Deadlines are important for IRS tax Forms, which is the date by which something has to be done. It is generally the date by which the tax return or the document reporting the taxes reaches the IRS. The important IRS Forms are the 1098 and the 1099 Forms. It is mandatory to file them before the deadline to prevent penalties, which could be a huge tax burden. IRS Tax Form 1099 and 1098 Forms IRS tax Form...

The IRS Tax Form 1098 is for reporting Mortgage interest statements. It helps taxpayers report their interest and related expenses paid on a mortgage during the tax year. If the mortgage amount exceeds $600 or more, taxpayers use this form to report their interest amounts.\ The purpose of Form 1098 Moneylenders use Form 1098 to report their excess interest payments. If they receive more than $600 as interest payments for the tax year they use this form...

Colleges in the United States send Form 1098-T or tuition statements to their students. This tax Form is mandatory to file the taxes, and it increases the tax refund. It qualifies the students for education-relevant tax benefits, lifetime learning credit, deduction on tuition fees, etc. What is Form 1098-T? This tax Form gives the amount, the taxpayer paid for qualified educational expenses during the tax year. Eligible institutions like colleges, vocational schools, and universities send this Form...

Form 1099 belongs to the Internal Revenue Service of the United States and is used by its citizens and businesses to disclose information about their income and their business. There are many types of these Forms and Form 1099s are used to disclose information about the salaries, wages, tips, interests, and dividends earned by the taxpayer. Payments to independent contractors, Income from rental property, and dividends and interests, are also reported here. When it comes to the...

Before filing the return, it is important to gather all the required information. Organizing all the documents required for filing the taxes will help reduce stress while doing the taxes. Having all this information handy is mandatory if one is filing tax by self, or with the help of tax filing software.  A roundup of all important information for filing taxes Before starting to work on the tax return, review the below-given tax preparation checklist. If filing...

Form 1099-MISC is an IRS tax Form that is used by US citizens to report their miscellaneous income that includes prices and awards, healthcare spending, rents, payments to an attorney, etc. Before the year 2020, this Form was used to report non-employee compensation to freelancers and independent contractors as well, but now these are being reported in a separate tax Form 1099- NEC.  Who should file Form 1099- MISC? Form 1099-MISC should be completed and sent by...