Tax2019-03-11T20:39:50-07:00

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Did you know that every 4 out 5 tax returns contain errors, and those errors may be causing you to overpay on your income taxes.

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603, 2020

Schedule 1

By |March 6th, 2020|Tax|

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 1 is used for and who may need to file one. The Basics Schedule 1 is used to report income [...]

2301, 2020

Schedule SE: Self-Employment Tax

By |January 23rd, 2020|Tax|

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 report any self-employment tax you may owe. Self-employment taxes are Social Security and Medicare taxes due on self-employment income. If you are [...]

2512, 2019

Schedule D-Capital Gains and Losses

By |December 25th, 2019|Tax|

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 understand some basic terminology. These terms include: Capital Asset: A capital asset is anything you own or use for pleasure or [...]

2711, 2019

Schedule E: Supplemental Income and Loss

By |November 27th, 2019|Tax|

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 typically refers to passive income. The most common type of passive income is rental income. However, you are limited on [...]

2910, 2019

Schedule B Basics

By |October 29th, 2019|Tax|

Schedule B-Interest and Ordinary Dividends Schedule B is an attachment to your Form 1040 that calculates your interest and ordinary dividends to see if you will owe taxes on your earnings. In this article, we will go over the basic Schedule B requirements and filing information to help you determine if you need to utilize one. The Basics Schedule B reports any interest or dividends you earn during the tax year. The Schedule has [...]

1309, 2019

Minimum Income Tax Filing Requirements

By |September 13th, 2019|Tax|

Minimum Income Tax Filing Requirements Depending on your situation, you may or may not be required to file income taxes. If your income is less than the standard deduction you are not required to file an income tax return. For single filers, this amount is $12,000, if you are married filing jointly this amount is $24,000. However, even if your income falls under this amount there may still be some situations when you may [...]