If you are connected to an estate, trust or bankruptcy estate, or if you receive a Schedule K-1 from a Form 1041, you need to file Form 1041. Here are some answers to common questions you may have about Form 1041, U.S. Income Tax Return for Estates and Trusts.
Under the Affordable Care Act (ACA), you must have a minimum level of health insurance coverage or pay a penalty, unless you meet one of the exceptions. That’s easy for people who get coverage through work, or who can afford to pay big premiums for their own plan. It’s also not an issue for people […]
If you’re like most taxpayers, you receive salary and wages from your employer and never have to worry about making estimated tax payments. Even if you receive additional income, such as interest and dividends, stock gains, or freelance income, the income tax withheld from wages usually covers your total income tax. If you have significant […]
What you need to know about Form 8965 Did you know that if you weren’t covered by a qualified health insurance plan last year you could face a penalty when filing your tax return? Fortunately, you may qualify for one of the many exemptions available. While some of the exemptions require you to apply through […]
Whether you intended to be a landlord or you fell into it because you had vacant property you couldn’t or didn’t sell, owning rental property is a source of income and it affects your tax return. Knowing the rules can help you maximize the tax advantages of owning rental property and help you create a […]
Under the Affordable Care Act you can usually only buy a health insurance plan, apply for subsidies to help pay for coverage, or switch plans is during the annual open enrollment period. The purpose of this rule is to keep people from waiting until they are sick or they suspect they may be sick to […]
Most taxpayers no longer need to worry about the federal estate tax. Unless you expect to leave an estate worth more than $5.43 million or $10.9 million for couples (in 2015), Uncle Sam won’t take his share of the money and other assets you want to leave to your heirs. Inheritance tax, however, is another […]
It’s summer, and the last thing you probably want to think about is taxes. However, now is actually a perfect time to do a mid-year checkup. So in-between firing up the grill, hitting the pool and taking family vacations, take a few minutes to do these simple things to save you time and money at […]