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
Publication 901, or abbreviated as Pub 901, is the IRS statement for telling individuals and businesses about the tax treaty between the United States and certain countries and whether or not they are offered a reduced rate of exemption or a complete exemption from federal income taxes. Publication 901 is one of the most commonly … Read more
The US Return of Partnership Income or better known as Form 1065 is the tax return of businesses with a partnership tax classification. The same as S corporations the deadlines that apply to partnerships are the same for the calendar year. Partnerships must file and submit their tax returns to the Internal Revenue Service by … 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
Form W-7 is the tax form used for obtaining an Individual Identification Tax Number (ITIN). If you’re planning on getting your ITIN through an acceptance agent, there are a limited number of national and international acceptance agents you can work with. Similar to other tax provisions, the companies that are accepted for this process are … Read more
Form W-2 mate is issued by Real Tax Tools that employers can file to furnish electronic copies to employees that also enable employees to get their copies online. It’s one of the easiest and perhaps the fastest ways to file and furnish employees with their Wage and Tax Statement. During the tax year, you can … 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
The gross pay is the amount you get paid before any taxes. Your employer processes payroll and makes sure that you pay your fair share of taxes. Several taxes start with your gross pay and reduces it to the net pay. After your net pay, you have no obligation to anyone as you’ve already paid … Read more
The Individual Retirement Accounts can be quite complicated especially when a rollover is on the mind. If you’re wondering whether or not after-tax contributions can be rolled over to a Roth IRA, the answer is yes. You can rollover after-tax contributions to a Roth IRA, and also without including earnings. If you should do it … Read more
S corporations file their federal income tax returns at the same time as individuals and other businesses with different tax classifications. An S corporation files Form 1120-S to report the income earned during the tax year and calculate the tax owed. The 1120-S has the same deadline as the individual taxes. The 1120-S must be … Read more