In the context of taxation, an individual often refers to a single taxpayer who files their taxes separately from any spouse or dependents.
Explore the concept of Information Return, its significance in tax reporting, and examples such as Forms 1099 and W-2. Understand its purpose and implications for taxpayers and the IRS.
The Internal Revenue Bulletin (IRB) is a weekly publication by the IRS, summarizing administrative rulings, decisions, procedures, and notices critical for tax law compliance.
Detailed explanation of the Internal Revenue Code of 1986, including its components, purpose, amendments, and interpretations through legislation and court rulings.
The Internal Revenue Service (IRS) is the revenue service of the United States federal government responsible for collecting taxes and enforcing tax laws.
A joint (tax) return is a tax filing by married couples combining their incomes and deductions to calculate their combined tax liability, usually resulting in a lower total tax.
A comprehensive guide to understanding Letter Rulings, their significance, process, implications in tax and legal contexts, and related terms.
An in-depth look at Lifetime Exemption as part of the Unified Estate and Gift Tax system in the United States.
The Lifetime Learning Credit is a U.S. tax credit for education expenses, applicable to students of any age for a variety of educational pursuits.
An in-depth analysis of luxury automobiles and their depreciation limitations under tax regulations, including the criteria for listed property and tax implications.
A depreciation method in the United States for tax purposes that allows businesses to recover the cost of property over a specified life span.
Detailed explanation of how marital status affects tax returns.
The concept of a Master Plan spans various domains including general strategy, real estate development, and tax planning. This article provides an in-depth overview, definitions, types, applications, and related terms associated with a Master Plan.
A comprehensive guide to understanding material participation tax, including criteria, special considerations, examples, and related terms.
A comprehensive guide to moving expense deductions, including eligibility criteria, allowable expenses, examples, and historical context.
An in-depth exploration of Net Operating Loss (NOL), its definitions, applications, and implications in the context of individual taxpayers and corporations, including limitations, examples, historical context, and related terms.
A nonprofit organization is an association allowed to exist without paying income taxes, typically engaged in socially desirable activities. This guide provides a detailed understanding of nonprofit organizations, their benefits, requirements, and examples.
An in-depth examination of the IRS Notice of Deficiency, its significance, and how taxpayers should respond.
An Ombudsman is a government or organizational official who represents and resolves citizen or stakeholder complaints and inquiries.
A detailed article exploring the Private Ruling from the Internal Revenue Service (IRS), its historical context, current significance, limitations, and implications for taxpayers.
The IRS Problem Resolution Program is designed to help taxpayers who are experiencing difficulties in resolving issues with the IRS. This program ensures that taxpayers have a platform to get their voices heard and seek resolution for their problems.
A comprehensive guide to understanding qualified charities, their requirements, benefits, and distinctions in tax laws.
An exploration of Qualified Organizations, their criteria, types, and implications for charitable contributions within the context of tax deductions.
Comprehensive explanation of Refund, including its implications in finance, taxation, and the process involved.
A Regulated Investment Company (RIC) is a mutual fund or real estate investment trust (REIT) eligible under Regulation M of the Internal Revenue Service (IRS) to pass capital gains, dividends, and interest earned on fund investments directly to its shareholders, avoiding the double taxation on corporations and stockholders.
An in-depth look at the concept of Return in various fields including finance, retail, taxes, and trade.
Explanation of Revenue Procedure under the U.S. Internal Revenue Code, outlining its definition, implications, types, examples, and related terms.
Revenue Procedures are official statements published by the IRS concerning procedural and administrative matters of tax laws, first appearing in the Internal Revenue Bulletin and later compiled in the Cumulative Bulletin.
An official interpretation by the IRS of internal revenue laws, related statutes, tax treaties, and regulations, published in the Cumulative Bulletin.
Detailed explanation of IRS advance rulings and court decisions, including their definitions, types, historical context, applicability, and FAQs.
A comprehensive guide to S Corporations, a tax election that allows small businesses to pass income directly to shareholders, avoiding double taxation.
Safe Harbor Rule refers to the guidelines provided by the IRS for certain transactions, helping taxpayers ensure favorable tax treatment or avoid unfavorable ones.
An in-depth understanding of Schedule K-1, its uses, types, and key components.
An in-depth look at the Schedule K-1 tax form including its purpose, the information it conveys, and its importance for partners and beneficiaries.
Comprehensive detail on Separate (Tax) Return, focusing on Married Filing Separately, its implications, benefits, and considerations.
