Video: IRS Tax Forms

In this lesson, Nick Palazzolo, CPA, offers a primer on IRS tax forms and how they relate to each other within the framework of the United States tax system. With a blend of practical advice and insights, Nick emphasizes the real-world application of these forms, explaining how to locate and understand various items like itemized deductions, business income, and capital gains. By examining essential forms such as the 1040, Schedule C, and the 1120, among others, the lesson aids in visualizing tax liabilities and the flow of information between different schedules. Nick's hands-on approach encourages exploring how tax items fit into the broader picture of tax preparation, reassuring that while memorizing every line isn't necessary, becoming familiar with the forms through practice will pay off considerably.