Do I need to file Form W-9 for 1099-MISC? If you earned self-employed income as a freelancer or a contractor, the payer needs your taxpayer identification number so that you can be furnished with Form 1099-MISC. This can be either a Social Security Number or an Individual Taxpayer Identification Number. Without a valid taxpayer identification …
Form I-9 – Employment Eligibility Verification is the document that USCIS requires employees to fill out to verify their identity and authorization to work in the United States. All employees whether they are a U.S citizen, U.S national, or U.S resident alien are mandated to file this form. An employee who started working must file …
How to verify employee Social Security Numbers? If you’re an employer that has employees working for the business you owe, you can get much use of the tools offered by the Social Security Administration. You can verify employee Social Security Numbers using the SSA’s Business Services Online. This is good for employers to handle many …
What is adjusted gross income, modified adjusted gross income, and taxable income? These three types of income for tax purposes can be quite confusing as to how they are calculated and the purpose. In this article, we will explain what these three types of income are used for tax purposes and ways to calculate them. …
The Individual Retirement Accounts, commonly known as IRAs grant the taxpayers who contribute to a traditional or other qualifying plan a tax deduction for their contributions. This isn’t a deduction like the qualifying medical expenses though. You can claim the IRA deduction using Schedule 1 – Additional Income and Adjustments to Income. So you don’t …
The Internal Revenue Service provides taxpayers with many tools to handle their tax obligations and plan for the future. One of the most commonly used tools – tax calculator 2021 – can help you figure out whether or not you will owe to the IRS or get a refund. This tool is also known as …
Tax Credits and Deductions – What is the difference and how do you claim them on your tax return? The Internal Revenue Service requires everyone with an earned income of at least $12,400 to file a federal income tax return. If you worked during the tax year but didn’t earn this much, you are exempt …
With a new president, new legislations that concerns a majority of the people are expected to come to life in 2021 and beyond. As soon as Biden sworn into the office, a proposal that will shape the 401k retirement plans arrived. The proposed changes to the 401k are mostly positive but if you’re a highly …