The IRS has made the DRAFT 1099 NEC for Non-employee Compensation tax form available as of July 24th, 2019. The purpose of the 1099-NEC is to extract Box 7 Nonemployee Compensation from the 1099-MISC and place it on a separate tax form. The purpose of the 1099 NEC Tax Form is to extract Box 7 […]
Draft 1099-NEC for Nonemployee Compensation released by the IRS! Read More »
Did you earn dividends and distributions on the stocks you owe? You’ll receive a 1099 DIV Form from banks, financial institutions, or mutual funds. They issue a Form 1099 DIV as they pay 1099 Div Income (dividends and distributions) throughout the year. Table of Contents How are IRS Form 1099 dividends taxed in different ways?
Figuring Out What You Owe on Your 1099 DIV Income Read More »
Do you know why the IRS imposes different penalties on 1099 forms filing? If you don’t know the IRS penalties, you must know them before proceeding with your filing. Because the IRS Form 1099 Penalties play a major role in the 1099 Tax Filing. Many filers may pay high penalties compared to the tax amounts. Therefore, to
Tips to Avoid 1099 Penalties Read More »
In a recent effort to collect taxes from business owners, the IRS cracks down on business owners who use cash apps such as Cash App, Venmo, and Square Cash. The agency is arguing that these services should be treated as taxable income because they are used to receive payments for goods and services. Businesses that
IRS cracks down on business owners who use cash apps Read More »
If you have ever had an employee annuity plan or a pension plan, you probably have heard of 1099-R. What is a 1099-R? The 1099-R is the form used to report the receipt of retirement plan distributions. But be careful, this form can also be used to report annuities and pensions. The 1099 R tax
What Is a 1099-R? Tax Forms for Annuities & Pensions? Read More »
As a small business owner, you’re probably familiar with the 1099 series of tax forms. If you’ve hired any independent contractors during the previous year, you’ll need to issue them Form 1099 Misc to report their earnings to the IRS. But what about workers who are non-employees? That’s where Form 1099 NEC Tax comes in.
Got Contractors? Get Form 1099-NEC Read More »
The IRS has started the crackdown on content creators, auditing them and making them fill out tax forms. However, in the absence of their own form, they have come up with a form 1099-MISC, which they will give to those people or businesses. Here are some tax tips for content creators to help you with
Form 1099 Online – Tax Tips For Content Creators Read More »
The new 1099 k tax rules have a lot of people wondering how it will impact their taxes. One of the questions on a lot of people’s minds is whether they can now earn a side 1099 income without being taxed at an absurdly high rate. The answer is, unfortunately, not quite yet. Table of
Do you want to Earn a side 1099 Income? Check out this New 1099 K Tax Rule Read More »
While some businesses may not have to pay taxes on their profits, understanding the tax treatment of any gains that might arise from a sale of an asset is still essential. Even if you are up to date with your tax accounting, you still need to know what to expect when there is a change
How Business-Related Gains are Taxed? Read More »
