IRS Form 1120 "U.S. Corporation Income Tax Return" Explained
IRS Form 1120, U.S. Corporation Income Tax Return, is the annual federal income tax return for C corporations. Unlike partnerships and S corporations, a C corporation pays tax at the entity level, at…
IRS Schedule F “Profit or Loss From Farming” Explained
Schedule F (Form 1040), Profit or Loss From Farming, is where individual farmers report income and expenses from a farming business. It's attached to your Form 1040 (or to a partnership or estate…
IRS Form 1065 Schedule K-1 Explained
Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc., reports your share of a partnership's or multi-member LLC's tax items. The partnership files it with its Form 1065 and…
IRS Schedule C “Profit or Loss From Business” Explained
IRS Schedule C, Profit or Loss From Business (Sole Proprietorship), is the schedule self-employed individuals attach to their Form 1040 to report business income and expenses. The net profit or loss…
IRS Form 1040 Schedule J "Income Averaging for Farmers and Fishermen" 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 three…
IRS Form 1040 Schedule H "Household Employment Taxes" Explained
Schedule H (Form 1040), Household Employment Taxes, is how you report and pay Social Security, Medicare and federal unemployment taxes for a household employee, such as a nanny, housekeeper,…
IRS Automobile Tax Deductions Explained
If you use a car, van, pickup or SUV for business, you can deduct the business portion of its cost. The IRS offers two methods, the standard mileage rate and actual expenses, and either way you need…
How to Choose the Right Tax Accountant for Your Small Business
For small business owners in Alaska, selecting the right tax accountant is crucial. It's not just about filing taxes; it's about understanding local regulations, maximizing deductions, and making…
Gig Workers and the IRS: 3 Steps to Tax Filing Success
If you are a member of the gig economy, you are not alone. Millions of others have made the same choice, voting with their feet and their time and leaving the world of traditional employment behind.…