what is a 1099-c form

Having a credit account in default is never fun. You’ll have to survive debt collectors, negative marks on your credit score, and a ton of stress. If your creditor forgives or cancels your debt, you can set out on the path to recovery, but it’s important to understand the tax implications. For that, you’ll need […]

In the land between an employee and an incorporated business lives the independent contractor. An independent contractor acts mu9ch like a business owner but don’t meet all the “formalities” that come with being a business. Sometimes called a 1099 employee, here’s a closer look at 1099s, independent contracting, and what it means for tax time. […]

irs tax form 1095-a

Did you receive an IRS Form 1095-A? If so, you may be wondering what it is and why you need it. IRS form 1095-A (a subcategory of Form 1095) is a Health Insurance Statement provided by the Marketplace. If you signed up for health insurance through the Health Insurance Marketplace, you should receive a 1095-A […]

CPA vs accountants

CPAs vs. Accountants, that is the dilemma. When searching for a professional to prepare your taxes, the difference between an accountant and a CPA can be puzzling. Simply put, all CPAs are accountants, but not all accountants are CPAs. Certified Public Accountants (CPAs) have to pass the CPA exam and meet certain state and education licensing requirements, […]

140 Reasons the IRS can charge you a penalty. Last year, the IRS collected more than $3.4 trillion from taxpayers. Part of that total consisted of more than $11 billion in penalties on individual, trust, and estate income tax returns. [Source] The $11 billion didn’t include penalties on early distributions to IRAs. In fact, there […]

Tax saving planning tips 2018

90% of taxpayers either employ a tax preparer or use specialized software to file their taxes. The U.S. tax code is so complex an entire industry exists just to help Americans file their taxes. According to the IRS Commissioner, John Koskinen, 90% of taxpayers require some type of assistance when filing their taxes. It is […]

Learn everything you need to know about the 2019 Tax Season

$24,000 New standard deduction for married filing jointly. With the passage of the Tax Cuts and Jobs Act, preparing your 2018 taxes is not business as usual. There are many changes to the tax laws this year that you need to know about. Remember that taxes are due Monday, April 15th this year. Although that […]

These are the top Form 1099 mistakes to avoid.

IRS information returns (aka 1099s) are forms that collect and report information about financial transactions outside salary and wages. They help the IRS keep track of events that are likely to be taxable so it can hold taxpayers accountable for underreporting. If you are responsible for filing 1099s this year, here are some common pitfalls you […]

Tax Rules on Early Withdrawals

Are you thinking about withdrawing money from your retirement plan early? An estimated 1.5% of 401(k)s and IRAs assets leak out each year through loans, cashouts, and early withdrawals—so, you’re not alone. $26.1 trillion Total assets in retirement accounts (Source: Investment Company Institute) But how will this financial move impact your taxes and future? The […]