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IRS Rules Regarding 1099’s
Below are the IRS 1099-Misc. rules regarding paying someone for services File Form 1099-MISC for each person to whom you have paid during the year: At least $10 in royalties or broker payments in lieu of dividends or...
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Selling or You’ve Sold Your Home – Consider These
The IRS says homeowners should think about these things when selling a home: Ownership and UseTo claim the exclusion, the taxpayer must meet ownership and use tests. During a five-year period ending on the date of the sale, the homeowner must...
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Fact Sheet – Child Tax Credit | Advance Child Tax Credit...
There have been important changes to the Child Tax Credit that will help many families receive advance payments. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only. What are advance Child Tax...
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Is Financial literacy Needed in Today’s Economy
According to Investopedia, financial literacy is the knowledge and application of various financial skills. These may include creating a budget, understanding how credit works, and saving for retirement. Financial literacy includes understanding...
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IRS sends CP2100 and 2100A Notices
In April, the IRS sent CP2100 and CP2100A notices to banks, credit unions, businesses or payers who filed returns that don't match IRS records. These information returns include: Form 1099-B, Proceeds from Broker and Barter Exchange...
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Independent Contractors (Uber or Lyft) Accounting Tips
The challenge we see in our practice is that Independent Contractors do not take the time to keep good accounting records. Keeping good records is the fuel to your business when it comes to taxes. Fundera magazine, the small business resource...
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