Small businesses have the opportunity to deduct workers’ compensation costs from their federal and state taxes. However, the rules and requirements for these deductions vary from state to state. This …
Form 4835: Farm Rental Income and Expenses
IRS Form 4835 is a tax form used to report income and expenses for rental real estate, royalties, partnerships, S corporations, trusts, estates, and certain qualified joint ventures. It is …
Form 8838: Consent to Extend the Time to Assess Tax Under Section 367 – Gain Recognition Agreement
Form 8838 is an Internal Revenue Code document used for claiming qualified electric vehicle credits. It requires the taxpayer to provide information such as name, address, Social Security number, make …
Form 8888: Allocation of Refund (Including Savings Bond Purchases)
Form 8888 allows U.S. taxpayers to directly deposit their refund to two or three accounts at a bank or financial institution, or buy up to $5,000 in paper or electronic …
Form 8718: User Fee for Exempt Organization Determination Letter Request
Organizations applying for federal income tax exemption other than Form 1023, 1023-EZ, or 1024-A should file Form 8718 using the Internal Revenue Service’s mailing address. Paperwork Reduction Act Notice must …
Form 8811: Information Return for Real Estate Mortgage Investment Conduits (REMICs)and Issuers of Collateralized Debt Obligations
Form 8811 must be filed by REMICs and issuers of CDOs for the purpose of providing information, including the CUSIP number, and to publish the information in Pub. 938. Form …
Filing Self-Employment Income for Hair Stylists
As a self-employed hair stylist, it is crucial to understand the tax obligations, bookkeeping practices, and legal aspects that come with running your own business. This article provides a brief …
Form 4466: Corporation Application for Quick Refund of Overpayment of Estimated Tax
Corporations that overpaid their estimated taxes by at least 10% of the expected tax liability and $500 or more may be eligible for a quick refund by filing Form 4466 …
Form 4029: Application for Exemption From Social Security and Medicare Taxes and Waiver of Benefits
Form 4029 is an application for Social Security and Medicare tax exemption for members of recognized religious sects or divisions. The form must be completed and signed by the applicant …
Form SS-16: Certificate of Election of Coverage
The IRS Form SS-16 is a 4-page document used by employers, sole proprietors, corporations, partnerships, non-profit organizations, trusts, estates, and other entities to apply for an Employer Identification Number. It …
Form 8689: Allocation of Individual Income Tax to the U.S. Virgin Islands
If you are a U.S. citizen or resident alien and have income from sources in the U.S. Virgin Islands or from income effectively connected with the conduct of a trade …
Form 2350: Application for Extension of Time to File U.S. Income Tax Return
Form 2350 is a tool to help taxpayers request an extension of time to file a U.S. income tax return. It allows individuals who are unable to file their return …
Form 1122: Authorization and Consent of Subsidiary Corporation to be Included in a Consolidated Income Tax Return
Form 1122 is used to authorize a third party, such as a bank, accountant, or other financial institution, to receive tax information from the Internal Revenue Service (IRS). The form …
Form 8716: Election to Have a Tax Year Other Than a Required Tax Year
Learn about IRS Form 8716 – the required document to make an election to the Internal Revenue Service under Section 444. Find out when the document must be filed, how …
Form 8281: Information Return for Publicly Offered Original Issue Discount Instruments
This article explores the Internal Revenue Service’s (IRS) Form 8281, which is used to report information about certain charitable contributions of property with a value of $5,000 or more. It …
Form 8833: Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b)
Form 8833 is a valuable tool for US taxpayers to claim treaty benefits on income that is subject to US tax. With Form 8833, taxpayers can report treaty-based positions taken …
Form 8945: PTIN Supplemental Application For U.S. Citizens Without a Social Security Number Due To Conscientious Religious Objection
Form 8945 is used by members of certain religious groups to obtain a preparer tax identification number (PTIN) without providing a social security number (SSN), as required for all tax …
Form 1041-T: Allocation of Estimated Tax Payments to Beneficiaries
Form 1041-T allows fiduciaries of estates and trusts to make an irrevocable election to have any part of their estimated tax payments treated as made by the beneficiaries. This article …
Form 8997: Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments
Form 8997 is used by corporations and trusts that have elected to be taxed as a REIT under Internal Revenue Code section 856. It is used to report the initial …
Form 4972: Tax on Lump-Sum Distributions
Need help figuring out Form 4972 for filing your 2023 return? This article outlines how to calculate the taxable part of a lump-sum distribution when making the 20% capital gain …