What is Form 1099-MISC? Form 1099-MISC, Miscellaneous Information, is an information return that businesses use to report miscellaneous taxable payments to many kinds of payees. It is a general-purpose IRS form used to report payments made during the year, including royalties, awards, rents, medical and health care payments, and payments made to attorneys. Who Should… Continue reading 1099 Series: 1099-MISC, Miscellaneous Information
WHAT IS AN S CORP? Also known as an S subchapter, it is a type of corporation that elects to pass-through corporate income, losses, deductions, and credits to their shareholders without paying any federal corporate tax. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed… Continue reading S Corporation: A Good Idea?
Almost any type of asset you own whether for investment (like a stock, bond, or real estate) or for personal use is a CAPITAL ASSET. On the other hand, a CAPITAL GAIN is the increase in a capital asset’s value and is only realized when you sell the capital asset. The Internal Revenue Service (IRS) taxes individuals… Continue reading For Sale: Real Estate Capital Gains
Before you file and pay that income tax, first take a look at how to get a federal energy tax credit! What’s a tax credit? – If you didn’t already know, a tax credit lowers the amount of tax that you have to pay. It is not a deduction or an exemption which reduces your… Continue reading Home Office: Energy Tax Credit