If you are a gig worker or running a small business, then you might have been receiving or issuing 1099-MISC till 2019. However, in 2020 you may have received or issued Form 1099-NEC instead of 1099-MISC. You probably wonder why Form 1099-MISC is replaced by Form 1099-NEC. Here is everything essential for you to know about the new… Continue reading Form 1099-NEC or 1099-MISC?
Identity Protection (IP) PIN is a secret code that the IRS gives to Taxpayer. It helps them prevent any fraudulent identity thieves from filing tax returns using your personal identifiable information. This article will address every question related to the IP PIN code that you may ask before applying for it. Why is IP PIN Needed? … Continue reading All you need to know about Identity Protection PIN (IRS)
If you are going to start a business in Illinois, then one of the first things you will need is to get a Sales Tax ID Number. It is sometimes known as Sales Tax License, Sales Tax Permit, Seller’s Permit, Sales Tax Registration, or Sales and Use Tax Number… This to-the-point guide will inform you… Continue reading Apply for Sales Tax ID Number in Illinois
Every time you get hired, your employer withholds a certain amount of money from your salary. This withholding money goes into the federal tax pool like Federal Income Tax or Federal Insurance Contributions Act (FICA) tax. As the United States has a pay-as-you-go tax system, you need to pay your taxes throughout the year rather than… Continue reading Everything you need to know about Form W-4
Welcome to the topic Determining Your Tax Status. Knowing how to determine your tax status and knowing the difference between each group will help to make filing your income tax return go smoother. Here we will discuss the ways in which you determine which status to file under. The Five Filing Status There are five… Continue reading Determining Your Filing Status
Welcome to the topic Capital Gains Tax Explained. What Are Capital Tax Gains? Capital Gains tax is a federal tax penalty that is imposed on capital accumulation, investment and productivity. Some of the income that is subject to capital gains tax includes the sale of an investment, a home, a family business, a farm or ranch… Continue reading Capital Gains Tax Explained
Welcome to the Topic A Tax Professional- Does it Make A Difference? If you’re not sure whether you have a simple tax return you can do yourself or you wonder about missing significant tax advantages or are concerned that you might be making mistakes, use the checklist below from the American Institute of Tax Professionals… Continue reading A Tax Professional for Taxes – Does It Make a Difference?
Welcome to the topic Automatic Extension Request for Business The internal revenue service has recently been taking steps to cut down on clutter and streamline the tax filing process. Now they’ve simplified business tax return extensions. Who Can File for An Extension? A U.S. citizen or resident files this form to request an automatic extension… Continue reading Automatic Extension Requests for Businesses
Welcome to the topic Dear John Letter from the IRS. Undoubtedly, you are aware of Dear John letters. Often a young lady sent them to men in the military, often containing bad news. Well, the IRS sends them to taxpayers as well. Dear John Letters from the IRS The Internal Revenue Service sends out millions… Continue reading Dear John Letters from the IRS
Welcome to the topic Determining Your Tax Status. Knowing How to Determine Your Tax Filing Status Knowing how to determine your tax status and knowing the difference between each group will help to make filing your income tax return go smoother. Here we will discuss the ways in which you determine which status to file… Continue reading Determining Your Tax Filing Status
Welcome to the topic Corporate Income Tax Issues For 2022. There are many changes that have been made to Corporate Income Taxes for 2020. Below, we will outline some of them and the issues that could be associated with them. What Is Corporate Tax? A corporate tax is a tax imposed on a company’s profits.… Continue reading Corporate Income Tax Issues For 2022
Welcome to the topic How to Find the Best Tax Professional? According to the IRS, 53.5 percent of taxpayers hire paid preparers. If you use a tax professional to prepare your return regularly, or even if you’ve just chosen to deal with one – here are some pointers for choosing the desired professional for your… Continue reading How to Find the Best Tax Professional??
