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7 10, 2020

Tax Audit-Common Questions Answered

By |2020-10-06T12:08:32-07:00October 7th, 2020|Tax|0 Comments

Tax Audit-Common Questions Answered Tax audit-a phrase that strikes fear into most hearts. A tax audit is something we all want to avoid, but many are not prepared for what to expect. This article will answer some common questions about dealing with a tax audit. How Likely is a Tax Audit? This is one [...]

9 09, 2020

History of Taxes in the United States

By |2020-09-24T15:34:35-07:00September 9th, 2020|Tax|0 Comments

History of Taxes in the U.S. The history of taxes in the U.S. may be shorter than in other countries, but it is full of information. In this article, we will go over a condensed history of taxes in the U.S. and how the past affects us today. Early History of Taxes Before the [...]

8 07, 2020

Revocable Trust Taxes

By |2020-09-25T08:59:32-07:00July 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 [...]

3 06, 2020

10 Common Forms Your Tax Preparer Needs

By |2020-09-25T09:59:32-07:00June 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 [...]

16 04, 2020

Schedule 3-Additional Credits and Payments

By |2020-09-25T11:06:45-07:00April 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 |2020-09-25T12:28:52-07:00March 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 [...]

25 12, 2019

Schedule D-Capital Gains and Losses

By |2020-09-28T12:58:07-07:00December 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 [...]

27 11, 2019

Schedule E: Supplemental Income and Loss

By |2020-09-28T13:09:56-07:00November 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 [...]

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