When it comes to owning a small business and renting the space to conduct business, it’s important to understand how to write off the expenses on your taxes. This article …
Filing Odd Job Income for Taxes Step-by-Step
Filing taxes can be a daunting task, especially when it comes to reporting income from odd jobs. However, it is essential to accurately report your earnings to avoid any legal …
Form 8919: Uncollected Social Security and Medicare Tax on Wages
If you performed services for an employer as an employee, but were treated as an independent contractor, use Form 8919 to figure and report your share of uncollected social security …
Form 5308: Request for Change in Plan/Trust Year
Request approval to change the plan/trust year of certain employee retirement plans: except for certain plans, employers or plan administrators must file Form 5308 with the IRS to receive approval. …
Form 673: Statement for Claiming Exemption from Withholding on Foreign Earned Income Eligible for the Exclusion(s) Provided by Section 911
Form 673 is used to report contributions of property with a value of $500 or more to qualified organizations, as well as to claim exemption from U.S. income tax withholding …
Form 8846: Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips
Form 8846 is an important tax document used to claim the credit for increasing research activities for the current tax year and carryforward of any unused credits from prior years. …
Form 8859: Carryforward of the District of Columbia First-Time Homebuyer Credit
Claim up to $5,000 in credit with Form 8859 for the District of Columbia First-Time Homebuyer Credit from 2021, which is available to taxpayers with modified adjusted gross income of …
Form 1098-MA: MA, Mortgage Assistance Payments
Form 1098-MA is a tax document used to report mortgage assistance payments made by a governmental unit or nonprofit organization. This form is used to report payments made to a …
Form 6118: Claim for Refund of Income Tax Return Preparer and Promoter Penalties
Form 6118 is an Internal Revenue Service form used by return preparers to make a claim for refund of any overpaid penalty amount. This form outlines penalties A, B, I, …
Form 5558: Application for Extension of Time to File Certain Employee Plan Returns
Form 5558 is an IRS form used to apply for an extension of time to file employee benefit plan returns, or Form 5500 series returns. All filed forms must include …
Applying Deferred Compensation to Your Taxes
Deferred compensation is a valuable employer-sponsored benefit plan that allows employees to receive their compensation at a later date. By understanding how to apply deferred compensation to your taxes, you …
How to Report a Business Investment Loss for Tax Purposes
Discovering that your business investment has resulted in a loss can be disheartening. However, the Internal Revenue Service (IRS) offers a silver lining by allowing you to write off this …
Form 2438: Undistributed Capital Gains Tax Return
Form 2438 is used by Regulated Investment Companies (RICs) and Real Estate Investment Trusts (REITs) to figure income tax on undistributed capital gains designated under sections 852(b)(3)(D) or 857(b)(3)(C). This …
Form 8830: Enhanced Oil Recovery Credit
Form 8830 can help businesses claim a tax credit for increasing their research activities. This form can be used to figure out this credit for the tax year and can …
Form 1118: Foreign Tax Credit – Corporations
Filing Form 1118 is an important step for U.S. corporations with operations in foreign countries seeking to claim credits for taxes paid abroad. With proper knowledge of the form and …
Form 4361: Application for Exemption From Self-Employment Tax for Use By Ministers, Members of Religious Orders and Christian Science Practitioners
Individuals subject to self-employment tax on the net earnings from their ministerial services must complete and sign Form 4361 to apply for exemption. The form must be filed with the …
Form 1041-A: U.S. Information Return Trust Accumulation of Charitable Amounts
Trustees of trusts that claim deductions under section 642(c) must file Form 1041-A before April 15 following the close of the calendar year, unless an exception applies. Extensions are available, …
Form 966: Corporate Dissolution or Liquidation
Form 966 is a document that is typically filed by C corporations that have made the decision to terminate their existence and initiate winding up their affairs. It enables the …
Form 8979: Partnership Representative Revocation/Designation and Resignation Form
Form 8979 is used to designate or revoke a partnership representative or designated individual with the IRS. It can be filed by a partnership, partnership representative, or designated individual in …
Form 8912: Credit to Holders of Tax Credit Bonds
Form 8912 can be used to claim a tax credit from six different types of tax credit bonds – Clean Renewable Energy Bonds, New Clean Renewable Energy Bonds, Qualified Energy …