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Read the industry’s latest on all things tax — how tos, tax news, practical tips, industry updates, and everything in between.

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…

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IRS Schedule C “Report Profit of Loss” Explained

IRS Schedule C, or Form 1040, is a tax form self-employed individuals use to report their business income and expenses. It is used to calculate a person's net profit or loss from their business…

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IRS Schedule A “Itemized Deductions” Explained

IRS Schedule A is a form that taxpayers can use to itemize their deductions if they choose not to take the standard deduction. The standard deduction is a fixed dollar amount that reduces the…

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IRS 1040 Schedule 1 Form “Additional Income and Adjustments to Income” Explained

IRS Form 1040 Schedule 1 reports additional income adjustments for individuals who are required to file a Form 1040 tax return. This form reports income not reported on the main Form 1040, such…

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7 Reasons Taxpayers Get An IRS Audit

Facing an IRS audit is a daunting experience. The idea of having your financial records scrutinized by the most feared collection agency, the IRS, can shake anyone to their core. The cost in…

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