Internal Revenue Service

Tax Form 7004 is used to request an automatic filing deadline extension

Tax Form 7004: Guide To Extending Your Business Tax Filing

Reading Time: 9 minutes Tax season can be a stressful time for businesses, especially when deadlines are looming and paperwork seems never-ending. However, there is a valuable tool that can alleviate some of this pressure—Tax Form 7004. This form allows businesses to request an extension for filing their tax returns, providing them with additional time to gather necessary documents […]

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The IRS allows taxpayers to claim two types of mileage deductions

Mileage Rates For the 2023 Tax Year

Reading Time: 8 minutes As we usher in a new tax year, it’s essential to keep abreast of the mileage rates that will apply in 2023. For many taxpayers, mileage deductions can be a significant way to reduce their tax bills. Therefore, understanding the current rates can help you plan your expenses and maximize your tax deductions. This article

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Form CP 575 is proof that an organization has received an EIN

What is IRS Form CP 575?

Reading Time: 9 minutes As a responsible citizen, you are expected to fulfill your tax obligations to the government. Taxation is a critical aspect of any economy, and the government uses taxes to fund its various projects and services. The Internal Revenue Service (IRS) is the agency responsible for collecting taxes in the United States. They require individuals or

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IRS Form 7203 is used when a taxpayer does not pay their taxes in full

IRS Form 7203: Pays taxes in full

Reading Time: 8 minutes As a financial specialist, I know how important it is for individuals and businesses to stay compliant with the Internal Revenue Service (IRS). One form that is crucial to understand is IRS Form 7203. In this article, I will explain what this form is, who needs to file it, and why it is important to

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IRS form 8283 is used to report non-monetary charitable contributions

What is IRS Form 8283?

Reading Time: 7 minutes As tax season approaches, many individuals may find themselves scrambling to gather all the necessary forms and paperwork. One of the forms that taxpayers may need to fill out is IRS Form 8283. This form is used to report noncash charitable contributions, such as donations of property or vehicles, to the Internal Revenue Service (IRS).

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IRS form 1098-T is used to report information about qualified training and related costs

How to use IRS Form 1098-T correctly?

Reading Time: 7 minutes For students and parents of college students, one important form to be aware of is the IRS Form 1098-T. This form is used to report information about qualified tuition and related expenses, and it can help students and parents claim valuable tax credits and deductions. In this article, we’ll provide an overview of Form 1098-T

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Tax Topic 203 is used to provide information about reimbursement offsets

What does Tax Topic 203 mean?

Reading Time: 6 minutes As a tax professional, I understand the importance of staying up-to-date with the latest tax laws and regulations. One topic that many taxpayers may come across is Tax Topic 203, which pertains to refund offsets. In this article, we’ll delve into what Tax Topic 203 means, how it may impact taxpayers, and what actions they

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"Where's my refund?" is an important tool for tracking tax refund status

IRS “Where’s my refund?”

Reading Time: 8 minutes As an experienced tax specialist, I often get asked about the “Where’s my refund?” tool, and I can’t stress enough how important it is for taxpayers to use this resource to track the status of their tax refund. In this article, I’ll explain what the “Where’s my refund?” tool is, how to use it, and

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IRS Form 990 is an important document for tax-exempt organizations

IRS Form 990: Tax Exemption

Reading Time: 7 minutes As a tax specialist, I often come across clients who are unfamiliar with IRS Form 990. This form is a crucial document for tax-exempt organizations, providing critical information about their operations, finances, and governance to the Internal Revenue Service (IRS) and the public. In this article, I will explain what IRS Form 990 is, who

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The 1099-B Form is the most important document for investors

What is Form 1099-B used for?

Reading Time: 8 minutes One form that has been around for quite some time is Form 1099-B. In this article, I will explain in detail what Form 1099-B is, what it is used for, and the main features of this important tax document. What is Form 1099-B? Form 1099-B is a tax form used to report income from certain

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Tax Form 2848 allows you to have a representative with the IRS

What is Tax Form 2848?

Reading Time: 8 minutes As a tax expert, I have come across various tax forms relevant to US taxpayers. One form required for individuals and businesses is Tax Form 2848. In this article, I will explain what it is, its features, and how it is used. Tax Form 2848 Tax Form 2848 is also known as a Power of

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Tax Form W-8BEN is an important document for non-US residents

What is Tax Form W-8BEN?

Reading Time: 9 minutes Tax Form W-8BEN Tax Form W-8BEN is a tax document used by foreign individuals or entities to apply for a reduced rate or exemption from withholding tax on certain forms of income they receive from U.S. sources. Tax Form W-8BEN is considered a mandatory document for non-U.S. residents and foreign firms to complete when they

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Form 1040 is used to calculate the income of individuals

What is tax Form 1040?

Reading Time: 7 minutes Tax Form 1040 Tax Form 1040 is a tax form used by individual taxpayers in the United States to report their annual income to the Internal Revenue Service (IRS). It is one of the most important forms used by taxpayers in the country and is required to be filed by all citizens and resident aliens

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