The Internal Revenue Service and tax preparation services have an agreement where if you make a certain amount and there are certain things on your tax return, you get to file your return for free. The income limits, at least on an adjusted gross income perspective, make which tax preparation service you can file taxes … Read more
Itemized deductions are a valuable way to reduce your taxable income. They are available for specific items, such as medical expenses, casualty and theft loss, and alternative minimum tax. Medical expenses If you want to reduce your taxes in , consider itemized deductions for medical expenses. However, before you can deduct these expenses, you must … Read more
One of the most important and overlooked parts of Free Application for Federal Student Aid is the expected family contribution. Depending on the financial statements provided on the student and parent’s FAFSA, the Department of Education will come up with an expected family contribution amount. This amount represents how much the family is expected to … Read more
Form DH 680 is the Florida Certification of Immunization, used for documenting receipt of immunization given to schools, daycare homes, and childcare facilities. Also known as a vaccination record, DH 680 is required for many schools and childcare facilities. Schools and healthcare providers have access to Florida State Health Online Tracking System (SHOTS). This is … Read more
Form 1099-B, Proceeds from Broker and Barter Exchange Transactions is the information return that reports plenty of information. In particular with what’s reported on Form 1099-B, you should know about the wash sale rule. This rule was introduced to prevent people from selling securities at a loss to get a tax write off. If you’re … Read more
Single filers with a qualifying dependent can file taxes as head of household. Taxpayers that are eligible to file taxes as heads of households get a lower tax rate and an increased standard deduction. Not every taxpayer who has a dependent is eligible for this status. As the name suggests, the head of household is … Read more
Form 8802 is the tax form used for requesting certification of US tax residency. Also known as Form 6166, certification of US tax residency enable eligible taxpayers to claim benefits under an income tax treaty or VAT exemption. The form itself is relatively easy to fill out. You will need to provide information about yourself … Read more
The basis of the assets transferred during a trade is determined by their price. The buyer and seller must fill out the form. It must include the tax year the sale occurred, the form number, and the reasons for the sale. The IRS Form 8594 must be completed and attached to an income tax return … Read more
The Capital Gains Calculator is a tool that you can use to calculate your tax on any profits you make from investments or stocks. It is easy to use and can help you figure out how much tax you’ll owe. You can also use this tool to determine how long it will take to recoup … Read more
When filing Form 1116, the filer must state how to regard their income, whether on cash or accrued basis. This is the second part of Form 1116. You’ll state whether it’s paid or accrued. The filer must report when the foreign taxes paid or accrued, dividends, rents and royalties, and interest, in both foreign currency … Read more