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A 1099 tax form is a statement that details an amount of money that you were paid. Learn about this important tax document and the different 1099 versions.
For a variety of reasons some Form 1099 reports may include amounts that are not actually taxable to the payee. A typical example is Form 1099-S for reporting proceeds (not gain) from real estate transactions. The Form 1099-S preparer will report the sales proceeds without regard to the amount of the taxpayer's "basis" in the real estate sold.
What taxpayers need to know, though, is that receiving the extra 1099-K paperwork does not mean you're always dealing with a taxable situation. Yes, it could get really tricky. You pay taxes on a ...
A 1099 form is used for any type of work performed by someone who is not a direct employee of the company. A W-2 form is used for full- and part-time employees that are employed directly by the ...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
These are only a few of the federal forms.States have many equivalent forms and reporting requirements. Taken together, these tax information reporting forms touch hundreds of millions of individuals and businesses, and require a large time commitment on the part of businesses, nonprofit organizations, and educational institutions to administer, prepare and file.
Everyone's favorite time of year is right around the corner: Tax Day! Filing and paying taxes is a part of life for everyone who works in the U.S. Making sure you file your tax return correctly is...
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