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8 07, 2020

Revocable Trust Taxes

By |2020-07-08T13:34:52-07:00July 8th, 2020|Tax|0 Comments

Revocable Trust Taxes Revocable trust taxes come into play after all parties that created the trust are deceased. Typically, during the lifetime of the grantors, there is not any special tax consideration. In this article, we will briefly go over revocable trust taxes and beneficiary taxation. Interest and Principal A trust fund is broken into [...]

3 06, 2020

10 Common Forms Your Tax Preparer Needs

By |2020-06-01T16:30:30-07:00June 3rd, 2020|Tax|0 Comments

Common Forms Your Tax Preparer Needs Though everyone’s situation is different, there are generally 10 common forms your tax preparer needs to complete your taxes. Typically, it is best not to go meet with your preparer until you have all your forms. In this article, we will help you identify 10 common forms your tax [...]

16 04, 2020

Schedule 3-Additional Credits and Payments

By |2020-05-12T14:04:18-07:00April 16th, 2020|Tax|0 Comments

Schedule 3-Additional Credits and Payments Schedule 3 is an IRS tax form that allows you to claim tax credits. Tax credits allow you to reduce your tax liability on a dollar for dollar basis. In this article, we will go over the basics of how Schedule 3 works and the credits you can claim. [...]

6 03, 2020

Schedule 1

By |2020-03-05T12:13:59-07:00March 6th, 2020|Tax|0 Comments

Schedule 1 Schedule 1 is a new tax form that came about due to the Tax Cuts and Jobs Act of 2017. This schedule is one of five new schedules introduced in the 2018 tax year. Many taxpayers are not familiar with these new forms. In this article, we will go over what a Schedule [...]

23 01, 2020

Schedule SE: Self-Employment Tax

By |2020-01-22T11:45:25-07:00January 23rd, 2020|Tax|0 Comments

Schedule SE Schedule SE is a Form 1040 attachment that some taxpayers may need to file. In this article, we will discuss what a Schedule SE is for and when you may need to include on with your tax return. The Purpose The purpose of filing a Schedule SE is to calculate and report any [...]

25 12, 2019

Schedule D-Capital Gains and Losses

By |2019-12-17T16:19:24-07:00December 25th, 2019|Tax|0 Comments

Schedule D Schedule D is a tax form that you use to report the gain or loss incurred from the disposal of a capital asset. In this article, we will discuss the basics of filing a Schedule D. Basic Terminology Before we go over how the schedule works, we need to make sure we understand [...]

27 11, 2019

Schedule E: Supplemental Income and Loss

By |2019-12-13T11:01:08-07:00November 27th, 2019|Tax|0 Comments

Schedule E: Supplemental Income and Loss Schedule E calculates the supplemental income or loss to report on your main tax return. In this article, we will go over the basics of Schedule E so you can better prepare for tax season. The Basics Schedule reports supplement income or losses not earned income. Supplemental income [...]

13 09, 2019

Minimum Income Tax Filing Requirements

By |2019-12-13T11:08:13-07:00September 13th, 2019|Tax|0 Comments

Minimum Income Tax Filing Requirements Depending on your situation, you may or may not be required to file income taxes. If your income is less than the standard deduction you are not required to file an income tax return. For single filers, this amount is $12,000, if you are married filing jointly this amount [...]

2 08, 2019

Cryptocurrency Taxation

By |2019-12-13T11:10:03-07:00August 2nd, 2019|Tax|0 Comments

Cryptocurrency Taxation Cryptocurrency taxation has come to the forefront of headlines due to a recent IRS announcement. The IRS is sending out 10,000 letters to taxpayers who did not report cryptocurrency income or gave incorrect reports. This leads many to question, what is involved in cryptocurrency taxation? IRS Notice 2014-21 The IRS addressed cryptocurrency [...]

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