The IRS’s increased documentation requirements for Sec. 41 claims require taxpayers to specifically identify applicable business components and their costs and why their development is qualified ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...

Nathalie Goldstein, MyExpatTaxes' CEO, helps Americans stay tax-compliant while living abroad with her user-friendly US expat tax software. If you, like many Americans abroad, filed a tax extension ...

On July 4, 2025, President Trump signed into law the so-called “One Big Beautiful Bill Act.” The Act established new above-the-line tax deductions for “qualified tips” and “qualified overtime ...

In a significant policy shift, the IRS has revised Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, the cornerstone of its Voluntary Disclosure Practice (VDP), by ...

IRS Form 5498 is one of the most overlooked but critically important IRA forms. While Form 1099-R usually gets attention during tax time for reporting distributions, Form 5498 plays a ...

We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up for any (or all) of our 25+ Newsletters. Some states have laws and ethical rules regarding solicitation and ...

When you buy through links on our articles, Future and its syndication partners may earn a commission. If you are self-employed or have earnings outside of your job, you may need to make estimated tax ...

For many of us, Tax Day comes but once a year. For others, taxes come due more often. Freelancers, small business owners and those earning over a certain amount from a side hustle are among those who ...

If you’re feeling behind or waiting on documents, a tax extension gives you extra time to file — but not to pay. In this guide, you’ll learn how to file a tax extension, which forms you need, key ...