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
For various reasons, tax forms are constantly changing. Your annual income tax return is no exception. While you may have filling out Form 1040 in mind, you may also need to report certain income on an additional form, orschedule. Here's what to know about the current Form 1040 Schedule ...
Missing the 2025 tax deadline can be worrying, especially if you owe money to the IRS. If this happens, the most important thing is to file your tax return as soon as you can. Don’t wait! When you delay filing, the IRS will typically charge interest on the amount you owe. They ma...
Filing your tax return electronically and opting for direct deposit is the fastest way to get your refund. Kimberly LankfordFeb. 28, 2025 Tax Breaks for Education Several tax breaks can help you cover the high costs of education, future college expenses and interest you pay on student loans. ...
An IRS offer in compromise can help you settle tax debt for less than you owe, but it's difficult to qualify for. Emily ShermanFeb. 18, 2025 Valentine's Day Average Spend The average couple is planning to spend around $200 this Valentine's Day, but there are less expensive wa...
Keep in mind that the IRS is not without sympathy. If a taxpayer did not file on time but had a good reason, even if money is owed, the government may not level any penalties. The IRS recommends you file your tax return on time every year, even if you’re not in a position to ...
Box 1:Shows your total taxable wages, tips, prizes, and other compensation for the year, minus certain elective deferrals, such as 401(k) plans, pretax benefits, and payroll deductions. The number from box 1, your income, is reported on line 7 of your Form 1040. ...
Updated on: July 11, 2024 / 3:03 PM EDT / CBS News Filing income taxes by April 15 can be challenging. Fortunately, you have options. Getty Images Tax Day is usually April 15 unless the federal government changes it for a given year. The day marks the final deadline to file your ...
The Bottom Line A tax refund is an amount of money that the government reimburses taxpayers who pay more than they owe in taxes. In general, it's a good idea to calculate the taxes that you'll owe as precisely as possible so that you don't overpay throughout the year. That way you...
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...