One of the many benefits of working at home is that you can deduct legitimate expenses from your taxes. The downside is that since home office tax deductions are so easily abused, the Internal Revenue Service (IRS) tends to scrutinize them more closely t
An omission of income on your tax return that’s been reported to the IRS on another form (e.g., yourW-2 Form,1099 Formfor certain investments or independent contractor wages, or Schedule K-1 for an interest in a partnership, S corporation, trust, or estate). If you get such a lett...
A 529 plan is a great way to grow college savings tax-free and hand them on to another generation. But tax-free growth doesn't mean the IRS is left out entirely. Whenever you take a distribution from that plan to pay for a student's expenses, you'll receive a1099-Q form to report...
Step #4: Fill out your Schedule C form Now that you have the basics figured out, it’s time to file! For those who are new to filing taxes on a Schedule C form, we recommend seeking assistance from a licensed tax professional. This person will walk you through the process of filing ...
» MORE: See some other tax deductions for self-employed people 7. Using nice, neat, round numbers In all likelihood, the numbers on your 1040 form and other tax documents will not be in simple, clean intervals of $100. When making your calculations, be precise and avoid making estimatio...
Whenever the IRS makes an assessment, the Office of Appeals can be utilized.IRS Audit Appeal ProcessIn a decision letter, the IRS will explain your rights to appeal their decision. If you do not agree with the decision, you can avoid signing the agreement form. You should, however, explain...
Form numberForm nameDescription 1040 Instructions1040 InstructionsInstructions for completing Form 1040. 1040AU.S. Individual Income Tax ReturnA slightly shorter version of individual income tax return. Can be filed by taxpayers using any of the filing status options: single, head of household, survivi...
Professional Services.If you received help to establish and run your business and required support in the form of legal advice, an industry consultant, or an accounting service for help with taxes, the cost for these services are tax deductible. ...
A woman had to stop by the IRS office to get a problem resolved and decided to save postage by giving her1040 formto an IRS agent. The IRS agent looked it over and said that it was filled out wrong. The agent proceeded to correct the mistakes and then passed it along to another agen...
Also note, if you filed a joint return with a spouse and you believe you are not responsible for your spouse’s debt and subsequent offset, you’re entitled to request your portion of the refund back from the IRS via theinjured spouse form. ...