91 tagged with "Tax Preparation"
Organize financial records and prepare tax filings accurately and on time
Form 1120-H vs. Form 1120 for HOAs: The Section 528 Election, the 60/90 Tests, and Revenue Ruling 70-604, Explained
A practical guide for HOA boards, treasurers, and small-firm CPAs on the Section 528 election, the four Form 1120-H eligibility tests, the 30% flat rate trade-off versus Form 1120, and why every association should record an annual Revenue Ruling 70-604 vote.
Section 25C Energy Efficient Home Improvement Credit: A Final-Year Filing Guide Before the OBBBA Sunset
Section 25C's 30% federal credit for heat pumps, insulation, windows, and other home efficiency upgrades ends with the OBBBA sunset on December 31, 2025, making the 2025 return the last chance to claim up to $3,200 per household — provided you supply a valid 4-character QMID on Form 5695.
The 2026 W-4 Multiple Jobs Trap: How Two-Earner Households Stop Owing a Surprise Tax Bill Every April
When two spouses each fill out a default W-4, their employers withhold as if each job were the household's only income — causing systematic under-withholding. Step 2 of the 2026 W-4 closes that gap with three options: the checkbox, the Multiple Jobs Worksheet, and the IRS Tax Withholding Estimator.
Form 1099-B Cost Basis Reconciliation: How to Avoid Paying Tax Twice on the Same Dollar
Form 1099-B Box 1e shows your broker's cost basis, but Box 5 determines whether the IRS sees it. A working guide to covered vs. noncovered securities, Form 8949 adjustment codes (B, W, Q, O, T), and the RSU/ESPP basis corrections that prevent double-taxation.
Form 1099-R Box 7 Distribution Codes, Decoded
A field-tested guide to every Form 1099-R Box 7 code retirees and beneficiaries actually see — Code 1, 2, 4, 7, G, H, M, and Q — with the specific custodian errors that trigger a 10% penalty and how to fix them before April 15.
The 2026 Form W-4 Multiple Jobs Worksheet: How Two-Earner Couples and Side-Hustlers Sidestep an April Tax Surprise
A plain-English walkthrough of Form W-4 Step 2(a), 2(b), and 2(c) for two-earner households and side-hustlers — including the higher-paying-job rule, side-hustle income on Step 4(a), and the 90%/100%/110% safe-harbor numbers that prevent an April tax bill or penalty.
Section 7508A Disaster Tax Relief: How FEMA-Declared County Residents Get Postponed Deadlines, Coordinate With Form 4868, and Decide on a Prior-Year Casualty Loss
Section 7508A lets the IRS postpone almost any tax-related deadline by up to one year after a federally declared disaster. This guide explains who qualifies as an affected taxpayer, how postponement interacts with Form 4868, what happens to penalties already accruing, and when to elect a prior-year casualty loss under Section 165(i).
Form 1099-DA in 2026: Reconcile Per-Wallet Crypto Cost Basis and Avoid Overpaying
Form 1099-DA reports gross crypto proceeds but often leaves cost basis blank, and filing it as-is defaults basis to zero — taxing the full sale price. Here is how per-wallet tracking and reconciliation against the form let you pay tax on your actual gain.
Form 1310 Demystified: How Surviving Spouses, Executors, and Heirs Cash a Deceased Taxpayer's Final Refund Without Triggering a Year-Long IRS Delay
Form 1310 is the IRS form survivors use to claim a deceased taxpayer's refund. This guide explains who must file, the three Part I claimant boxes, the documents to attach (and the one to keep), and how to avoid the 6–12 month delays that trap most paper filers.
Schedule B-1 of Form 1065: Disclosing 50% Owners in Tiered Partnerships, Family LLCs, and Private Equity Funds
Schedule B-1 of Form 1065 uses Section 267(c) attribution — not Section 318 — to identify partners who own 50% or more of profit, loss, or capital. A practical guide for tiered partnerships, family holding LLCs, and private equity fund structures.
Form 8275: How a One-Page Disclosure Defeats the Section 6662 and 6694 Penalties
Form 8275 is a one-page disclosure statement that, when attached to a tax return, can neutralize the 20% Section 6662 accuracy-related penalty and the Section 6694 preparer penalty for gray-area positions that have a reasonable basis.
Form 8275 Disclosure Statement: Defeating the 20% Section 6662 Accuracy-Related Penalty
Form 8275 lets taxpayers disclose debatable tax positions with the IRS to defeat the 20% Section 6662 accuracy-related penalty when a position has at least a reasonable basis. Covers when to use Form 8275 versus Form 8275-R, what counts as adequate disclosure, timing rules, and Section 6694 preparer-penalty protection.