[…] The IRS does not let you file these forms via their website. Don’t ask me why. The IRS offers a list of approved 3rd party providers that do allow you to e-File, but there’s a cost. The cheapest ($10) option for the corporate extension […]
[…] In fact, the landlords’ rules are even more restrictive. Simply buying a future rental is not enough. The property must be ready and available for rent – which is another way to say that the initial rehab must be […]
2025 update: While not directly related to sending 1099-NEC forms to your contractors, credit cards and electronic payment processors such as PayPal and Venmo are now issuing Forms 1099-K when total payments received by you electronically exceed $5,000, lowered from the old $20,000 threshold. 2024 update: We recommend eFiling for everyone, however starting in 2024 …
Sending 1099-NEC (formerly 1099-MISC) to contractors and vendors Read More »
No-tax-due forms (which is what most companies file) MUST be filed electronically. The 2023 extension deadline is Monday, May 15, 2023. You may have received some letters from the Texas Comptroller’s office referring to “Texas Franchise Tax.” This sounds like something intended for the owners of Subway or T-Mobile retail franchise stores. Can you ignore …
[…] What many people decided to do is to make an estimated payment for the future, yet unknown, tax for the 2018 calendar year. The tax departments were happy to accept these payments and place them in escrow – until the future time when taxes will be assessed. Then your prepayment will be applied towards your tax, and you will be […]
[…] This is your last chance. If you’re planning to sign up for a job search service, take some job-related classes or buy a computer for your W2 job – do it now. You can also pre-pay union and professional dues, investment-related services and subscriptions, and investment advice. “Job” means […]
[…] Pre-pay 2017 property taxes on your personal residence. This is not an absolute rule, but it should be a wise move for most people, not just investors. Because of the new law, you may lose the tax benefit of property taxes on your homestead. So make sure the bill is paid in 2017 […]
[…] I’m not too alarmed. First, this change (IF implemented) will only affect companies that are designated as “a trade or business.” This term has been often used in the current tax law – but never defined! It led to numerous lawsuits against the IRS, with inconsistent results. Basically, it’s grey area […]
[…] It gets more unsettling when we insert couple kids in the picture. Personal exemptions of $4k per person are rolled into the standard deduction under the Trump plan. It means no taxable income reduction for kids, in stark contrast with the current system which affords a $8k write-off for 2 kids […]
[…] In most cases – nothing, as the IRS will automatically identify affected taxpayers by zip code. If you’re qualified, but the IRS did not recognize you as such, you will need to contact the IRS in response to a proposed penalty notice […]
