As we step into 2025, understanding the fiscal responsibilities of self-employed individuals is crucial. Social Security ...

Working parents often face extra expenses, such as summer day camp for their children. Many people don't know they might qualify for tax credits.

Form 1040-SR: Introduced in 2019, this form is designed for taxpayers aged 65 and older. It is nearly identical to the standard Form 1040 but features larger print and includes a chart to help ...

Tax preparation companies define simple returns differently, but most free filing services are limited to basic Form 1040 ...

Here are 15 big self-employment tax deductions and tax benefits that could slash tax bills for freelancers, contractors and other people who work for themselves.

If you have any balance due on Line 37 of your Form 1040 or 1040-NR, you need to fill out Form 1040-V if you're mailing your payment. You can also pay electronically and avoid filling out this form.

Schedule 1 for reporting income not listed on Form 1040. Schedule 2 for reporting additional taxes owed, such as self-employment tax. Schedule 3 for reporting capital gains and losses.

Household employment taxes: According to an IRS alert in May, some taxpayers are inventing fictional household employees and then filing Schedule H (Form 1040), Household Employment Taxes, to ...

"Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self ...

No, a 1040 is not the same as a W-2, but you use the information included on a W-2 to complete the 1040 form. A W-2 is the form employers use to report the wages paid to an employee during the year.