Form 1099 is an information return. A taxpayer needs to report the information from 1099 on their tax return. The form 1099 is linked to the Social Security Number so that the IRS can prepare the tax bill easily when the report is unavailable. When the taxpayer fails to report the Form 1099, then the taxpayer needs to face the tax audit.  There are various 1099 forms and their requirements for reporting is different. Check the below...

Receiving a tax refund is always a pleasure as you can do little more with the extra money. But tax refund may not be possible for all the tax payers. The IRS states that few state tax refunds are also taxable income. You need to report that taxes on the tax return form on 10th line of Form 1040 the following year. Whether the received Refund is Taxable? The tax payer need to report the state income...

Not all the tax filers like to receive the 1099s except the IRS. But the agency likes them as they allow them to easily match the data against the tax returns. So it becomes necessary for every tax filers to know better about the IRS Form 1099 before you start filing your taxes. Therefore, this blog aims to put light on the top ten things that an individual taxpayer must know before filing. 1. Better give, than...

IRS  2290 Form is a federal excise tax paid every year on heavy motor vehicles with gross weight of 55,000 pounds or more. All the inter-state and intra-state registered vehicles pay this tax to the Internal Revenue Service. The American Association of State Highways Official discovered this Heavy Vehicle Use Tax (HVUT) in the late 90’s as the heavyweight trucks caused most of the damage to the public highways. All the truckers, drivers, or the owners of...