Are you a self-employed individual or run a business owing more transactions during the year? Then, you need to understand form 1099-K and its particulars. What is form 1099-K? The IRS mandates taxpayers to report about various transactions from different sources, neglecting paid checks. Taxpayers receiving payment transactions report to the IRS through the 1099-K form. Either you’re an independent contractor or self-employed, you file 1099-K income with schedule C, with Form 1040 tax return.  The third-party...

Are you aware of 1099-DIV dividends and distributions? The IRS Form 1099-DIV is sent by financial institutions and banks to investors. Investors gaining distributions and dividends for investment during the year must fill the 1099-DIV dividends and distributions. What is 1099-DIV? The Form 1099-DIV is proof for any entity or company that paid you dividends. For earnings above $10 profits from other entities or companies, a 1099-DIV reaches you. The 1099-DIV is a usual category of IRS...

The IRS tax form 1099-INT is a record stating that an entity or individual paid you interest. By year-end, payers provide the Form 1099 INT of interest income to investors. Payers are to issue Form 1099-INT for whom they paid a share of $10 during the year. Mutual funds, banks, brokerage firms, and other financial institutions paying an interest of over $10 must file Form 1099-INT. The Form 1099-INT should reach the IRS before January 31. About...

The IRS Form 1098-T helps taxpayers in calculating the educational credit including deductions for tuition and helps to report tuition statements, educational credits, and other expenses for education paid during the tax year. These educational credits appeal to both qualifying students and parents of qualifying students. Eligible Institutions for Form 1098-T Form 1098-T is to report educational expenses for students and the parents and guardians of the student if they are still dependents. By filling this form...

A mortgage is an obligation secured by a real property, which could be land or any property built on it or attached to the land. Form 1098-MORT is used to report mortgage interest of $600 and above, that one receives during their business. A separate Form should be used separately for each mortgage. We can also use this form to report overpayment of interest at an adjustable-rate and other mortgages made in the previous year. The different...

All of us must be gearing up as the new tax year is approaching. Amid the various forms, you must have come across 1098-T and 1098-MORT forms. Let us glimpse through the details regarding these forms. What is the 1098-T Form? College students receive a 1098-T form. This tax form or tuition statement form is sent from the university or college during the tax period. The 1098-T form is intended mainly for educational institutions reporting the IRS....

We use Form 1098 and its variants to report contributions and other tax-deductible expenses to the taxpayers and the Internal Revenue Service. These forms cover mortgage interest payments, Contribution for motor vehicles including boats and airplanes, loan interest paid by the student, and the tuition and scholarship information of students. The due date to file the 1098 forms is March 31st with the IRS and the copies of these forms should be sent to the taxpayer by...

Businesses are mandated to file both their income tax returns and their information returns to avoid costly penalties later on. Businesses use the W-2 Form to disclose information on the wages paid to the employees in the previous calendar year. This Form can also be used to disclose other information such as, withholding of wages, deduction from wages, and information on benefits for the employees. Last date to file the W-2 form The W-2 Forms are due...