5 posts

Tax Return

Tax Return – What are IRS Income Tax Returns?

What Is a Tax Return? A tax return is a declaration to pertinent tax authorities calculating net income.  The purpose is to determine if a further tax payment is necessary or if a refund can be expected. A tax return is a formal statement, often submitted under penalty of perjury […]

Form 2106

Form 2106 Explained – Employee Business Expenses

What Is IRS Form 2106 – Employee Business Expenses? IRS Form 2106 lets individuals deduct ordinary and necessary expenses from federal taxes incurred performing a qualified trade or profession. IRS Form 2106 is the Employee Business Expenses supplemental tax form distributed by the Internal Revenue Service (IRS).  It is used […]

Schedule F

Schedule F (Form 1040) Profit or Loss from Farming

What Is a Schedule F: Profit or Loss from Farming? Schedule F (Form 1040) is used by farmers who operate as sole proprietors to report their farming income and claim their expense deductions. If you are a farmer and your farming business is a sole proprietorship, you must use Schedule […]