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Contributed by: AnthonyS, FreeTaxUSA Agent, Tax Pro Do you perform work or receive income that belongs to another entity that you own? At the end of the year, you may receive a Form 1099-NEC reporting the income under your name and Social Security number when the income should have been reported to another entity, such as…
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro What is the Kiddie Tax? Officially known as the Tax Computation for Certain Children with Unearned Income, the California Kiddie Tax is an additional tax that may apply to certain children who have unearned income over $2,700. The child’s unearned income above the…
Contributed by LynR, FreeTaxUSA Agent, Tax Pro and Henry, FreeTaxUSA Agent, Tax Pro Among several changes to the tax code introduced by the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, gambling (or wager) losses took a hit. Starting January 1, 2026, deductible gambling losses are limited to 90% of…
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro The sale of an inherited home is a significant event that comes with its own set of tax implications and requirements. Understanding how to correctly enter Form 1099-S from a sale is crucial for accurate tax reporting and compliance. Information required to report the sale…
Contributed by: LynR, FreeTaxUSA Agent, Tax Pro You’ve tied the knot and need to file your taxes. Now what? Getting married can affect several areas of your tax return. Understanding the filing-status choices, deductions, credits, and withholding rules can help you avoid surprises when you file. Filing status For federal…