You must maintain detailed and accurate financial records of expenses throughout the year to create Schedule A (Form 1040). This will also help assess the deductibility of each expense. There are times when itemized deductions, like the sales tax or property tax, are ignored. For example, you...
The third and final section of Form 1041 deals with tax payments made by the estate or trust throughout the year. If you've allocated these payments to beneficiaries of the trust, you must attach Form 1041-T. If you filed for an automatic extension of time to file the return, and paid...
Was a Form 1095-A issued? No Bruce and Lois Harrison are new clients. Last year, they prepared their own return using online software, but this year, they would like professional assistance. They are married and wish to file a joint tax ret...
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(Form 1040). Calculate your standard deductions and the one that works best for you. To find the deduction or breakdown amount, add up the total medical and dental costs of yourself, your spouse, and your dependents in the 2021 tax year. Any amount that exceeds 7.5% of the 2021 adjusted...