Your car’s value decreases around 20% to 30% by the end of the first year. From years two to six, depreciation ranges from 15% to 18% per year, according ...

Since the IRS considers any 1099 payment as taxable income, you are required to report your 1099 payment on your tax return. For example, if you earned le...

As a buyer, your agent and the seller’s agent split a commission fee – typically 5-6% of the purchase price of the home. And while this fee is technically...

The IRS announced a new web-based system – IRS Direct Pay – available on IRS.gov that lets you pay your tax bills or make estimated tax payments directly ...

Why Your Tax Refund May Be Delayed This in turn can delay the issuing of refunds. You are claiming the earned income tax credit (EITC) or additional child...

A payment agreement outlines an installment plan to repay an outstanding balance that is made over a given time-frame. This is common when an amount is to...

For Schedule UTP purposes, an uncertain tax position is a position taken on a tax return that would result in an adjustment to a line item on the tax retu...

Form 8453 is required to be filled out and mailed to the IRS when one or more of the forms below are included in an e-filed return. (See below for the mai...

To the extent of prior depreciation and Section 179 expensing, your sale of furniture, equipment, or vehicles produces ordinary income. Instead, the incom...

Filing an extension will generally allow you to delay filing a tax return until October 15. You will still have time to establish a SEP-IRA and make a SEP...