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How to Transfer Previous Tax Years Into TurboTax When the tax return is prepared for the current year generally it is necessary to review previous year’s tax returns, documents or worksheets for verification of the transactions. TurboTax provides taxpayer free service to prepare a simple tax return. There is one feature of the TurboTax which … Read more
Way to Claim Gambling Losses in Taxes The answer is yes. You can claim your gambling losses on your taxes. However, the losses are deductible only up to the amount of your gambling winnings which is reported on your return. One can claim gambling losses on IRS Form 1040, Schedule A. If you want to … Read more
Saving with the Educator Expense Deduction Educator expenses are those expenses which are beard by the teachers for the school supplies and these are eligible for the deduction if you fulfill the criteria as below mention. The school supplies include computer equipment, education software, other equipment or supplementary materials which are used in the classrooms. … Read more
What is Schedule K-1 Form 1041? Schedule K-1 (IRS Form 1041) is a form which is used to report the income of a beneficiary which derives from the trust and estate to Internal Revenue Service (IRS). This form contains three parts as such information about the estate or trust, information about the beneficiary and the … Read more
How To Stall IRS When It Collects Back Taxes? Back taxes are those which have been unpaid when due. Generally, it accumulates interest and penalties on a regular basis. A law of the tax becomes more and more complicated day by day. Many taxpayers are not able to pay the tax amount as it increases … Read more