As a self-employed individual, you are entitled to social security and Medicare benefits, just as are employees, but you need to calculate your net earnings, report them on Schedule SE when you file y ...
Your W-2 Form is an important document that summarizes the annual compensation you received as an employee and the income taxes that were withheld from your pay. The W-2 also provides information on ...
Once you have finished preparing and filing your income tax return, what do you do with your supporting documentation? Which records do you need to keep, how should you file them, and how long do you ...
You may have had federal income tax withheld from your pay all year, and wonder if you really need to file a return. Or you may think you didn’t make enough money to have to file a return. But it ...
When you suffer a loss caused by theft, vandalism, fire, storm, or similar causes, or a car, boat, or other type of accident, you may be able to take an itemized deduction on your U.S. federal income ...
When you start up a business and set up your accounting, what values do you assign to your assets? Or, when you acquire property by purchase, exchange, conversion, or other means, what value should b ...
If you itemize deductions on your U.S. federal income tax return, you can take a deduction for either state and local sales taxes or state and local income taxes. If you choose to deduct sales taxes, ...
If you are self-employed, or have other sources of income in addition to a salary or wages, such as dividends, interest, capital gains, rents and royalties, you may have to make estimated federal inco ...
A Roth IRA is a special type of individual retirement plan. It is subject to many of the same rules that apply to traditional individual retirement arrangements (IRAs). But there are some difference ...
Choosing whether to take the standard deduction or to itemize deductions on your U.S. federal income tax return will have an effect on your total tax liability for the year. Certain taxpayers may not ...
Schedule D is used to report capital gains and losses on assets held for personal or investment purposes. You may need to use Form 4797 to report gains or losses on sales, exchanges or other disposal ...
For U.S. federal income tax purposes, there are exchanges of property that are not taxable, and the gain or loss on the exchange does not have to be recognized. The tax effect is postponed until the ...
Dispositions of property include sales and exchanges, but also include abandonment, foreclosures and repossessions. For U.S. federal income tax purposes, you can have a gain or loss on these types of ...
There are a variety of resources available to help students fund higher education. These resources include federal financial aid, scholarships, and tax credits and deductions. ...
For most U.S. citizens and residents, your taxpayer identification number is your social security number. If you are an alien who is not eligible for a social security number, you may need to apply f ...