IRS Form 1040 is used to file your individual tax return each year. You may also need to file other types of 1040 forms depending on your sources of income and the deductions you're claiming, such as Schedule A or Schedule C. Prepare for the upcoming tax
IRS Form 1040EZ was a simplified version of the 1040 designed for taxpayers with basic tax situations. While the 1040EZ was discontinued in 2018, Form 1040 has been modified and Form 1040-SR was introduced. Here's a guide to help you understand the diffe
This document is for your records and does not get sent to the IRS. At the end of the year, you will use the information on the W-9 to file a Form 1099-NEC, Nonemployee Compensation, which shows how much you paid independent contractors. Form I-9, Employment Eligibility Verification ...
Section 179 of the IRS Code allows businesses to expense the full purchase price of qualifying TPP in the year it is placed in service, rather than capitalizing and depreciating it over time. For tax year 2024, the maximum deduction limit is $1,220,000, with a phase-out threshold of $...
IRS Code and Recapture Rules For recapture purposes, the IRS divides business and investment assets into two main categories:Section 1245includes most business equipment, machinery, and vehicles, andSection 1250covers real estate investments like apartment buildings or office spaces. ...
John W. Porter
IRS Section 125 is responsible for the governing of a Cafeteria Plan. It is a reimbursement plan that allows employees to direct a specific dollar figure of their gross income to one or more accounts. The contribution is taken before taxes are calculated. Qualified expenses include coverage for ...
Editor’s note (as of December 2024):More people using payment apps or online marketplaces will get a Form 1099-K for tax year 2024. That’s because the IRS lowered the threshold from $20,000 to $5,000. Read more in thereporting requirement threshold sectionbelow. ...
In many ways it would be much simpler if the IRS just issued a contractor invoice template and said, “Here you go, everyone must use this.” Then you’d be 100% certain that you’re doing it right. But they don’t. Because there is no one-size-fits-all way to invoice as a con...
IRS Form 1099-MISC is used to report miscellaneous income not included on your 1099-NEC. If you received at least $600 in miscellaneous income, like prizes and awards, you should receive a 1099-MISC at the end of the year. Learn more about the 1099-MISC