Home » Blog » blog

blog

Tips to Avoid 1099 Penalties

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 not face such a situation of penalties, you must be aware of tips to avoid 1099 penalties & how to avoid them? Before you know about tips to avoid 1099 penalties, you must have an idea regarding what is 1099 penalties? When does the IRS …

Tips to Avoid 1099 Penalties Read More »

IRS cracks down on business owners who use cash apps

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 have been targeted by the IRS have been sent letters asking them to provide documentation proving that the money received through their cash app was not for income earned from their business. Read on to find out more about why the IRS cracks down on …

IRS cracks down on business owners who use cash apps Read More »

What Is a 1099-R? Tax Forms for Annuities & Pensions?

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 form isn’t used for all pensions and annuities, but it can be used for pensions, annuities, or both. Annuities and pensions can be good ways to help you build a retirement income, but they can also bring with them loads of paperwork. In this blog, …

What Is a 1099-R? Tax Forms for Annuities & Pensions? Read More »

Got Contractors? Get Form 1099-NEC

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. This form is for workers who are treated as self-employed, but who don’t quite the IRS. New Form 1099 NEC, which is used to report payments made to independent contractors for services rendered. This form is in addition to Forms 1099-MISC and 1099-K, which are …

Got Contractors? Get Form 1099-NEC Read More »

Form 1099 Online – Tax Tips For Content Creators

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 filling out your income tax return forms. What tax forms do content creators receive? Most people know about the W-2 form, which employees receive from their employers. It’s their second-to-last step toward filing taxes. But did you know that content creators like freelance writers and …

Form 1099 Online – Tax Tips For Content Creators Read More »

Do you want to Earn a side 1099 Income? Check out this New 1099 K Tax Rule

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. The new Form 1099 K rules state that “report the third-party network transactions” made exceeding $600 in a tax year. And, the payment made through payment card transactions must be 200 individual transactions exceeding $20,000 remains the same. All About IRS Form 1099 K IRS 1099 K …

Do you want to Earn a side 1099 Income? Check out this New 1099 K Tax Rule Read More »

How Business-Related Gains are Taxed?

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 in the tax rates or how business-related gains are taxed. This blog post will look at the tax treatment of business-related ordinary gains. Basic understanding of business-related ordinary gains’ tax treatment If you are a business owner or run a small business, you might be …

How Business-Related Gains are Taxed? Read More »

Learn about the Requirements E-file 1099 K in your State

When you submit a 1099 form from the tax form view on the dashboard, the Form 1099 E-file provider submits the form to all states participating in the IRS and the Federal / State Combined Filing (CFSF) program. For states that are not part of the CFSF program or need to be submitted directly to a state, we will provide you with the reports you need to submit to any state. E-File 1099 K. The CFSF program supports Forms 1099K, 1099MISC, and 1099NEC, so federal applications handle filing in supported states. In some states, despite participating in the CFSF program, …

Learn about the Requirements E-file 1099 K in your State Read More »

Why Did I Receive Form 1099 Div Instead Of Form 1099 Int This Year?

If you are planning to sell your stocks and bonds for a capital gain this year, you might be wondering why you received a Form 1099-DIV instead of the Form 1099-INT form you received the previous year. Form 1099-DIV is the form you receive if you received dividends in your bank account and not interest income. You should receive Form 1099-DIV if you had $10 or more of taxable dividends in your account at any point during the year. While most taxpayers will be receiving a Form 1099-INT this tax season, some taxpayers may receive a Form 1099-DIV instead. Here …

Why Did I Receive Form 1099 Div Instead Of Form 1099 Int This Year? Read More »