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Tax Forms
Filing Process
Definitions
Deductions and credits! OH MY
Wild Card
100

The form that non-employee payments are reported on?

What is 1099-NEC?

100
According to the IRS, this is the first thing that a business owner should begin to do in the filing process.
What is good record keeping?
100
1. own a sole proprietorship or are an independent contractor 2. member of a partnership 3. in business by yourself
What is the criteria to be classified as Self- Employed? side note: A self-employed individual is usually required to pay self-employment tax on top of their annual income tax.
100
decreases your taxable income, thus decreasing the amount of tax you owe to the federal government.
What is the purpose of a tax deduction?
100
Type of business that reports income but does not pay income tax
What is a partnership? Side note: The tax is past through to each the partners. Therefore each partner based on his or share of the partnership income or loss is taxed individually. at is
200
The form that a sole proprietor reports revenue and expenses.

What is a Schedule C?

200
According to the IRS, this is the fastest and most efficient way to file taxes. This filing method gives fast confirmation that form has been sent, errors will be shown with easy to fix steps, higher accuracy, safer and more secure than paper filing and ease of payment
What is eFile?
200
A base amount of income that is not subject to tax and that can be used to reduce a taxpayer's adjusted gross income (AGI). can only be used if the taxpayer does not choose the itemized deduction method of calculating taxable income.   It is based on a taxpayer's filing status, age and whether he or she is disabled or claimed as a dependent on someone else's tax return. 
What is a standard deduction?
200
certain types of deductions that are subtracted from your income before the adjusted gross income is calculated for tax purposes.
What is an above-the-line deduction?
200
Can serve as a tax deduction that can be carried back 2 years to offset income from past years and carried forward 20 years to offset future income
What are net operating losses?
300
Form 1040
What is the form used to file income taxes?
300
Requires to be a relative to a taxpayer no older than 19, has lived with taxpayer for at least half a year, and must be supported substantially by taxpayer
What is a dependent? side note: benefit to claiming a dependent is $3700 for each claimed
300
A deduction from a taxpayer's taxable adjusted gross income that is made up of deductions for money spent on certain goods and services throughout the year.
What is an itemized deduction?
300

2021 standard deductions

What is $25,100 MFJ, $12,550 S & $18,800 HOH

300
Wages and Salaries Interest Received Dividends Business Income Capital Gains and Losses Pensions and Annuities Unemployment Compensation Stock Options
What are types of taxable income? Side note: these are just some of the most common types, there are more!
400

Rental Property activity is recorded on this form.

What is Schedule E?

400
These are the 2 groups can be claimed as dependents
What are Qualifying children and relatives?
400
A type of deduction allowed by law to reduce the amount of income that would otherwise be taxed. It is based on a status or circumstance rather than economic standing
What is an exemption?
400
An income tax relief granted usually for individuals with low wages, those who pay excess social security, first-time home buyers, retirement savers, those who adopt children.
What are Tax Credits?
400
Non-cash charitable contributions Moving expenses to start your first job State sales tax Health insurance premiums Educator expense Student higher education expenses Investment and tax expenses
What is some examples of tax deductions?
500

QBI is short for this deduction.

What is Qualified Business Income?

500
This is used when determining a taxpayers filing requirements, standard deductions, eligibility for certain credits and deductions, and their correct tax.
What is filing status? side note: there are 5 different filing statuses
500
A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are allowed to use these for certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues.
What are write-offs?
500

What was the amount of the 2021 Stimulus Payment?

What is $1,400?

500
1040 X
What is the form you file if you forgot to file a previous deduction?