Most taxpayers receive at least one 1099 each year. Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. Here is a summary of the most common of these informational tax forms that you will need to file your tax return this year.
End of January Tax Tips...
You need not make the January 15 quarterly estimate for 2014 if you file your 2014 tax return and pay taxes due by February 2, 2015.
February 2 is the deadline for employers to provide 2014 W-2s to employees.
This is a question we are ask this time of year, so here are some Quick guidelines:
What happens if They Won't Fix My 1099!
It is late January and you realize the 1099-MISC you receive is in error. In fact, it overstates your income by $2,000. What should you do?
Gather your facts. Put yourself in the shoes of the vendor, bank or investment company representative. Gather evidence they will need to support your claim to correct the tax form. This includes receipts, e-mails, and statements. Have your account number handy as well.
Are you missing a W2, 1099 or other tax form?
If you don’t receive a W-2 or 1099, is this a defense to protect yourself from not reporting the income during an audit?
In short, the answer is no. You are required to report your income whether your employer or customer filed the correct form or not. So what can you do to ensure you do not find an audit surprise in your future due to a simple omission of income from a report you did not receive? Here are some tips:
There will be a new tax form filling mailboxes beginning January, 2015. This Form 1095-A is a Health Insurance Marketplace Statement. If you participate in the Healthcare Marketplace, you will need this new form prior to filing your tax return. Here is what you need to know.
Each year the tax-filing season begins with the receipt of forms required to file your tax return. Employees receive W-2s from their employers. Individuals receive various 1099 forms for reporting interest, dividends, capital gains and independent earnings as sole proprietors. If you used the Healthcare Marketplace to purchase health insurance, you will now need your 1095-A form to file your tax return.
For the first time, the IRS is reporting that it will be comparing filed 1099-Ks against income reported on business tax returns (including those reported on 1040 Schedule C tax returns). Knowing how this impacts you can save you an unwanted IRS correspondence audit.