A comprehensive overview of what constitutes a Single Taxpayer, including definitions, tax implications, special considerations, examples, and related terms.
An in-depth look at the responsibilities and types of special agents including real estate brokers and IRS fraud investigators.
The Standard Deduction is a provision allowing taxpayers to deduct a fixed amount from their gross income in lieu of itemized deductions. This provision, updated annually for inflation, also accounts for specific circumstances such as age or blindness.
The Standard Mileage Method is a simplified way for taxpayers to calculate the deduction for the business use of a vehicle based on mileage driven.
For tax purposes, 'Student' refers to an individual who is a full-time student for at least five calendar months during the tax year at a qualified educational institution or pursuing a full-time course of institutional on-farm training.
A specialization in accounting that emphasizes tax preparation and tax planning for individuals and organizations.
Understanding how the Tax Benefit Rule governs the inclusion of recoveries and repayments in taxable income and deductions.
An In-Depth Guide to Understanding Tax Deductions, Their Types, and Applicability
A detailed explanation of tax deposits, including the types of taxes deposited through a Federal Reserve Bank or designated commercial bank, rather than paid directly to the IRS.
An in-depth exploration of the Tax Reform Act of 1986, detailing its implications, impacts, and historical significance.
A detailed guide on the roles, responsibilities, and legal obligations of a Tax Return Preparer. Covering the importance, qualifications, and regulatory aspects in detail.
An in-depth look at the definition of tax shelters prior to October 23, 2004, according to the IRS, and the modern regulatory framework post-October 22, 2004.
A comprehensive guide to understanding tax-deferred exchanges, primarily concerning property under Section 1031 of the Internal Revenue Code. This entry explores the concept, applications, and implications of such exchanges in the context of real estate.
A comprehensive guide to understanding who qualifies as a taxpayer and their responsibilities, including individuals, corporations, partnerships, trusts, and other entities.
In-depth exploration of Treasury Decision (T.D.), its historical context, applications, and relevance in finance and government regulations.
A comprehensive explanation of the Uniform Capitalization (UNICAP) Rules, detailing their purpose, implementation, and impact on businesses and taxation.
A comprehensive guide to the term 'United States Person' for income tax purposes, including citizens, residents, domestic partnerships, domestic corporations, and certain estates and trusts.
Comprehensive overview of Unrelated Business Income (UBI), its implications for tax-exempt organizations, exceptions, related terms, and frequently asked questions.
Comprehensive Guide to the W-2 Form, including its purpose, contents, and usage for tax filing.
The W-4 Form is a certificate used by new and existing employees in the United States to determine the amount of federal tax withheld from their paychecks by indicating the number of personal allowances they claim.
The W-9 Form is an IRS document required for a taxpayer to provide their Social Security number, employer identification number, or other identifier to a payor, enabling proper reporting of payments to the IRS. Without this information, the payor must withhold a portion of the payment.
Learn about 501(c)(3) organizations, including their definition, advantages and disadvantages, setup requirements, and real-world examples.
A comprehensive guide to the IRS 90-Day Letter, explaining its purpose, the process involved, implications for taxpayers, and how to respond.
Understanding Adjusted Gross Income (AGI): Definition, Calculation, Importance, and Its Role in Determining Income Tax
A comprehensive guide on who needs to file an amended tax return, the steps involved, and the important deadlines to consider.
An in-depth explanation of backup withholding, its operational process, and the individuals and entities subject to this tax regulation.
A detailed guide on the Employer Identification Number (EIN), including its purpose, who needs it, and the process for obtaining it.
A comprehensive guide to Enrolled Agents (EA), covering their roles, history, qualifications, and frequently asked questions regarding their representation of taxpayers before the IRS.
Detailed exploration of filing status, its impact on tax returns, types, and special considerations.
Detailed exploration of Form 1040, the standard U.S. individual tax return form, its types, components, and how to file it with the IRS.
An in-depth look at Form 1040-A, a simplified version of Form 1040 used by U.S. taxpayers for annual income tax filing.
Comprehensive guide on Form 1040-X, including definition, purpose, and step-by-step filing instructions for amending an annual federal tax return.
An in-depth explanation of IRS Form 1065 for U.S. Return of Partnership Income, including its purpose, how to file, and essential details for business partnerships.
Comprehensive overview of IRS Form 1095-C, detailing its definition, primary uses, and specific tax filing requirements for Applicable Large Employers (ALEs) and employees.
A comprehensive guide to IRS Form 1098, which taxpayers use to report mortgage interest and related expenses totaling $600 or more. Learn about filing requirements, definitions, and key considerations.
