The birth of a child is not just a blessed event; it's the beginning of a whole new set of tax breaks for your family. Learn how the newest addition to your family can help trim your tax bill, and how to save for your child's future in the most tax-effic
What are all these different tax forms?Smith, Joseph
You may know that there are several types of1099 forms. The 1099-K form specifically reports payments and transactions from online platforms, apps, or payment card processors. Officially, this tax form is called Form 1099-K: Payment Card and Third Party Network Transactions, which may shed some...
These are applicable in the cases where the funds are held for more than 36 months. The tax has to be paid @20% (plus surcharge, if applicable and cess) with indexation. Short-term Capital Gains In short-term capital gains, afunds are held for a short period of time i.e. less than...
Form 1099-MISC reports payments made to others in the course of your trade or business, not including those made to employees or for nonemployee compensation. If you are self-employed as a freelancer or independent contractor, you may file and receive 1099-MISC forms depending on the natur...
a partnership or a corporation. That flexibility extends to the state level, as Wisconsin requires filing of different forms to reflect the tax status an LLC choose for its federal return. By default, taxes on LLCs are passed through to its members, as owners are called for such companies....
» MORE: What are charitable remainder trusts and charitable lead trusts? » MORE: How donor-advised funds work 2. Document your charitable contributions Keep track of your tax-deductible donations, no matter the amount. If you made a monetary contribution, qualifying documentation includes a ba...
Don’t worry if this sounds confusing. TaxAct® can help you differentiate between taxable and nontaxable payments by asking questions about what you sold as you file. What are the rules for reporting taxes on Venmo? If Venmo or another third party sends you a Form 1099-K, you only nee...
An inheritance tax is not the same as an estate tax. An estate tax is assessed on the estate itself before its assets are distributed, while an inheritance tax may be imposed on the beneficiaries of a bequest. How Inheritance Taxes Are Calculated ...
There are three basic types of tax credits: nonrefundable, refundable, and partially refundable. Nonrefundable tax credits can reduce the tax you owe to zero, but they don’t provide refunds.3 Refundable credits are paid out in full, providing a refund for any remaining tax credit amount beyo...