How to File Form 8582: Step-by-Step Guide to Reporting Passive Activity Losses
If you’re involved in real estate or other passive income ventures, Form 8582 might apply to you. This IRS form helps taxpayers calculate and report passive activity losses that can’t be deducted due to IRS limitations. Passive losses often come from real estate rentals or business activities where you’re not actively involved. But just because […]
Form 8615: How to File the Tax for Children’s Unearned Income in 2025
When minors earn unearned income that exceeds a certain threshold, the IRS requires them to file Form 8615. This form ensures that children’s unearned income is taxed at their parents’ rate rather than the child’s lower tax rate. Filing Form 8615 correctly is crucial to avoid errors that might lead to penalties or audits. This […]
How to File IRS Form 1118: A Complete Step-by-Step Guide
If your U.S. corporation earns income from international sources and pays taxes abroad, you might be eligible to claim a foreign tax credit, and Form 1118 is how you do that. Filing this form helps reduce double taxation and ensures you aren’t overpaying on your U.S. tax obligations. This guide explains how to fill out […]
How to File IRS Form 1098: A Guide for Mortgage and Education Interest Reporting
If you’re a lender, educational institution, or loan servicer, you may need to file Form 1098 to report interest payments received throughout the year. This IRS document helps taxpayers claim deductions on mortgage or student loan interest paid, which can significantly impact their tax returns. In this blog, we’ll explain how to file Form 1098, […]
How to File IRS Form 1116: Guide for Claiming Foreign Tax Credit
U.S. taxpayers who earn income abroad often face double taxation—once by the foreign country and again by the IRS. Luckily, the IRS offers a way to claim a credit for foreign taxes paid: Form 1116. Whether you’re an individual, trust, or estate with foreign income, this guide will show you exactly how to file Form […]
How to File IRS Form 6198: Step-by-Step Instructions for At-Risk Limitations
If you’re involved in a business or investment activity that resulted in a loss, the IRS doesn’t automatically let you deduct all of it—especially if you weren’t financially “at risk.” That’s where Form 6198 comes in. It calculates the portion of your loss that you’re actually allowed to claim under at-risk rules. This guide covers […]
How to File IRS Form 4684: Step-by-Step Guide for Reporting Casualty and Theft Losses
Disasters happen. Whether it’s a fire, theft, storm, or vandalism, the IRS allows taxpayers to claim a deduction for certain losses using Form 4684. However, navigating this form requires careful attention to IRS rules, especially when it comes to personal vs. business losses. In this guide, we’ll walk you through how to file Form 4684, […]
How to File Form 8868: A Step-by-Step Guide to Requesting an Extension for Tax-Exempt Organizations
Tax-exempt organizations—like charities, trusts, and foundations—still have to file annual returns with the IRS. But what happens if you’re running behind? That’s where Form 8868 comes in. This form gives your organization more time to file the necessary documents without facing penalties. In this guide, we’ll walk you through how to file Form 8868, explain […]
How to File Form 720: A Complete Guide to the Federal Excise Tax Return
If your business deals with fuel, environmental products, communications services, or similar taxable items, chances are you’re required to file Form 720. This IRS form, also known as the Quarterly Federal Excise Tax Return, is essential for reporting and paying excise taxes. In this blog, we’ll guide you through everything you need to know about […]
How to File Form 1099-NEC: A Step-by-Step Guide
If you’ve paid independent contractors or freelancers $600 or more in the past year, you’re likely required to file Form 1099-NEC. This form is crucial for reporting nonemployee compensation to the IRS and keeping your business compliant with federal tax laws. In this article, we’ll walk you through how to fill out Form 1099-NEC step […]
