Which ITLA?
I accidentally on my 2018 taxes… I’m a small business… I get form 1099K for my credit card transactions. When I submitted the form on my taxes, I forgot to back out the shipping and taxes on my invoices. Do I just go to IRS.gov and do an amended return or how does that work?
What is Amending Individual Tax Returns?
Amounts from this form must be include on Line 1. If the total amounts that were reported in box 1 of this form are more than the total you are reporting on line 1, attach a statement explaining the difference.
What is form 1099-NEC?
The holding period for _____ capital gains and losses is generally 1 year or less.
What is short-term?
A disaster loss is a loss that occurred in an area determined by _______ to warrant assistance by the federal government under the Stafford Act and that is attributable to a federally declared disaster.
Who is the President of the United States?
Pub 547
A Member of the Armed Forces on active duty and, due to a military order, you, your spouse, or your dependents move because of a permanent change of station.
Who can deduct moving expenses?
Form 3903
I sometimes work as an independent contractor. Usually I make less than $600. This year I’m going to make about $1000. I get income from social security and a part-time salary. I’m calling to see if I need to claim the independent contracting on my 2019 taxes.
What is Self-Employment Tax?
A sporadic activity, a not-for-profit activity, or _________ does not qualify as a business.
What is a hobby?
You can deduct capital losses up to the amount of your capital gains plus _______ (generally). You may be able to use capital losses that exceed this limit in future years.
What is $3,000?
These two items must be attached to your tax return to report a casualty or theft loss.
What are from 4684 and Schedule A?
Pub 547
Moving household goods and personal effects and travel.
Which moving expenses are deductible?
Form 3903
We’ve owned our house for 23 months, and we’re putting it on the market. It looks like we’ll probably have an offer before the two-year capital gains tax passes. Some info says that since we’re moving for a job that’s past 50 miles, we’ll be able to accept half of this – the tax break. Is that correct?
What is Selling Your Main Home?
65.5 cents in 2023.
What is the standard mileage rate?
Works of art, rugs, antiques, metals (such as gold, silver, and platinum bullion), gems, stamps, coins, alcoholic beverages, and certain other tangible property.
What are collectibles?
After you have figured your casualty or theft loss on personal-use property you must reduce that loss by this amount.
What is $100?
Pub 547
For 2023, the amount of the standard mileage rate for using your vehicle to move to a new home.
What is $0.22 a mile?
Form 3903
I purchased some physical gold and silver, and then I sold it. I purchased it several years ago. I kept records when I purchased it, and what I purchased. How do I report the income?
What is Sale of Property?
The temporary 100% deduction for food or beverages provided by a restaurant has expired. The business meals deduction is now __________.
What is 50%?
Complete this only if line 18 or line 19 of Schedule D is more than zero and lines 15 and 16 of Schedule D are gains or if you file Form 4952 and you have an amount on line 4g.
What is the Schedule D Tax Worksheet?
This occurs when you don’t report a gain if you receive reimbursement in the form of property similar or related in service or use to the destroyed or stolen property.
What is postponement of gain?
Pub 547
This was added to form 3903 to certify that you meet the requirements to claim moving expenses.
What is a checkbox?
I received a 1099DIV. The 1099 has zero dividends and zero interest. The total capital gains distribution is $1600. However, I’m not getting any distribution from 401K or IRA account. I don’t get that yet. I’m not going to take any out until I’m 72; I’m 69 now. Do I need to put that in my 1040 on my schedule D?
What is Dividends and Other Corporate Distributions?
Use this form to claim depreciation and amortization on assets placed in service in 2023, to claim amortization that began in 2023, to make an election under section 179 to expense certain property, or to report information on listed property.
What is form 4562?
Use this form to figure any net investment income tax relating to gains and losses reported on Schedule D, including gains and losses from a securities trading activity.
What is Form 8960?
You must reduce your total federal casualty losses by 10% of your AGI. The 10% rule doesn’t apply to this.
What are qualified disaster losses?
Pub 547
The total reimbursements and allowances you received from the government for moving expenses should be identified on Form W-2, box 12, with this code.
What is code P?
Form 3903