If you own a rental property, you should know your federal tax obligations. All rental income needs to be reported on your tax return, and the associated expenses can generally be...
IRS Form 8949 is a tax form used primarily to report sales and trade of capital goods. Form 8949 is filed alongside Schedule D of the income tax form.What is IRS Form 8949?Form 8949...
After you retire from the military, filing taxes may seem less complicated than when you were still in service, but veterans can still benefit significantly from the tax code. To...
Finding out your business's shape can seem like a chore, as there are many types of businesses to start. A good option is a limited liability company (LLC), which has some of the...
Tax credits, such as elderly tax credit and the disabled, are credits applied to taxes owed. For example, if you owe $2,000 in taxes and have a loan of $700, you only have to pay $1,300....
If you've made a mistake on your tax form, don't panic. There are processes and forms to remedy the situation.The worst thing that can happen with a mistake is interest and...
Taxpayers are allowed to amend tax returns using the form 1040x if the following cases occur: a mistake was found in the tax return, failure to file eligible deductions or credit,...
Form 8396 is an IRS form used by homeowners to apply for a mortgage. The purpose of the mortgage is to help low-income taxpayers pay for their housing. You can only apply for a credit...
Prepared or not, tax return reporting was amended once more for the 2020 tax year. The IRS considerably fused the Form 1040 in 2018 which results in a total reconstruction of the old...
Posted by Freddie Cook, CPA on 04/03/2020