Taxpayers can use Schedule 6 of IRS Tax Form 8849 for claims not reported on Schedules 1,2,3,5 and 8, including the refunds of the excise taxes reported on, Form 720 – Quarterly Federal Excise Tax Return. Form 2290 – Heavy Highway Vehicle Use Tax Return. Form 730 – Monthly Tax Return for Wagers. Form 11 C – Occupational Tax and Registration Return for Wagering. A total of five schedules exist relating to Form 8849 filing. HVUT taxpayers...

Business Tax Tips for United States Truck Owners – Comprehensive blog by Tax2efile The successful ideal business in the US is maximizing profits and minimizing tax liabilities. Paying more taxes is a crucial thing for business owners, especially in the trucking industry. The truck industry is highly regulated and understanding of tax laws is complex for truck owners. In this article, we are going to share the five essential business tax tips for truck owners to minimize...

Understand the 1099 Forms for independent contractors Independent contractors use the IRS 1099 tax Form to report their non-employment income to the IRS. If you received non-employment income, such as interest from a bank account, payment for freelance work, or dividends from a brokerage account, you must report this income to the IRS using the 1099 Forms. There are different versions of the 1099 Form that taxpayers use to report different non-employment income with the IRS. Consideration...

Form 1099 is one of the most important of all IRS tax forms. It helps taxpayers prepare information return reports on different incomes generated by individuals outside their regular jobs.  Taxpayers should prepare and file 1099 Forms online within the deadline to avoid fines and penalties. There are different due dates for each of these tax Forms, such as the deadline for e-filing the returns, for paper filing of the returns, and the deadline to send the...

1099-DIV is an IRS tax Form that banks and other financial institutions predominantly use to report the dividends, and other distributions paid to the IRS and the taxpayers. A common reason for receiving Form 1099-DIV is that some investments paid dividends during the tax year. Taxpayers will not file 1099-DIV with the IRS but will need the information it reports while preparing the tax return. Specific instruction for Form 1099-DIV Form 1099-DIV is a tax document financial...

There are many different categories of the IRS 1099 forms and Form 1099-A are used to report the acquisition or abandonment of secured property. This is predominantly an information Form that is sued to report foreclosure on a property. Tax Payers will receive this Form if the mortgage lender foreclosed the property and canceled some or the entire mortgage. The mortgage lender will also send this Form if he has sold the property in a short sale. Those...

The IRS Tax Form 1099-B offers information about the securities or the property that is involved in a transaction being handled by a broker. The tax Form will render important information such as the description of the items sold, the date on which it has been sold or acquired, the cost of acquisition, etc. It also reports the federal tax withheld by the broker. Uses of Form 1099 B The IRS tax Form 1099-B deals with capital...

The IRS Form 1099s are information return forms that the taxpayer users to report income such as interest paid from banks, dividends from brokerage accounts, money generated from freelance work, unemployment benefits, etc. The deadline to mail the 1099 Forms to the taxpayers is generally January 31st. If the 1099 Form is not received, then the taxpayers are responsible for paying the taxes owed on any income earned during the tax year. And, if the taxpayer receives...

The IRS tax Form 1099-MISC is used to report miscellaneous income such as rent, prizes, healthcare payments, awards, and payments to attorneys. Before the year 2020, this tax form was used to report non-employee compensation, but from the year 2020 this was discontinued and 1099-NEC is used to report the same. Where is Form 1099-MISC used? The Tax Form 1099-MISC is used to report miscellaneous compensation such as prizes, rents, awards, etc. A taxpayer would receive this...

Taxpayers can make use of the IRS Form 1099-SA to report the distributions made from a health savings account, Medicare Advantage medical savings account, and from Archer Medical Savings account. It is important that the taxpayer file a separate return for each of the plan types. The distribution can be paid directly to an account holder or a medical service provider.   Why is Form 1099-SA important?   Distributions that are listed on Form 1099-SA are meant...