Thursday February
- 2012
- 2
Many individuals find themselves earning less during these troubled economic times than in years past. As a result, they may find that they qualify for a credit to which they previously were not entitled because of income limitations. Read More
Tuesday January
- 2012
- 31
Don't Forget Those Nominee 1099s
by Lee Reams in 1040 & Personal Finance
For tax purposes, if you receive, in your name, income that actually belongs to someone else, you are also a nominee. Being a nominee means you must file with the IRS a 1099 form appropriate to the type of income you received and give a copy of the 1099 to the actual owner of the income. However, if the other person is your spouse, no 1099 filing is required. Read More
Tuesday January
- 2012
- 31
Many small businesses are claiming that they are being given the short end of the stick in the area of income taxes. In fact, there has been much controversy centered on the topic. Read More
Thursday January
- 2012
- 26
What to Do If You Are Missing a W-2
by Lee Reams in 1040 & Personal Finance
Have you received your W-2? These documents are essential to filling out most individual tax returns. You should receive a 2011 Form W-2, Wage and Tax Statement, from each of your employers each year. Employers have until January 31, 2012 to provide or send you a 2011 W-2 earnings statement either electronically or in paper form. However, you should wait a week or so before becoming concerned. If by then you have not received your W-2, follow these steps: Read More
Tuesday January
- 2012
- 24
Are You Required to File 1099s?
by Lee Reams in Small Business
If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099-MISC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2011 must be provided to the independent contractor no later than January 31 of 2012. Read More
Thursday January
- 2012
- 19
Dependents & Medical Expenses
by Lee Reams in 1040 & Personal Finance
Medical expenses paid for dependents may be deducted. To claim these expenses, the person must have been a dependent either at the time the medical services were provided or at the time the expenses were paid. Read More
Tuesday January
- 2012
- 17
To File or Not to File
by Lee Reams in 1040 & Personal Finance
A frequent question asked is whether or not an individual needs to file a tax return. There are two issues associated with this question: Read More
Thursday January
- 2012
- 12
A Name Change Can Complicate Tax Filing
by Lee Reams in 1040 & Personal Finance
If you changed your name as a result of a recent marriage or divorce, you will want to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration (SSA). A mismatch between the name shown on your tax return and the SSA records can cause problems in the processing of your return and may even delay your refund. Read More
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