10 Tax Forms To Know About Before Filing

Understanding the different tax forms, the filing requirements, and the process for completing and submitting them is essential for ensuring compliance with tax laws and regulations.

Tax Relief from Back Taxes

Tax relief for back taxes refers to a reduction in the amount of taxes owed for previous tax years. This can be achieved through various means.

What Is IRS Form 1099-DIV – Dividends and Distributions?

A 1099-DIV tax form serves as a record that a company or other financial entity paid dividends to investors. An investor can receive Form 1099-DIV from banks and financial institutions if they earned more than $10 in dividends on your investments.

What is inheritance tax?

An inheritance tax is imposed on the recipients of the assets, and the rate and amount of the tax depends on the value of the inheritance and the relationship of the beneficiary to the deceased.

What is Adjusted Gross Income?

Adjusted Gross Income (AGI) is defined by the IRS as gross income minus certain adjustments made to the total income. It includes your business income, wages, dividends, capital gains and retirement distributions among other income.

How to Find the Best Tax Preparer or Tax Advisor

If you want to go the extra mile, seek out a credentialed preparer – someone who is also a certified public accountant (CPA), enrolled agent (EA), or licensed attorney (LAW). In general, these professionals are held to a higher standard of education and expertise depending on their designation.

Popular tax deduction breaks in 2023

A tax deduction is an expense that gets reduced from the amount of gross income, thereby lowering your taxable income and tax bill. The total amount of tax you can save depends on the type of tax benefit you claim from or your income tax return bracket.

15 Self-Employment Tax Deductions In 2023

Self-employed people and freelancers can avail tax deductions based on a variety of factors that impact their work such medical insurance, retirement savings, advertising or start-up costs and self-employment taxes, among others.

What is Alternative Minimum Tax?

Tax experts can help you reduce or avoid alternative minimum tax if you suspect that you owe it and need assistance with the additional paperwork.