Forms Feed

Some taxpayers got a new earnings statement this year, a 1099-K form. The tax statement arrived because they sold more than $5,000 in products or services through apps and marketplaces. The 1099-K, officially titled Payment Card and Third Party Network Transactions, finally was issued this year on a widespread basis. It was supposed to go out years earlier to sellers who made $600 or more. That was a change made in the American Rescue Plan Act (ARPA) of 2021 from the $20,000 in sales and 200 transactions trigger to issue the form. All income you make, even if you don’t... Read more →


The standard tax deduction is used by most filers. The amounts are substantial, thanks to the increases of the Tax Cuts and Jobs Act (TCJA) of 2017. Plus, it’s easy to claim. The standard amount for each filing status is listed directly on Form 1040. See more tax forms and more about them at Tax Forms 2024 and Tax Forms 2025. But that doesn’t mean you should stop looking for deductions. There are two dozen that are available to qualifying taxpayers, regardless of whether you take the standard claim or itemize. Here’s a look at these 24 tax write-offs that,... Read more →


The Internal Revenue Service has its own Groundhog Day, but it's not limited to just one specific 24-hour period. Most often, this re-do of a tax return is when you find you made a mistake on your original Form 1040. The do-over is accomplished by filing Form 1040-X, an excerpt of which is shown below. See more tax forms and more about them at Tax Forms 2024 and Tax Forms 2025. Fix errors: Nobody's perfect, and the annual filing season underscores that for many of us. When we do make a mistake on our taxes, filing an amended return takes... Read more →


The Earned Income Tax Credit (EITC) turns 50 this year. The official date is March 29, in case you want to throw a party. The Internal Revenue Service isn’t waiting that long. With tax season 2025 underway, the tax agency again is celebrating this tax benefit created to help lower- and moderate-income workers with the annual Jan. 31 EITC Day. Today marks the beginning of efforts to get the word out to eligible taxpayers and encourage them to take advantage of the EITC. The EITC can be worth from hundreds to thousands of dollars for qualifying filers. While the larger... Read more →


Taking things a bit more slowly often is a good idea. For many, that applies to filing their annual tax return. (Photo by Kay Bell) Few people like doing taxes, even when doing so will get them a refund. That’s every year, some people who are due money back from Uncle Sam still put off finishing their taxes. But there are other reasons in addition to plain procrastination to wait to file your taxes. Here are five. 1. To allow for all your tax statements to arrive. We’re almost at the Jan. 31 deadline that most tax statement providers must... Read more →


Photo by Nataliya Vaitkevich Beating identity thieves to the punch is one reason to file your tax return as soon as you can. Getting your legitimate Form 1040 to the Internal Revenue Service first will stop crooks who try to file a fake return in your name. But that’s not the only tax fraud increase that the tax agency sees each filing season. So, this year, the IRS and its partners in the Coalition Against Scam and Scheme Threats (CASST) are taking new and additional actions to lessen the threats. The CASST task force, comprised of representatives from federal and... Read more →


Photo by Pixabay The 2025 federal tax filing season officially starts Monday, Jan. 27. Millions of taxpayers already are working on their returns. Some have even completed them. Most of these folks are in a hurry to get their Form 1040 to the Internal Revenue Service because they are expecting a refund. Many also don’t have very complicated tax situations. Or they think they don’t. But something may have changed in their personal lives that could affect their filings, for better or worse. So before they — or you — hit send on their tax year 2024 filing, it’s a... Read more →


Photo by Anna Shvets from Pexels The 2025 tax season officially starts Jan. 27, and millions of taxpayers are working on their returns. Some, however, are asking whether they must file a Form 1040 at all. I hate to dash your no-filing hopes, but the answer probably is yes. When you make money, it’s generally a safe bet that the Internal Revenue Service will want to know about it, and collect a portion. But not always. Here's a look at whether you might be among the select few legal nonfilers. Basic filing requirements: Generally, if you are a U.S. citizen... Read more →


Image by Clker-Free-Vector-Images from Pixabay Even in those few years when Congress mercifully stays out of major messing with the Internal Revenue Code, we taxpayers still encounter some changes at return filing time. Here are some highlights of what you might find as you file your taxes this year. Standard deduction amount increased. Around 90 percent of taxpayers claim the standard deduction. The choice was always the favorite, in large part because it’s easy. The numbers are show directly on Form 1040. But the number of standard deduction claims increased when the Tax Cuts and Jobs Act of 2017 essentially... Read more →


Don’t forget to pay your final 2024 tax year estimated tax amount by tomorrow, Jan. 15. I know. I’m cutting it close with my reminder. But if your life is as hectic as mine is right now and this tax task has crept up on you, then better late than never. Electronic options: Since time is of the essence, the fastest and easiest way to pay is electronically. Those options include — Debit or credit card or digital wallet. This is fast, easy, and familiar to most of us. The two Internal Revenue Service-approved vendors Pay1040 and ACI Payments, Inc.... Read more →


