- Form 1099-MISC vs. 1099-NEC
Whether you’re a business owner who relies on independent contractors or you make your living as a freelancer, understanding the difference between Form 1099-MISC and 1099-NEC is critical to ensuring tax season runs smoothly. While Form 1099-MISC is used to report… read more…
- Small Business Tax Deadlines for 2024
For most Americans, tax day comes once per year. That’s not the case for businesses though. If you own a business, you have to file tax forms on a regular basis. There are deadlines you must stay on top of… read more…
- When Is an Estate Tax Return Required?
After losing a loved one, responsibilities can quickly pile up during a time when you’d like to focus on grieving. Unfortunately, taxes don’t disappear when someone passes. If you’re the executor of your loved one’s estate, you’ll be responsible for… read more…
- How Early Can You File Taxes?
Contrary to general belief, you cannot file your taxes on Jan. 1. Although April 15 is the standard deadline for the latest day you can file your taxes, the IRS also has deadlines for the earliest it begins accepting returns… read more…
- Can Both Divorced Parents Claim Head of Household?
Getting divorced can have financial implications for how you file taxes. One question you might have is whether both of you can claim head of household if you maintain separate residences but share children. The IRS allows legally separated or… read more…
- Business Tax Extension: Tax Planning Guide
Most businesses can get an extension of six months to file a federal income tax return by filing Form 7004. No explanation for making the request is necessary and the extension is automatic. However, filing Form 7004 only grants more… read more…
- Do You Get Tax Forms for Your Roth IRA?
As a contributor to a Roth IRA, you’re likely looking forward to a retirement chock full of tax-free income from your account. However, paying income taxes now and eliminating them later doesn’t mean you won’t submit and receive tax forms… read more…
- How to Find a CPA for Tax Services
Taxes can be complicated and frustrating to many people. Not only is there a risk of not filing them correctly, but many miss out on strategies that can save them money. Fortunately, Certified Public Accountants (CPAs) help millions of Americans… read more…
- When 1099-K Is Needed: IRS Form
If you use PayPal, Venmo and other third-party payment networks, then you might get a 1099-K form from the IRS. This form reports transactions from third-party payment networks. And depending on how big your payment is and what it’s for,… read more…
- What Are the 2024 Capital Gains Tax Rates?
Investing is all about making your money work for you – getting money without having to actually perform labor. But what some investors may initially neglect to take into account is the fact that investment gains mean investment income, and… read more…
- TurboTax vs. CPA: What’s Right for Your Taxes?
Filing taxes is one American pastime that many Americans dread. With so many complicated forms, rules and tax rates, most taxpayers need assistance to complete their returns. While some use software like TurboTax to file returns on their own, others… read more…
- How to File Taxes With No Income
Anyone whose income is less than the tax filing threshold is not required to file an income tax form with the IRS. For most taxpayers, this threshold is usually set at or around the standard deduction. However, it’s a good idea to file your taxes anyway. Low-income Americans often qualify for tax credits and refunds that… read more…
- What Is IRS Form 1099-C: Cancellation of Debt?
If you have debt that is canceled by a lender, you may receive IRS Form 1099-C. Although you are no longer liable to repay the debt, you can’t simply forget about it. The IRS may consider the forgiven amount as… read more…
- How to File Back Taxes
Owe back taxes? There are different reasons why you may not have filed your tax return on time. Regardless of what caused you to fall behind, it’s important to get caught up as soon as possible in order to minimize… read more…
- IRS Form 1098: Mortgage Interest Statement
Owning a home can yield some benefits at tax time if you’re able to deduct mortgage interest. If you paid interest on a mortgage loan, your lender should provide you with a Form 1098 Mortgage Interest Statement at the beginning of the year. There are several key pieces of information on this form that you’ll… read more…
- How to File Taxes for the First Time
You might know a lot about geometry or grammar. But most of us weren’t taught how to file taxes in high school. Since taxes are an unavoidable part of life, you’ll have to learn how to do this at some… read more…
- A Guide to Tax Breaks on Your 2024 Return
Taxpayers preparing their federal returns for 2023 will be able to reduce what they owe by taking advantage of some significant credits, deductions and other tax breaks. Here are some of the most popular tax breaks you can potentially use… read more…
- IRS Form 6251: Alternative Minimum Tax (AMT)
IRS Form 6251, titled Alternative Minimum Tax—Individuals, determines how much alternative minimum tax (AMT) you could owe. In order for wealthy individuals to pay their fair share of income tax, Congress mandated an alternative minimum tax in 1969. You have to pay the alternative minimum tax if you report taxable income greater than certain income… read more…
- Form 1099-DIV: What You Need to Know
Dividends can be an important part of your income from investments, especially if you have significant fixed-income holdings. Internal Revenue Service Form 1099-DIV supplies you with all the information on your dividend income that you will use when you file… read more…
- Investment Tax Forms – What You Need to Know
The Internal Revenue Service (IRS) sends U.S. investors a myriad of tax forms every year. While the number and complexity of these forms can be off-putting and confusing, it’s important that you understand them and what your responsibilities regarding these are. Here’s an overview of common IRS investment tax forms and what you need to… read more…
- Form 6166: Certification of Tax Residency
Many foreign countries have higher income tax rates than the U.S., and others impose value added tax (VAT) charges that the U.S. does not. These foreign assessments can produce significantly higher tax bills for American individuals and companies that do… read more…
- Tax Deadline Extension: How it Works
A tax deadline extension is an automatic 6-month extension that gives you more time to file your taxes if you’re unable to meet the, typically, mid-April deadline. For 2022, the tax deadline for individuals was on April 18th and for… read more…
- How to Fill Out Schedule C on Your Tax Return
Doing your taxes is never considered to be an easy task and for small business owners there are typically even more layers of complexity. Schedule C is a tax form that some small business proprietors use to file their tax… read more…
- States Where It’s Easiest to Get Help Filing Taxes – 2019 Edition
Filling out your taxes can be a real headache. It’s no surprise, then, that online software like TurboTax has been growing in recent years to meet the demands of taxpayers in need of expert advice. But there are more resources available to you beyond tax software. Many states have programs to help taxpayers fill out… read more…
- IRS Form SS-4: Applying for an Employer Identification Number
If you run your own business, you need a way to identify it to the government when it comes time to do your taxes. The same is also true if you’re the executor of an estate, the creator of a… read more…