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What Is a 1040 Tax Form and How Does It Work?

What Is a 1040 Tax Form and How Does It Work? The 1040 tax form is the form taxpayers use for filing federal taxes. It's also a form that plenty of people have trouble filling out or understanding. read more

Tax Rebates for Home Owners: How much you can get in return during this tax season if you bought a house?

Many Americans have probably been making mortgage payments all year and they probably hope they can get a small break during this tax season. There is the Tax Rebates for Home Owne ... read more

Tax Filing on a Land Contract With the IRS

The person reporting the interest income must include the name, address and Social Security number of the person paying or receiving the money on line 11 of Form 1040, Schedule A. IRS Publication ... read more

IRS Phone Number: How to Contact the IRS With Your Tax Questions

If you're still working on your taxes and need help, you can call the IRS, but you might experience long wait times. read more

Federal Tax Changes for Tax Year 1999

This deduction is an adjustment to income (taken on Form 1040, line 24 or Form 1040A, line 16), so you can claim it even if you do not itemize your deductions on Schedule A (Form 1040). read more

10 Key IRS Tax Forms, Schedules and Publications for 2024

Now there’s just the 1040 and the 1040-SR for seniors. Schedule A is for itemizing your deductions — property taxes, charitable contributions, mortgage interest, state taxes, medical expenses ... read more

Where Do You Show Business Income Lost on a Schedule C?

Schedule C allows you to calculate your net business profit or loss, which then flows through to your individual 1040 tax return. As a sole proprietor, you can deduct most of your business-related ... read more

4 Crypto Tax Myths You Need to Know

Depending on the type of activity, you'll report your crypto gains and losses on Form 1040 Schedule D, or crypto income either on Form 1040 Schedule C for self-employment earnings or Form 1040 ... read more

Educational Tax Credits and Deductions You Can Claim for Year 2023

If you’re a student or have paid for a student’s education, you may be eligible for education tax benefits in the form of credits and deductions. Here is a guide. read more

What Is an IRS Schedule C, And How to Reduce Taxes As a Sole Proprietor

Are there ways to reduce this tax burden? Here's what you need to know. Schedule C (1040) is an IRS tax form for reporting business-related income and expenses. Its official name is Profit or Loss ... read more

How Do Limited Liability Companies Pay Taxes?

Paying taxes on your LLC can be complicated. Learn what taxes you need to pay, how to pay them, and what forms you'll need. read more