Schedule C – Profit or Loss From Business
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December 14, 2021
Profit or Loss From Business Taxpayers use Schedule C to report profit or loss from a business owned and operated as a sole proprietor or
The Net Investment Income Tax
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December 14, 2021
What is it? The Affordable Care Act created the Net Investment Income Tax (NIIT) effective as of tax year 2013. This is a 3.8 percent
Gift Tax
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December 14, 2021
What is a gift? The Gift Tax applies to the lifetime transfers of property from a donor to donees. If you are the donor of
Standard Deduction
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December 14, 2021
What is the standard deduction? The Internal Revenue Code allows taxpayers to take either the standard deduction, a fixed amount that is deducted from adjusted
Self-Employment Tax
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December 14, 2021
How does it work? Social Security and Medicare taxes are paid to the IRS either as payroll tax or self-employment tax. Your employer withholds payroll
Schedule B
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December 14, 2021
Interest and Ordinary Dividends Taxpayers must use Form 1040, Schedule B to report income received in the form of interest and ordinary dividends. Generally, you
Schedule A
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December 14, 2021
Itemized Deduction Taxpayers can use the higher of either the standard deduction or the itemized deduction. It’s worth the effort to compare the two methods
The Additional Medicare Tax
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December 14, 2021
The Affordable Care Act added the Additional Medicare Tax effective as of tax year 2013. This is a .9 percent tax on wages and self-employment
