What Is A Form 1099 Used For?

A Form 1099 is considered an information return by the United States Internal Revenue Service. It's used to report income earned in each calendar year for tax purposes. There are 13 different types of 1099 forms used for a variety of information reporting requirements. Employers and employees must furnish these forms to the IRS.

1099-MISC

The 1099-MISC reports miscellaneous income, which includes freelance work, nonemployee fees, rents, director's fees, royalties and attorney's fees, as well as direct sales of $5,000 or more of consumer goods for resale.

1099-G

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A 1099-G is used to report certain government and qualified state tuition program payments. These items include unemployment benefits, taxable grants, and state and local income tax refunds.

1099-B

A 1099-B reports proceeds from broker and barter exchange transactions, which include sales or redemptions of securities or commodities.

1099-DIV

A 1099-DIV reports distributions and dividends, such as capital gain and nontaxable dividends that were paid on stock.

1099-S

Gross profit from the sale or exchange of real estate must be reported on Form 1099-S.

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1099-INT

Any interest earned during the year must be reported on a Form 1099-INT.

What to Do If My Receipts Do Not Match My 1099?

If you're self-employed or perform contract services, you may receive 1099s from your customers at the end of the year. 1099-MISC forms show income you receive for services you provide, but you may not receive a 1099 from every customer. For example, if a customer paid you less than $600 for work, he is not required to send you a 1099. Because of this, it is common for self-employed individuals to have discrepancies between invoices and the amounts reported on 1099 forms.

1099 Reported to IRS

When you receive a 1099 from your customer, your customer furnishes the same information to the IRS. This means the IRS has your self-employment income information in their system and expects to see a reflection of the 1099 income on your tax return.

Receipts Total More than 1099

If your gross receipts total more that your 1099 amounts, report the amount of your gross receipts as income. Because you may not receive 1099s for all the income you earn as a self-employed individual, your gross receipt amount is probably more accurate. Many self-employed taxpayers use a cash basis method for accounting purposes. This means you report income and expenses in the year you actually receive the money or pay the bill. If you operate using the cash basis method, make sure you exclude unpaid invoices from your gross receipt calculation before you report the income.

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Receipt Total Less Than 1099

If your gross receipt total is less than the amount reported on your 1099, you'll need to determine which figure is accurate. If you earn less than the amount shown on your 1099s, you may have an erroneous 1099. For example, if you charge a customer $700 for a job and receive a 1099 from the customer that shows you received $7,000 for the job, you have an erroneous 1099. If your 1099 forms are accurate, go through your bank statements and match your self-employment income deposits to your invoices. Make sure you recorded all your receipts correctly. Since the IRS retains all 1099 information received under your Social Security number, you should attach a statement to your tax return when you receive erroneous 1099 information.

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Reporting 1099 Income

Most 1099-MISC income you receive as a self-employed individual is reported on IRS Schedule C, Profit or Loss from Business. If you have business income in addition to your 1099 income, total all amounts and report the income on line 1 of Schedule C.

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How to File a 1099-G with E-File

People receive a 1099-G for receiving any agricultural compensation, taxable grants or unemployment compensation in the previous tax year. The 1099-G is a form from the Internal Revenue Service (IRS) that allows you to keep track of how much money you have received from these benefits, how much was taken out for taxes and how much you must report. You must report this amount on Form 1040 upon filing for taxes through the IRS's e-file service.

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Log in to the IRS Web site (see Resources). Create a profile with the IRS; this is required prior to being granted permission to e-file. Select "Free File" when presented with your options. Continue completing the form, which will ask you numerous questions, including your tax credit eligibility, income limits and filing status.

Enter your personal information, which includes your name, birth date, Social Security number, phone number, address and e-mail address. Create an online PIN number; this allows you to return to the filing application at a later date without having to re-enter your information.

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Confirm your PIN. Open the e-mail that is sent to your e-mail address and click the link inside. Log into the e-file system once more with the now-verified PIN number. Choose the correct filing method.

Determine whether you can fill out the forms yourself or you require a guide. The IRS recommends you be guided through the program to prevent filing incomplete forms.

Find line 10 on Form 1040. Enter how much you received as reported on your 1099-G. It may not necessarily ask you to do this, but it may in the form of "Did you receive unemployment compensation last year?" Here, you must enter the amount.

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Double-check your 1099-G before e-filing. Ensure the 1099-G amount is on Form 1040 on line 10. This will be on the first page.

IRS Form 673 Instructions

The Internal Revenue Service (IRS) allows certain US taxpayers working in a foreign country to take a tax exclusion from a limited amount of their foreign earned income. The IRS defines “foreign earned income” as income earned from work performed in a foreign country. To qualify, the taxpayer must live in and maintain a tax home in a foreign country for an entire tax year or be in the foreign country at least 330 full days during a 12-month period. The limit on the exclusion as of 2012 is $95,100. Taxpayers must file Form 673 with their employers so that the employer withholds the proper amount of federal income taxes.

Print your name and social security number on the lines provided above “Part I” on Form 673.

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Write the calendar year you intend to qualify for the foreign earned income exclusion on the line provided under Part I next to the text “calendar year.” Use the other lines if you are going to qualify for the tax exclusion for a number of tax years.

Check the appropriate box indicating that you qualify for the deduction. Use the “Bona Fide Residence Test” box if you live in the foreign country for an uninterrupted period of 12 months and plan on continuing to live in that foreign country for another uninterrupted 12-month period. Use the “Physical Presence Test” box if you live in the country for at least 330 days during the course of a 12-month period. Write the name of the foreign country on the lines following “my tax home in” and write the dates on the lines that follow.

Estimate the expenses you intend to incur during the time you live abroad and write the amounts on the lines provided in Part II of Form 673.

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Sign and date the form. Send the form to your employer.

When Is the Vendor Eligible for 1099?

Businesses hire vendors to supply services or goods such as freelance services, consulting or merchandise. These individuals and businesses are not employees of the company and do not receive employment benefits. For that reason, an employer does not withhold any or all taxes or insurance from the payments given to the vendors; it is the vendor's responsibility to pay them. At the end of the tax season, the business is responsible for sending the vendor a 1099 form to report to the Internal Revenue Service, or IRS, any earnings made from the business.

