1040

Tax Help - Short & Sweet
COVID-19 - BUSINESS INFO
Highlights
•  CARES Act.
•  Federal filing deadlines.
•  Federal payment deadlines.
•  Stimulus payments.
COVID-19 - Personal/Family Info
Highlights
•  Families First Coronavirus Response Act.
•  CARES Act.
•  Federal filing deadlines.
•  Federal payment deadlines.
   

Tax Preparation Checklist: 
What do I need to bring with me or send when I get my taxes prepared? 

Alternative Minimum Tax:
How does Alternative Minimum Tax get triggered? What is it?
Audits:
This handout provides guidance for taxpayers who are undergoing an IRS audit. It includes an overview of how audits are conducted as well as a strategy for preparing for the audit.
Cancellation of Debt - Insolvency
This handout defines what it means to be insolvent. Cancellation of Debt - Insolvency It includes a worksheet for a taxpayer to determine if he or she is insolvent and it explains the tax implications of canceled debt.
Capital Gains and Losses
This handout defines what assets are considered capital assets. It also discusses holding periods of assets, basis, and capital gain tax rates.

Charitable Contributions Guide: This guide outlines the types of qualified charities which can receive tax-deductible donations. It also discusses contributions of property including the donation of a vehicle.

 

Charitable Contributions Recordkeeping Requirements: This handout discusses recordkeeping requirements for cash donations. It also provides a donation tracker worksheet as well as a charitable mileage log.

Charitable Noncash FMV Guide: This handout provides a fair market value guide for the donation of goods. There is also a tracker for taxpayers to record donations.

Consumer Credit: This handout gives individuals a quick checklist of how to protect themselves upon notification of identity theft. It also provides information on credit counseling and debt management plans.

Crowdfunding: This handout explores the different aspects of crowdfunding, from the project initiator to the backer/contributor.

Dependent Support Worksheet: This worksheet defines what is meant by support and includes a worksheet to help calculate the expenses paid to determine the financial support of an individual. Divorce and Taxes: This handout defines the tax status of taxpayers who are separated or divorcing. It also provides information on property transfers, alimony, and child support.

Education Tax Benefits: This handout discusses the education tax benefits. It also provides a comparison of the education credits and discusses the education savings plans.

Estimated Taxes: This handout defines the requirement to pay taxes through withholding and/or estimated payment.
Extending Your Individual Income Tax Return: This handout provides guidance for taxpayers who are unable to file their income tax return by the due date. It also provides information for individuals who are unable to pay the income tax due by the return due date. Families With Children: This handout provides a listing of various tax credits available for families with children. The rules and limits for each credit are outlined.
 

Filing Status: This handout helps the taxpayer determine his or her tax filing status for the year. The handout includes a chart with the special rules for taxpayers filing Married Filing Separately (MFS).

Foreign Bank and Financial Accounts: This handout provides tax filing guidance for taxpayers who have financial assets in foreign countries. The information contains filing requirements and penalty information for failure to file.

Gambling Log: This handout highlights the tax reporting requirement for taxpayers who have gambling winnings. It also includes a worksheet to track gambling activity. Health Care Reform - Health Insurance Marketplace: This handout explains how the Health Insurance Marketplace works and how to enroll in coverage through the Marketplace.
Health Savings Accounts (HSAs): This handout discusses the provisions of Health Savings Accounts (HSAs). The rules and limitations are explained. High-Income Taxpayers: This handout provides a listing of deduction limitations for taxpayers who have higher taxable income.
Hobby vs. Business: This handout explains the deduction limitation for activities that are considered a hobby. The handout lists the factors that may determine whether an activity is a hobby or a business.

Household Employees: This handout identifies who is considered a household employee. It also discusses the tax reporting requirements of employers who employ household workers.

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Household Employees: This handout identifies who is considered a household employee. It also discusses the tax reporting requirements of employers who employ household workers.

Identity Theft and Your Taxes: Taxpayers who are victims of identity theft may find that the thieves have filed a fraudulent income tax return. This handout provides guidance on the steps the taxpayer should take to file their return as well as specific things to do to prevent future problems.

Itemized Deductions - Homeowners: This handout identifies expenses for homeowners which are deductible as itemized deductions. It also includes a chart for home mortgage debt limits

Itemized Deductions - Casualty and Theft Losses: This handout identifies which losses are deductible and which gains are taxable in federally-declared disaster areas.

Itemized Deductions - Casualty and Theft Losses: This handout identifies which losses are deductible and which gains are taxable in federally-declared disaster areas.

Itemized Deductions - Interest Paid  This handout identifies deductible interest expense that is claimed on Schedule A (Form 1040) as an itemized deduction.

Itemized Deductions - Medical Expenses  This handout discusses which medical expenses are deductible and who can deduct those expenses. It also highlights the deductible expenses for long-term care and nursing home costs.

Itemized Deductions - Taxes Paid  This handout discusses which taxes paid are deductible as well as any limitations on the deductibility of those taxes.

Kiddie Tax This handout discusses the tax treatment of a child’s unearned (investment) income.

Moving Expenses: This handout provides information on the deductibility of moving expenses for active duty service members of the Armed Forces.

Multi-State Taxation This handout provides guidance to taxpayers who have state income tax liabilities to more than one state. It also provides state tax information for taxpayers associated with the military.

Referrals Appreciated: This handout provides a format for a tax preparer to request referrals from clients. It is designed to give to an existing client to pass on to potential referrals.

Sale of a Principal Residence: This handout discusses the requirements to exclude the gain on the sale of a principal residence. It also discusses the reduced maximum exclusion that is available for certain taxpayers.

Standard vs. Itemized Deduction: This handout compares the use of the standard deduction vs. using itemized deductions.

Stock Options - Same Day Sales: This handout provides guidance on the taxation of exercising stock options. The tax reporting of these transactions is covered in detail.

Tax Facts and Figures: This handout provides charts of inflation-adjusted tax provisions, tax rate schedules, and net capital gain tax rates.

‚ÄčTax Scams - Protect Yourself: This handout contains information on types of tax scams including IRS impersonation scams. Included is guidance on how a taxpayer can protect himself or herself and specific actions to take.

Taxable Social Security Benefits: This handout explains the calculation of income to determine what amount, if any, of Social Security benefits are taxable. It also provides strategies to prevent Social Security benefits from becoming taxable.

Taxpayers Who Receive an IRS Notice: This handout explains how taxpayers should handle affairs once they have received a notice from the IRS. It also discusses how to avoid future notices and explains what rights the taxpayer has.

Tipped Employees:  This handout provides information on how to report tip income. Recordkeeping requirements are also explained.

Virtual Currency (Cryptocurrency):  This handout provides a summary for taxpayers who receive, use as to purchase goods or services, or mine virtual currency.

What Should You Do if You Can't Pay Your Taxes? : This handout explains the options a taxpayer has when he or she cannot pay the taxes due by the due date. Information on requesting an installment agreement is provided.

Withholding - Filling Out Form W-4: This handout provides an explanation of what Form W-4 is and how it is used by employers. Guidance on filling out the form is provided.