Form 1040, formally known as the “U.S. Individual Income Tax Return,” is the form people use to report income to the IRS, claim tax deductions and credits, and calculate their tax refund or bill for the year. The IRS releases a revised version of the form each year. People...
Interest is a form of income that one earns in exchange for investing capital. As a taxpayer, you report interest income of $10 or more to the IRS and, in most circumstances, pay taxes on it. Whether the investment vehicle is a certificate of deposit (CD), a bond, mutual fund...
One of the most popular 1099 forms is the 1099-NEC for Nonemployee Compensation payments. If you’re an independent contractor or freelancer, you may receive a Form 1099-NEC documenting payments made to you throughout the year from a particular payer. Payers who make Nonemployee Compensation pa...
If you receive a 1099-K form, it generally includes the gross amount of all the reportable payment transactions from the platform (payment settlement entity) . The platform or app you used will send two copies of your 1099-K information. One is for you, so you can prepare your tax return...
Definition IRS Form 1040 is a tax return document used by individual income tax filers. Close Key Takeaways Form 1040 is the standard tax return form that individual taxpayers can use to file their taxes. Form 1040 has several schedules that may also need to be filed along with it during...
General definition of a tax home The IRS defines your tax home as the "entire city or general area" of your workplace. If you work in Pittsburgh, for example, then your tax home is the entire Pittsburgh metro area. The tax home designation typically doesn't have anything to do with whe...
What is the federal child tax credit? What is tax evasion? What is an amended tax return? What is net investment income tax? What is a 1040 tax form? What is tax expense? Explore our homework questions and answers library Search Browse Browse by subject...
A tax base is the total value of all of the assets, income, and economic activity that can be taxed by a taxing authority, usually a government. It is used to calculate tax liabilities. Tax liabilities are the portion of the tax base that is collected. They come in many forms, includin...
How long is a business year? What are the fiscal quarters? What is a tax table? What is a tax return? What is a 1040 tax form? What is total annual income? What is an S corporation? What is an A-roll? What is tax basis?
What is a W-4? A W-4 form, or "Employee's Withholding Certificate," is an IRS tax document that employees fill out and submit to their employers. Employers use the information to calculate how much tax to withhold from an employee...