Concerned that you may see smaller refunds this year on your tax return? You have every right to, because it’s true. Congress has for years used the tax return as a means of providing benefits to taxpayers in need. In addition Congress has provided incentives to stimulate activities in business, as well as addressing environmental …
Taxes
Be On The Outlook For Tax Reporting Forms
With tax season upon us, your 2022 tax reporting forms should have already arrived, or will be arriving soon. These documents report income, sales and other items needed for your 2022 tax return. Be on the lookout for them and be careful not to accidently throw them out. Here are some of the common tax …
Video: Individuals May Receive 1099-Ks For Sales Over $600
If you are you an individual who has received over $600 from any single customer last year, you may receive IRS form 1099-ks for sales. The IRS reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K if they have received more than $600 for the year. IRS form …
Video: Individuals May Receive 1099-Ks For Sales Over $600Read More
Video Tips: Have You Received The IRS Reminder Letter? Ignore it.
Have you recently received an IRS reminder letter about your eligibility to claim credits or a refund? If you are an active client of Nissen and Associates – don’t panic! Rest assured, those credits have been claimed. We have diligently asked all the right questions to ensure you have claimed all the credits you are …
Video Tips: Have You Received The IRS Reminder Letter? Ignore it.Read More
Tax Reporting Issues Concerning Foreign Income
Since the pandemic, more people than ever are working remotely and telecommuting worldwide. And with the variety of work locations, especially concerning foreign income, comes tax reporting issues. One or more of these may be relevant to your situation. The following tax reporting issues, which you may not be aware of, apply to individuals. In …
Payment Options When You Can’t Pay Your Taxes
If this year, you need to consider some payment options to help pay your taxes, you are not alone. Although most American taxpayers (74% in 2020) receive a refund when they file income tax returns, many end up owing. And of those who owe, many don’t have the means to pay by the return due …
Gambling And Tax Traps
If you spend much time in a casio, it’s important to be aware of gambling and tax traps that can occur. Although gambling may seem to be a recreational activity for many taxpayers that is not the case concerning the government. They look at it as a source of tax revenue. And as one might …
Hobby Or For Profit? The Answer Makes A Big Difference For Tax Purposes
Engaged in an activity that produces income? If so, the big question is whether the activity is a hobby or for profit. The tax treatment of your income or loss from your endeavor hinges on the answer. The tax code, Section 183 limits deductions when an activity is not engaged in for profit. The result? …
Hobby Or For Profit? The Answer Makes A Big Difference For Tax PurposesRead More
Does Your Business Need to File Form 1099-NEC Or 1099-MISC?
Debating if your business needs to file form 1099-NEC or 1099-MISC? Let’s discuss the requirements of each. Reasons to File Form 1099-NEC If you use independent contractors to perform services for your business – the answer is yes for form 1099-NEC. For each contractor that you pay $600 or more for the year, you are …
Does Your Business Need to File Form 1099-NEC Or 1099-MISC?Read More