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Vendor Eligibility

A 1099 recipient is an individual person, a sole proprietor, a business partnership or other providers of service. These recipients may receive a 1099-MISC, 1099-INT or 1099-G. A company is responsible for sending each vendor the appropriate form during the following tax year for services or goods for the previous year. A company also has the responsibility of filling out IRS Form 1096 and sending it to the IRS. This form notifies the IRS of these payments and the responsibility of the vendor paying taxes on the payments. During this time, a company must have an accurate Federal Identification Number or Social Security number to issue a 1099 form or else the company may incur penalties.

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IRS Form 1099-MISC

Companies will use IRS Form 1099-MISC to any vendor that received at least $600 for services or goods during the previous tax year, at the time of publication. Additionally, any vendor in which the company withheld federal tax for will receive a 1099-MISC. For example, company A provided you with $735 worth of material to build your product and is eligible to receive a 1099-MISC. On the other hand, company B only provided $535 for materials and will not receive a 1099-MISC unless the company withheld federal tax on the payment. Brokers who receive at least $10 instead of receiving dividends or interest will also receive a 1099-MISC.

IRS Form 1099-INT

Businesses use IRS Form 1099-INT on payments of $10 or more in interest, domestic or foreign, or when withholding federal income tax for a vendor. For example, if a business purchases an item or service on credit and pays a percentage rate, the vendor would receive a 1099-INT for any interest paid to him over $10.

IRS Form 1099-G

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Vendors who receive payment for certain natural resources, forestry or conservation grants will receive IRS Form 1099-G. For example, if a company gives a grant to a vendor to research methods to produce goods with the least harmful effect on the environment, it will receive a 1099-G. A vendor is also eligible for this form if a company pays $10 or more towards tax refunds or unemployment benefits for the vendor.

How to Read Your 1099-INT Form

How to Read Your 1099-INT Form. Not all interest income is taxed the same way. There are a few different kinds of interest income and they are reported in different boxes on the 1099-INT. This article shows you how to understand what you see on your 1099-INT.

The first couple of boxes on the 1099-INT are pretty straightforward. Box 1 of your 1099-INT form shows regular taxable interest, like bank account interest, that is taxed as ordinary income (meaning at your top marginal tax rate.)

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Box 2 of your 1099-INT shows any amount you paid in early withdrawal penalties from CDs or other securities. This amount can be carried to Schedule A of the 1040 as a miscellaneous investment expense.

Box 3 of your 1099-INT shows interest you received from U.S. Government securities, such as T-bills, notes and bonds. This income is only taxable at the federal level. No state or local tax is assessed on U.S. Government interest. Some of this interest may be excluded from taxation altogether, depending upon certain factors. The numbers from boxes 1,2 and 3 are all carried to Schedule B of the Form 1040.

Box 6 shows foreign tax paid. This is tax that you paid during the year on a foreign investment, such as an international mutual fund. This number will be carried to the 1040 and used as either a credit or deduction.

Box 8 shows tax-free interest, such as interest that is paid from a municipal bond. This number is also carried to the 1040 to be used in performing certain calculations.

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How to Find Write Offs for a 1099

Having 1099 income indicates that you are an independent contractor and not an employee. When you are an employee, you should receive a W-2 from your employer at year's end. Earning 1099 income often indicates that you may have associated expenses that may be tax deductible. Always use caution in evaluating potential deductible expenses and get professional advice to reinforce your position.

Keep records of all your expenses. Record them as they occur or, at a minimum, put receipts in a large envelope for later review.

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Determine if you have direct expenses related to earning your 1099 income. For example, if you design websites or complete word processing assignments in your home office, your computer, printer, Internet connection and telephone may generate expenses directly related to your 1099 income.

Estimate any indirect expenses that may be associated with producing your 1099 income. For instance, your home office desk, chair and other business furnishings may have some deductibility, but if you only spend an hour or two per day producing income, you may have trouble convincing the IRS. Other more significant indirect expenses -- some of your rent or mortgage, heat, other utilities, home insurance, and repairs or maintenance -- may be deductible if your home office is your principal business location and is used exclusively to produce income.

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Consider deductions for the use of your vehicle. Some auto expenses may be deductible if you need to use your car for directly related business purposes. If you commute to and from your work site, these miles are not deductible. If you visit clients, make deliveries or transport people or products, you may generate write offs against your 1099 income.

Deduct the cost of any special clothing, using special tools or instruments, or completing education necessary to maintain or improve your ability to perform your current position.

Get a tax professional to review your work. A good adviser will typically save rather than cost you money.

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How to Correct a 1099 Misc Mistake for a Previous Year

The Internal Revenue Service (IRS) requires that miscellaneous income paid to persons in the course of trade or business during the year be reported using the miscellaneous income information return 1099-MISC. This includes payments such as rents, royalties, non-employee compensation, gross attorney proceeds and other types of income. Certain payment types such as rent, non-employee compensation and health care services must exceed $600 before completion of the form is required. The IRS provides guidance on correcting errors made when completing the 1099-MISC form

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Determine the type of error that was made in the prior year. Errors such as an incorrect code, amount or payee name or address can be corrected using one form and are considered type 1 errors. Errors such as an incorrect or lacking payee TIN or incorrect name and address require you to make the correction using two forms and are considered type 2 errors.

Correct type 1 errors by completing a new 1099 form for the year in which the mistake was made. Check the box labeled "Corrected" at the very top of the 1099 form. Correct the field that contains the error and update the rest of the form with the information reported in the prior year. Complete and submit an updated Form 1096, Annual Summary and Transmittal of U.S. Information Returns, to the IRS.

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Correct type 2 errors by completing a new 1099 form for the year in which the mistake was made. Check the box labeled "Corrected" at the very top of the 1099 form. Complete all payer and recipient fields with the same information that was included on the form that contained the mistake. Enter zero in the amount fields 1 through 18. Next complete a new 1099 form for the prior year with the correct information. Do not check the box labeled "Corrected." Complete an updated 1096 form, Annual Summary and Transmittal of U.S. Information Returns, with the updated information. In the bottom margin of the form, write the words "filed to correct" and briefly state the correction. Submit to the IRS the corrected 1099 and the new 1099 for the prior year and the updated 1096 form.

