Tax Forms

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.”

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.

1099-NEC Forms – How to

By |2021-05-05T21:03:43-04:00May 4th, 2021|Categories: |Tags: , |

This video will walk you through the 2020 filing season, so in 2021 new, the 1099 NEC, 1099 Non-Employee Compensation. This form replaced 1099 Miscellaneous, or Misc. So if you have contractors, subcontractors, independent contractors, whatever you want to call them, people who are not employees, not on regular payroll, you're going to need to fill out this form to report what you paid them if it was over $600. So I figured the best thing would be to go ahead and let's walk through it together.

Stimulus Check FAQs

By |2021-04-05T13:00:46-04:00March 31st, 2021|Categories: Quickies with Bette|Tags: , , , |

Stimulus checks can be a source of relief and stress. If you fall into the ladder position, I'm here for you. Hi, I'm Bette Hochberger, CPA CGMA, and I want to thank you all for reaching out to me with questions regarding your stimulus checks. I'm flattered at how many people reached out to us, but it's too many for me to call you each back, so I wanted to get you an answer as soon as possible. These are the main questions we've been receiving.

Stimulus Payments: How To Find Them

By |2021-05-12T23:30:19-04:00March 3rd, 2021|Categories: #TaxTipTuesday|Tags: , , , |

Today I'll teach You How To Find Your Economic Impact Payments, better known as the IRS's stimulus payments, and how to check whether or not you received these payments. You can stop freaking out now; I've got your back.

Stimulus Check Was Never Received?

By |2021-05-03T22:02:02-04:00February 25th, 2021|Categories: Quickies with Bette|Tags: , , , , , , |

If you're one of the unfortunate souls who were qualified for a stimulus check but did not receive one or received less than you should've; worry no more! When you file your taxes this year, there will be a section just for you called the recovery rebate credit.

Taxes When Married

By |2021-05-12T23:30:25-04:00February 10th, 2021|Categories: #TaxTipTuesday|Tags: , , , , |

Valentine's Day is not that far off, so I figured what could be more romantic than a discussion about taxes. Maybe not actually the most romantic discussion, but marital strife around finances is one of the leading causes of divorce. So, even though it might not seem romantic, it could be super beneficial to your relationship if you actually go ahead and figure out how you want to file your taxes.

How to Fill in Form 2553 Election by a Small Business Corporation S Election

By |2020-12-01T02:03:48-05:00July 5th, 2018|Categories: |Tags: , , |

S Corporations are popular and have many tax advantages. If you wish you make your new (or existing) corporation an S Corporation, you need to fill our Form 2553 for the S Corporation Election.

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