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, including who it's for, when...
Have you ever wondered what exactly a tax 'write-off' is? For many, this is the trickiest part of filing their taxes. Use this guide by QuickBooks to help.
What happens if you pay taxes late? If you filed a tax return on time but didn't pay your owed taxes when they were due, the IRS will likely assess a penalty on you. The penalty for failing to pay taxes on time is based on how long your overdue taxes remain unpaid. Failing to ...
Payroll taxes are taxes on employee wages withheld and paid by the employer to cover federal social services like Medicare and Social Security.
A cash-out refinance is a financial process where you take out a new mortgage for more than what you currently owe on your home. The difference is given to the homeowner in cash. Below is an example of what a cash-out refinance could look like: Example: Home value: $400,000 Current ...
Head of Content, Investing & Taxes Nerdy takeaways Socially responsible investing, or SRI, is an investing strategy that aims to create both positive change and financial returns SRI can go by many names, including sustainable investing and impact investing. ...
FICA tax refers to two types of taxes: Social Security tax and the Medicare tax. Almost all income is subject to FICA taxes, with a few exceptions: Click here to start selling online now with Shopify Some minor children. Children under 18 employed by their parents do not pay FICA taxes....
A tariff is a tax imposed by one country on the goods and services imported from another country.
A tax Form 1099-INT is a type of Form 1099 issued by US payors to a customer who is a US person that received at least $10 USD in interest during the calendar year. The Form 1099-INT is reported to the US Internal Revenue Service (IRS) and should be used by the individual customer...
claim the standard Child Tax Credit who don't owe on their taxes, you may also qualify for the Additional Child Tax Credit. Unlike the nonrefundable CTC, this credit is refundable, which means that if you don't owe money on your taxes, you may receive as much as $1,700 as a refund...