IRS Form 8978 Partnership tax rules can be complicated, particularly when the IRS audits a partnership and determines that income, deductions, credits, or other tax items were reported incorrectly in a previous year. These adjustments can affect individual partners even after the original tax return has been filed. IRS Form 8978, Partner’s Additional Reporting Year…

IRS Form 8965 Understanding federal income tax forms can be challenging, especially when tax laws change and older forms are no longer required. One example is IRS Form 8965, Health Coverage Exemptions, which was previously used to report exemptions from certain Affordable Care Act health insurance requirements. For taxpayers in Grand Rapids, Kentwood, Wyoming, Middleville,…

IRS Form 8962 If you purchased health insurance through the Health Insurance Marketplace, your federal income tax return may require an additional form: IRS Form 8962, Premium Tax Credit (PTC). This form helps determine whether you received the correct amount of financial assistance for your health insurance premiums and whether you qualify for an additional…

IRS Form 8960 AIM Financial | Tax Preparation and Planning in Grand Rapids and West Michigan Do you earn interest from bank accounts, receive dividends from investments, sell stocks for a profit, or collect rental income? Depending on your income and financial circumstances, you may owe an additional federal tax known as the Net Investment…

IRS Form 8959 AIM Financial | Federal Income Tax Preparation in Grand Rapids and West Michigan If you earn a high income, receive substantial bonuses, or operate a successful self-employed business, you may be required to pay an additional federal Medicare tax. This tax is separate from the regular Medicare tax withheld from many employees’…

IRS Form 8829 AIM Financial | Small Business Tax Preparation in Grand Rapids and West Michigan Do you run a business from your home? If you are self-employed, a freelancer, an independent contractor, or a small business owner, you may qualify for a tax deduction for certain expenses related to your home office. However, the…

IRS Form 4868 AIM Financial | Federal Income Tax Preparation in Grand Rapids and West Michigan Need more time to file your federal income tax return? You are not alone. Many individuals, families, and self-employed taxpayers need extra time to gather tax documents, organize financial records, or resolve questions before submitting their returns. Fortunately, the…

IRS Form 4684 AIM Financial | Federal Income Tax Preparation and Guidance in West Michigan A fire, severe storm, flood, theft, or other unexpected event can cause significant financial hardship. Along with the stress of repairing property or replacing belongings, taxpayers may have questions about whether their losses qualify for a federal income tax deduction.…

IRS Form 8283 A Tax Guide from AIM Financial Donating clothing, furniture, electronics, vehicles, stocks, or other property to charity can be a meaningful way to support your community. Depending on your circumstances, these donations may also qualify for a federal income tax deduction. However, donating property is not always as simple as dropping items…

IRS Form 4562 A Complete Tax Guide from AIM Financial When you own a business, purchasing equipment, computers, vehicles, machinery, or other business property can represent a significant expense. The good news is that federal tax law may allow you to deduct some or all of the qualifying cost. However, determining when and how to…