The IRS stands for Internal Revenue Service.
Some people think that if there had not received income or have not been paid, then they would not have to report that amount to the IRS. However, these may not be the case every time.
Many people wonder what to do and what happens if they did not receive a 1099 form. Based on information on the previous years, most of the taxpayers who received 1099 forms the prior years know that they are supposed to receive 1099 forms this year but somehow payers or companies that sent them the 1099 forms last year refuse to send 1099 forms this year for various reasons.
Many people and businesses are confused about what is a 1099 form used for. There are many 1099 forms and there are many different purposes for them.
If you are wondering what a 1099 tax form is, it is an information return tax form. That means the 1099 tax forms are used to report certain business transactions to the IRS.
When a business owner needs to claim a business expense deduction, he has she needs to know what can be claimed in one cannot be. The business expenses must be “ordinary and necessary”.
Tax planning is the method of organizing and planning your financial affairs so that your tax liability is as low as possible.
Tax planning, tax avoidance and tax evasion are often referred to side by side. Let's examine what tax planning, tax avoidance and tax evasion are.
Usually the due date for filing tax returns for most people is April 15 of the calendar year following the tax year.
If you don't make much money, then you do not need to file income taxes. The minimum income to not file inocme taxes are below.