Thethreshold will drop even lower to $2,500 in tax year 2025and finally to $600 in 2026. Because of these big changes, more people will receive Form 1099-K in the coming years. TaxAct’s goal is to help eliminate any confusion arising from these changes and ease your mind so you’re...
Let's explain. When you receive a distribution from a security, it's categorized as a qualified or non-qualified dividend, return of capital, or a long- or short-term capital gain distribution, just to name a few classifications. However, when that amount was distributed, its true "taxabil...
the process is actually fairly simple, even if you’re taking it upon yourself to calculate payroll tax manually. But if you’re looking for a simpler way to calculate payroll taxes, FreshBooks’payroll softwareis a great tool for busy employers. ...
For additional support, turn to TurboTax's Where's My Refund tracking tool. It's built to help you pinpoint the status of your refund and navigate common causes for delays. These articles explain in more detail what may cause a delay: Where's My Refund? Top 5 Reasons It...
As with any other tax document, it's vital to ensure that the 1099 form is accurate and compliant with IRS regulations. This article will provide an overview of the different types of 1099 forms, including the 1099-NEC, 1099-MISC, 1099-K, 1099-R, and 1099-G, and explain what they ar...
Include information on the forms they need to complete to get their withholding amounts correct and how wage garnishments work. Voluntary payroll deductions If you offer your employees health insurance or retirement plans, explain the costs and how they can participate. Also provide information on ...
Refer to our section below with instructions for high earners under step 4, and we’ll explain how to calculate the tax on this income. 4. Calculate your self-employment tax For tax year 2021, self-employment tax is 15.3% up to $142,800 and 2.9% on any net income above that ...
As the name implies, a three-way reconciliation for trust accounts simply adds an additional layer of reconciliation to explain all disbursements and payments of client funds. There are three elements that go into a three-way reconciliation: 1. Trust Ledger A trust ledger is the internal reco...
In this updated 2025 guide, we explain who needs to file, the deadlines, requirements, and step-by-step instructions to successfully submit your tax return. How to File Income Taxes (Declaración de Renta) in Colombia – 2025 Update In Colombia, personal income taxes are known as renta ...
However, there are delays that are possible due to various reasons. These articles explain in more detail what may cause a delay: Where's My Refund? Top 5 Reasons It's Been Delayed Delays Due to Claming the Earned Income Credit or Additional Child Tax Credit Why is my IRS refund taking ...