Form 1120-POL is the tax return of certain political organizations as the name of the form suggests. Also known as the U.S. Income Tax Return for Certain Political Organizations, the instructions to file Form 1120-POL is very demanding as filing the return is quite challenging. Nevertheless, Form 1120-POL should be treated the same way as … Read more
FBAR, also known as the FinCEN Form 114 is the tax form to report foreign bank and other financial accounts. Every taxpayer who has more than $10,000 in accounts must complete the FBAR form to report these. Unlike other forms that report income paid, FBAR can only be filed electronically through the BSA e-filing system … Read more
Individuals, estates, and trusts can take the foreign tax credit using Form 1116. If any of these entities paid foreign taxes to a foreign country or US possession, the foreign tax credit can be claimed. In order for the taxpayers to take the foreign tax credit on their federal income tax returns whether it be … Read more
Form 8938 is the tax form that’s used for reporting specified financial assets if the total value of the assets is more than the appropriate threshold. Form 8938 can be seen as an information return that’s attached to Forms 1040, 1041, 1065, or 1120. Pretty much any taxpayer who has foreign financial assets that bring … Read more
Form 1098-T – Tuition Statement is the information return that needs to be furnished to students by the schools. This information return is used by the students to calculate educational credits such as the lifetime learning tax credit or the American opportunity credit. In this article, we will provide you with Form 1098-T instructions for … Read more
Renew your passport and request a name change on your new passport. For a name change on the new passport, the US Department of State – Bureau of Consular Affairs requires citizens to fill out certain forms and show proof of the name change. Here is how you renew a passport and request a name … Read more
Form 1099-DIV, Dividends and Distributions is an information return that reports the income earned through dividends and other distributions. If you’re an investor that has earned money from the stocks you hold, the investment company will furnish you with a copy of the 1099-DIV. This information return is just like any other information return and … Read more
The US Postal Services have flat rates for different sizes of packages and boxes. The USPS has fixed prices for boxes for all sizes. You can send any box of any size and get a flat rate. But, the USPS has dimension limits for your box to fall into either one of the size categories. … Read more
MD Resident Income Tax Return, Form 502 is your state income tax return for Maryland taxes. Maryland Resident Income Tax Return is similar to your federal income tax return, Form 1040. Taxpayers use Maryland Tax Form 502 to report the income earned, state income tax paid during the year, and figure out whether or not … Read more
The Form 1095-C Instructions is a helpful guide for employers who must fill out the form for the first time. This guide covers what information you should include on the form and which codes you should use. It also contains instructions on filing deadlines and employee share of the lowest-cost monthly premium for self-only minimum … Read more