The same thing goes for reselling items. Say you purchased tickets for a music event through an online platform. Something happens to make you unable to attend the event, so you resell the tickets online for $100 more than what you paid. You collect the payment through PayPal, and PayPal ...
The new law shouldn’t affect your tax liability – unless you weren’t planning on reporting all the gross income you receive through TPSOs. So, what happens if you report less income than your Form 1099-K shows? If a TPSO reports a 1099-K incorrectly, the IRS will most likely send ...
What happens if you fail to provide a 1095-C? Businesses that are categorized as ALEs are required to issue a 1095-C to all applicable employees to remain in good standing with the IRS and be ACA-compliant. You have until the end of February if you’re filing...
only to discover that you omitted a vital piece of information. The Internal Revenue Service uses the income information you attach to your return to substantiate the amounts listed on your filing. In some cases, failing to send the required 1099 or W-2 could significantly delay the ...
But what happens with your tax return now? So if I got divorced in July or December, what am I on my tax return? Lisa-Greene Lewis, CPA and TurboTax expert is here with us right now. So Lisa, I got divorced last year, how do I file my tax return? LISA GREENE-LEWIS: Yes, so...
If you’re participating in two retirement plans, such as a 401(k) and a 403(b), make sure that your combined annual contributions don’t exceed the IRS limit. Some people don’t realize that this contribution limit is on a per individual, and not per plan, basis. You got a raise ...
Even professional tax preparers can make mistakes. Make sure to choose a qualified tax advisor, but here's what to do in case a mess-up happens.
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Sometimes, a married couple's joint tax refund will be seized because of a debt for which only one spouse is responsible. When that happens, the other spouse is said to be "injured" and can file Form 8379 to get at least some of the refund....