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 resulting from the sale of investment property. When…
Being a single parent is tough. Whether you’re newly divorced or have a child with someone to whom you were never married, parenting solo can take a toll on you emotionally, mentally, and financially. If you’re in this situation, your…
As tax season heats up, your mailbox will be flooded with tax-related forms. While many have familiar names and numbers, a slew of new schedules was introduced in recent years. Each has a particular purpose and carries information critical to…
IRS Schedule E is a catchall form for several types of income. You need to attach Schedule E to your Form 1040 (or Form 1040NR) if you earn rental income, receive royalties, or have income from a pass-through entity, such as a…
There are plenty of common tax filing errors. When you discover an error on your return, alarm bells go off. Will the IRS audit your tax returns for the past decade? Will you be arrested for filing a false return?…
Form 1040, the tax form used by individual taxpayers, was first introduced in 1913. The form’s basic setup has remained mostly the same over the past century. For the most part, Form 1040 conveniently collects information about your income, credits,…
Are you married? That seems like an easy question, but the answer can get complicated when it involves the filing status on your federal income tax return. For tax purposes, your marital status is determined as of the last day…
Would you like to reduce your federal income tax bill? I can’t imagine anyone who wouldn’t prefer to pay less of their income to the federal government. And there are several ways to cut your tax bill or increase your…
If you’re a small-business owner, freelancer, independent contractor, or self-employed person who maintains an office at home, you may qualify for a tax break by using the home office deduction. The home office deduction allows you to deduct a portion…
Do you owe money to the IRS that you can’t afford to pay? You’re not alone. At the end of the 2017 fiscal year, more than 14,000 taxpayers had delinquent accounts with the IRS, with a total balance of assessed tax,…
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