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Can I File Head of Household if Married and Husband Is in the Military?
When filing tax returns, one of the most important considerations is your correct tax status. Although everyone understands the difference between single and married, many people have a bit of trouble...
View ArticleTaxation From Investing in Mutual Funds
Each of the investors in a mutual fund owns part of a diversified collection of stocks, bonds, or other financial assets. The fund buys and sells the investments it holds, and it collects dividends and...
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Tax Documents Needed for Homeowners
Home ownership generates several federal tax breaks. The IRS will also tax you for any income derived from home ownership, such as tenants' rental payments. Appropriate documentation can help you...
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Married Filing Jointly Vs. Separated
The Internal Revenue Service recognizes five income tax filing statuses. Each filing status is determined, at least in part, by your marital status. You might qualify for more than one filing status....
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Tax Preparation Checklist for a Homeowner
Home ownership carries many hidden costs. Fortunately, some of these costs can be used to substantially lighten your IRS tax burden. To maximize your tax benefits you must keep careful records, and you...
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How to Read a 1099-R
At the start of tax-filing season, the managers of profit-sharing plans, IRAs, pensions, annuities and insurance contracts report the payments they made to you the previous year on IRS Form 1099-R. To...
View ArticleDifference in a 1099-DIV and a 1099-PATR
The Internal Revenue Service requires corporations, partnerships, individuals, estates and trusts to file certain forms -- known as information returns -- with the agency to disclose reportable income...
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How to Prepare Deductions for My Accountant
Dropping off a shoe box full of tax receipts at your accountant's office may save you time, but the disorganization can cost you in the form of missed tax write-offs. Preparing your deductions using a...
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How Long Do I Need to Keep My Year End Statements for Stock & Mutual Funds?
Investors in stocks and mutual funds eventually find themselves with files stuffed full of paper records relating to their investments. Some of those papers are important and must be retained, while...
View ArticleTax Filing for a Revocable Trust
Many taxpayers use a revocable trust to manage and distribute property as an alternative to a will. During the life of the trust, any income earned is dispersed to the grantor, or the trust’s creator,...
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How to Calculate Mileage for a Medical Expense Deduction
To claim mileage as a medical expense, you must use your personal car to get to the place of treatment. You are also required to itemize your deductible expenses on IRS Form 1040, Schedule A. To...
View ArticleSummary of How to Calculate a Federal Tax Return
At first glance, the 1040 form may seem a bit confusing, but if you tackle it one section at a time, you’ll probably realize that calculating the income tax you owe on a federal return isn’t extremely...
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How to Claim a Roth IRA on a Federal Income Tax Return
When saving money for your retirement, there are several individual retirement account options that you can choose from. Some IRAs are tax-free while you contribute to them, though you will be expected...
View ArticleWhat Is the Difference Between a Tax Accountant and an Income Tax Preparer?
A tax accountant has different qualifications and levels of expertise than an income tax preparer. Both are qualified to assist individuals with preparing and filing their income tax returns. However,...
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Must I Have a Receipt for All Deductions?
When preparing taxes, you naturally want to take every allowable deduction. For example, some of these deductions may be unreimbursed business expenses. Because you do not turn in any receipts with...
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Tax Resources Available to Taxpayers
Every year millions of taxpayers across the country file tax forms. The federal tax deadline for most people is April 15 of the year following the tax year, unless this day falls on a weekend or legal...
View ArticleTax Breaks for Single People Vs. Married People
Congress has devised the tax code in a way that provides different rates for married joint filers and single people. As a result of much controversy, in 2010, the government modified tax rates to...
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What Form Is Used to Re-Do a Previous Year's Tax Return?
If you need to revise a previous tax year's tax return for any reason, the Internal Revenue Service requires that you file an amended return. You must also amend your return if your filing status or...
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Where Do I Put My 1099 Miscellaneous Income on My Tax Return?
If you work for an entity as a non-employee and earn more than $600 in income, you receive an Internal Revenue Service Form 1099-MISC typically by the end of January of the following year. The IRS...
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What If I Gave the Wrong Mileage on My Tax Return by Accident?
If your mileage records are less than perfect because, for example, you compiled them from memory after the fact, you can end up omitting trips when you file your tax return and remembering them after...
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