IRS Form 1099-INT "Interest Income" Explained

IRS Form 1099-INT, or the "Interest Income" form, is a tax form used to report interest income earned by an individual or business during the tax year. This form is used to report income subject to…


IRS Form 1098 "Mortgage Interest Statement" Explained

IRS Form 1098, also known as the "Mortgage Interest Statement," is a tax form used to report the amount of mortgage interest a taxpayer pays during the tax year. This form is used to claim a tax…


IRS Form 1065 "U.S. Return of Partnership Income" Explained

IRS Form 1065 is a tax return form used by partnerships in the United States to report their income, gains, losses, deductions, and credits to the Internal Revenue Service (IRS). It is also known as…


5 Benefits to Hiring a CPA for your Small Business

In the ever-evolving business landscape, one of the critical decisions that must be made is hiring a CPA for your small business. The role of a Certified Public Accountant (CPA) in this context is…


IRS Form 1098-T "Tuition Statement" Explained

IRS Form 1098-T, or the Tuition Statement, is a tax form used to report tuition and other related expenses to the Internal Revenue Service (IRS) and the student or taxpayer. This form is used to…


IRS Form 1120 "U.S. Corporation Income Tax Return" Explained

IRS Form 1120, also known as the U.S. Corporation Income Tax Return, is a tax form domestic corporations use to report their annual income, gains, losses, deductions, and credits to the Internal…


IRS Schedule B "Interest and Ordinary Dividends" Explained

IRS Schedule B is a form used to report interest and ordinary dividends received by a taxpayer during the tax year. Individuals, estates, and trusts typically use this form. Interest income is…


IRS Schedule F "Profit or Loss From Farming" Explained

IRS Schedule F, also known as Form 1040, is a tax form used to report profit or loss from farming. This includes income from raising livestock, growing crops, and other farming operations. The…


Internal Revenue Code (IRC) Section 121 "The Home Sale Gain Exclusion" Explained

When a person sells their principal residence, specific tax implications must be considered. Under Internal Revenue Code (IRC) Section 121, a taxpayer may exclude up to $250,000 ($500,000 for married…


IRS Form 1065 Schedule K-1 Explained

IRS Schedule K-1 is a tax form used to report a person's share of income, deductions, credits, and other items from a partnership, S corporation, trust, or estate. This form is used to report the…