Tax season is near, and tax planning is considered to be of paramount importance to everyone, including those who don’t file a tax return traditionally. During the Fall season, the IRS generally launches a campaign, ‘Get Ready for Taxes,’ to motivate taxpayers to prepare to file their tax returns. The campaign also includes: The actions to be taken before the start of the filing season. Things to know before tax filing. Ways to get help. Some key...

Form 1099 is an IRS Tax Form used by taxpayers to report certain payments to the IRS annually. These tax Forms are generally used by self-employment individuals and come with several perks. People who have worked on a contract base or are self-employed with no taxes withheld will have to report their incomes on different tax Forms. Tax Payers use Form 1099-K, 1099-MISC, and 1099-NEC to report third-party payments, payments on goods and services, payments from family...

The tax Form 1099 is used for reporting information relevant to one’s income with the IRS. It is a common form that covers different taxing situations. The 1099 Forms are more information return Forms, and the IRS requires these Forms to learn the income status of the taxpayer. Different 1099 Tax Forms/1099S Forms There are many different types of 1099 Tax Forms, each used to report different types of information. Form 1099-NEC – This Form is required...

The IRS tax Form 1099-MISC is used to report miscellaneous income. Until the tax year 2019, this tax Form is used to report non-employee compensation in Box- 7 of the tax Form. Beginning from the tax year 2020, the IRS has reintroduced Form 1099-NEC to report the non-employee compensation on a completely different Form. Box 7 of the 1099-MISC is now replaced and is used to report direct sales of $5000 or more. For the 2022 tax...

Starting in 2022, the IRS is making many changes to Form 1099-K to enhance its efficiency and accuracy. The IRS has brought about a series of new updates to 1099-K reporting, which will remarkably impact the sellers. These changes are a component of the American Rescue Plan Act. These threshold changes will become effective in 2022.  Significant changes to Form 1099-K Form 1099-K pertains to payment cards and third-party network transactions. This IRS information return Form is...