I. W-2 Income and Purpose of Official Forms The W-2 form is a key paper that gives a summary of an employee’s yearly pay and the taxes their employer held back. This form goes to employees, not those working independently, to help with correct tax filing with the IRS. Knowing about this form is important…
Disclaimer: We’re tax pros, not magicians—following these rules won’t make your in-laws your dependents (no matter how much they “depend” on you). Always check with a tax professional if you’re unsure! Why claiming dependents matters. When you’re filing your own taxes in 2025 (Tax Year 2024), chances are you might have a family that could…
When you are filling out the header of your 1040 form in 2025, it may feel easy or routine as you fill in each box. However, just one letter or number entered incorrectly on your tax return could make you wait. You need to be extra certain the social security and name match what you…
Make Sense of Tax Filing Status: An Introduction Why does filing status matter so much anyway? Disclaimer: I am not a CPA and this is not professional advice. Please refer to this only for educational or entertainment purposes. (But seriously, who finds tax entertaining?) Your filing status changes after a major life event such as…
December 16, 2024 Understanding Form 1040: Your Complete Guide to Filing Taxes What is Form 1040? The form 1040 is used by taxpayers to officially file taxes to the IRS. This form is used each year during the annual “tax season” to square any owed taxes or otherwise receive a refund. If you shuddered at…