IRS Form 2210 AIM Financial | Grand Rapids, Michigan Tax Preparation Services Have you ever filed your federal income tax return only to discover that you owe an additional penalty because you did not pay enough tax during the year? This situation can happen to employees, self-employed individuals, freelancers, retirees, investors, and small business owners.…

IRS Schedule D AIM Financial | Grand Rapids, Michigan Tax Preparation Services Did you sell stocks, mutual funds, cryptocurrency, or other investments during the year? If you made a profit, you may owe capital gains tax. If you sold investments at a loss, you may be able to use those losses to reduce your taxable…

AIM Financial | Grand Rapids, Michigan Tax Preparation Services Did you sell stocks, bonds, mutual funds, cryptocurrency, or other investments during the tax year? If so, you may need to report the transactions on your federal income tax return. Even if your brokerage account automatically reports your sales to the IRS, you are still responsible…

IRS Form 4797 AIM Financial | Grand Rapids, Michigan Tax Preparation and Small Business Tax Services Selling a business building, company vehicle, equipment, or other business asset can have important federal income tax consequences. Even when a sale produces a profit, the entire gain may not qualify for the lower tax rates commonly associated with…

IRS Form 6251 AIM Financial | Grand Rapids, Michigan Tax Preparation Services Have you ever wondered why some taxpayers owe additional federal income tax even after calculating their regular income tax? One possible reason is the Alternative Minimum Tax (AMT). This separate tax calculation is designed to ensure that certain taxpayers who benefit from specific…

IRS Form 8615 Explained: AIM Financial | Grand Rapids, Michigan Tax Preparation Services Does your child earn interest from a savings account, receive dividends from investments, or have capital gains from selling stocks? If so, those earnings could affect the child’s federal income tax return. In certain circumstances, the IRS requires children to pay tax…

AIM Financial | Grand Rapids, Michigan Tax Preparation and Retirement Tax Guidance Planning for retirement involves more than saving money. Understanding how your retirement accounts are taxed can help you avoid paying more federal income tax than necessary. One important but frequently misunderstood tax document is IRS Form 8606, Nondeductible IRAs. If you live in…

A Plain-English Tax Guide from AIM Financial Retirement accounts and tax-advantaged savings plans can offer valuable benefits, but mistakes involving contributions, withdrawals, or required distributions can sometimes lead to additional taxes. If you have an IRA, Health Savings Account (HSA), education savings account, or another qualifying account, you may need to understand IRS Form 5329,…

A Complete HSA Tax Reporting Guide from AIM Financial A Health Savings Account (HSA) can be a valuable tool for managing medical expenses while taking advantage of federal tax benefits. However, receiving contributions from an employer, making deposits yourself, or withdrawing money for health care costs can create tax reporting responsibilities. IRS Form 8889, Health…

A Tax Preparation Guide for Individuals, Employees, and Families from AIM Financial Health care expenses can take a significant portion of a household budget. For eligible taxpayers, a Health Savings Account (HSA) can offer a tax-advantaged way to save money for qualified medical expenses. However, understanding the tax forms associated with an HSA is important…