Tax Forms

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There are numerous forms required by the IRS and State Revenue organizations. Tax code compliance will often require the filling out of various tax forms to comply with state and Federal rules.

IRS Tax Forms for Filing Taxes

Many common tax forms for individuals include the W-2, 1040, 1040-SR, 1099-NEC, and the 1099-MISC. Prior versions of the 1040 include the 1040-A and the 1040-EZ, retired after 2018.

The 1040 is the standard American Individual Tax form, everyone can file it.

The Form 1040-SR is available as an optional alternative to using Form 1040 for taxpayers who are age 65 or older. Form 1040-SR uses the same schedules and instructions as Form 1040 does.

1040A was an American individual income tax form. Your income must have been less than $100,000 and could only be from certain income sources. Only certain adjustments to income and tax credits could be claimed. Not itemization was allowed.

The former 1040EZ was the simplest of the 1040 forms individual taxpayers, limited to only those of moderate income and extremely simple financials. You could only use this form if you have no dependents, income is less than $100,000, claim no income adjustments (like student loan deduction), don’t claim tax credits other than the earned income tax credit, amongst other things. T

The W-2 is the report of wages for people that work a job that are paid a wage or salary, referred to as “on payroll.” The 1099-NEC (formerly the 1099-MISC) is used to report money paid to a contractor or vendor for non wage or salary work. This is referred to as “contractors” or “off payroll.”

Tax Status and Amount Owed to the IRS

By |2023-05-23T10:40:27-04:00May 23rd, 2023|Categories: #TaxTipTuesday|Tags: , , , |

Keeping track of your taxes can be challenging, especially when you're busy running your own business. But if you're unsure whether you owe the IRS money, it could lead to trouble later on. The good news is that there are several reliable ways to check your payments and outstanding tax bill with the IRS. Here are the resources and steps to check your state and federal income tax status.

Home Office Deduction

By |2022-12-16T13:17:37-05:00August 17th, 2022|Categories: Quickies with Bette|Tags: , , , , |

We will be discussing the Home Office Deduction. The main questions we are tackling are: What is the home office deduction, what qualifies, and how do I calculate it? As a bonus, I will also walk you through the two ways the IRS allows you to claim the home office deduction, the simplified option and the regular method (i.e., Form 8829). 

Foreign Tax Issues for US Citizens Video

By |2022-12-16T10:46:25-05:00June 11th, 2021|Categories: #FinanceFriday|Tags: , , , , , , , , |

Today on Finance Friday, we discuss foreign tax issues for US citizens with Andre Benayoun JD, BBA. Andre is one of the most brilliant people I know; he is a partner at Marcum Accountants & Advisors and a family friend.

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