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Can an Individual Issue a 1099?

A 1099 is an information return that the Internal Revenue Service requires to report certain types of income, such as income paid to an independent contractor. Though businesses and corporations may issue most 1099 information returns, there are some situations that may require an individual to issue a 1099.

1099-MISC

There are several different versions of the 1099 information return. 1099-MISC is one of the versions most commonly used by individuals. You must file a 1099-MISC for every individual to whom you paid certain types of miscellaneous income during the year. The IRS uses these forms to determine the tax liability of the payees, and the payees must use the form to complete their federal tax return.

Reasons for Issue

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Individuals may file a 1099-MISC to report money they paid to another individual for rent, royalties or prizes. An individual may use 1099-MISC if he owns or operates a fishing boat and made payments to crew members. If an individual employs an independent contractor to perform services such as yard work or odd jobs and pays him more than $600 during the year, he must also issue a 1099-MISC.

Procedure

If you must file a 1099-MISC for income you paid to an individual or entity, you must obtain the payee's taxpayer identification number, correct address and other relevant information by providing him with Form W-9. You must use the information on the W-9 to complete the 1099-MISC, and you must provide the payee with a copy of the form by January 31. You must also file a copy of the form with the IRS by February 28 if you file on paper or by March 31 if you file electronically.

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Considerations

If IRS guidelines require you to file a 1099 and you fail to do so, you may be subject to a penalty of up to $100 for each return you fail to file. You may also owe a penalty if you fail to file your 1099s on time, or if you don't provide them to payees by January 31. However, you won't owe any penalty for a payee who fails to report his income as long as you provide him with the proper documentation

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What are a W-9 Form and a 1099 Form?

With so many rules, forms and considerations, tax season can be very complicated for many Americans. Taxes can be exceptionally difficult for independent contractors who don't already have taxes taken out and typically receive W-9 and 1099 forms. Although there is a correlation between these forms, understanding the purpose and details of the W-9 and 1099 forms is necessary to avoid trouble with the IRS when documenting and filing taxes.

The W-9 Form

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The purpose of the W-9 form is simply to formally request a taxpayer identification number (TIN). W-9s are commonly provided to independent contractors by a company or organization so that it can properly document payments made. It is the responsibility of the payee to provide the correct TIN number, which in most cases in the same as his social security number, and deliver the form to the payer, not the IRS. The W-9 is also used to state whether or not the payer is exempt from backup withholding, which typically occurs with payments related to interest, dividends, broker transactions, royalties and others.

The 1099 Form

A 1099 is a form that states the exact dollar amount that a company or organization paid to independent contractor or temporary employee. These are prepared by the payer and sent to the IRS as well as the contracted worker no later than January 31 after the tax year being filed. Workers and their employers only have to report amounts of $600 or more in wages for the tax year. In the case that money is withheld for tax purposes, it is reported on the 1099 as well. The 1099 form is sent to the IRS by the independent contractor as part of a tax return.

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Types of 1099s

Taxpayers use the 1099-MISC (miscellaneous) form to report payments for services provided, royalties and winnings, income from the sale of fish caught by fishing boat crew members and other sources, but the IRS provides a total of 17 1099 forms for a variety of income situations. Those who acquire or abandon property file a 1099-A while people who earn money from securities, commodities and barter exchange transactions use 1099-B. The IRS also provides a specific form for income from interest, the 1099-INT, and retired Americans that receive distributions from their IRAs file with the 1099-R. There is even a 1099-G form for people that receive unemployment compensation, tax refunds and taxable grants.

Connection between W-9 and 1099

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A 1099 cannot be filed for an independent contractor without a valid taxpayer identification number. Therefore a W-9 must be completed; typically at the time a contractor is hired and before any payments are made. Both forms are only valid for United States citizens and resident aliens, partnerships, corporations, companies and associations created or run in the U.S.

How Do I Get Form 1099-INT?

The Internal Revenue Service requires banks, credit unions and other interest-paying companies to send an IRS Form 1099-INT to taxpayers if they earned more than $10 in interest payments during the tax year. Taxpayers who own U.S. Savings Bonds and Treasury bills will also receive the form from the federal government if they earned more than $10 of interest during the year. If you misplace your 1099-INT form or did not receive a copy, you can contact your bank or the IRS to obtain a replacement copy, or to report non-receipt

Contact your bank or payer if you never received a form or misplaced your 1099-INT. Payers must mail you their forms by January 31. The IRS also requires payers to file their forms with the IRS by the end of February, if they file paper copies. Otherwise, they have until the end of March to file their forms with the IRS.

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Ask your bank to mail you a replacement copy or original copy of the form.

Review your bank statements to obtain your interest earnings. Your bank may provide you with an annual summary of interest payments at the end of the year. Since the IRS does not require you to attach your 1099-INT forms to your tax returns, the form only serves an informational purpose. As such, you may be able to get your interest information from your bank statements.

Contact the IRS if you do not receive your form by February 15. You can call the agency's toll-free hotline at 800-829-1040 and report your missing form. The IRS will attempt to collect it on your behalf by contacting the payer directly.

Download IRS Form 4506-T, Request for Transcript of Tax Return.

Complete IRS Form 4506-T by providing your name, Social Security number, address and joint return information, if you filed a joint return with your spouse.

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Enter "Form 1040" on line 6. Since the IRS does not keep copies of 1099-INT forms, the only way you can receive a replacement copy is if you filed it with your tax returns as an attachment. Otherwise, you must contact the payer directly.

Sign your form.

Send you form to the nearest IRS service center listed on Page 2 of the instructions

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How to Complete Form 1099 for Alimony

If a divorce court ordered you to pay alimony to your ex-spouse, the Internal Revenue Service allows you to claim the alimony as a tax deduction. However, your former spouse may not realize that she must claim the alimony as income when she files her taxes. To ensure that your ex claims your alimony payments, you can request a Form 1099 from the IRS, complete the form and send it to your her. Form 1099 notifies her that you have claimed your alimony payments as a deduction and that she must report the income to the IRS.

Calculate the amount you can deduct and that your former spouse must claim as income by adding up all of the alimony payments you made throughout the year. Subtract any child support payments you may have included along with your alimony. Child support is not tax-deductible.

