Janet Berry-Johnson
Janet Berry-Johnson is a Certified Public Accountant. Before leaving the accounting world to focus on freelance writing, she specialized in income tax consulting and compliance for individuals and small businesses. She lives in Omaha, Nebraska with her husband and son and their rescue dog, Dexter.
How Different Types of Debt are Treated in Bankruptcy (Chapter 7 & 13)
Many people who file for bankruptcy look at it as a chance to erase their debt and start over. Although that’s true for some bankruptcy cases, not all debts are treated equally. Read on to learn how different types of debt are treated in bankruptcy and how you can avoid any surprises in the process.
How to Use the Qualified Business Income Deduction to Reduce Taxes
To help small businesses thrive, the U.S. tax code provides several tax breaks and incentives. One of the newer incentives is Section 199A, also known as the qualified business income deduction. But understanding who can claim the deduction and calculating it is no easy task.
W-4 Withholding Tax Form – Instructions for Exemptions & Allowances
Each time you begin a new job, one of the forms your new employer asks you to fill out is a Form W-4, which helps them determine how much federal income tax to withhold from your paycheck. But a lot has changed about that form. Find out what you need to know to fill it out accurately.
How to Protect Your Small Business From Identity Theft
You know how important it is to protect your personal identity. But are you taking similar precautions to protect your business's identity from theft? You should be. Learn how you can protect your business from identity theft, and what you should do if your business becomes a victim.
Schedule F (Tax Form 1040) Instructions – Farming Profit/Loss
Like any other business, farmers must pay taxes. Farms that operate as sole proprietors, trusts, partnerships, LLCs, and S corporations use Schedule F to report their farming income and expenses. Not sure how to fill it out? These instructions will get you started.
Schedule D (Tax Form 1040) Instructions – Capital Gains & Losses
Do you buy and sell stocks, bonds, mutual funds, and other investment property? If so, you need to familiarize yourself with IRS Schedule D, the form used to report capital gains and losses. Here is your guide to completing the Schedule D Tax Form correctly and painlessly.
Nanny Taxes – How to Pay for Your Household Employee (Schedule H)
Research shows that spending money on time-saving services like nannies and housekeepers can promote happiness and lead to greater life satisfaction. But it can get you into hot water if you aren’t aware of household employment taxes, also known as the nanny tax.
Schedule E (Tax Form 1040) Instructions – Supplemental Income & Loss
If you earn rental income, receive royalties, or have income from a pass-through entity such as a partnership or S corporation, you’ll need to complete IRS Schedule E when you file your taxes. Reporting supplemental income can be confusing but the form itself is pretty simple. Learn how to complete it here.
When Does It Make Sense to Hire a Tax Attorney?
You never know when you’ll face a complex tax situation that calls for outside help. When your tax issues are too complex to handle on your own, hiring a tax attorney makes sense. Not sure if you need a lawyer? Ask yourself these three questions to find out.
Tax Implications & Consequences of a Short Sale or Foreclosure
Every year, a million homes enter foreclosure and many more people are forced to sell back to the bank for less than their home is worth. Foreclosures and short sales are bad enough, but few people consider the tax implications — until they file their tax return and realize the worst isn’t over.
IRS Tax Evasion Fraud Definition & Penalties – What If You Don’t Pay?
Admit it. At some point during tax season, you’ve likely had the thought: “What if I just don’t file?” Whether you skip filing or just don’t pay, that’s called tax evasion, and it can lead to stiff penalties and jail time. But you can prevent that sticky situation — even if you can’t afford to pay.
Job-Related & Job Search Expenses That Are Tax Deductible
You used to be able to deduct unreimbursed expenses and job search costs on your taxes. But with the new tax law, it’s gotten a lot more complicated and fewer people qualify. Before you file this year’s return, find out if you still qualify, what costs you can deduct, and where to claim them.
