Page 16 151 - 160 of 261
What Is Tax Form 8948 and What Is It Used For?
Taxpayers and tax preparers must deal with a plethora of tax forms, some well-known, others more obscure. Knowing which ones you need (or your client needs) to file is vital to successfully fulfill your responsibilities and achieve the goal of an accepted return.
Do You Have to Pay Taxes on a Trust Inheritance?
Estate planning is crucial to ensure the capital and assets you’ve spent your career amassing remain with the beneficiaries of your choosing.
How Do I File a Late 1099-MISC Form?
Businesses document compensation paid to non-payroll employees and vendors using various 1099 forms. Gig workers, freelancers, and independent contractors receive a 1099-MISC, typically sometime in mid to late January, if they’ve earned more than $600 in compensation in a financial year.
What Is Form 8996 and What Is It Used For?
Beginning in the 2019 tax year, a new form was introduced by the IRS that was designed to evaluate and track the performance of Qualified Opportunity Funds (QOFs), which were created in 2017 as part of the Tax Cuts and Jobs Act.
Does a Spouse Pay Inheritance Tax?
Leaving your spouse in a secure financial position after you pass is an important aspect of estate planning for many Americans.
What Is a 1099 INT Form and What Is It Used For?
If you were paid more than $10 in interest from a bank, brokerage, or other financial institution during the 2021 tax year, you likely saw one or more Form 1099-INTs arrive in your mailbox sometime in February.
What Are the 7 Tax Brackets?
The IRS tax brackets divide income by taxable levels. Different tax rates are applied at each level. The more you make, the higher the tax rate. The tax system is also progressive. This means if you make $80,000 in a year, the entire amount is not taxed at 22%. It is divided into three tax brackets made up of 10%, 12%, and 22%.
Who Pays for Estate Taxes and How Much Do They Pay?
Taxes owed on a family member's estate after the death can be very high. This tax is called an estate tax, inheritance tax, and death tax. Up to a certain amount (i.e., the estate's value), taxes are not owed. After that amount is surpassed, taxes are owed by those inheriting the estate. We'll go over the estate tax details in this article, who pays it, and how much they'll pay.
How Does Inheritance Tax Work?
When people use the term "inheritance tax," they generally refer to a levy against money or property that a person or entity inherits from someone who gives it to them in a will. However, there is sometimes confusion between an inheritance tax and the federal estate tax, which is different. In fact, there is no federal inheritance tax, although there is an estate tax. The IRS defines the estate tax as:
What Is the Difference Between a Schedule D and Form 4797?
Taxpayers who sold capital assets (i.e., property) will use Schedule D and maybe Form 4797 when filing their tax returns. Which form you use depends on the asset being used for personal or business use. In this article, we’ll go over these two tax documents and look at their differences.
Page 16 151 - 160 of 261