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Visit the IRS website to download and print a Form 1099 (see References).

Enter your name, street address, city, state, ZIP code and telephone number under the “Payer” section.

Enter your Social Security number in the box labeled “Payer’s Federal Identification Number” and your ex-spouse’s Social Security number in the box labeled “Recipient’s Federal Identification Number.”

Enter your ex-spouse's name under “Recipient’s Name.“ The boxes below request basic information about the recipient, such as his street address, city, state and ZIP code. Fill these boxes in with the corresponding information.

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Enter the full amount of alimony you paid for the year in box 3, “Other income.” Leave the remainder of the boxes empty, as these apply to business, rather than personal, transactions.

Send a copy of the Form 1099 to the IRS and a copy to your former spouse.

How to Prepare IRS Form 8396

If you were issued a qualified Mortgage Credit Certificate (MCC) by a state or local government under a qualified mortgage credit certificate program, you may be entitled to take a credit for qualified mortgage interest paid. Certificates issued by the FHA and other federal agencies do not qualify for the credit. The certificate must be issued for your main home, and it must be located in the area of the governmental unit that issued the certificate.

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Download Form 8396 Mortgage Interest Credit from the Internal Revenue Service (IRS) website.

Complete the information on the form as it is shown on your income tax return. Put the name of the issuer of the MCC, certificate number and the issue date in the applicable sections.

Enter the interest on the certified mortgage amount in Line 1 and the certified credit rate on Line 2. The credit rate cannot be less than 10 percent or more than 50 percent and it will not be the same as the interest rate on your home mortgage.

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Refer to the Form 8396 instructions for the amount to enter on Line 3 if Line 2 rate is more than 20 percent or you refinanced your mortgage. Otherwise, multiply Line 1 by Line 2 and enter the amount on Line 3.

Reduce your home mortgage interest deduction on Schedule A or F of tax return Form 1040 by the amount on Line 3.

Add any credit carry-forwards from prior years and compute the current year mortgage interest credit which will be entered on Line 54 of your Form 1040 tax return. If part of the credit is not currently usable, show those amounts of excess mortgage interest credit as carry-forwards to the subsequent year.

Do I Have to Deduct Federal Withholding Tax for a 1099?

Clients and workplaces that utilize the services of others often provide them with an IRS Form 1099 for income earned during the tax year. Since the payor is not an employer, withholding federal income taxes seems unreasonable. However, before you pay a supplier of services, make certain that you do not have to withhold taxes for the IRS. There are situations when withholding is required.

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Significance

    An IRS Form 1099-MISC identifies those who receive rents, royalties and non-employee compensation of more than $600 for services during a tax year. Many kinds of 1099 forms are issued. For example, Form 1099-B is for securities transactions; 1099-DIV covers dividends and 1099-INT is for interest paid.

    Prior to utilizing services or making payments, the payor should ask for completion of a W-9 form. The W-9 provides the TIN or Tax Identification Number for those who file information returns with the IRS. The Form 1099 is an information return.

Identification

    When the payee completes the W-9 form, he provides a Tax Identification Number or Social Security number, along with a statement regarding backup withholding. The payee states under penalties of perjury that the TIN number is correct, that he is a U.S. citizen and that he is or is not subject to backup withholding.

Effects

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    If the payee is subject to backup withholding, you must deduct federal taxes from sums paid to the payee. If the payee TIN does not match the records of the IRS or if the IRS notifies you to deduct backup withholding, you will have to withhold taxes from the amounts paid. There are exceptions to these general rules. Few instances exist when you must deduct taxes for a payee with a 1099 information return. See the General Instructions for Certain Information Returns from the IRS for more information. Intricacies in the details require a review for your specific situation.

Amount

    If you must deduct withholding from a payee under a Form 1099 or similar form, the flat amount of 28 percent is the correct backup for withholding in 2010. Information returns have transmittal Form 1096 attached. If you find you must file a corrected Form 1099, complete the form with an X in the "Corrected" box and send with a new transmittal Form 1096 to the IRS at the Austin, TX or Kansas City, MO address, depending upon which office services your area.

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Notification

    Provide the payee with a statement of the information you provide to the IRS. For some 1099 forms (1099-A, 1099-B, 1099-C, etc.), you must include a telephone number for a person who can answer questions about the statement in keeping with the IRS requirements. For the 1099, "you are encouraged to furnish telephone numbers," says the Section M instructions from the IRS.

    The payee must report 1099 income to the IRS and pay taxes on the income as required.

IRS 1099 Contractor Requirements

The Internal Revenue Service (IRS) separates all workers into two categories: employees and self-employed individuals, including independent contractors. Independent contractors are people who are in business for themselves, rather than employees who the IRS views as working for the company. At the end of the year, instead of receiving a W-2 form to document taxable earnings from an employer, an independent contractor receives a Form 1099-MISC and has to calculate taxes differently.

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    Tax Withholding

        When you are paid as an independent contractor, you do not have any money withheld from your taxes for income taxes or payroll taxes. However, the IRS does not give you a free pass to not pay anything until income tax time. During the year, you must make at least quarterly tax withholding payments to pay for your taxes. You can determine how much you need to pay based on either your projected earnings and projected tax bill or based on the previous year's tax bill. Many prefer using the previous year's tax bill, because it gives a specific amount that must be paid to avoid IRS penalties. This calculation is different from calculating your total tax bill at the end of the year.

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    Payroll Taxes

        As an independent contractor, you do not have an employer to split the Social Security and Medicare taxes with. Instead, you must pay the entire amount yourself, under the self-employment tax. As of 2013, the Social Security tax rate equals 12.4 percent for the first $113,700 you earn, and the Medicare tax equals 2.9 percent of your entire income. The IRS requires you to fill out Schedule SE to calculate how much self-employment tax you owe if you make more than a certain amount. For 2013, you are required to pay self-employment taxes if your income exceeds $400 in self-employment income or more than $108.28 in church income.

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    Taxable Income

        If you are paid as an independent contractor and receive a Form 1099-MISC, you are eligible to deduct business expenses directly from your earnings on Schedule C, which is the form used to document your independent contractor income. For example, you can deduct car expenses and other costs to buy products involved in your business on Schedule C, rather than having to claim the expenses as itemized, miscellaneous deductions.

