Understanding about Different Types of Individual Income Tax Returns

There are different types of Federal individual income tax returns. It is the responsibility of the taxpayer to use the appropriate tax form that corresponds to the particular situation and permits to claim the income, tax credits and tax deductions. Federal income tax is due by 15th April, unless the taxpayer applies for a tax extension. Common types of individual income tax returns  IRS Form 1040 (U.S. Individual Income Tax Return) IRS Form 1040A (U.S. Individual Income...

How Important is the Trucking Industry to the US?

In the economy of United States of America, trucking industry plays a vital role. Other industries rely more on the trucking industry to take the goods from them and deliver the goods to their clients/markets. Each and every product that you use in daily routine is carried by trucks whether it is a raw material or an end product. Our daily activities are undisturbed because of the contribution of the truck drivers. Importance of Trucking Industry in...

How to Request an Extension for Filing 1099 Taxes?

In this article, let us check how to request an extension for filing 1099 tax forms with the IRS. Before that do you know that there are two types of extensions: One is an extension for dispersing the 1099 forms to the recipients. The other one is the extension to file the 1099 tax forms with the IRS. When your company requires a lot of time to file the 1099 tax forms with the IRS, then you...

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...

Common Business Tax Return Errors and Corrections

We always rush towards the end to submit our personal tax returns and take time until April 15th. In the hurry to submit the tax returns, we commit mistakes without our knowledge. Most of the software services avoid the common errors. From your end, it is your responsibility to double check the form and check the list of common tax return mistakes that are stated below so that you can correct the mistakes and avoid the same...

How to Apply for an EIN – Ways to Apply for an EIN

An Employee Identification Number (EIN) is an identity used by the Internal Revenue Service (IRS) for businesses and other entities. Every business in the country needs an EIN even though they do not have any employees. For instance, before you apply for a business checking account many banks require an EIN. EIN is primarily used for employment tax identification purposes and also an EIN can be used as a general tax number. Before applying for an EIN,...

Filing Form 4868 for a Small Business Tax Extension

When you realize that your tax papers are not ready and mid-April is approaching to file the business income tax return, you can file IRS Form 4968. Even the IRS understands the situation of the taxpayer and offers the automatic extension of time to file the tax return. But, IRS 4868 Form is used for an automatic extension to file the personal tax return. You may use this form when you report Schedule C along with your...