Category Archives: General Filing
You can expect to receive a Form 1099-DIV if you’ve been paid dividends on stocks, or had capital gains distributions on mutual fund investments during the tax year. The different boxes on the Form 1099-DIV are: Box 1a: reports the full amount of ordinary dividends paid Box 1b: reports the amount of the sum listed […]
— Read moreIf you’ve sold any stocks, bonds, mutual funds, or securities during the tax year, it will be reported on a Form 1099-B which you will receive from your broker or financial institution. It can be a separate form, or may be combined into a statement listing other relevant tax information, such as interest and dividends. […]
— Read moreThe IRS Form 1098-T: Tuition Statement is sent to students who pay tuition at a qualifying college or similar higher education institutions. Any college, university, or vocational school that participates in the Department of Education programs for student aid are qualified institutions. The Form 1098-T lists expenses related to education, and can help determine the […]
— Read moreIf you’ve paid $600 or more a year in interest on a loan, the lender must provide you with Form 1098-E. You aren’t required to itemize deductions in order to claim a student loan interest deduction. Instead, student loan interest is subtracted when totaling your adjusted gross income (AGI) for the year. Interest paid on […]
— Read moreAt tax time, if you have a mortgage loan on your home you should expect to receive a Form 1098 (Mortgage Interest Statement) from your lender. The Form 1098 reports the amount of interest you paid throughout the year. You aren’t required to file this form with your taxes, because a copy will automatically be […]
— Read moreAs far as the IRS is concerned, same-sex couples who are lawfully married are thereby considered “married” for all tax reasons, regardless of the law where you currently reside. Effective for the 2013 tax year, all same-sex married couples were subject to the same tax implications as other married couples. The IRS recognizes same-sex marriages […]
— Read moreThere’s a chance that you may have children who are required to file a tax return, even if they are a dependent of yours. Typically, the child is held accountable for filing the return, as well as paying any taxes owed, along with penalties and interest. In some cases, if the child fails to pay, […]
— Read moreFor most taxpayers, April 15th is the due date for filing your tax return. You won’t incur a penalty if you file your return later than the due date if you’re only owed a refund. However, if you owe money, and you don’t file (or pay) on time, you will incur late charges and interest […]
— Read moreWhen you opt not to have taxes withheld from your wages, or if you haven’t paid enough each paycheck, then you may be required to make estimated tax payments. Similarly, those who are self-employed typically pay income tax through estimated payments. Four Important Facts about Estimated Taxes If you think you need to pay estimated […]
— Read moreOften, you’ll have to choose between itemizing your deductions and taking a standard deduction when you are filing your taxes. You should determine what your deductions amount to using both methods, then choose which option decreases the amount of tax that you owe. Typically, the method that leads to the largest deduction will provide the […]
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