10 Taxes You Can Write Off When You Work From Home
Remote work continues to thrive, and so does the need to understand tax responsibilities. Self-employed individuals and small business owners can benefit from various tax deductions that lower their taxable income. Many of these deductions originated under the Tax Cuts and Jobs Act (TCJA), with some provisions currently set to expire in 2025, making it […]
How to File IRS Form 8889: The Complete Guide to Health Savings Account (HSA) Reporting
IRS Form 8889 (Health Savings Accounts) is used to report: Who Must File Form 8889? You need to file if you: Important: Even if your employer handles contributions, you may still need to file. Professional tax services can assess your specific requirements. Step-by-Step Guide to Completing Form 8889 Step 1: Verify HSA Eligibility Confirm you […]
How to File IRS Form 3921: The Complete Guide to Exercise of an Incentive Stock Option
IRS Form 3921 (Exercise of an Incentive Stock Option Under Section 422(b)) is used by corporations to report when employees exercise incentive stock options (ISOs). This form helps track potential alternative minimum tax (AMT) implications for employees. Who Must File Form 3921? You must file if your company: Important: Reporting is mandatory even if no […]
How to File IRS Form 8821: The Complete Guide to Tax Information Authorization
IRS Form 8821 (Tax Information Authorization) allows taxpayers to designate individuals or organizations to: When Should You File Form 8821? Consider filing if you need to: Important: This form doesn’t authorize representation before the IRS. Professional tax services can advise if you need Form 2848 instead. Step-by-Step Guide to Completing Form 8821 Step 1: Identify […]
How to File IRS Form 8854: The Complete Guide to Expatriation Tax Compliance
IRS Form 8854 (Expatriation Information Statement) is required for: Who Must File Form 8854? You must file if you are expatriated and meet any of these criteria: Important: Complex exceptions apply. Professional tax services can determine if you qualify as a covered expatriate. Step-by-Step Guide to Completing Form 8854 Step 1: Determine Covered Expatriate Status […]
How to File IRS Form 8867: The Complete Guide to Paid Preparer Due Diligence
IRS Form 8867 (Paid Preparer’s Due Diligence Checklist) is a mandatory document for tax professionals preparing returns that claim: Who Must File Form 8867? Tax preparers must complete this form if they: Important: Even if not claiming credits, maintaining proper documentation is crucial. Professional tax services can help establish compliance procedures. Step-by-Step Guide to Completing […]
How to File IRS Form 940: The Complete Guide to Employer’s Annual Federal Unemployment Tax
IRS Form 940 (Employer’s Annual Federal Unemployment Tax Return) is used to report and pay unemployment taxes owed under the Federal Unemployment Tax Act (FUTA). This tax funds state workforce agencies and provides unemployment benefits to workers who lose their jobs. Who Must File Form 940? You must file if you: Important: Some exceptions apply […]
How to File IRS Form 926: The Complete Guide to Reporting Transfers to Foreign Corporations
IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) is required when U.S. persons transfer property to foreign corporations that meet certain thresholds. This form helps the IRS track cross-border transactions that may have tax implications. Who Must File Form 926? You need to file this form if you: Important: […]
How to File IRS Form 2848: The Complete Guide to Power of Attorney Authorization
IRS Form 2848 (Power of Attorney and Declaration of Representative) is the official document that allows taxpayers to: When Should You File Form 2848? Consider filing if you need to: Important: This form doesn’t authorize financial transactions. Professional tax services can advise on additional forms needed for full representation. Step-by-Step Guide to Completing Form 2848 […]
How to File IRS Form 2555: The Complete Guide to Foreign Earned Income Exclusion
IRS Form 2555 (Foreign Earned Income) allows qualifying U.S. taxpayers to exclude up to $120,000 (2023) of foreign earned income from U.S. taxation. To qualify, you must meet either: Who Should File Form 2555? You may benefit from filing if you: Important: Strict documentation requirements apply. Professional tax services can verify your eligibility. Step-by-Step Guide […]
