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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-A (Acquisition or Abandonment of Secured Property)

A lender issues the Form 1099-A, Acquisition or Abandonment of Secured Property when the lender receives an interest in the property that was on the full or partial satisfaction of the debt, else if the lender got some reason to know more about that the property has been abandoned. Here, the property refers to a real property, tangible personal property, and any intangible property. The Form 1099-A is not for reporting the tangible personal property such as...

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...

Trump’s New Tax Plan and Tax Cuttings in 2017 – How it Effects You

President Donald Trump’s campaign tax proposal has got some additional details with Treasury Secretary Steven Mnuchin and National Economic Council Director Gary updates in April 2017 which is listed below.  Recently updated tax proposal eliminates all the itemized and regular deductions (like home office deductions, state and local) which are the part of current tax code excluding the mortgage interest and charitable deductions. The standard deduction will be twice to the offset the elimination of any other...

March 31st – IRS 1099 Forms Deadline and Due Dates for 2016 Tax Year

Form 1099 is series of 23 documents; the IRS refers as information returns about income. We have different types of 1099 forms (1099-MISC, 1099-K, 1099-INT and etc) that reports the various type of incomes during the year. The due date for 1099s forms is March 31st, 2017.  IRS 1099-MISC Form 1099-MISC reports all the miscellaneous income transactions, the total amount you received through the payments from a single person for your services over the year.   1099-MISC...

What are the IRS Tax Return Filing Statuses? – Find Your Correct Filing Status

If you wonder what are the IRS tax return filing statuses then it is necessary for you to know that IRS tax return statuses are important. Your tax filing status can have a major impact on the tax benefits that you receive the tax amount that you pay and the standard deduction amount. It might also have an impact on whether you need to file federal income tax return. In this case, you will need a federal...

Reasons For Reporting IRS Form 1099-C? 1099-C Cancellation of Debt

IRS 1099-C will see an estimated 5.5 million people or even more filing this form for the current tax year. The receivers of this 1099-C form are the debtors who receive loans from the private financial entities or from federal Government agency who are creditors offering different loans to consumers as prescribed and eligible. The creditors or the lenders have to file this form 1099-C with IRS supposing if they have canceled or forgiven $600 or more...