Pros and Cons of Filing a 4868 Personal Tax Extension

When the tax filer is unable to file the tax on or before the given deadline, then the tax filer can request for tax extension. The persons who are serving in the military get automatic tax extension without any requests. Usually, when a tax extension is made, it moves the deadline to file the tax further. Having said that, there are both Pros and Cons in filing a 4868 tax extension. Pros of filing 4868 Tax Extension...

Due Dates for Business Tax Returns and Extensions

Form 7004 which is otherwise known as an Application for Automation Time Extension for filing Business Income tax return and other related returns. Filing this business tax extension application (Form 7004) through online is made simple and quick by e-filing the Form 7004 with an IRS Authorized tax service provider like etax7004.com IRS Form 7004 Extension for Business Tax Returns Generally, the Form 7004 consists of three main sections and the extension time provided by submitting the...

Press Release: Business Owners to E-file Form 7004 to Get 6-Month Extension

Are you waiting to file your business tax without penalties, then E-file an IRS form 7004 and get a 6-month automatic extension for your business taxes. The deadline is approaching to file a form 7004 extension on March 15, 2020. If the due date falls on a Saturday, Sunday and any pubic holidays then file on the next business day. Get more information about form 7004. https://prmwire.com/press-releases/469C86F9-Business-Owners-Have-Until-March-15-2020-to-E-File-Form-7004-Says-Tax2efilecom Are you waiting to file your business tax without penalties,...

What is the Personal Tax Exemption for 2020?

In the tax year 2018 Internal Revenue Service (IRS) announced few more tax benefits. Some Tax rates had increased moderately because of the blowing up modifications and others are remained unchanged. Tax rates for 50 tax provisions had changed due to the annual inflation adjustments. The details about the annual adjustments are given in the revenue procedures. Standard deduction amounts for Married filing jointly is increased to $13,000 and for Married filing separately is increased to $6,500.The...

How to Prepare 1099 when you employ independent contractors?

In this tax season, let us check on how to close the tax books and to prepare the tax documents. When you employed an independent contractor and paid them $ 600 or more for their business service, you need to prepare and issue the Form 1099 MISC to the concerned individual. IRS Form 1099 MISC IRS 1099 MISC Form accumulates a person’s income from all his / her non-employee compensation. The independent contractors use this Form 1099...

How To Make Corrections To Form 1099-MISC Form

Form 1099 is one of the IRS forms that are used by the tax filers to report any specific types of payments. It contains a series of the informational returns identified by a letter, consists of the forms ranging from Form 1099-A to Form 1099-SA. Business owners use the IRS 1099-MISC Form in order to report the money paid to the independent contractors. Form 1099-MISC contains the information about the business and the independent contractor you paid....

IRS debuts draft of 1099-NEC for 2020 to Replace 1099

Recently the IRS released the draft of 1099-NEC, which is considered to be the replacement of Form 1099-MISC Box 7 to report the non-employee compensation and Box 9 to report the direct sales about $5,000 or more. The NEC can reduce the confusion that caused after the passage of PATH Act in 2015. As per the PATH Act, the deadlines to report to report Form 1099 MISC Box 7 is dated from 31st March to 31st January....

Know about the Series of All 1099s Forms – IRS 1099 Forms

IRS Form 1099 is used to list various types of income that you receive apart from your salary or wages throughout the financial year. It is mandatory for every tax payer to report their extra income to IRS. Form 1099 is used to list the payments that you receive through the interests from bank, dividends from stock investments or payment for your freelance work. Note that, everytime you receive a form, IRS also receives a copy of...

Federal Form 1040 Schedule C Instructions

The Form 1040 Schedule C is used to report the income or loss from the business that you operate or practiced as a sole proprietor. This article specifies the Federal Form 1040 Schedule C instructions. Federal Form 1040 Schedule C Instructions Filers of Form 1041, do not complete the block labeled “Social Security Number (SSN)”. Instead, you need to enter the Employer Identification Number (EIN) provided to the trust or estate. Define the business, that provided the...

1099-K vs 1099-MISC—What’s the Difference?

When you are self-employed or working on a contract basis without withholding the taxes, then your income will be reported under different tax forms like: 1099 MISC Form or 1099 K Form. Consultants or freelancers who receive $600 or more during a tax year can receive 1099 MISC form, on the other hand a freelancer who works on-demand economy such as Lyft or Uber will receive 1099 K Form. So in this article let us find the...