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IRS Form 8615: Taxes For Certain Children With Unearned Income

If you’re the parent of a child with significant amounts of unearned income, your child might be subject to kiddie tax rules. Additionally, you may need to file IRS Form 8615 to report your children’s unearned income on your income tax return. This article will walk you through: Tax impacts of unearned income for certain children How IRS Form 8615 reports your children’s unearned income How to file IRS Form 8615 to avoid tax penalties Let’s begin with discussing exactly what IRS Form 8615 is. What is IRS Form 8615? IRS Form 8615, Tax for Certain Children Who Have Unearned…

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IRS Form 8978: A Guide to Partner’s Additional Reporting Year Tax

If you’re a partner in a non-pass-through entity that has elected to push out certain tax adjustments, you may be required to file IRS Form 8978. In this article, we’ll walk through this tax form. Specifically, we’ll discuss: What is IRS Form 8978? Who must file IRS Form 8978? When is IRS Form 8978 due? How to complete IRS Form 8978 Let’s begin by discussing exactly what IRS Form 8978 is. But beforehand, please note that this article is for educational purposes only. This should not be construed as tax advice or legal advice. If you need tax advice, you…

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IRS Form 8865: Returns WRT Certain Foreign Partnerships

If you are a United States person participating in certain foreign partnerships, the federal government may require you to report information about your foreign financial assets to the Internal Revenue Service. For foreign partnership interests, many taxpayers report this information using IRS Form 8865. This article will walk you through what you need to know about this tax form, including: What is IRS Form 8865? Who is required to file IRS Form 8865? How do you complete IRS Form 8865? Let’s start with a brief introduction on this tax form, and what it’s used for. What is IRS Form 8865?…

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IRS Form 2159: A Guide to Your Payroll Deduction Agreement

When a taxpayer files an installment agreement request with the Internal Revenue Service to pay down their back taxes, they may be asked to file apply for a payroll deduction installment agreement. This article will walk you through how to use IRS Form 2159 to: Set up a voluntary payroll deduction agreementPay down your federal tax debtAvoid having your property seized due to a notice of levy Let’s start with a brief discussion on what IRS Form 2159 is. What is IRS Form 2159? IRS Form 2159, Payroll Deduction Agreement, is the tax form that wage earners can use to…

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IRS Form 4136: A Guide to Federal Taxes Paid on Fuels

In the United States, most people are aware of the fact that the Internal Revenue Service (IRS) imposes federal excise taxes on the consumption of fuel. However, if you operate a business that consumes a significant amount of fuel, you may be eligible for a federal fuel tax credit under certain circumstances by filing IRS Form 4136. This article will walk you through this tax form, so you understand: What IRS Form 4136 is used forWhat types of fuel use qualify for fuel creditsHow to complete IRS Form 4136 Let’s start by discussing exactly what this tax form is used…

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IRS Form 8858: Information Return for FDEs and FBs

In the United States, there is an additional tax filing requirement for someone who either owns a foreign entity or the foreign branch of a U.S. corporation. Sometimes the Internal Revenue Service requires a U.S. taxpayer who has an ownership interest in certain foreign entities to file IRS Form 8858 with their federal income tax return. In this article, we’ll walk through: What is IRS Form 8858Who must file this tax formHow to file IRS Form 8858, and when to submit it Let’s begin by walking through this IRS form to better understand its purpose. What is IRS Form 8858?…

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