IRS Forms

1099-MISC Form for Independent Contractors

Posted by on Mar 3, 2015 in IRS Forms | Comments Off

1099-MISC Form for Independent Contractors

If you are a contractor, IRS is very meticulous at making everyone to file Income Tax. This is the reason that many people have started to file 1099-Misc Forms throughout the country. Your Customer presents you a 1099-MISC Form to the agency, and IRS then evaluates it to form put forwarded by you. It may bring about some real severe outcomes for you if you even by mistake overlook 1099-MISC form. 1099-MISC Form – Criteria: Any working contractor who has been paid an amount of $600 for the year or more needs to fill out 1099-MISC form from their customer. If you consider that there are no...

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IRS Form 8821

Posted by on Feb 24, 2015 in IRS Forms | Comments Off

IRS Form 8821

What Is IRS Form 8821? There are a number of life events or circumstances which cause a taxpayer to choose a surrogate to discuss and receive their tax information from the U.S. Internal Revenue Service (IRS). In other cases, a taxpayer may prefer to authorize someone more knowledgeable on tax issues to discuss their tax account with the IRS. In many such cases, the IRS Form 8821 is the form used to implement such authorizations. Understanding the form and its purpose is key to taking advantage of the authorizations it provides. Purpose Form 8821 authorizes an individual other than the...

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How Does a 1099 Form Work

Posted by on Feb 24, 2015 in IRS Forms | Comments Off

How Does a 1099 Form Work

What Is a 1099? This information is reported on a form W-2 to the IRS. However, when a business pays an independent contractor, no taxes or benefits are withheld. The bookkeeper simply adds up what was paid to the contractor during that year and sends them a form 1099. The business is also responsible for sending copies of the 1099s to the IRS. The taxes are paid by the independent contractor himself, either quarterly or at the end of the year when income taxes are prepared. What Constitutes Being an Independent Contractor? Independent contractors are considered self-employed workers. The...

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1099 Tax ID Number

Posted by on Feb 14, 2015 in IRS Forms | Comments Off

1099 Tax ID Number

Businesses are generally required to have a tax identification number, also known as an employer identification number or federal employer identification number. Your business tax identification number is one of several types of identifying information included when you submit a Form 1099 to the Internal Revenue Service to report non-employee income. Tax Identification Number The Internal Revenue Service requires most businesses to have a tax identification number that the IRS assigns to each business as a unique identifier. Many IRS business tax filings require businesses to include their...

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IRS Tax Form 1099 B

Posted by on Feb 14, 2015 in IRS Forms | Comments Off

IRS Tax Form 1099 B

Form 1099-B is a tax form produced in triplicate entitled “Proceeds from Broker and Barter Exchange Transactions.” One copy is submitted to the IRS, one copy is sent to the taxpayer and the last copy is kept by the involved brokerage or financial entity. If you perform any transactions involving securities, you’ll receive a Form 1099-B in the mail to help you prepare your tax return. They must be sent by brokerages by Feb. 1 of the next year (for example, 2009 transactions must be sent by Feb. 1, 2010) Uses Form 1099-B is used to report money received from the sale of stocks, bonds or mutual...

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IRS Form 1040A

Posted by on Feb 8, 2015 in IRS Forms | Comments Off

IRS Form 1040A

What’s the difference between IRS 1040, 1040A and 1040EZ?  Which 1040 form do you use?  What is tax form 1040EZ?  Do you really need to know?  The answer is no, not really.  Back before online tax preparation and tax prep software, when income tax returns were filed on paper forms, taxpayers did need to know.  The 1040 is the basic individual tax return used to file federal incomes taxes with the IRS.  The 1040 A is a much shorter form used by taxpayers who don’t need to claim quite as many deductions and tax credits.  The 1040EZ is a one-page income tax form for taxpayers whose financial...

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