How to Generate a 1099-MISC LLC

An LLC must submit a 1099-MISC form for each person to whom it paid at least $600 in a given year in non employee compensation. Most typically, this requirement applies to services rendered by an independent contractor over the course of a tax year.

Keep accurate payment records throughout the year to make end-of-year calculations simple.

Collect Form W-9 from each person who meets the $600 requirement. This form requests the identification number (frequently a Social-Security number) from the independent contractor. You will need this information to fill out the 1099-MISC.

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Request a blank 1099-MISC from the Internal Revenue Service (IRS)

Fill in your contact information under "Payer," including your LLC's employer identification number (if a multimember LLC) or your Social Security number (if a single-member LLC).

Fill in the contact information of the independent contractor under "Recipient," including the identification number she reported to you on the W-9.

Fill in the total amount paid to the independent contractor over the entire year under Box 7, "Non employee Compensation."

Fill in the total amount of income tax that you withheld from these payments in Box 4. For most LLCs, this number will be $0.

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Request a blank Form 1096 from the IRS or download a copy with instructions from IRS.gov. This form is your cover sheet for all 1099-MISC forms.

Separate copies of 1099-MISC forms according to their destination.

Submit one copy of all 1099-MISC forms with the 1096 cover sheet to the IRS according to your assigned address in the instructions.

Mail a copy of 1099-MISC form to each independent contractor for his own tax records.

Submit a copy of MISC-1099 to the state department of revenue for the state where your independent contractor resides.

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How to Report Form 1099 Q

Internal Revenue Service Form 1099-Q should be delivered to you if you received education benefits during a tax year--either from a Coverdell education savings account or another qualified tuition program. (You may also receive a 1099-Q if you are the beneficiary of an estate.) The form will record exactly how much you received in benefits. Have a question? Get an answer from tax advisor now!

Instructions

IRS Form 2290

1 - Calculate how much money you spent on education in the year under review. This includes tuition, textbooks, room and board and related fees.

2 - Compare the amount from Step 1 to the distribution you received, which will be recorded in Box 1 of your 1099-Q. A portion of that amount is recorded in Box 2 as "earnings" from your distribution. Depending on how much you spent on education, some or all of those earnings may be taxable.

IRS Form 1099

3 - Record a portion of your Box 2 earnings as "Other Income" on line 21 of your tax return. The percentage of these earnings that must be reported and taxed is equal to the percentage of your Box 1 distribution that you DIDN'T use for education expenses. For example: if Box 1 shows a distribution of $10,000, Box 2 earnings of $2,000, and your education expenses were $5,000, then 50 percent of your distribution went unused. You must therefore report 50 percent of your Box 2 earnings--$1,000--on line 21. If, however, your expenses were $8,000, then only 20 percent of your distribution went unused, and you should report $400. Finally, if your education expenses were zero, you must report the full amount in Box 2.
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4 - Keep the 1099-Q for your records.

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How to Fill Out IRS Form 1099-B

IRS Form 1099-B is sent to those taxpayers who received proceeds from broker and barter exchange transactions. This article is written from the point of view of the entity filling out the 1099-B, not the person receiving it. Have a question? Get an answer from tax advisor now!

Instructions

1 - Call (800) TAX-FORM or visit the IRS online form ordering website (see resources below) to obtain acceptable copies of Form 1099-B to send to recipients. Although Form 1099-B is available for viewing online, the e-version of the form is unacceptable to send to taxpayers or the Internal Revenue Service.

2 - Check the "Void" or "Corrected" box at the top of the 1099 form if applicable. Enter the Payer's name, street address, city, state, ZIP code and telephone number in the first box. The Payer is the organization or entity that distributed the broker or barter proceeds.

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3 - Enter the Payer's Federal Tax ID number and the recipient's identification number (usually a Social Security number or an EIN) in the two boxes beneath the first box. Below this, list the recipient's name, street address (including apartment number), city, state and ZIP code. Enter the corporation's name from which stock was exchanged or bartered. If applicable, enter the account number that is associated with this transaction. Check the box if the payee has a second tax identification number.

4 - List the trade date of the transaction in Box 1a. In Box 1b, show the CUSIP (Committee on Uniform Security Identification Procedures) number for broker transactions. In Box 2, show any aggregate proceeds from transactions involving bonds, stocks, other debt obligations, commodities or forward contracts. Indicate cash received by the recipient, the fair market value of any property or services the taxpayer received and the fair market value of any scrip or trade credits posted to the recipient's account as a result of a barter exchange. Check the applicable box to indicate if the amount reported to the IRS in Box 2 represents Gross Proceeds or Gross Proceeds minus commissions and option premiums.

Itemized Tax Deductions

5 - Note any income tax that was withheld as a backup by you, the payer, in Box 4. If the recipient did not provide you with a Tax ID number, you are required to list a 28% withholding of the proceeds paid to the recipient. In Box 5, show the number of shares of the corporation's stock the recipient held which were exchanged during the change in control or substantial change in capital structure. Similarly, Box 6 shows the classes of the corporation's stock that were exchanged during the change in control or substantial change in capital structure.
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6 - Show a brief description of the item or service for which the proceeds or bartering income is being reported in Box 7. In Box 8, indicate the profit or loss realized on regulated futures or foreign currency contracts closed during the current year. Box 9 shows any year-end adjustment to the profit or loss shown in box 8 due to open contracts at the end of the tax year. Box 10 reveals the unrealized profit or loss on open contracts held in the recipient's account as of December 31 of the current year. Based on the amounts in Boxes 8, 9 and 10 figure the aggregate profit or loss and display this number in Box 11. If the recipient cannot take a loss on the amount in Box 2, check off Box 12.

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7 - File Form 1099-B with the IRS; also send a copy to the recipient. Check the IRS official website (see Resources below) for specific instructions as to the filing deadline for Form 1099-B; it changes annually.

How to Report Form 1099-Q on Form 1040

Form 1099-Q is the form for payments from qualified education programs. This form is sent to anyone with qualifying payments from an educational program and must be reported to the Internal Revenue Service on the recipient's individual income-tax return. The information reported on Form 1099Q is considered income, and you report it in the income section of individual federal income-tax returns. Have a question? Get an answer from tax adviser now!

