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Thresholds Change for Forms 1099-MISC and 1099-K Reporting

Form 1099 MISC and Form 1099 K reporting is looking to change the thresholds in 2019 tax year. Form 1099 MISC, is used to file miscellaneous income, at present the general threshold of $ 600 with few exceptions. The rules and deadlines for filing 1099 forms are constantly revised every tax year. Here are the few changes for the 2019tax filing season including 1099-MISC and 1099-K forms. Thresholds Change for Form 1099-K Form 1099 K is used...

Federal 1099 Threshold and Reporting Requirements (1099-MISC & 1099-K)

In this article, you will get an insight about the key requirements for both the Forms 1099 MISC and 1099 K, what payments to report and Where to report them? This article will help you understand more about the required information to collect before filing. There are many information returns, that is used to report the income but here we will concentrate more on the common information returns: 1099 MISC and 1099 K. 1099-MISC Reporting Requirements You...

IRS Sees Millions of Tax Returns Last Days of Tax Filing Season

A recent update from the Internal Revenue Service (IRS) states that IRS has received about 135.6 million returns for the current year following the late surge of tax filings during the end of April. It is reported that after the mid of April 2018, IRS received more than 17 million tax returns and importantly the majority of the tax filing, 13.6 million returns came through electronically. On the whole, IRS received about 135.6 million tax returns through...

Interest Rates Remain the Same for the Third Quarter

Last month the Internal Revenue Service (IRS) declared that there is no change in the interest rates and it is the same for the calendar quarter, which starts from July 1, 2018.  IRS Interest Rates Every year, the Internal Revenue Service announces the interest rates for every quarter of the year. However, few of the taxpayers are not aware of how the interest rates work on their tax payment. What does the interest rate do? When a...

Need to Know About Taxable and Nontaxable Income

A taxpayer can reduce the tax liability when he/she knows what to claim as taxable and nontaxable income. A person can receive income in many forms such as salaries, wages, tips, interests, and commissions. According to accountant Caroline Thompson, “Consider all the income that increases the wealth as taxable”.  Apart from that, there is little left out to be nontaxable. The government lists the items that are not taxable and mentions the circumstances when the items occur...

Need to Know about IRS Combined Federal/State (CF/SF) 1099 Filing

There are a few number of selected states that allows the IRS to transmit the 1099 information automatically to them once it is been filed. This service is available only with the electronic filing method. Electronic filing is not simple as emailing to the IRS, it requires the certain process to be completed. Initially, you need to apply and become approved by the IRS to submit the forms to the FIRE system. Who can do combined federal...

Complete your Tax Financial Check-up Before End of the Year

Finance is an important part to drive our life. Without proper finance, it is hard to survive. Hence, by knowing the importance of this finance, as a regular taxpayer, you need to think about tax financial check-up at least once a year. In this article, let us check how to complete your financial check-up before the end of the year. How To Do An Annual Financial Checkup Evaluate Your Subscriptions As a first step in the financial...

The Independent Contractors Pros and Cons

There are numerous benefits while you hire the independent contractors ( ICs), but also there are few drawbacks too. Hence, before hiring an independent contractor you need to assess both the pros and cons so that you get a clear understanding before taking a better decision. Pros of Hiring Independent Contractors  There are many advantages of using independent contractors when compared to normal employees. Save More Money Though most of the employers pay their Independent Contractors per...

Use the Right Filing Status to Benefit Student Loan Payments – Etax1098

Taxpayers who recompense their student loan using ICR, IBR or PAYE repayment plan must be little more cautious while filing federal tax returns. Because the filing status of the tax returns you chose will affect your repayment plan. When the taxpayers are married, they must decide whether to file the tax return along with their spouse using the status “married filing jointly” or just to keep the income separate by filing “married and filing separately”. This may...

Tax Credits and Deductions on Back-to-School Education

When you, your partner or a dependent are starting your school or college during the fall, you may save some of the costs at the tax time. And also, you will be able to claim the tax credit on your federal tax return. Check out the important key IRS tips that you are eligible and you must know about that education tax credits.  American Opportunity Tax Credit (AOTC): The AOTC maximum worth is up to $ 2,500 per...