October 19, 2020
What to do, if the IRS rejected Form 990? Remember that when the form is rejected, it is not the end and still you have some options. To know more about it, read on the article. As a first step, you need to examine about Form 990 rejection. It can be due to one of the following options. When you try to file without tax-exempt status, the form will be rejected by the IRS. In order to...
October 16, 2020
When you are new to the field of small business, it is better to check the tips and tricks for small business before filing your tax returns. Let us discuss, the top tax deductions for small businesses that can be claimed by the sole proprietors. Similar claims can be applied by other entities like S corporations, C corporations, partnerships, and Limited Liability Companies (LLCs). But there is a slight difference in the rules for some tax deductions....
October 14, 2020
Have you been a victim of the latest natural disaster Hurricane Sally? Do you know deadline extension and tax relief for affected victims? Based on your location, there is tax relief for hurricane Sally victims. Here’s a glimpse of it. Hurricane Sally Relief Due Date Extended Oct. 15 to Jan. 15 The IRS has declared relief for victims affected by hurricane Sally. The storm arose on 14-September 2020, and taxpayers affected by the storm have an extended...
October 12, 2020
Have you filed for an extension? Hurry up, as the due date for taxpayers’ request for an extension is approaching. For taxpayers filed for an extension, the IRS reminds about the due date arriving 15-October. The taxpayers must file before the due date and complete tax returns. The good news is that IRS free file and electronic filing options are available. For prompt tax filing, payment and refunds process and to maintain social distancing utilizing electronic options...
October 9, 2020
Do you know that you can be able to deduct education expenses paid during the tax year? These tax benefits of higher education are applicable for yourself, your spouse, or children. Note that this tax deduction cannot be applied if your tax filing status is married filing separately or when your dependent can claim an exemption for you as a dependent on his or her tax return. The qualified expenses are valid only for higher education. Tax...
October 5, 2020
The Federal/ State E-file program lets the taxpayers to file both the federal and the state tax returns together. For this, about thirty-seven states in the U.S and the District of Columbia joined with IRS to let the tax filers e-file their federal and state tax return at the same time. How does this program work? When the taxpayer uses the state or federal E-file, the e-filing software collects the data from the user and put them...
October 2, 2020
As we all know that there will be a lot of changes starting this new year in terms of the tax structure, filing your annual returns, claiming your tax, getting tax exemptions and benefits, and so on, so you are required to be aware of all the changes. Taxpayers with kids may are also eligible now to claim specific tax benefits. Parents must consider child-related tax benefits while they are filing their annual tax return: Dependent –...
September 30, 2020
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 caused after the passage of the PATH Act in 2015. As per the PATH Act, the deadlines to report Form 1099-MISC Box 7 is dated from 31st March to 31st January. But the end...
September 27, 2020
Form 1099-MISC reports all the non-employee compensation on every year-end summary. The IRS 1099-MISC Form covers royalties, independent contractor’s income, self-employment, rent, crop insurance proceeds, and various other kinds of miscellaneous income. Here in the Form 1099-MISC, MISC refers to the miscellaneous income, in short. More about Form 1099 MISC Miscellaneous Income As a taxpayer in the United States of America, you need to file your tax return every year without fail regardless of the amount of...
September 23, 2020
If you are a regular employee, you will receive a W2 form that states you need to know. Then you will fill the 1040 form and file them. But when you are self-employed and receive Form 1099 as a contract employee, you need to include the IRS Schedule C form along with your personal tax filing. Schedule C is also called “Profit or Loss from a Business”. Understand the form better, so that you can report your...
