Tax Returns Archives - Optima Tax Relief

What is Schedule K-1?

Elyssa Carlos — Thu, 29 Aug 2024 08:00:00 +0000

Schedule K-1 is a crucial tax form for anyone involved in partnerships, S corporations, or certain trusts and estates. Traditional tax forms, like the W-2 or 1099, report income directly to individual taxpayers. However, Schedule K-1 reports a taxpayer’s share of income, deductions, and credits from pass-through entities. Understanding how this form works and the […]

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What is Schedule D?

Elyssa Carlos — Mon, 05 Aug 2024 08:00:00 +0000

When it comes to filing your annual tax return with the IRS, Form 1040 is the central document that captures your overall financial picture. If you have realized capital gains or losses from the sale of assets such as stocks, bonds, real estate, or other investments during the year, you’ll need to report these transactions […]

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What is Schedule B?

Elyssa Carlos — Tue, 23 Jul 2024 08:00:00 +0000

When filing U.S. federal income tax, taxpayers often encounter several forms and schedules that must be completed to accurately report their financial activities. One such form is Schedule B, which is used to report interest and ordinary dividends. Understanding this form is crucial for taxpayers with investment income to ensure compliance with tax laws and […]

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What is Schedule E?

Elyssa Carlos — Wed, 10 Jul 2024 08:00:00 +0000

Taxes are difficult to understand as they are. Adding in the complexities of tax forms can add to the confusion, especially when it comes to reporting rental income and expenses. Schedule E is an essential form for property owners and investors who need to report income and losses from rental real estate, royalties, partnerships, S […]

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What is Schedule A?

Elyssa Carlos — Thu, 13 Jun 2024 08:00:00 +0000

Schedule A is a tax form used in the United States for itemizing deductions on individual tax returns. Taxpayers opt for this form to maximize their deductions beyond the standard deduction provided by the IRS. This can lead to significant tax savings, especially for those with substantial deductible expenses. This article will cover the essentials […]

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I Amended My Tax Return – Now What?

Elyssa Carlos — Thu, 06 Jun 2024 08:00:00 +0000

If all goes well during tax season, you file your tax return, get a decent tax refund and wait to do it all again next year. But what happens if you file a return but then notice an error? Do you let it be or file an amended return? If there are simple math errors, […]

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Can I Do Someone Else’s Taxes If I’m Not a Professional?

Elyssa Carlos — Mon, 03 Jun 2024 08:00:00 +0000

Tax season often brings a mix of dread and determination as individuals and businesses prepare to file their returns. For those familiar with tax laws and confident in their abilities, the thought of helping someone else with their taxes might come up. But is it legal, advisable, or practical for a non-professional to handle another […]

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What is Schedule C?

Elyssa Carlos — Wed, 01 May 2024 08:00:00 +0000

For small business owners, figuring out taxes can often be complicated. Among the many forms and documents required by the IRS, Schedule C stands out as a vital component for sole proprietors and single-member LLCs. It’s the key to reporting income and expenses for your business, ultimately determining your taxable profit or loss. In this […]

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I Forgot to File State Taxes. Now What?

Elyssa Carlos — Thu, 25 Apr 2024 08:00:00 +0000

Every year like clockwork you conscientiously pay your state income taxes, but this year you spaced and missed the deadline. Don’t panic. Filing taxes can be a stressful task, and it’s not uncommon for people to forget deadlines or overlook certain tax obligations. If you find yourself in the situation where you forgot to file […]

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I Filed a Tax Extension. Now What?

Elyssa Carlos — Wed, 17 Apr 2024 16:00:00 +0000

Filing taxes can be a stressful ordeal for many individuals, but for some, the April deadline comes too soon. If you’re one of the many Americans who filed for a tax extension, you’ve gained a little breathing room. However, it’s essential not to let that extra time slip away without acting. Here’s a guide on […]

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