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. [...]
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 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 [...]
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 [...]
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 [...]
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 [...]
