Understanding Form 1120-S Form 1120-S is the name of the tax return for S-Corporations. It calculates the business’ taxable income and liability, which is passed on to shareholders to report on their personal tax returns. In this article, we will go over some basic information about Form 1120-S. Required Information First, you will need [...]
Form 1065-Partnership Tax Return A Form 1065 allows a partnership to report their financial activities to the IRS. This would include profits, losses, deductions, and credits. Partnerships do not pay income tax with this return. Rather they pass the profits or losses on to the partners to report to their individual tax returns. Partnerships [...]
Schedule K-1 Basics A Schedule K-1 is an IRS form that reports your share of an income or loss from a pass-through entity. It prevents double taxation by avoiding taxes at the entity level and shifting the liability to the owners/beneficiaries who will report income or loss on their personal tax return. In this [...]
How to Prepare for Tax Season Want tax season to go by smoothly this year? Then you should start preparing now. In this article, we will go over 5 steps that will help you to prepare for tax season. 1. Understand Your Filing Status There are five potential filing statuses. These include single, head [...]
Alternative Minimum Tax Alternative minimum tax ensures that those with high income by ensuring they pay at least a minimum amount of tax. It prevents high net worth tax payers from over utilizing certain tax benefits to greatly limit their tax liability. In this article, we will go over the alternative minimum tax. How [...]
What to do if You Get a Letter From the IRS Everyone’s worst fear is getting correspondence from the IRS. It sends most people into emergency mode, but it does not have to. In this article, we will go over what to do if you get a letter from the IRS. 1. Do Not [...]
10 Ways to Identify IRS Scams There are many IRS scams that are out there. Learning red flags can help you spot scams and avoid them. In this article, we will go over 10 ways to identify IRS scams. 1. They’re Calling You First First contact from the IRS will always be through the [...]
Business Tax Classifications There are several different types of business tax classifications that you can choose from with the IRS. Which one you decide to implement will have a large effect on your taxes, so it is important that you understand how they all work. In this article, we will go over the four [...]
Filing Taxes as an American Expat Filing taxes as an American expat can feel very confusing and overwhelming. If you are a United States citizen, you have a tax obligation to the United States. In this article, we will go over the basics of filing taxes as an American expat. Paying Taxes When You [...]
5 Tips to Help You Survive an Audit Finding out you are the subject of an audit can be stressful and scary. But there is some basic information that can help make this process easier. In this article, we will go over 5 tips to help you survive an audit. It Does Not Mean [...]
