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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...

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...

1099 Tax Deductions For Small Employment Businesses

The IRS allows various deductions for small employment businesses when compared to the regular employees. The 1099 deductions are the little complex for the individuals who are filing the tax returns for the first time. In order to clear the doubt regarding the tax deductions and to know more about 1099, lets shed some light on 1099 tax deductions for small employment businesses. Top 10 Tax Expenses for Self Employment Businesses Expenses of car and mileage Among the...

Form 1099 Schedule C Business Expenses | Tax Tips

Each penny is important for a common person and that is the main reason why we see numerous Form 1099 tax returns from the independent contractors. Few contractors are losing their dollars every year by failing to track their business expenses. By making note of every expense each year, you can save a lot of money for yourself instead of giving them to the taxes. Schedule C is used to state the profit income or loss from...

IRS Offers 8 Tips for Teenage Taxpayers with Summer Jobs

It is summer time and the teenagers are busy with their summer jobs to fill their pockets. Students prefer the part time summer jobs for multiple reasons, either to earn extra money for the family or to save them for later use. The reasons may be different but the ultimate goal is to earn extra money in their free time. In that regard, the Internal Revenue Service also takes a part to help them to some extent...

Best Ways to Avoid an IRS Tax Audit – Etax1099 Tax Tips

Though the audit is rare in the United States, most Americans want to avoid them for some reasons. According to Internal Revenue Service (IRS), only a little percentage of the people is audited. But the figures are rising considerably every year since 2008. Note that for the audits, the taxpayers are selected randomly, so you cannot protect yourself from the tax audits if the choice is made. But you can lower the risks by following the tips...

IRS Warns Taxpayers to know about Summertime Scams in 2017

During the past tax filing season, most of the taxpayers received Tax tips to their email inbox directly. Those tax-filing tips helped the tax filers to get the tax related information and helped to file their tax returns appropriately. As the taxes are year-round for most of the taxpayers out there and also many taxable scenarios rise during the summertime. Hence, the Internal Revenue Service provides a summertime tips program starting from July 3rd, 2017. The IRS wants...