Forms 1099 are information returns that report income paid to individuals and businesses in a wide variety of ways. The Internal Revenue Service requires taxpayers to file the accurate Form 1099 depending on the type of payment made and the amount. If the payment exceeds a certain amount (for example, it’s $600 for Form 1099-MISC), … Read more
The tax man has several ways to measure your income and modified adjusted gross income is one of them. Commonly mistaken with adjusted gross income, modified adjusted gross income is different but somewhat similar to it. The main use of modified adjusted gross income is to figure out eligibility for certain deductions like the IRA … Read more
Form 1099-MISC under $600 isn’t mandatory by the Internal Revenue Service. As someone who paid miscellaneous income to someone that doesn’t exceed $600, you don’t need to file the 1099-MISC. Forms 1099-MISC are filed for many reasons. The following types of payments that exceed $600 during the tax year are reported with a 1099-MISC. Any … Read more
An employer is responsible for taking out the taxes from employees’ paychecks every pay period. When the employer or an accountant processes payroll, federal income taxes and state income taxes are taken out along with the two mandatory federal programs, the Medicare taxes and Social Security taxes. A salary take home calculator can help employers … Read more
Forms 1099 are information returns that report income paid in various ways. Most business owners are mandated to file this tax form for payments made to freelancers and contractors that exceed $600. Since the recipient of Forms 1099 get this tax form to file their federal income tax returns, so the income is reported, the … Read more
A tax preparation checklist can help you figure out whether or not you’ve missed anything on your tax return when you prepare your return by yourself. Taxes can be pretty challenging, but it doesn’t have to be. Like anything else in life, you won’t have any problems as long as you know what you’re doing. … Read more
Options trading is seen as a less risky investment alternative because it requires less commitment to the purchase of the stock and a safer alternative to holding because they are very much dependable. To put it simply, options trading is when you buy a contract and get the stock but don’t have the right to … Read more
When filing your tax return electronically through a tax preparation service like TurboTax, it’s expected to come across some errors. The cash charitable is too large is a commonly crossed issue that taxpayers who’ve made charitable contributions using cash. There shouldn’t be anything to worry about, as you’ll get to claim this deduction on your … Read more
Married couples who are filing a separate return get stuck whether or not to attach the spouse’s W-2 on their tax return. When you’re filing a separate return, you’re basically filing your taxes as if you are single. So everything that goes into your tax return is solely about your income. The income you report … Read more
In personal finances, where you take shelter and how that’s provided is very important as we all need a place to live. It’s perfectly okay to find yourself asking whether to rent or buy a house. There is no direct answer to this question because all of our lives are different to a certain extent, … Read more