Comprehensive guide on Form 1099-B and its role in reporting proceeds from broker and barter exchange transactions, including gains and losses.
A comprehensive guide on filing Form 1099-DIV, which details dividends and distributions received from investments, providing essential steps, guidelines, and considerations for accurate tax reporting.
A detailed exploration of Form 1099-INT, including its purpose, filing requirements, recipients, and implications for taxpayers.
An in-depth guide to Form 1099-MISC, detailing its purpose, uses, and various reporting requirements for nonemployee compensation and miscellaneous income.
Learn all about IRS Form 1099-Q, including its purpose, types of education savings accounts it covers, reporting requirements, tax implications, and how to properly handle distributions.
A comprehensive guide to IRS Form 1099-R, detailing its purpose for reporting distributions from annuities, profit-sharing plans, retirement plans, or insurance contracts, and who is required to file it.
Comprehensive guide to Form 1120-S, which is used for reporting the income, losses, and dividends of S corporation shareholders to the IRS.
A comprehensive guide to IRS Form 2106, which covers employee business expenses, including who can file, how to complete the form, and its applicability.
A comprehensive overview of IRS Form 2106-EZ, used by employees to deduct ordinary and necessary job-related expenses not reimbursed by their employers.
Comprehensive details about IRS Form 2848, which grants power of attorney and representation rights to authorized individuals before the IRS on behalf of taxpayers.
Form 4506, provided by the IRS, allows individuals and organizations to request exact copies of prior years' tax returns for various purposes including verification of income and complying with legal requirements. Learn about its significance, how to file it effectively, and its practical applications.
Explore Form 4562 used for Depreciation and Amortization, essential for businesses to claim deductions on property and equipment. Learn the intricacies of depreciating and amortizing assets with this IRS tax form.
A comprehensive guide on IRS Form 4684, used to report gains or losses from casualties and thefts, which may be deductible and reduce taxable income.
Comprehensive guide on IRS Form 4797, including its purpose, types of transactions it covers, detailed instructions on how to file, and examples.
An in-depth guide to understanding IRS Form 4952, its purpose in calculating investment interest expense deductions, how to use it, and related tax implications.
Comprehensive guide on IRS Form 5405 for claiming a tax credit for first-time home purchases between 2008 and 2010. Includes repayment guidelines.
An in-depth guide to understanding and accurately filing IRS Form 6251, used to determine the amount of Alternative Minimum Tax (AMT) owed by individuals.
A comprehensive guide to Form 6252, including how it works, its purpose, and step-by-step instructions for reporting income from an installment sale of real or personal property.
An in-depth guide to IRS Form 6781, used for reporting gains and losses from Section 1256 contracts and straddles. This article covers the purpose, calculation methods, special considerations, and filing requirements for taxpayers.
Get comprehensive insights into IRS Form 8283 for non-cash charitable contributions. Learn about its purpose, how to fill it out, common examples, and answers to frequently asked questions.
Detailed explanation of Form 8379, including its purpose, application process, and how it helps an injured spouse reclaim their share of a joint tax refund seized to cover the other spouse's past-due debts.
An in-depth exploration of IRS Form 8606, its purpose, usage, and significance for filers making nondeductible contributions to IRAs.
In-depth guide on IRS Form 8949, which is used to report sales and other dispositions of capital assets for tax purposes, including instructions, examples, and related considerations.
A comprehensive overview of the gift tax return, the federal tax form required for reporting gifts that exceed the annual exempt gift amount. Understand its purpose, filing requirements, and implications.
An in-depth look at the gross-income test, one of the crucial criteria for determining dependency status for tax purposes. Understand what it means, how it works, and its critical implications.
A detailed explanation of what an HSA custodian is, the costs involved, and practical examples. Learn about the role of banks, credit unions, insurance companies, and other IRS-approved organizations in managing Health Savings Accounts.
A detailed exploration of the Internal Revenue Code (IRC), including its definition, coverage, historical background, and its implications for taxpayers in the United States.
The Internal Revenue Service (IRS), part of the U.S. Department of the Treasury, is responsible for enforcing and administering federal tax laws, processing tax returns, and conducting audits. This article provides a comprehensive look at the IRS's roles, functions, and its significance in the U.S. tax system.
An in-depth overview of IRS Publication 15, detailing employer responsibilities for filing and reporting tax information.
A detailed guide on IRS Publication 463, which explains the eligibility of travel, gift, and car expenses for individual taxpayer deductions, primarily focusing on itemized deductions for Schedule C.
