Things you need to know about IRS Form 2290 stamped Schedule 1

We have talked more about Form 2290 in this tax season, so let’s turn light towards IRS stamped Schedule 1. After successfully filing the Heavy Vehicle Use Tax (HVUT) with the IRS either through paper or online, the tax filer receives the stamped Schedule 1. This serves as the proof of the tax payment and it is mandatory for any heavy highway vehicle to operate legally on road. Stamped Schedule 1 DMV checks for the IRS stamped...

Independent Contractor Must Know About 1099 Tax Deductions

If you earn money as an independent contractor, the IRS considers you as a “business of one”. It is similar to a company that withholds the taxes automatically from the employee’s paychecks; here you need to withhold your own taxes. Having said that the independent contractor is like a business of one, you also get the expenses deductions such that you can lower the tax amount you pay to the IRS. You can itemize the deductions that...

Start E-filing IRS 2290 Form with ETax2290 for FREE

Are you ready for the Tax season 2019-20? Not yet? Start filing 2290 Form online through Etax2290.com. No more stress with complex tax calculations. With almost a decade of experience in this field, our experts can assist in all those tax calculations and just fill the simple form online and pay the tax amount. Doesn’t it sound simple?? Just read on the blog to find more information on IRS 2290 Form. Form 2290 (HVUT –Heavy Vehicle Use...

Pre-file IRS 2290 Form for the Tax Year 2019-2020

Hello Truckers, pre-filing 2290 tax is started in ETAX2290.com for the tax season 2019-20. No more waiting to file the Heavy Vehicle Use Tax (HVUT). By pre-filing the IRS 2290 tax online, reduce the burden of waiting to file the 2290 tax form and drive your truck stress-free. In this blog, let us discuss more about what is IRS 2290 Form pre-filing, how it helps truckers, and why pre-filing the HVUT tax form is a better option....

What To Do If You Receive a 1099-K Notice From the IRS?

Form 1099-K is an information return, which is provided to the merchants who have 20,000 or more transactions and summing more than $ 200,000 during the tax year through debit or credit cards, else through electronic payments like Paypal. Financial institutions like a bank will process the payments and send a copy to the Internal Revenue Service. The IRS has started utilizing the information on the Form 1099-K to question if the merchants are reporting their income...

Facts about Form 2290 Due Dates – Tax2Efile

When you have purchased a new taxable heavyweight vehicle with the gross weight of 55,000 pounds or more, as the owner or operator of the vehicle you are required to file the IRS 2290 Form by the last day of the following month. If you used the vehicle only at a certain period of a month or partly, the tax amount will be calculated for the vehicle used the month as a whole month. For instance, if...

How to Correct 1099 Forms Already Transmitted to the IRS?

To err is human. Everyone out there makes a mistake at some point in time. However, the ultimate thing is to correct the committed mistake. As a tax filer also you can commit some mistakes while filing 1099 tax forms. It is common and the IRS understands the situation better and gives a chance to correct the submitted forms. There may be a condition where you find the mistake after submitting the form to the IRS. So...

1099-MISC Form for Reporting Self/Non Employee Income

_he 1099-MISC form is to report the miscellaneous income earned during the 2018 tax year. This is also referred to as “non-employee income” to the Internal Revenue Service (IRS). This is the annual wage report form, this must be prepared, given to the employees and report to the IRS for the prior tax year. Non Employee Income Reporting on 1099-MISC The term “non-employee” is used by the IRS, which includes someone who offers their services to another...

1099 Corrections and Penalties for Electronic Filling

Generally, the IRS wants the taxpayer to ensure that all the information provided on 1099 forms are accurate and filed on time. Though the penalties are mainly for the errors on the forms the IRS also fines for late submission of forms, missing documents in forms, or incorrect taxpayer details. Penalties for Failing to File Form 1099 When you miss to file or late to file Form 1099 by the due date and you cannot prove the...

What’s New for E-Filing of 1099 Forms for Tax Year 2019?

Rules and regulations for filing 1099 returns get revised every new year and it’s quite important for every individuals, corporate, organizations, and institution who are liable to pay the taxes to be aware of these changes. Below listed are a few changes that are going to be implemented in this new year i.e. 2019 on wards that involves 1099-MISC and 1099-K. New Rules for Filing 1099-MISC and 1099-K Forms Beginning January 2019, the IRS will implement its...