Form W-2G Basics Form W-2G, is the form gambling establishments use to report your winnings as income to the IRS. In this article, we will go over the basics of what is involved if you receive Form W-2G. Form Contents First, you must get familiar with what is on Form W-2G. In boxes 1 and [...]
International Tax Treaties International tax treaties are agreements between two countries. The purpose of these treaties is to prevent issues such as double taxation and tax evasion. These treaties can also be known as Double Tax Agreements or DTAs. In this article, we will go over the basics of how international tax treaties work. [...]
Foreign Earned Income Exclusion The foreign earned income exclusion is a tax exclusion to help prevent US citizens and resident aliens from being subject to double taxation. In this article, we will go over the basics of what the foreign earned income exclusion covers. Foreign Earned Income First, it is important to understand what foreign [...]
Taxation of Unemployment Benefits With so many people receiving unemployment benefits during the past two years, many are concerned about the taxation of unemployment benefits. In this article, we will go over the basics regarding the taxation of unemployment benefits. What Is Taxable All the unemployment benefits you receive are includable in your gross [...]
2020 Taxes With COVID-19 still widespread in most communities, it has had some effects on 2020 taxes. In this article, we will go over some of these changes. This way you can be ready to file your return. Start Date Due to issues within the IRS, the start date for filing taxes will be [...]
Tax Identification Numbers Tax identification numbers, or TINs, are numbers the IRS uses for tracking purposes. In this article, we will go over the basics of tax identification numbers and the different types you may need to use. The Basics TINs are nine-digit identification numbers the IRS uses. They are a way for the [...]
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 [...]
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 [...]
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 [...]
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. [...]
