Form 4562: Complete Guide to Depreciation and Amortization
Depreciation can be one of the most valuable deductions available to a business, but only if it is reported correctly. IRS Form 4562 is the form used to claim depreciation and amortization, make a Section 179 election, and report business use of vehicles and other listed property. If you bought equipment, furniture, machinery, software, a […]
Form 8829: How to Claim and Calculate the Home Office Deduction
What Is Form 8829? IRS Form 8829, Expenses for Business Use of Your Home, is the form self-employed taxpayers generally use to calculate the home office deduction when filing Schedule C (Form 1040) using the actual-expense method. The form is used to determine the allowable expenses for the business use of your home and any […]
Form W-2: Wage and Tax Statement
Every January, millions of workers receive Form W-2, one of the most important tax documents of the year. Whether you are filing your first return or have been doing your own taxes for years, understanding your W-2 is essential. Form W-2, officially called the Wage and Tax Statement, shows how much your employer paid you […]
What Is Form W-9? 2026 Guide for Contractors & Businesses
If someone has asked you to complete Form W-9, you may be wondering what you are signing, why they need it, and what the IRS does with the information. Form W-9 is one of the most commonly requested tax forms in the United States, but it is also one of the most misunderstood. Form W-9, […]
What Is Tax Form 941, and Who Needs to File It?
Form 941, also known as the Employer’s Quarterly Federal Tax Return, is one of the most important payroll tax forms many businesses file with the IRS. This form is used to report wages paid to employees, federal income tax withheld from those wages, and both the employer and employee shares of Social Security and Medicare […]
What Is Schedule C (Form 1040)?
As a self-employed individual, small business owner, or independent contractor, filing taxes can feel complicated. One of the most important forms in that process is Schedule C (Form 1040), which is used to report business income and expenses. Schedule C helps determine whether your business had a profit or a loss for the year, and […]
What Is Form 1120-S?
Form 1120-S is the federal income tax return used by S corporations to report their annual financial activity to the IRS. Unlike C corporations, S corporations generally do not pay federal income tax at the entity level. Instead, income, losses, deductions, and credits typically pass through to shareholders, who report those items on their own […]
What Is Form 1099-MISC?
If you run a business, manage rental property, award prizes, or make certain other reportable payments, Form 1099-MISC is still one of the core information returns you need to understand. It remains a key IRS matching form, but the rules around it are no longer static. For 2026, the biggest development is that the general […]
Filing Form 1065: What Partners Need to Know to Report Income
Form 1065 is the federal information return used by partnerships and many multi-member LLCs taxed as partnerships. Filing it correctly is essential for IRS compliance and for giving each partner the information they need to report their share of the business’s tax items. This guide explains what Form 1065 does, who must file it, when […]
What Is Form 1099-NEC? Instructions, Deadlines & Who Must File
2026 Form 1099-NEC Quick Facts Filing threshold: $600 or more in payments to a single contractor during the calendar year Deadline: January 31, 2026 (both recipient copy and IRS copy due the same day) Who must file: Businesses that paid $600+ to any non-employee individual for services Penalty for late filing: $60 to $310 per […]