Getting paid for goods and service means one will pay income taxes on the value received. This is valid for every form of earning, alongside any interest coming from the investment....
Involuntary conversion is the theft or damage of property without the owner's consent, such as partial or total destruction, theft, condemnation, or the sale or exchange of property...
Posted by Flynn Financial Group Inc on 02/16/2021
What if you had the chance to win an award of excellence for your outstanding contributions to art, community service, or science? Do you have to pay income tax on this amount? The...
Estimated tax is the method some employers use to pay income taxes. When paying income taxes, there are two methods allowed by the IRS; the withholding method or, you guessed it, the...
As the saying goes, to be forewarned is to be forearmed. After preparing the Form 1099 MISC forms, stop and check if the info entered is correct. Before submitting these forms to individuals...
Posted by Carmen Garcia on 06/11/2020
There is a couple of helpful tips with which you can save money on business taxes. Even though this is not a guarantee that you will get a refund, it might qualify you for some reductions. When...
Paying taxes for plaintiffs win or lawsuit settlements can be a little surprising for some people. Reality hits when tax season comes and the IRS Forms 1099 arrives in the mail. This...
The legislators have been pursuing for a considerable length of time to allow seniors a touch of some breathing room at tax time, and the Bipartisan Budget Act of 2018, at last, made...
Posted by Advanced Accounting & Tax Planning on 10/23/2019
Numerous offended parties win or settle a lawsuit and are astounded they need to pay tax. Some don't understand it until the time the next year when IRS Forms 1099 land via the...
Posted by YourIRSTaxAdvocate.com on 10/23/2019