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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...

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...

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...

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...

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 Due Dates for 1099 Forms in 2016 Tax Year

Prior to knowing the due dates for 1099 forms 2016 to 2017, it is necessary to know what are IRS 1099 forms especially the ones being described here- Forms 1099-MISC, 1099-K and 1099-INT.  1099 Deadline: 1099 Filing and Submitting Due Dates   March 31st, 2017 is 1099 due date for filing 1099 forms electronically. 1099 MISC due date is on or before 31st January 2017 when reporting nonemployee payments in Box 7. If the deadline for 1099 form...