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Does my rental income qualify for the qualified business income (QBI) deduction?
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro Tax breaks are wonderful, but they often have strings and rules attached that need to be followed before you can take the deduction. The Tax Cut and Jobs Act of 2017 created the qualified business income deduction. This new tax break provided a deduction on 20% of…
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How do I enter a 1099-INT from my broker statement?
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro The ease of investing using online accounts has grown. With an app for smart phones, or an online account on your computer, many more people are investing on their own in the stock market. The statement you get from your brokerage company will be a composite statement,…
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How do I enter a 1099-DIV from my broker statement?
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro The ease of investing through online platforms has grown. With the availability of smartphone apps and online accounts, many more people are investing in the stock market on their own. If you are independently investing, the statement you get from your brokerage company…
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How do I enter a 1099-B from a consolidated broker statement?
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro With the introduction of online brokerage accounts and apps for smart phones, more people are investing in the stock market on their own. The statement you get from your brokerage company will likely be a composite or consolidated statement and will have several 1099…
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I’m a contract worker, not self-employed. What do I do?
Contributed by: ChristopherT, FreeTaxUSA Agent, Tax Pro This year you started a job as a self-employed contract worker and received a 1099-NEC or 1099-MISC. While doing your taxes, you see that you need to complete Schedule C, Profit or Loss from Business, which concerns you because you don’t own a business. The IRS…
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Can I deduct the sales tax paid on a large purchase?
Contributed by: WrenD, FreeTaxUSA Agent, Tax Pro Big purchases like cars, boats, or RVs can be super exciting, but did you know they might also come with some cool tax benefits? Imagine turning that big buy into a smart money move by deducting the state sales tax on your federal tax return. This article will show you how…
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Is my spouse considered an employee or a co-owner, and what are the tax implications?
Contributed by: TriciaD, FreeTaxUSA Agent If you run a self-employed business, family members might work for you, this could include your spouse. Your spouse might even co-own the business with you. If you jointly own and operate a business with your spouse, the business is considered a partnership unless both spouses…
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How do you allocate premiums on Form 1095-A if you have a policy shared by a parent and a non-dependent child?
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro The Health Insurance Marketplace allows parents to include a non-dependent child under age 26 in their household. This means the child can be added to the parent’s policy even if they aren’t claimed as a dependent on the tax return. In this situation, Form 1095-A must be…
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What are rental days vs. personal use days?
Contributed by: TriciaD, FreeTaxUSA Agent Managing taxes for rental properties that you also personally use can be tricky. As a vacation home or rental property owner, different from your main residence, it’s important to know how rental days versus personal use days affect your tax return. This understanding impacts…
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How do I deduct the home office expense if I have more than one business in the same home office?
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro With the prevalence of side hustles in the gig economy, there’s a strong chance you may need to file multiple schedule Cs for different businesses. There’s also a good chance you may have one home office for all those businesses. If this is your situation, how do you…