November 2023 - Tax2efile Blog

Understanding Form 990-EZ: A Comprehensive Guide for Nonprofits

The IRS Form 990 is for philanthropic organizations to file their annual information returns. This Form pertains to federal tax-exempt organizations, and it serves to offer the IRS an overview of the activities of the organization, its governance, and its detailed financial information. Most tax-exempt nonprofit organizations should file some variants of Form 990, such as Form 990-EZ, 990-N, etc, on the basis of the total assets and gross receipts of the organization. Everything you need to know about Form...

Form 990, 990-N, 990 PF or 990-EZ: Which Is Right for Your Nonprofit?

It is important to maintain the tax-exempt status of non-profit organizations, and it is possible to accomplish this by filing appropriate 990 Forms with the IRS. Failing to file Form 990 will cause steep fines from the IRS and potentially lose the tax-exempt status of the non-profit, and this could be a huge setback for the financial goals. Four main types of nonprofit tax Forms There are four main types of IRS tax Forms 990 and include...

Understanding State Filing Obligations for Form 1099-MISC

IRS Tax Form 1099- MISC stands for miscellaneous income and is used to report certain types of compensation such as rent, prizes, awards, etc. A taxpayer would get Form 1099-MISC if you paid them $10 or more in royalties or $600 or more as miscellaneous income during the tax year. This income includes payment for House of office rent Prizes and awards Deferrals on section 409-A Payments to an attorney related to legal services Crop insurance proceeds Medical and healthcare payments...

Tax2efile’s Commitment to Secure and Stress-Free E-Filing

The tax season could be a very stressful time for both businesses and individuals. It is strongly recommended that E-filing takes half the hassle compared with manual filing of tax returns. Choosing to E-file with a credible service provider like Tax2efile will ease the hassles of filing taxes. Being experts, we ensure absolute efficiency and accuracy while filing taxes. Advantages of E-filing tax returns There are tremendous advantages to choosing to e-file tax returns with the Internal...

Avoid Costly Mistakes: Common Pitfalls to Watch for When E-Filing 1099 Form

The taxpayers will file IRS Forms 1099 if they have earned Income as a sole proprietor, independent contractor, self-employed person, or as a sole owner of an LLC. Sole proprietors generally are hired by employers and independent contractors. They should report their Income and their earnings in a specific format with the IRS during tax time. As they do not work for any employer, these self-employed individuals are generally responsible for their entire tax amount. Common pitfalls to watch...