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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...

10 Mid-Year Tax Tips for Small Business Owners and Operators

Cheers, all successful taxpayers for surviving the 2017-18 tax year. Now it is time to start planning for the next financial year. Isn’t it too early to start? But it is good enough to initiate our plans and prepare our tax details right now as it can reduce hectic last minute tax filing. Form 1099 refers to an “Information Return”. A person might get 1099 form through the mail when he/she had received income from various forms other...

Form 1099 MISC Box 15a and Box 15b Nonqualified Section 409A Income

1099-MISC Box 15a and 15b – Section 409A Deferrals and Income – Nonqualified deferred compensation plans are used by businesses to supplement existing qualified plans and provide an extra benefit to key personnel and highly compensated employees. In small businesses, this usually includes the owner and founder. Broadly defined, a nonqualified deferred compensation plan (NDCP) is a contractual agreement in which a participant agrees to be paid in a future year for services rendered this year. Deferred...