Strategies to optimize your finances

Form 8949 reports sales and other dispositions of capital assets. List each transaction, figure capital gains and losses, and total on Schedule D.

The IRS requires an S corporation owner to take a reasonable salary before distributions. Learn to set reasonable compensation and avoid penalties. 

IRS Form 1041 is the income tax return for estates and trusts. See who must file, what it reports, deadlines, and how the K-1 shifts the tax.

Use Form 709 to report gifts above the annual exclusion. Who files the IRS gift tax return, when it's due, and why most people owe no tax.

What IRS Form 706, the federal estate tax return, covers: who files, the $15 million exemption, the deadline, and the GST tax.

IRS Form 5471 is how a US person reports ownership in a foreign corporation. Learn who must file Form 5471, the schedules, and the penalties.