Navigating IRS forms can be challenging, but with a little practice, they become quite straightforward. While all the necessary information is provided in the IRS instructions, our videos are designed to clarify any confusion you may have.
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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.
Because of the novel Coronavirus, COVID-19, the IRS moved tax deadlines to July. This may create challenges for quarterly payments, since your business results are likely different than in the past.
Tax Extensions are a safe, legal, and reasonable way to get more time to file without paying penalties. You can quickly fill out Form 4868 and get a tax extension. Note, in 2020, because of COVID-19, the deadline was shifted, which had some implications. IRS Form 4868 - 2019 Addition. https://www.youtube.com/watch?v=BSOsxGfHEA0 We're getting close to [...]
1099-Misc forms, the bane of every January. There are many 1099 forms, but the most common business one is the 1099-MISC form. The IRS has really been cracking down on these forms and the reason is because their matching system lets them track who isn't paying taxes if they're being paid under the table. It's [...]
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.
S Corporations can request a tax extension with Form 7004. It is quick, easy, and costless, so if your taxes won't be filed on time, fill out form 7004 for an automatic s corporation tax extension.
An LLC Tax Extension can be quickly obtained by getting IRS Form 7004, filling it out, mailing it in, and then filing your LLC Tax return later.
