When you have an interest-bearing account that earns you interest, you’ll get a copy of Form 1099-INT, reporting the interest earned during the course of the tax year from the account provider. PNC Financial Services is one of the vastly used banks that give interest payments in exchange for holding money in your account. Since … Read more
The new child tax credit automatically enrolls taxpayers to advanced payments. Unenrolling from the child tax credit in is still possible though. If you’re planning on unenrolling from the advanced child tax credit payments, we highly suggest hurrying up as the payments will be sent starting from August 1st. Opting out of advanced child tax … Read more
The credit score of an individual is perhaps one of the most important aspects of their finances. Whether you’re applying for a mortgage, auto loan, personal loan, or even when you want to rent a house, your credit score is involved. Since your credit score is the first thing a lender is going to look … Read more
Making charitable contributions are deductible and it’s been a major way for taxpayers to reduce their taxable income. Generally, you deduct up to 60 percent of your adjusted gross income through charitable donations. But, this limit is increased to 100 percent if the charitable contributions (gifts) are in cash. Where the donation goes also matters. … Read more
QuickBooks by Intuit is one of the most preferred accounting software used across all sizes of businesses. It’s well-designed and helpful accounting software that offers more than just accounting. There are plenty of reasons to use QuickBooks Online, such as importing accounting information to prepare federal, state, and local income tax returns right away, accepting … Read more
Form 1065 is the five-page-long income tax return for partnerships. The partnerships aren’t taxed separately from their owners. They are considered as pass-through tax entities that must file Form 1065 to report income and tax liability to the Internal Revenue Service. The instructions to file Form 1065 for the tax year is down below. The … Read more
Every taxpayer in the United States that earns income that isn’t subject to federal income tax withholding must pay taxes by making estimated tax payments. Since not everybody has an employer to withhold federal income taxes from their income, those that aren’t earning an income that’s subject to withholding must pay taxes by estimating them. … Read more
Form W-2, Wage and Tax Statement includes many information about an employee’s payroll. The Internal Revenue Service wants employers to file Form W-2 for every employee that worked in the company and received $600 or more in compensation during the tax year. One of the few boxes that got employees wondering is the Box D … Read more
Form 8948, Preparer Explanation For Not Filing Electronically is the explanatory statement for tax preparers that prepare and file tax returns for compensation. The Internal Revenue Service wants tax preparers to prepare and file tax returns electronically to reduce paperwork as well as paper waste. While it makes sense for tax preparers to prepare and … Read more
The child tax credit has changed and now taxpayers that are eligible for the credit will receive advanced payments to supplement the care for their child. The advanced child tax credit payments will start on August and there is a big chance that you’re automatically enrolled. Just in case though, we’ll help you go through … Read more