Category : Taxes : Business & Finance

1099 Requirements for the Fiscal Year

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The Internal Revenue Service uses 1009 forms to keep track of a variety of monetary transactions. There are 17 different 1099 forms, but the most commonly used one is 1099-MISC, on which businesses report payments made to individuals for services rendered during the year. Taxpayers who receive 1099

How to Check the Status of Tax Filing

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Millions of taxpayers file taxes every year with the Internal Revenue Service. Millions of taxpayers also receive income tax refunds. That is a vast number of transactions the IRS has to process and remit refunds back to taxpayers. E-file is one method of tax filing which helps both the IRS and taxp

Are Foster Kids Dependents for Taxes?

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Taxpayers can claim their children who qualify under the Working Families Tax Relief Act (WFTRA), effective from tax year 2005 onward, for tax deduction purposes on their annual IRS filings. WFTRA redefined and standardized the parameters for eligibility for the Head of Household status and dependen

How to File Income Tax in Puerto Rico

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Earning income in Puerto Rico is subject to the tax laws of both Puerto Rico and the United States. Although a part of the U.S., Puerto Rico has an independent tax system similar to the one in the U.S. As a result, you may have to file two separate annual tax returns to comply with Puerto Rican and

Filing Personal Income Tax

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When personal tax time comes there can be many questions about deductions and other records, which suddenly seem to crop out from nowhere. Although it is often stressed that one should keep proper records throughout the year, unfortunately most of tend to ignore the basics of good bookkeeping.