Instructions

How to Get Fast Tax Refund

1 - Obtain a federal income tax Form 1040 from the Internal Revenue Service. Locate and print the form online or pick up a copy at your local post office or tax office. The IRS mails income-tax forms to taxpayers at the beginning of the year as well.

2 - Report the income from Form 1099-Q on your federal form 1040. Only report the amount in box two of your form 1099-Q. Enter it as "Other Income" on line 21 of your Form 1040.

3 - Complete your federal income-tax return with the remainder of your tax information for the tax year. Attach copy A of your 1099-Q to your Form 1040 before sending it to the Internal Revenue Service.

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How to Fill Out IRS Form 1099-INT

IRS Form 1099-INT is sent to those taxpayers who received interest income during the current tax year, such as that from a savings account. This article is written from the point of view of the entity filling out the 1099-INT, not the person receiving it. Have a question? Get an answer from tax advisor now!

Instructions

1 - Call (800) TAX-FORM or visit the IRS online form ordering website (see resources below) to obtain acceptable copies of Form 1099-INT to send to recipients. Although Form 1099-INT is available for viewing online, the e-version of the form is unacceptable to send to the Internal Revenue Service or tax recipients.

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2 - Check the "Void" or "Corrected" box at the top of the 1099 form if applicable. Enter the Payer's name, street address, city, state, ZIP code and telephone number in the first box. The Payer is the organization or entity that paid out the interest income.

3 - Enter the Payer's Federal Tax ID number and the recipient's ID number (usually a Social Security number or an EIN) in the two boxes beneath the first box. Below this, list the recipient's name, street address (including apartment number), city, state and ZIP code. If applicable, enter the account number that is associated with this interest payment. Check the box if the payee has a second tax identification number. Note the payer's RTN (routing transit number) if applicable.
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4 - List any taxable interest paid to the recipient during the year including any credits from Gulf tax bonds or clean renewable energy bonds in Box 1. In Box 2, indicate any penalty or lost interest because of early withdrawal of funds. In Box 3 show any taxable interest received for United States Savings Bonds, Treasury bonds, Treasury bills or Treasury notes.

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5 - Note any income tax that was withheld as a backup by you, the payer, in Box 4. If the recipient did not provide you with a Tax ID number, you are required to list a 28% withholding of the interest paid to the recipient. In Box 5, enter the taxpayer's share of investment expenses from a single-class REMIC (real estate mortgage investment conduit).

6 - Report any foreign tax paid by the payee in Box 6; list the applicable foreign entity in Box 7. In Box 8, show any tax-exempt interest, including exempt-interest dividends from a regulated investment company, paid to the payee. Indicate the applicable interest that is subject to the alternative minimum tax (AMT) in Box 9.

7 - File Form 1099-INT with the IRS; also send a copy to the recipient. Check the IRS official website (see Resources below) for specific instructions as to the filing deadline for Form 1099-INT; it changes annually.

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IRS Form 8332 Instructions

If you are a custodial parent and want your former spouse or another guardian to claim your child on his tax return, you will need to complete Internal Revenue Service Form 8332. Also, if you previously completed this form and you now want to begin claiming your child again, you will need to complete a new Form 8332. If you do not complete this form before tax returns are filed, you can delay the noncustodial parents, and your own, tax return. Have a question? Get an answer from a lawyer now!

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Instructions

1 - Read the requirements to file Form 8332 to determine if you can file the form. To be a qualifying child of the noncustodial parent, the child must have received more than 50 percent of his financial support from one or both parents and have been in the custody of one of the parents for more than half the year.

2 - Complete part 1 of the form if you want to release your right to claim your child as a dependent for one year. Fill in the name of your child beside the statement “I agree not to claim an exemption for.” Fill in the tax year. Sign in the signature location. Fill in your Social Security number on the document where it states “Custodial parent’s SSN.” Date the document.

3 - Complete part 2 of the document if you will be releasing your claim for multiple years. Fill in the name of your child, your Social Security number and the date, then sign the form. Write the specific years you agree to release your claim on the blank line following the words “For the tax year(s).” For example, write 2012-2014. You may also write the phrase “For all future years” if you do not plan on claiming your child on your tax return again.

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4 - Complete part 3 of the document if you want to revoke your previous agreement not to claim your child. Fill in your child’s name, your Social Security number and the date, then sign the document. Write the specific years you want to revoke your previous agreement or the phrase “For all future years.”

5 - Attach a copy of your divorce decree or other agreement in lieu of Form 8332 if the decree is dated 2008 or earlier. The document should state that the noncustodial parent has the right to claim his child as a dependent; the custodial parent has no intent to claim the child as a dependent and specify the number of years this agreement is in effect. Include the cover page of your decree, being sure to list the custodial parent’s Social Security number, the pages that dictate the agreement and the signature page.

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6 - Attach Form 8332 with your other tax forms. Submit to the Internal Revenue Service before April 15.

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IRS Refund Cycle

The IRS website states that “The IRS issued more than 9 out of 10 refunds to taxpayers in less than 21 days last year. The same results are expected in 2013.” This means that you will probably receive your federal tax refund within three weeks of e-filing your tax return.

If you file a paper tax return by postal mail, however, the IRS will likely issue your tax refund within six to eight weeks after receiving your return. If you file your tax return electronically online (also known as “e-file”), it will be processed faster in the IRS system, which means you can expect to receive your tax refund faster as well — usually within three weeks.

Expect delays if you filed your tax return late or if the IRS finds mistakes on your tax forms. But keep in mind that the IRS has millions of tax returns to process; therefore some delays may just be a result of high volume.

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You can receive an immediate tax refund by getting a tax refund advance. This is also sometimes referred to as an “instant refund”. A tax refund advance is essentially a loan that you get from the tax preparation service you use to file your income tax return. Many taxpayers like to request a tax refund advance because it’s fast — you can receive the money as soon as your tax return is accepted by the IRS. Afterwards, you don’t really have to do any work in repaying the loan because the IRS will send your actual tax refund check to the tax preparation service that gave you the tax refund advance.

