Why is My Tax Return Taking So Long?
For most individual federal returns: E-filed Form 1040 returns are generally processed within 21 days. Refund timing is typically about 3 weeks after e-filing, and 6 or more…
Business → Compliance & ProceduresWhy Do I Owe Money On My Tax Return?
You generally owe money (have a balance due) when the total federal income tax you owe for the year is more than the tax you already paid…
Business → Compliance & ProceduresWhere to Send My Federal Tax Return?
Where you mail a paper federal income tax return depends on (1) which form you are filing (for example, Form 1040/1040-SR vs. 1040-X), (2) your state or…
Business → Compliance & ProceduresWhere to Find AGI on Your Tax Return
Your Adjusted Gross Income (AGI) is shown on your individual income tax return (Form 1040 or Form 1040SR). It is labeled “Adjusted Gross Income” on the form, and is…
Business → Compliance & ProceduresWhen is an Estate Tax Return Required?
An estate tax return (Form 706) is required when the gross estate plus adjusted taxable gifts (and certain prior specific exemption amounts, if applicable) exceeds the federal filing threshold (generally…
Business → Compliance & ProceduresWhen Is the $800 LLC Tax Due?
In most contexts, the “$800 LLC tax” refers to California’s annual LLC tax administered by the California Franchise Tax Board (FTB). The due date depends…
Business → Compliance & ProceduresWhat Tax Form To Use for an LLC?
Which tax form an LLC uses depends on how it is classified for federal income tax purposes under the entityclassification (“checkthebox”) regulations in Treas. Reg. 301.77011 through…
Business → Compliance & ProceduresWhat Tax Form Does a Single Member LLC File?
1. Default federal income tax treatment For federal income tax purposes, a domestic singlemember LLC (SMLLC) is generally treated as a “disregarded entity,” meaning it does not file a separate federal…
Individual → Compliance & ProceduresWhat Tax Form Does a Multi-Member LLC Use?
A multi-member LLC’s federal income tax return depends on whether it has made an election to be taxed as a corporation. Default rule (no corporate…
Individual → Compliance & ProceduresWhat Is Vehicle Basis on Tax Return?
On a U.S. federal tax return, vehicle basis means the vehicle’s tax basis — your investment in the vehicle for tax purposes. It’s used to compute items such as…
Individual → Payment & RefundsWhat is a Tax Return Transcript?
A Tax Return Transcript is an IRS document that displays most line items from your original Form 1040series tax return as it was filed, including details from…
Individual → Compliance & ProceduresIf My Tax Return Was Rejected, Can I Start Over?
Yes. When the IRS rejects an efiled individual income tax return, it is treated as not filed for federal tax law purposes. This means you can correct the issue…
Individual → Compliance & ProceduresHow To File an LLC Tax Return?
An LLC does not have one universal “LLC tax return.” The tax form you file depends on how the LLC is classified for federal income…
Individual → Compliance & ProceduresHow To File a Final Tax Return for an LLC?
Filing a “final” return for an LLC depends on how the LLC is classified for federal income tax purposes. An LLC can be treated as…
Individual → Compliance & ProceduresHow to Amend a Tax Return?
Individuals (Form 1040-X) Step 1 — Confirm You Actually Need to Amend You generally use Form 1040-X to correct a previously filed Form 1040 / 1040-SR / 1040-NR (and…
Individual → Compliance & ProceduresHow to Find Out Why Your Return Was Rejected (Federal)
A rejected e-filed return means the IRS did not accept it for processing—so it’s treated as not filed yet until you correct the issue and resubmit (or…
Individual → Compliance & ProceduresDoes My Child Have to File a Tax Return?
The Filing Requirement Depends on Whether the Child Can Be Claimed as a Dependent and the Child’s Income Type/Amount. Most children who file do so because they…
Individual → Compliance & ProceduresDo You Have to Report Sale of Home on Tax Return?
Sometimes. Whether you must report a home sale on your federal income tax return depends primarily on (1) whether the home was your main home (principal residence),…
Individual → Payment & RefundsDo I Need to Report Form 5498 on My Tax Return?
Generally, no. You typically do not enter Form 5498 on your Form 1040 and you do not attach it. Form 5498 is an information return prepared by the…
Individual → Compliance & ProceduresDo I Need a State Tax ID for My LLC?
Usually, you need a state tax ID only if your LLC has a state-level tax registration requirement in a particular state. There is no single…
Individual → Compliance & ProceduresDo I Have to Include My Child’s Income on My Tax Return?
Generally, no. Your child’s income is typically reported on your child’s own federal income tax return (if your child is required to file). A parent/guardian may sign and…
Individual → Compliance & ProceduresCan I Amend a Tax Return From 5 Years Ago?
Amending a Federal Tax Return (Form 1040‑X) You are allowed to file an amended federal individual income tax return using Form 1040‑X for any prior…