Form 1099-G is used to report government payments like unemployment compensation and state or local income tax refunds. Learn what details are included on the form, when you should expect to receive it, and how to report this income on your tax return.
The Internal Revenue Service allows you to offset your tax bill with a credit for your qualified adoption expenses, as long as you meet certain eligibility requirements. To report your qualified adoption expenses, you'll use IRS Form 8839.
Tax loss harvesting is when you sell securities for less than their cost basis, or the price you originally paid for them. This captures losses to offset gains you may have realized in other investments, including the sale of real estate, a business or another large asset. ...
What Is Tax Form 1099-K? More Getty Images If you receive a Form 1099-K, check the reported information against your records to ensure it’s accurate. You might receive a Form 1099-K for tax year 2023 – and beyond. That's because the America Rescue Plan of 2021 changed the reporting...
Form 8868is an IRS tax extension form used by tax-exempt organizations to request a 6-month extension to file their annual information returns (Original Form). This extension is automatic, which means the IRS doesn’t require you to provide any reason for making the request. The 6-month ext...
Form 8821 is a simple and straightforward tool for obtaining your client’s tax information. When and how you decide to file it with your clients is up to you. However, what’s most important is simply that you have your clients complete it so that you’re notified any time there may ...
Form W-2 reflects an individual's income earned and taxes withheld from the prior year to be reported on income tax returns. What Is Form W-2: Wage and Tax Statement? Form W-2, also known as the Wage and Tax Statement, is a document an employer sends to each employee and theInternal...
The general business credit is the total value of all tax credits a business claims for a tax year. To claim more than one business credit, filers must report the total on Form 3800. Many business tax credits may be included in Form 3800, including the investment credit, low-income housing...
A person’s tax situation can depend on factors like their marital status and income level but there are many other things that can influence it. Maryalene LaPonsieJan. 30, 2025 Inflation Is Impacting Americans As the cost of goods and services increases, consumers change their financi...
Missing data:Leaving out certain information is another common error. Double-check to ensure everything is filled out and that you've signed and dated the form. Filing late:It's important to submit Form 941 on time since the IRS charges a5% penaltyof the total tax amount due. Your busine...