Independent contractors and others who receive income from sources other than an employer can expect to receive a 1099 instead of a W-2. So, what is a 1099, and how do you use it to file your taxes? Here's everything you need to know about Form 1099, inc
Small business owners and self-employed individuals can use a Schedule C form to report profits or losses from a business. When you file your taxes, you can attach Schedule C to your regular 1040 form. If you recently became self-employed or started a bu
What is a 1099-K, Payment Card and Third Party Network Transactions? You may know that there are several types of1099 forms. The 1099-K form specifically reports card payments and transactions from online platforms, apps, or payment card processors. Officially, this tax form is called Form 10...
You might be thinking, “Not another tax form!” But don’t sweat it: Form W-9 isn’t nearly as complicated as many other Internal Revenue Service (IRS) forms or important tax documents. So let’s take a deeper look at the subject. Key Takeaways A W-9 form is used for taxpayer i...
Tax Deductions for the Self-Employed The general rule is that any ordinary and reasonable expense you pay while conducting a business activity is deductible in the year that it was paid. Jessica WalrackFeb. 26, 2025 Didn’t Pay Estimated Taxes? Do This ...
On Dec. 23, 2022, however, the IRS postponed the new threshold, and tax year 2022 is now a "transition year,” according to the agency. TPSOs may still issue Form 1099-K with the new $600 threshold even though it's not yet required. If you receive a Form 1099-K, check the ...
Tax loss harvesting is a strategy that can help you potentially reduce your capital gains tax liability if you sell an asset for profit, such as property or a business.
Form 8868is an IRS tax extension form used by tax-exempt organizations to request a 6-month extension to file their annual information returns (Original Form). This extension is automatic, which means the IRS doesn’t require you to provide any reason for making the request. The 6-month ext...
A tax return is a form filed with a tax authority that reports a taxpayer's income, expenses, and other pertinent information. It allows ataxpayerto calculate their tax liability so they may either schedule a payment or request a refund. You should keep tax returns for at least three years...
In addition, if the depreciation was used to deduct from your ordinary income, any gains from selling the asset must be reported as ordinary income, not the more advantageous capital gains tax rate assessed on some gains during depreciation recapture.1This is reported onIRSForm 4797.1 ...