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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.

8 Common IRS Tactics You Need To Know

The IRS has a fearsome reputation, and some of it is earned. But many taxpayers delay dealing with a tax problem because of what they think the IRS will do. Here's what the IRS can actually do,…

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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…

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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…

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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…

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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…

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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…

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