IRS Schedule D "Capital Gains and Losses" Explained
Schedule D (Form 1040), Capital Gains and Losses, is where you total the gains and losses from selling capital assets such as stocks, bonds, mutual funds, cryptocurrency, and investment real estate.…
IRS Form 9465 "Installment Agreement Request" Explained
IRS Form 9465, Installment Agreement Request, asks the IRS to let you pay a tax balance in monthly installments. Many people can set up a plan faster online, but Form 9465 is the paper route. You can…
IRS Schedule E "Supplemental Income and Loss" Explained
Schedule E (Form 1040), Supplemental Income and Loss, reports income and losses from rental real estate, royalties, partnerships, S corporations, estates and trusts. For many investors, it's the most…
IRS Form 12277 "Application for Withdrawal of Filed Form 668(Y), Notice of Federal Tax Lien" Explained
IRS Form 12277, Application for Withdrawal of Filed Form 668(Y), Notice of Federal Tax Lien, asks the IRS to withdraw a public Notice of Federal Tax Lien (NFTL). A withdrawal removes the public…
IRS 1040 Schedule 3 "Nonrefundable Credits" Form Explained
Schedule 3 (Form 1040), Additional Credits and Payments, reports tax credits and payments that don't have their own line on Form 1040. Part I covers nonrefundable credits, which can reduce your tax…
IRS Form 2159 "Payroll Deduction Agreement" Explained
IRS Form 2159, Payroll Deduction Agreement, sets up an installment agreement where your employer withholds a fixed amount from each paycheck and sends it directly to the IRS. It's a voluntary payment…
IRS Tax Benefits of Employing Children in an S-Corporation Explained
Hiring your children can be a legitimate way to shift income to family members in lower tax brackets. The rules are different when the business is an S corporation, though, and many articles get this…
IRS Form 1040 "U.S. Individual Income Tax Return" Explained
IRS Form 1040, U.S. Individual Income Tax Return, is the main federal income tax return for individuals. It brings together your income, adjustments, deductions, credits and payments to figure…
IRS Form 1099-MISC "Miscellaneous Income" Explained
IRS Form 1099-MISC, Miscellaneous Information, reports certain payments a business makes in the course of its trade or business that aren't wages and aren't payments for services by a non-employee.…
IRS Form 1120-S "U.S. Income Tax Return for an S Corporation" Explained
IRS Form 1120-S, U.S. Income Tax Return for an S Corporation, is the annual federal return for corporations and LLCs that have elected S corporation status. An S corporation generally doesn't pay…