for the Current Tax Laws: President Trump signed a new tax plan into law in December 2017. The new law consolidated forms 1040, 1040A and 1040EZ into one redesigned Form 1040 that all filers can use. For your 2019 taxes, which… read more…
- Comprehensive Guide for How to File Your Taxes
Filing your taxes on an annual basis is a major part of everyone’s financial life. While the idea of filing might seem intimidating at first, there are many services and methods available to make doing so much easier. For instance,… read more…
- All About IRS Form 1040EZ
In late 2017, President Trump signed a new tax plan into law. This law consolidated the forms 1040, 1040A and 1040EZ into a single redesigned Form 1040 that all filers can use. For your 2022 taxes, which you file in 2023, and… read more…
- How to Fill Out a W-2 Form
One of the most important tax forms is the W-2. Unlike many tax forms, most individuals taxpayers won’t need to fill this one out themselves. Rather, employers fill out W-2 forms for their employees. If you’re an employer who doesn’t… read more…
- How and When to File an Amended Tax Return
Given the complicated nature of income taxes and the popularity of convenient but not foolproof DIY tax filing software, it’s understandable that you may make a mistake on your taxes at some point. When this happens, you’ll need to file an… read more…
- Understanding How 1099 Forms Work
The first thing you should know about the different types of 1099 forms is that if you’re a worker, you don’t need to fill them out yourself. Instead, the entity who is administering your investment account will send you a… read more…
- What You Should Know About Estimated Tax Payments
If you are an independent contractor or business owner, you are responsible for making sure that you get the correct tax payments to the government — unlike people who work as employees of a company which withdraws payments from each… read more…
- 4 Reasons Married Couples Should Consider Filing Taxes Separately
As a general rule, you shouldn’t wait until the last second to file your tax return. It helps to plan and make certain decisions ahead of time to speed up the process. For one, if you’re married, you’ll need to… read more…