IRS Form 8379 "Injured Spouse Allocation" Explained
IRS Form 8379, Injured Spouse Allocation, lets you recover your share of a joint tax refund when it was, or will be, applied to your spouse's separate past-due debt. Common examples are past-due…
Tax Benefits of Hiring Your Children, Explained
If you own a business, hiring your children can be a legitimate way to shift income into a lower tax bracket, cover your kids' expenses with deductible wages, and help them start saving for…
IRS Form 8822 "Change of Address" Explained
IRS Form 8822, Change of Address, tells the IRS your new home mailing address. It matters more than many people realize. The IRS generally only has to send important notices, including audit and…
IRS Form 14134 "Application for Certificate of Subordination of Federal Tax Lien" Explained
IRS Form 14134, Application for Certificate of Subordination of Federal Tax Lien, asks the IRS to let another creditor's lien move ahead of the federal tax lien on your property. It's most often used…
IRS Form 1099-NEC "Nonemployee Compensation" Explained
IRS Form 1099-NEC, Nonemployee Compensation, reports payments a business makes to independent contractors and other non-employees for services. If you run a business and pay a freelancer, consultant…
IRS Form 1099-DIV "Dividends and Distributions" Explained
IRS Form 1099-DIV, Dividends and Distributions, is sent by brokerages, mutual funds and companies to report dividends and other distributions you received during the year. It's usually issued when…
IRS Form 14135 "Application for Certificate of Discharge of Property from Federal Tax Lien" Explained
IRS Form 14135, Application for Certificate of Discharge of Property from Federal Tax Lien, asks the IRS to release a specific property from a federal tax lien. It's most often used so the property…
IRS Form 1099-INT "Interest Income" Explained
IRS Form 1099-INT, Interest Income, reports interest paid to you by banks, credit unions, brokerages and the U.S. Treasury. Payers generally issue it when interest totals $10 or more, but all taxable…
IRS Form 1098 "Mortgage Interest Statement" Explained
IRS Form 1098, Mortgage Interest Statement, is sent by your mortgage lender or servicer to report the mortgage interest you paid during the year. Lenders file it when they receive $600 or more of…
IRS Form 1065 "U.S. Return of Partnership Income" Explained
IRS Form 1065, U.S. Return of Partnership Income, is the annual information return filed by partnerships and by LLCs with two or more members that are taxed as partnerships. The partnership itself…