What Is “ Green card test ”?
06/02/2026
The Green Card Test is a legal criterion used by the Internal Revenue Service (IRS) to determine whether a non-U.S. citizen is classified as a resident alien for tax purposes. If you are granted lawful permanent residency in the United States and issued an official Permanent Resident Card (a green card) at any point during
What Is “ FSA ”?
06/02/2026
An FSA, or Flexible Spending Account, is an employer-sponsored benefit that allows employees to pay for eligible medical or dependent care expenses using pre-tax dollars. By contributing to this account directly from your paycheck, you lower your taxable income and save money on your regular tax bill. However, FSAs generally operate under a strict “use-it-or-lose-it”
What Is Form 8995-A?
06/02/2026
Form 8995-A, officially titled “Qualified Business Income Deduction,” is an advanced IRS tax form used by small business owners, freelancers, and investors to calculate their Qualified Business Income (QBI) deduction when their finances are highly complex or their income exceeds specific limits. This multi-page document calculates how much of your pass-through profit is tax-free by
What Is Form 8995?
06/02/2026
Form 8995, officially titled the “Qualified Business Income Deduction Simplified Computation,” is an IRS tax form used by eligible self-employed individuals, freelancers, and small business owners to claim the Qualified Business Income (QBI) deduction. This form allows you to calculate a tax write-off worth up to 20% of your pass-through business profits, provided your total
What Is “ Form 5498-SA ”?
06/02/2026
Form 5498-SA is an informational IRS tax form issued by your health savings account bank or financial custodian to report contributions made into an HSA or MSA. It also documents the official fair market value of your account as of the final day of the tax year. Unlike most tax documents, you do not file
What Is “Form 2555”?
06/02/2026
Form 2555 is an IRS tax form used by U.S. citizens or resident aliens who live and work abroad to claim the Foreign Earned Income Exclusion (FEIE) and the Foreign Housing Exclusion or Deduction. By filing this form alongside their annual federal tax return, qualifying taxpayers can legally shield a significant portion of their overseas
What Is “Form 1120-W”?
06/02/2026
Form 1120-W is a worksheet provided by the IRS to help corporations calculate their required quarterly estimated tax payments. Unlike most official tax documents, you do not actually mail this form to the IRS; it is meant to be kept strictly for your own accounting records. Using this worksheet ensures a business pays the correct
What Is “Form 1120-S”?
06/02/2026
Form 1120-S is the official annual tax return filed by a U.S. business that has elected to be taxed as an S corporation. It is an “informational” return, meaning the business itself does not usually pay federal income tax when filing this form. Instead, the form is used to report the company’s profits, losses, and
What Is “Form 1120”?
06/02/2026
Form 1120 is the official IRS tax form used by U.S. C corporations to report their income, gains, losses, deductions, and credits. It is the primary document that calculates a corporation’s federal income tax liability. Because a C corporation is legally separate from its owners, it must file its own tax return using this specific
What Is “Form 1116”?
06/02/2026
Form 1116 is an IRS tax form used by individual U.S. taxpayers, estates, and trusts to calculate and claim the Foreign Tax Credit. By filing this form, you can reduce your U.S. income tax liability by the amount of qualifying income taxes you have already paid or accrued to a foreign country. It acts as