If you accept credit or debit card payments online or use an online payment service like Venmo, you may receive a 1099-K from the payment service or third-party payment processor you used. Not sure what to do with the 1099-K you received? Here's what you
Individuals who receive a 1099-K for the first time this year should keep in mind that they may be able to deduct against their reported business income in several ways. Home office expenses, business meals and travel, advertising expenses, retirement contributions, and even the cost of t...
First, carefully think through the reasonable compensation math. The S corporation gambit only works well if you can pay yourself a wage that allows you to really save on your self-employment tax bill. Possibly if you’re a one-person independent contractor, you will need to finesse the optic...
Also, there is a penalty upwards of $25,000 for missed Form 5742 which deals with foreign investment information. February 22, is the deadline to submit documents for partnerships and S-Corps. That February deadline to keep watch on is the 28th when paper filings for forms 1099 and 1099-...
A paycheck would detail the following information regarding an employee's periodic income: gross amount, withholding taxes, Social Security and Medicare, city withholding taxes (if any), and net amount. The net amount is the take-home ...
ll get multiple forms for each investment too. For instance,TD Ameritradesends me a consolidated 1099 every year for the stocks and ETFs I own, which is just a 1099-INT, 1099-DIV, and 1099-B rolled into one big statement. Below are the more common tax forms you’ll receive for ...
Individual Report of Net 965 Tax Liability). These report partnership data, including income, gains, deductions, and losses. But the actual income tax owed or returned goes on personal tax forms. Each partner should receive a copy of Form 1065 (Schedule K-1). Sometimes, you may need Schedul...