Refund Anticipation Loan

Obtaining a refund anticipation loan (another term for a “tax refund advance”) is an affordable way to speed up the process of getting your money from your tax refund. By getting refund anticipation loan, you won’t be left asking “where’s my refund?” weeks after you file your return. Tax refund advance loans provide cash equal to the amount of your actual tax refund, and they do so in a very short amount of time.

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IRS announce thousands of payouts on or before February 6th 2014

I.R.S. have finally updated their Where’s My Refund tool. They will be unloading millions of dollars over the next few days to taxpayers.

We have received news that the I.R.S. updated their Where’s My Refund webpage last night at 12 A.M.. Thousands of people have their Direct Deposit date sets to “on or before February 6th, 2014″. This means that the February 5th payout date is still correct. They will send the funds to the bank on Monday and the funds will be set to be direct deposited on Wednesday February 5th 2014. This will give your bank time to handle the huge load of all of the transfer they receive of millions of dollars over a day period.

Please check the I.R.S. Where’s My Refund webpage and then be watching your bank account for the direct deposit. We strive to keep our schedule as accurate as possible and hope that you have enjoyed reading.

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We are compiling a list of refund dates for 2014, so please visit this post and comment when you were accepted versus when you actually received your refund. Please like us on Facebook, follow us on Twitter, tell your friends

IRS Warns of Tax Scams

IRS Warns of Tax Scams in 2014.

The IRS is warning Americans of tax scams. This year identity theft and phone scams top the agency’s “Dirty Dozen” list of worst schemes taxpayers could encounter.

In a news release, the IRS announced Americans could see these scams at any point in the year, but many of the schemes peak during tax season.

“Scams can be sophisticated and take many different forms. We urge people to protect themselves and use caution when viewing emails, receiving phone calls or getting advice on tax issues,” IRS Commissioner John Koskinen said in a news release.

Below are the top three scams taxpayers should be on the lookout this year. IRS Warns of Tax Scams!

Identity Theft

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The IRS said tax fraud through identity theft tops this year’s list. Fraudsters like to get taxpayers Social Security Number and other bits of information. They then use it to fraudulently file a tax return and claim the refund.

The IRS suggests taxpayers be alert to possible identity theft if they receive an IRS notice that states:

More than one tax return for you was filed.

You have a balance due, refund offset or have had collection actions taken against you for a year you did not file a tax return.

IRS records indicated you received wages from an employer unknown to you.

If you believe you were a victim of identity theft the IRS suggests you notify the agency as soon as possible.

Telephone Scams

The IRS said it has seen an increase in local phone scams across the United States. Callers pretned to be from the IRS. The goal is to steal money or identities from victims.

According to the IRS, these scams come in many variations. Some callers will say the victim owes money or is entitled to a larg refund. Others might threaten arrest or driver’s license revocation.

Common characteristics of these scams include:

Scammers use fake names and IRS badge numbers.

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Callers might be able to recite the last four digits of a victims Social Security Number.

Con artists may imitate the IRS toll-free number to make it seems like it’s the IRS calling.

Scammers sometimes send falsified IRS emails to victims to support their bogus calls.

False Promises of “Free Money”

It is common for scam artists to pose as tax preparers during tax season. The IRS said scammers lure victims in by promising large federal tax refunds. They use flyers, phony store fronts and word of mouth to attract as many victims as possible. The IRS said these scammers prey on people who do have a filing requirement like low-income individuals and the elderly.

Self Employed Health Insurance Premiums

For self-employed US citizens having a net profit for any particular year the premiums paid for health insurance policies covering medical expenses and long-term care services are also deductible. Apart from the payments made to doctors and other health care professionals, in-patient hospital and nursing home care, acupuncture treatments, cure for alcohol and drug addiction and payment made to weight loss programs and certain diseases may also be deducted. But burial expenses, medicine bought over the counter, health improvement tours and cosmetic surgeries are not deductible.

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How to Claim?

In order to claim deductions on your dental and medical expenses under IRS publication 502 your tax return must be filed on Form 1040. Along with the deductions itemized, all other expenses sans premiums paid for health insurance by self-employed citizens a Schedule ‘A’ attachment is to be used. For self employed tax-payers Form 1040 is to be directly used for deduction of their insurance premiums. Any other cost incurred in addition to this must also be mentioned in the Schedule ‘A’ attachment.

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Apart from that. To make medical expenses and insurance premiums deductible they must also be paid with after tax money. This implies that medical expenses paid through Health Savings Accounts or expenses that are withheld from the paycheck and are paid through pre-tax money are not covered for tax deduction under IRS publication 502. This particular publication is normally used by tax-payers for determining deductible medical expenses without any regard to the time when the service was actually provided. You can also use the Section 125 health plans along with IRS publication 502 to determine the expenses covered by this publication.

File Your Medical Expenses with IRS Publication 502

If your deductions are itemized and dental and medical expenses are anticipated to be included then with the help of IRS publication 502 you can determine which expenses will actually qualify during a tax year. After calculating the sum of all the medical and dental bills that are deductible, you can deduct any portion that exceeds 7.5% of your AGI.

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Dental and medical expenses that you incurred for prevention, diagnosis and treatment of either physical or mental illness are defined by IRS publication 502. Equipment expenditure and cost of diagnostic services are also included along with the supplies that are necessary for servicing these particular conditions. Apart from the prescribed medication insulin is the solitary nonprescription material that can be deducted and cosmetic surgeries are not also covered by the IRS definition.

Eligibility for Deduction:

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According to the guidelines set forth by IRS publication 502 an American tax-payer can claim deductions during a tax year if the expenses are actually incurred. As per the guidelines, if the payment for a certain treatment is made one year and the treatment actually takes place in the following tax year, the expenses can be reported on the tax return of the previous year. According to this publication an expense is to be reported in the year, during which it was incurred and not with the year when the services were actually received.
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Claiming of business expenses for tax reduction

To claim for business expenses, it is necessary to understand what it constitutes. Personal expenses such as using vehicles for personal errands do not come under business expense. A clear idea regarding what constitutes and what do not constitute business expense are a crucial point and the need to keep this in mind when claiming tax deductions. A meticulous record of expenditure is necessary.

