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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...

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...

1099 Tax Guide – Know all about Form 1099 MISC Box 10 and Box 14

1099 MISC Box 10 is Crop Insurance Proceeds which is about the money proceeds from crop insurance as offered by insurance companies to farmers of the land who are insured in the USA. Hence it is the insurance companies who need to attempt or see this box-10 for the appropriate payments made or to be made to farmers as relating to farmers ‘crop insurance property. But if any farmer notifies the insurance company that the expenses due...

6 Most Common 1099 Tax Filing Flaws to Avoid in this Season

Filing form 1099 season, the big and small companies work their business in a way that is defensible. One needs to be careful in submitting them in time to avoid penalties. The cost load on businesses rapidly grows every year and therefore the requirements of some IRS forms 1099. Now it seems Form 1099 is a burden for many as they dislike neither receiving it nor issue them to their vendors from whom they get the services done...

How to Prepare and File Form 1099-MISC with Requirements?

With all of the forms available from the IRS, it can be difficult at times to know which form to file and when. Generally speaking, the 1099-MISC form is for independent contractors or freelance workers seeking to report their earnings to the IRS, but there are several other situations in which to use this form. Here is a quick overview of IRS 1099-MISC. Form 1099-MISC Requirements According to the IRS website, a company should file form 1099-MISC...