While wealthy Americans sipped champagne at charity galas and shuffled millions through offshore accounts, the IRS was ...

1. Hobby Loss or Business Loss Question: I own a dog-breeding business, and for the past few years, I have reported losses from the business on Schedule C of my Form 1040.

Getting the choice of entity right at the start is crucial, since switching later can have tax and other consequences.

Holding: The Tax Court held that Franklin’s 2015 withdrawal from the jail food money account was a loan and, therefore, was not included in her 2015 gross income. The court also held that she was not ...

The 49ers just released their regular season schedule for 2025. Here it is, along with win-loss predictions for each game. WEEK 1: Sunday, Sept. 7 @ the Seattle Seahawks Prediction: Loss.

Schedule 3 – Additional Credits and Payments Covers nonrefundable and refundable credits not on Form 1040, like education credits, residential energy credits, or excess Social Security tax withheld.

Here are some IRS guidelines about income tax forms for different types of business structures: Sole proprietors file Schedule C, Profit or Loss from Business, with their Form 1040 or Form 1040-SR.

The IRS did not process or accept this amended return. Issues: The issues before the Tax Court were whether Shaut was: (1) entitled to a theft or casualty loss deduction; (2) in the alternative, ...

The IRS is now planning to phase-in the requirement with the $5,000 threshold for the 2024 tax year, $2,500 in 2025 and $600 in 2026 and after. New 1099-K reporting requirements shouldn’t affect ...

The IRS gets copies of all the 1099s and W-2s you receive. This includes the 1099-R (reporting payouts from retirement plans, such as pensions, 401 (k)s and IRAs), SSA-1099 (reporting Social ...

It’s recommended that single-member LLCs with no income still file Form 1040 Schedule C, Profit or Loss from Business to report business deductions and credits to the IRS.