What happens if I don’t file taxes? The Internal Revenue Service has strict penalties for not filing taxes. In case you don’t file your tax return, even if you don’t owe any taxes, you are required to file a federal income tax return. If you don’t file your tax return after the April 15 deadline, … Read more
Does the Request for Taxpayer Identification Number and Certification, Form W-9 expire? Upon furnishing a requestor with Form W9, know that it doesn’t expire but there are some occasions where a new Form W9 may need to be obtained. If you’re a business owner, you must obtain a new Form W9 from vendors that appeared … Read more
Can I refuse to fill out a W9? Yes, you can refuse to fill out Form W9 but only if you’re suspicious of the reason for the request. Whether a business or a person requests it, know the reason for the request. For example, businesses are required to furnish you with Form 1099-MISC if the … Read more
The timing of payments for 1099-MISC is simple. You can send each recipient of Form 1099-MISC with a single payee statement to report all the payments types. Form 1099-MISC timing is important because there are different deadlines that you should be aware of. You must furnish the recipients with a copy of Form 1099-MISC by … Read more
The contributions to an Individual Retirement Account or better known as the IRA are deductible. Regardless of how much you contribute, as long as you have a traditional or other qualifying plans, you may be eligible for this deduction. There isn’t a limit on how much is contributed to claim the deduction but your modified … Read more
The tax season is approaching and from the start of the tax season to the last day to file taxes, you will have about two and a half months. That’s assuming that you won’t be filing an extension. You can file taxes electronically for free through an IRS-authorized e-file provider to fulfill tax obligations easily … Read more
The highest dividend stocks as of now can be found in this article. See what stocks are going to return you the most for your investment. The higher the dividend yield, the more you’re going to get from the company you own the stock. The dividend yield refers to the dividend per share divided by … Read more
Schedule 1—Additional Income and Adjustments to Income is the IRS tax form for reporting additional income and making adjustments to income. Most commonly used for claiming above-the-line deductions such as educator expenses, HSA and IRA contributions, tuition and fees, and student loan interest. Schedule 1 must be attached to Form 1040 upon completing it. If … Read more
Schedule A—Itemized Deductions is what you will need to fill out to itemize deductions. It’s a single-page, fairly plain tax form that all taxpayers who itemizes deductions must file and attach to their federal income tax returns. Schedule A can guide you and give you an idea of what kind of expenses are deductible. In … Read more
Form W2 not only reports wage, salary, and other compensation paid to employees but other forms of payments as well. In Box 12 of Form W2, employers can report other forms of payments made to employees. The most common use of Box 12 is for employee reimbursements for business expenses. The Box 12 code for … Read more