Schedule A Schedule A is an attachment to Form 1040 for reporting income. It allows you to claim deductions to lower your tax liability. In this article, we will go over how Schedule A works and what you can deduct with it. The Basics Schedule A is an optional tax form. There are two types [...]
Schedule C Schedule C is an attachment to the federal Form 1040. You use this form to report profit or loss from a business that is a sole proprietorship or an LLC that is set up as a disregarded entity with the IRS. Additionally, if you receive a 1099-MISC you will need to file [...]
Tax Scams You Should Watch Out For Tax season is in full swing. With this time of year comes many tax scams with people trying to get money or information from you. To help you keep alert, we will go over common tax scams to watch out for and what to do if you [...]
Sources of Taxable Income As you prepare to file your 2017 taxes, you may wonder what types of income you need to include. In this article, we will go over different sources of taxable income, so you can identify the documents that you need to gather for your tax preparer. W-2 Income If you [...]
Filing Business Tax Returns Business tax returns can seem overwhelming and complicated. If you are a new business owner you may be wondering how you are going to file your taxes. The answer will depend on the type of business organization you use. In this article, we will go over the different business structures [...]
Amending Your Tax Return-Why & When Amending your tax return allows you to change your tax information with the IRS. Why would you want to file an amendment? When should you do so? We will answer these questions and more in this article. Why Amend Your Return When considering whether or not to file [...]
Taxation of Rental PropertyRental property serves as a steady source of primary or secondary income for many. If you own rental property, there are several tax topics that you should be familiar with. In this article, we will go over the basics of rental property taxation.Rental Property IncomeAccording to the IRS, rental income is any [...]
Getting Ready for Your Tax Preparation Appointment. Tax season is upon us, so now is the time to prepare for your upcoming tax preparation appointment. To help you get ready, we have compiled this list of 5 things you to take with you to your tax preparer’s office. 1. Photo Identification The IRS now [...]
Tax Season Preparation It is hard to believe it is already 2017! Unfortunately, that means it is tax season. Tax season is stressful and complicated for everyone, but it can be even more so for small business owners. In this article, we will go over some tax season preparation tips for small business owners. [...]
Basic Tax Terminology You Should Know Tax forms are complicated and hard to understand. The unfamiliar terms they use can make it even more complicated. In this article, we will go over basic tax terminology that you should know. These terms will help you better understand your tax return and how you [...]
