How to report farming income or Schedule F

Report income and expenses from farming on Schedule F. To get you started with preparing your Schedule F using OLT.com, first gather your information regarding to your farm income, such as expense and sales receipts, depreciation schedules, or any other information pertaining to your farm income. If you don't have a tax account with OLT.com, the first thing to do is create an account from [...]

How to report rental income on Schedule E

If you owned rental properties, you need to report the rental income and expenses on Schedule E. Have your rental income report ready and gather all of the expenses for the rental property, and if you are looking to prepare and efile your Schedule E yourself. Follow this document to file your Schedule E for Rental Income: If you don't have a tax account, start at our homepage to create your [...]

How do I report Self-Employment Income on Schedule C?

You need to file Schedule C if you earned income from your sole proprietorship (owned your own business, not a partnership or corporation), received a W-2 showing wages and expenses as a statutory employee, received income and deductions from qualified joint ventures, or if you received a 1099-MISC showing earnings in Box 7. This document will explain how to file Schedule C using online tax [...]

Do I need to file Amended Tax Return?

You need to file an amended tax return if you need to make changes to your originally accepted tax return. For example, Joe e-filed his federal tax return, and his tax return was accepted by the IRS in early February. Later on in March, Joe discovered he forgot to report $500 in interest he received from the bank. Because his tax return was already accepted by the IRS, Joe would need to file [...]

Head of Household Filing Status

This filing status is for unmarried individuals who provide a home for certain other persons. You can check the box at the top of Form 1040 or 1040-SR only if you were unmarried or legally separated under a decree of divorce or separate maintenance at the end of the year and either Test 1 or Test 2 below applies: Test 1: You paid over half the cost of keeping up a home that was the main home for [...]