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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...

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...

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...

How to Request an Extension for Filing 1099 Taxes?

In this article, let us check how to request an extension for filing 1099 tax forms with the IRS. Before that do you know that there are two types of extensions: One is an extension for dispersing the 1099 forms to the recipients. The other one is the extension to file the 1099 tax forms with the IRS. When your company requires a lot of time to file the 1099 tax forms with the IRS, then you...

1099 Reporting Self-employment Business Income and Deductions

IRS 1099 form is for self- employers and contains series of documents which is used for information return. IRS 1099 form consists of various forms which can be used to report an individual’s different types of income received throughout the financial year. This income excludes the salary from your current employer. 1099 tax form is filled and sent by the employer or firm before Jan 31 of every year that pays you. Self-employed individuals who are paid under 1099...

Penalties for Not Filing 1099 Forms Before Due Date

The Penalty amount depends based on when you filed the information return or when you furnished the correct payee statement. The penalty for not filing 1099 forms, correct information is separate from the penalty for not providing the proper payee statement. The penalty rates differ based on the condition. Penalty Rates The following table reflects the penalty rates and the maximums for not providing the correct information and/or not furnishing appropriate statements of the payee. This also...

Small Businesses Needs to File Major Payroll Forms

Finding the appropriate small business IRS Forms is a bit difficult when you are running your payroll program. As there are various tax forms for the employees to fill out, it is confusing which of the form is applicable to your business. In this article let us discuss, few of the IRS payroll forms that are required to be filed by small businesses Form W-2, Wage, and Tax Statement Form W2 should be filed for every employee,...

IRS 1099 form critical due dates in 2018 tax year

Form 1099 is an information return. A taxpayer needs to report the information from 1099 on their tax return. The form 1099 is linked to the Social Security Number so that the IRS can prepare the tax bill easily when the report is unavailable. When the taxpayer fails to report the Form 1099, then the taxpayer needs to face the tax audit.  There are various 1099 forms and their requirements for reporting is different. Check the below...