The Internal Revenue Service will start processing 2024 tax year returns on Jan. 27. Millions of people will file then, or before, getting their forms into Uncle Sam’s tax queue. But to file a complete and accurate Form 1040, you need all the information that form requests. That’s generally income statements like W-2s and 1999s. But there are many other documents that have tax-filing relevance. And most of those aren’t require by law to be sent to you until the end of January. So, most of us are just going to have to be patient for a couple more weeks.... Read more →


If you used Free File last year to complete your federal taxes, then the 2025 version, which opened today, is mostly déjà vu. The same eight tax software companies are participating. One of them will offer software for Spanish speakers. The main difference this year is that the Internal Revenue Service/Free File Alliance partnership can be used by taxpayers whose adjusted gross income (AGI) is $84,000. That’s five grand more than last year’s AGI threshold, but it still applies to all filers, regardless of filing status. Same 8 software options: The eight returning private-sector tax software companies that are part... Read more →


Updated, Wednesday, Jan. 8, 2025 Millions of taxpayers already are filling out their 2024 tax returns. Now they just need to know when the Internal Revenue Service will start processing them. On Friday, Jan. 10, Free File opens. The no-cost online tax preparation and e-filing option can be used by taxpayers whose adjusted gross income (AGI) is $84,000 or less. Business taxpayers will be able to electronically file their returns on Jan. 15. As for individual filers who make more than the Free File AGI threshold, they can start using Free File's Fillable Forms on Jan. 27. That date follows... Read more →


Photo by Matheus Bertelli Happy New Year! I know, we’re well past the Jan. 1 hangover phase, but it is the first full work week of 2025, so I stand by my greeting. And I up it with Happy New Tax Year! On Jan. 20, Republicans who crafted that major tax reform bill will be in control of all three branches of federal government. They plan to keep and, if reports are true, expand the TCJA. As for paying for all those tax breaks, well that's another matter. Like I said, exciting tax times ahead. But while lawmakers on Capitol... Read more →


If you're self-employed, use your car for work, and have taken your last business trip of 2024, go out to your vehicle and take a photo of the odometer. It could help when you file your tax return next year. (Photo by Fortune Vieyra on Unsplash) I grocery shop every Tuesday. That meant today’s weekly trip was to my local H-E-B was on the last day of 2024. It was the last time I’ll get in the car this year. So when I pulled into my garage after stocking up on necessities (milk, bread, produce) and other items (potato chips... Read more →


Saying "I do" also means saying hello to some tax changes in your new wedded life. (Photo by Jakob Owens on Unsplash) The end of each year is a good time to reflect on what happened the previous 12 months. For most of us, that includes some good events, some sad ones, and some still shaking out as we’re about to enter a brand new year. Many of these changes also could affect our taxes. So, as a bit of year-end preplanning, here are six ways that the Internal Revenue Code shows up when we encounter personal and lifestyle changes.... Read more →


A federal court this week granted the Internal Revenue Service a John Doe summons to get information on individuals who answered client questions via a digital platform. (Photo by Olha Ruskykh) Some individuals who worked for an online site providing answers as experts in various fields soon could be hearing from the Internal Revenue Service. On Monday, Dec. 23, a federal court in California authorized the IRS to serve a John Doe summons on JustAnswer LLC. The federal tax agency is seeking information about U.S. taxpayers who were paid for answering questions during the years 2017-2020 on the Covina, California-based... Read more →


Photo by cottonbro studio Last week, the Internal Revenue Service Criminal Investigation unit released its fiscal year 2024 annual report that touted the success the agency’s law enforcement branch had in taking down tax criminals. Yes, Al Capone’s name was mentioned. This week it’s the overall IRS’ turn to brag. In its quarterly update on Dec. 12 to its Strategic Operating Plan, the IRS detailed accomplishments that have, among other things, allowed the IRS to recovered $4.7 billion in taxpayer dollars. More than $1.3 billion of that total comes from wealthy, high-income individuals who have not filed taxes or paid... Read more →


If you sold more than $5,000 in products or services through apps and/or marketplaces, get ready to receive a tax form next year alerting you, and the Internal Revenue Service, of the potentially taxable income. The amount will be reported on IRS Form 1099-K. Changing 1099-K amounts: The fluid nature of the amount of earnings that trigger issuance of the reporting form has been a hassle for both taxpayers and the IRS since changes were made in the American Rescue Plan Act (ARPA) of 2021. Before ARPA’s enactment, third-party settlement organizations, or TPSOs, — think PayPal, Venmo, CashApp, eBay, Etsy,... Read more →


Photo by Pixabay I know it’s early December and you're already frazzled. Oh, wait. Maybe that’s just me. Even if you are a bit swamped like me, but still think you can make room for one more thing (I'm jealous!), the Internal Revenue Service wants to hear from you. Specifically, the tax agency is seeking new members for the Electronic Tax Administration Advisory Committee (ETAAC). And actually, you don’t have to decide right now. (Whew!) The IRS is accepting applications through Jan. 31, 2025. Even better for those who need to clear some items from their current to-do lists and/or... Read more →