Form 2553 – Election by a Small Business Corporation isn’t a common tax form used by corporations often. In fact, the use of Form 2553 mostly happens once in the lifetime of a corporation. If a corporation or other eligible entity to be treated as a corporation files this form under Section 1362(a) to be … Read more
The second stimulus payments have been approved. If you see IRS Treas 310 in your bank account, you received it already. The eligibility requirements for the stimulus is the same as the first payments. This time however, individuals will get $600 for themselves and $600 for each qualifying children under the age of 17. For … Read more
Form 8867 – Paid Preparer’s Due Diligence Checklist is the tax form paid preparers must file to determine the taxpayer’s eligibility for the credits as well as the amounts and filing status. If the paid preparer is claiming either one of the tax credits, Form 8867 must be filed. Form 8867 also must be filed … Read more
Form 1120S is an S Corporation’s tax return. This return reports the income, loss, and the dividends of an S corporation shareholders to the Internal Revenue Service. In this article, we will explain how long it takes to file Form 1120S, provide an overview of the form, and get you to the instructions. When filing … Read more
Employers who hire independent contractors and freelancers are required to report the income paid just like reporting wages paid and tax withheld from employees. Rather than using Form W-2 – Wage and Tax Statement – you must fill out a variation of Form 1099. The 1099 employee form isn’t exactly for employees. You can either … Read more
The IRA deduction has an income threshold that you should know before thinking that you can just take the deduction on Schedule 1. The contributions made to a traditional IRA or other qualifying plan is deductible. On the other hand, if you have a Roth IRA, you can’t deduct your contributions since you’re paying tax … Read more
Schedule 1—Additional Income and Adjustments to Income is the IRS tax form for reporting additional income and making adjustments to income. Most commonly used for claiming above-the-line deductions such as educator expenses, HSA and IRA contributions, tuition and fees, and student loan interest. Schedule 1 must be attached to Form 1040 upon completing it. If … Read more
Form 1098-T is the tuition statement schools file for their students reporting the educational expenses. Form 1098 T is mostly used for figuring out the allowable education tax credits the student can claim on his or her federal income tax return. However, if the parent claims the student as a dependent on their federal income … Read more
Tax Estimator—figure out your taxes for the upcoming tax season. You can estimate tax liability, taxes withheld, and tax refund. The tax estimator will give you a head start to your taxes so you can adjust taxes paid or withheld to get the most out of your federal income tax return. Before using the tax … Read more
Form 1095-C is sent out to those who enrolled in a health plan through the Health Insurance Marketplace. In , you will be furnished with a Form 1095-C reporting the information you need to know about the plan you enrolled in. The purpose of Form 1095-C is to provide you the information you need to … Read more