global affairs
What do I do if I received a 1099-MISC?
You’ll receive a copy of the 1099-MISC too. Don’t throw it away; you’ll need to report that income on your return. Since this is likely your first time fi...
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news
What is a 8805 tax form?
Form 8805 is to be filed by a U.S. partnership (or a foreign partnership with effectively connected income to a U.S. trade or business) to report payments...
environment and climate
Do I claim my SBA loan on my taxes?
The CARES Act spells out that the forgiven loan amount won’t be included in taxable income. That means you don’t pay taxes on the money that you receive. ...
media and communication
Do individuals need to file 1099 INT?
The Internal Revenue Service requires most payments of interest income to be reported on tax form 1099-INT by the person or entity that makes the payments...
environment and climate
How do I file taxes if I am an independent contractor?
Answer: Independent contractors report their income on Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship). Also file Schedule SE (...
civics and society
Does New York have a franchise tax?
New York has a corporation franchise tax, which applies to both traditional (C-type) corporations and to S corporations, and a tax known simply as the fil...
civics and society
How do you check income tax return is filed or not?
Previous Years’ Tax Returns – How to Check if You’ve E-Filed? Step 1: Go to the Income Tax Department’s website. Step 2: Click on ITR-V Receipt Status. St...
data and analysis
Is S Corp or Corp better?
If you’re looking for limited ownership, you’ll fare better with an S Corp. These setups are limited to 100 shareholders who are required to be U.S. citiz...
news
How do I find out my first stimulus check?
Use the IRS Get My Payment tool to track stimulus money If the Get My Payment tool doesn’t give you information you can understand or says your check is o...
global affairs
Are 401k contributions taxable in Massachusetts?
All retirement plan contributions and distributions excluded from federal gross income are also excluded from Massachusetts income for the plans listed be...
education and learning
What do I do if I have two w2 forms?
If you receive multiple W-2 forms, add those amounts and include the total on your IRS Form 1040. In general, if you receive duplicate W-2 forms for the s...
data and analysis
Can you settle on private student loans?
Private student loan settlement depends on your lender. Some lenders might require you to pay at least 70 percent or 80 percent of your loan, while others...
news
Who are dual citizens of the United States?
Dual Nationality. Therefore, U.S. citizens are also U.S. nationals. Non-citizen nationality status refers only individuals who were born either in America...