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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.
Schedule A (Form 1040), Itemized Deductions, is where you list specific deductible expenses instead of taking the standard deduction. You should itemize only if your total itemized deductions…
Read More about IRS Schedule A “Itemized Deductions” Explained
Schedule 1 (Form 1040), Additional Income and Adjustments to Income, reports types of income that don't have their own line on Form 1040, along with the "above-the-line" deductions that reduce…
Read More about IRS 1040 Schedule 1 “Additional Income and Adjustments to Income” Explained
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…
Schedule R (Form 1040), Credit for the Elderly or the Disabled, figures a small nonrefundable credit for lower-income taxpayers who are 65 or older, or who are under 65 and retired on permanent…
Read More about IRS Form 1040 Schedule R “Credit for the Elderly or the Disabled” Explained
Schedule J (Form 1040), Income Averaging for Farmers and Fishermen, lets people in farming or commercial fishing elect to have part of this year's income taxed at the rates that applied in the…
Read More about IRS Form 1040 Schedule J “Income Averaging for Farmers and Fishermen” Explained
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