Filling Out a W4
Filling Out a W4 Filling out a W4 is an important part of successful tax planning. A Form W4 is an Employee’s Withholding Certificate. It is an IRS form that you fill out when you start a new job. Many are unsure on how to complete these properly. In this article, we will go over what this form is and how you should be filling out a W4. The Purpose of a Form W4 [...]
Revocable Trust Taxes
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 into two different categories: principal and interest. Principal refers to any assets placed into the trust before the grantors pass. [...]
10 Common Forms Your Tax Preparer Needs
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 tax preparer needs and what they are used for. 1. W-2 If you are classified as an employee of a [...]
Schedule 3-Additional Credits and Payments
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. The Basics Schedule 3 was created with the tax law changes that took effect in the 2018 tax year. This [...]
Schedule 1
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 [...]
Schedule SE: Self-Employment 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 [...]