Navigate the IRS Form 1040-SR (2020) for seniors with ease. Understand key details and tips for accurate tax filing. Read the article for essential insights.

Foreign shareholders who own or have ties to U.S. S-Corporations often face questions about tax compliance, especially when they do not qualify for a Social Security Number (SSN). In these cases, the Internal Revenue Service (IRS) requires the use of an Individual Taxpayer Identification Number (ITIN) to file a federal tax return and meet reporting obligations properly. Understanding how ITINs work is essential for avoiding mistakes and maintaining compliance.

Running a trucking business requires more than keeping vehicles on the road. You also manage complex tax purposes that affect how you save money and plan for the future. From filing deadlines to compliance requirements, the rules can feel overwhelming, especially when you have employees, loans, and ongoing expenses. Understanding how these obligations work gives you greater control over your finances and helps you prepare for each date on the tax calendar.

Real estate investments, such as rental properties and house flipping, have become popular for taxpayers to build wealth. Still, these activities also involve complex tax rules and a higher chance of IRS review. Investors who report rental income or earn profit from flipping houses must follow tax laws carefully since mistakes on a tax return may subject them to an audit. Understanding the risks and properly filing with the proper forms can help prevent costly penalties and disputes with the IRS. Keeping accurate records is especially important for self-employed individuals or those working with business partners. The IRS expects taxpayers to support every claim of business expenses, property taxes, depreciation, or deductible expenses with receipts and detailed records from at least the last three years. When these requirements are unmet, taxpayers may face red flags that trigger closer inspection. The difference between treating income as passive income versus active business activities also determines how the IRS views these transactions. This article explains the most common audit risks and deductions for real estate investors and flippers. It also shows how to determine whether income should be reported under Schedule C or Schedule E, how to deduct expenses correctly, and how to answer questions if the IRS requests verification. By the end, taxpayers will understand how to claim credits, report investments, and protect themselves while complying with tax laws.

Social media influencers have become a significant part of the modern economy, yet many find tax obligations harder to manage than expected. With income from multiple platforms and sponsors, it can be challenging to keep track of taxable income and understand when a tax bill is due. Unlike employees who have payroll taxes withheld, influencers must calculate their income tax, manage deductions, and cover their full tax liability. When the Internal Revenue Service notices arrive, these challenges often leave taxpayers unprepared.