Form 8995 – Qualified Business Income Deduction (QBI) Simplified Computation
Form 8995 is a simplified tax form used by individuals to claim the Qualified Business Income (QBI) deduction, which can lower your taxes if you own a business or are self-employed. Using this form can be an easier way to calculate this important tax break.
Form 8829 – Expenses for Business Use of Your Home (previously listed but highly relevant for small businesses)
Form 8829 is the IRS tax form used by self-employed individuals and certain other taxpayers to calculate and claim expenses for the business use of their home, commonly known as the home office deduction. It helps reduce your tax liability by allowing you to deduct a portion of your home-related expenses.
Form 7202 – Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals
Form 7202 is used by self-employed individuals to claim tax credits for qualified sick and family leave. It's designed to provide a financial cushion for those who have to take time off work for these reasons.
Form 3520 – Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts
Form 3520 is an IRS form used to report certain transactions with foreign trusts and large gifts received from foreign persons. It ensures transparency in financial dealings with international connections.
Form 8938 – Statement of Specified Foreign Financial Assets (previously listed but critical here)
Form 8938 is an IRS form used to report specified foreign financial assets. If you have significant assets held outside the U.S., this form might be relevant to you.
Form 1139 – Corporation Application for Tentative Refund
Form 1139 is a way for corporations to quickly get a refund of taxes they overpaid, particularly due to net operating losses or other specific situations. It allows for a faster process than amending a prior year's return.
Form 1045 – Application for Tentative Refund
Form 1045 is used to quickly claim a refund when you have a business loss or certain credits that can be carried back to previous tax years. It offers a faster refund than amending your original tax return.
Form 2350 – Application for Extension of Time to File U.S. Income Tax Return (noted earlier for expatriates)
Form 2350 is an IRS form specifically for U.S. citizens and residents living abroad who need extra time to file their federal income tax return. It allows qualifying taxpayers to request an automatic extension beyond the usual April deadline.
Form 7004 – Application for Automatic Extension of Time to File Certain Business Income Tax Returns
Form 7004 is an IRS form that businesses use to request an automatic extension of time to file certain income tax returns. It gives you more breathing room without penalty (but doesn't extend the payment deadline!).
Form 8844 – Empowerment Zone Employment Credit
Form 8844 is used by businesses to claim the Empowerment Zone Employment Credit, which is designed to incentivize hiring and operating within designated economically distressed areas. This credit can help reduce your tax burden if you meet certain criteria.