To put it simply, Form W-2 is a document used annually by individuals, the IRS, and the Social Security Administration (or SSA). It’s used for two main reasons. For one, the IRS and SSA use W-2 forms to keep track of the wages, salary, commission, and tips individuals receive th...
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by default, it falls under C Corporation. However, when a business owner decides to file taxes as an S corporation, even if it’s a C Corporation, then it is required to file IRS Form 2553.
The IRS provides Form 1040-ES for you to calculate and pay estimated taxes for the current year. While the 1040 relates to the previous year, the estimated tax form calculates taxes for the current year. You use Form 1040-ES to pay income tax, self-emplo
Learn how businesses use tax form 1099 to report payments to independent contractors, and the IRS uses 1099s to track nonemployee compensation.
IRS Form 1040-SRis a version of the 1040 tax return that's been created specifically for use by older adults over the age of 65. Key Takeaways Form 1040-SR is a tax return designed specifically to meet the needs of older adults. ...
When completing IRS Form 8821, there are specific pieces of information that need to be provided to ensure the authorization is valid and accurate. Here is the information that must be included on Form 8821: Taxpayer Information:This section requires the taxpayer’s name, address, social security...
IRS Form 5498-SA is a document used to report information related to contributions, distributions, and the fair market value (FMV) of assets held in a Health Savings Account (HSA). The form is typically provided by the HSA trustee or custodian to the account holder and the IRS. ...
Form 1120-S: U.S. Tax Return for an S corporation5 IRS Audits The IRSauditsa percentage of income tax returns annually as part of its enforcement mission. The agency randomly selects taxpayers to audit or singles out those whose returns are related to others audited. While there is no sin...
Form 5498 reports IRA contributions, rollovers, Roth IRA conversions, and required minimum distributions to the IRS. Your IRA trustee or custodian is the one responsible for mailing Form 5498 to the IRS, along with a copy to you. You don’t have to do anything with the form itself but it...