Home Authors Posts by Janet Berry-Johnson
69 POSTS 0 COMMENTSJanet 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.
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.
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.
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.
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.
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.
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.
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.
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.
The IRS has officially announced it’s pushing the due date for filing personal federal income taxes and making 2019 tax payments to July 15, 2020, due to the COVID-19 pandemic. Here’s how it will affect you.
Do tax deadlines seem to sneak up on you? April 15 isn't the only important day on the tax calendar. There are a number of important tax deadlines throughout the year that may or...
If you’re an employee, one of the many tax forms you have to file is Form W-2. And Box 12 of that form throws many taxpayers for a loop. Each of the uppercase codes you might see in Box 12 has a meaning, and understanding them is the first step to calculating your total tax liability.
There are significant tax benefits to low- and moderate-income families who save for retirement. The Retirement Savings Contributions Credit ("Saver’s Credit") could help you reduce your tax liability. A reward for building your financial security? That’s what we call a win-win.