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For example, when one goes for a business trip it is important to note down mileage without fail. Only then, it is possible to claim a reduction in taxes at the end of the year. In order to make the job of the taxpayer was easy tax return forms contain separate categories for every kind of expense, including travel, advertising, and office supplies. In cases when the expenses override profit it is possible to claim losses and even get reductions in income tax.

Tracking Business Expenses:

For businesses, it is almost impossible to keep a record of the expenses day in and day out. In such situations, it is always a better idea to go for software.  There are a number of computer programs available that one can purchase. Accounting software that comes with state of the art features can take away hassles of keeping track of the expenses and using them during yearly tax returns.

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To make the most of such programs, it is necessary to set the different expense categories in a proper manner based on individual business situations. This way the only thing that remains is to input relevant data into right categories and let the software calculate final expenses.

IRS publication 535 gives businesses a chance to breathe a sigh of relief and get crucial tax deductions at the end of the year.
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IRS Publication 535

IRS publication 535 discusses various kinds of business expenses and there is how one can use those expenses for getting tax reductions. Businesses are always looking for ways to decrease load of taxes, and publication 535 suggests ideal methods to achieve the same. One can get guidance regarding deductible and nondeductible expenditure and get an outline regarding common items included in the deduction. The golden rule regarding deductions is that business expenses need to be crucial and ordinary in order to get the label of the deductible.

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By ordinary business expense the IRS  means expenditures common to a particular industry. Necessary expenses are those that are crucial for the conduct of business and form an integral part of the whole process. It is necessary to segregate business expenses from material cost, capital expenses, or personal expenses. Businesses deduct these expenses from receipts in order to determine company profits. In such a scenario, it is not possible to use them again for deductions in the form of business expenses and gain tax benefits.

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All kinds of business incur one or other type of expense. This is also true for freelancers, consultants, or contractors. By using these expenses, it is possible to lower income taxes s well as self-employment tax; and therein lies the importance of publication 535.

Information about Qualified Dividends

Only those dividends come under qualified bracket that come through specific foreign companies or US corporations. Foreign corporations to offer qualified dividends must come under comprehensive US IT treaty. Another candidate for qualified dividend is stock paid through the United States securities market, including NASDAQ. Publication 550 also mentions that in order for a dividend to come under qualified bracket an investor must hold it for at least 60 days. In cases where there is a minimum loss of risk, reduction is possible in this stipulated period.

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The qualified dividend category includes distributions on farmer’s cooperatives, capital gains, tax exempt organization dividends, and deposit account dividends. Another exception is securities dividends from employee ownership plans that corporations paying dividends maintain. Qualified dividends constitute a broad spectrum and an understanding of it is necessary to ensure that one uses only the appropriate one during tax filing and stay on the right side of IRS.
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Significance of Qualified Dividends:

What is behind the hullabaloo over qualified dividends? Why are they crucial for a taxpayer? Taxpayers who come within 10%-15% income tax bracket receive a significant preferential treatment during their tax returns. This is because capital gain rates for such individuals are 0%. Those within marginal tax bracket benefit the most from declaring qualified dividends when filing returns. Those above the 25% margin also get significantly lower rates with only 15% capital gains taxes. Other forms of income, as bond interests do not offer such interesting benefits and these come within simple dividends.

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Those who consider themselves receiving qualified dividends should go through IRS publication 550 for gaining a better insight into what makes up such dividend and how they can use it for tax benefits.

IRS Publication 550

IRS publication 550 involves information for the taxpayers on the use of investment income/expenses during filing of income tax returns. One issue that dogs the individual when filing tax returns is about qualifying dividends. The first question that arises is how to differentiate between qualified and simple dividends. In addition, it is important to understand how qualified dividends can help in reducing your taxes. Publication 550 explains all this and more.

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What is a Dividend?

It is the amount paid by corporations to stockholders. This may be in the form of cash, stock, or property. These represent profits that corporations earn over a period. The Internal Revenue Service considers it as income and therefore levies taxes. Simple dividends work as ordinary income; however, taxes on qualified dividends use positive capital gain rates. There has to be a clear demarcation between simple and qualified dividends to avoid confrontation with revenue services that can land taxpayers into unnecessary problems.

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IRS classification involving qualified dividends may lead to lower tax liabilities. One needs to calculate total taxes to qualified dividends and find reductions in the amounts owed. In general, mutual fund dividends and stocks come under qualified bracket. However, a clear idea on the same never hurts and a deep study of publication 550 provides the information.
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Ten Possible Reasons for Your Federal Tax Refund Delay

Claiming head of household when you aren’t one.  many single people will claim this tax filing status because it results in less tax paid or higher refund, whichever is applicable.

    Claiming education credits when you aren’t eligible because you didn’t enroll in any classes or if your educational institution isn’t eligible to use with the education tax credit.

    Claiming the child care credit and you didn’t pay for day care or didn’t have children

    Claiming EIC by claiming dependents you don’t have.  EIC is the Earned Income Credit, designed for low income workers.  It gives a credit to low income workers to encourage them to work by not having all their income taxed away from them, making them just not want to work at all.  The more kids you have, the bigger the EIC.  So claiming fake kids is a common tax fraud method.  And a top reason why you may have a federal tax refund delay on your hands.

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    You filed so early that some tax forms weren’t ready yet.  In this case the IRS just sits on your return until all software is ready to handle all tax forms.

    You put the wrong bank account info for your refund direct deposit.  Your tax refund bounces back to the IRS and they have to contact you, etc.

    You didn’t file electronically.  Paper tax returns mailed to the IRS have to be processed by hand.  This adds at least a month to the arrival of your tax refund.

    You had to change something after your submitted your taxes.  Amendments can’t be filed electronically so basically you’ll be on the same time schedule as the paper filers.
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    You claimed the education credit for 2012.  The late decisions by congress on the fiscal cliff delayed a lot of programming the IRS had to do to get tax software ready for tax season.  IRS form 8863 wasn’t ready for processing by the IRS until March so if you filed before they were ready to process that form then your tax refund got delayed.

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    You filed at the last minute.  If you filed late or right around the tax due date, then you aren’t alone!  So many people file at the deadline or right around it that the IRS has trouble processing that huge glut in a timely manner.  Just wait it out and you’ll eventually get your IRS tax refund.