Here’s a great reason to continue your education – The IRS will allow you to claim a deduction on your post-secondary tuition and fees! When you or your tax preparer files IRS form 8917, you can deduct a portion of your tuition and fees for all qualifying post-secondary education.
You may be eligible to change your business’s tax classification if you file IRS Form 8832. It’s not for everyone – only certain businesses qualify, but it can be financially beneficial.
Find out if your business qualifies for a change in tax classification in this guide.
Do you know how to use the IRS form 8821 or are you confused?
As a taxpayer, have you ever wished that you could just pass the reins over to an accountant or other tax professional to help you navigate tax season?
Or as a Tax Preparer, wouldn’t it just be easier if you were able to request the information you needed from the IRS in order to help your client?
If you’ve ever felt like you were in either of these situations then you probably have a need for IRS Form 8821. This form was created to help make the communication process more transparent between taxpayers, tax professionals, and the IRS.
In this article, we’ll take a deeper look at what exactly the IRS Form 8821 is and (more importantly) how you can use it to your advantage.
Did you know that Uncle Sam can help you pay for your post-secondary education? That’s right. With IRS Form 8863, you can save up to $2,500 in tax liability for education expenses for you or your dependent student.
Known as the American Opportunity Credit, this credit is applicable for those who make up to $90,000 in filing individually or up to $180,000 if married filing jointly.
Are you trying to figure out if the IRS Form 8965 applies to you?
The Affordable Care Act requires every American to have qualified healthcare coverage. If you didn’t have coverage, you may owe a penalty for the months you went without insurance. Fortunately, there are exemptions many Americans can take advantage of to avoid the penalty.
Please note, this applies only to taxpayers completing tax returns for previous years (2018 and prior), as the Tax Cuts and Jobs Act eliminated the requirement.
If you qualify for an exemption, you must include IRS Form 8965 with your tax returns. Here’s how it works.