FAQ: What is a trust tax return, and who actually has to file Form 1041?

Main Objective: Master the basics of trust and estate income tax returns — when a trust needs to file Form 1041, key deadlines, what income is taxable at the trust level vs. distributed to beneficiaries, and the must-have info your client needs to provide.

Description: In Episode 16 of Tax Master’s Podcast, we break down Form 1041 fundamentals checklist of documents and data every trust client must bring you before you start the return. Quick rules, citations, and common traps included.

FAQ: Which tax return does a nonprofit need to file, and how is this different from other entities?

Main Objective: Master when a nonprofit files Form 990-N, 990-EZ, or full 990 — plus the key info every nonprofit client must have ready before tax season.

Description: In Episode 15 of Tax Master’s Podcast, we cover the three 990 flavors (990-N e-postcard, 990-EZ, and full 990), gross-receipts thresholds, who qualifies as a church (no filing!), public support test basics, and the exact schedule checklist every nonprofit client needs to bring you. Quick rules, citations, and red flags included.

FAQ: What are the top intermediate 1040 pitfalls on noncash donations, SALT cap, gambling income, and Alaska PFD?

Main Objective: Master Schedule A rules to maximize deductions and avoid audits.

Description: In Episode 14 of Tax Master's Podcast, we cover noncash contributions, $10K SALT cap, gambling income, and Alaska PFD. Quick examples, citations, and red flags included.

FAQ: What are the top intermediate 1040 pitfalls on sales spiffs, installment sales, backdoor Roths, and taxable HSA distributions?

Main Objective: Master IRS rules to report these four issues accurately and avoid penalties.

Description: In Episode 13 of Tax Master's Podcast, we cover sales spiffs, installment sales, backdoor Roths, and taxable HSA distributions. Quick examples, citations, and red flags included.

FAQ: Where and how do I report rental property income? What are the different types of rentals? What are the most common things I need to know?

Main Objective: Equip you with the knowledge to accurately report rental income, understand the different types of rental activities, and master the essential rules to stay compliant and minimize tax surprises.

Description: In this episode of Tax Masters, we dive into the essentials of rental properties, breaking down where and how to report income, the key differences between rental types, and the most common pitfalls and strategies to help you manage your rental activity with confidence.

FAQ: Do I need a W-2 with an S Corp? How much should the wage be? When do I NOT need a wage?

Main Objective: Equip you with the knowledge to understand when, why, and how S Corps must report wages, ensuring compliance and optimizing tax strategies for business owners.

Description: In this episode of Tax Masters, we dive into the essentials of S Corps and wages, breaking down key requirements, common pitfalls, and practical guidance to help you navigate reporting obligations confidently.

FAQ: What are the most common tax questions taxpayers ask about the 1040 form, and how can I answer them confidently?

Main Objective: Prepare you to address the most frequent taxpayer questions about the 1040 form with clear, accurate answers to enhance client trust and compliance.

Description: In Episode 9 of Tax Masters, we wrap up our three-part series tackling the most common 1040-related questions taxpayers ask. 

FAQ: What are the most common tax questions taxpayers ask about the 1040 form, and how can I answer them confidently?

Main Objective: Prepare you to address the most frequent taxpayer questions about the 1040 form with clear, accurate answers to enhance client trust and compliance.

Description: In Episode 9 of Tax Masters, we wrap up our three-part series tackling the most common 1040-related questions taxpayers ask. 

FAQ: What are the most common tax questions taxpayers ask about the 1040 form, and how can I answer them confidently?

Main Objective: Prepare you to address the most frequent taxpayer questions about the 1040 form with clear, accurate answers to enhance client trust and compliance.

Description: In Episode 8 of Tax Masters, we kick off a three-part series tackling the most common 1040-related questions taxpayers ask. 

FAQ: What are COGs, and why do I need to identify them and report them differently than other expenses? And where do I do this? 

Main Objective: Learn how to identify expenses that need to be reported as COGs and where to report them on the different tax forms. 

Description: In Episode 7 of Tax Masters, we unpack the essentials of Cost of Goods Sold (COGS), a key deduction for businesses that sell products. We explain how to calculate COGS, covering inventory costs, direct labor, and materials, and clarify its role in reducing taxable income. You’ll learn how COGS is reported on Schedule C for sole proprietors, Schedule F for agricultural businesses, Form 1065 for partnerships, and Form 1120S for S corporations. We highlight IRS guidelines, common errors like misclassifying expenses, and strategies for maintaining compliant inventory records. Plus, we offer practical tips to maximize deductions and minimize audit risks. Tune in to confidently guide your clients through COGS and tax reporting!