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taxbandits021 · 1 year ago

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Form W-9 - A Complete Overview

Is your business involved in hiring gig workers, independent contractors, or freelancers? Then you most probably might come across Form W-9. In case you are someone new to business or still unaware of the W-9 Form and wonder what exactly it is used for? Who needs to file this form? Then this blog is for you. Here in this blog, we will be answering all of your questions regarding Form W-9 and more.

So let's begin with one of the most obvious questions.

What is Form W-9?

IRS Form W-9 is also called “Request for Taxpayer Identification Number and Certification” As the name suggests, this form is used by employers to obtain taxpayer identification information from the vendor for tax purposes. Businesses use the information in the W-9 to prepare 1099 forms for the vendors at the year-end.

Backup withholding

If the vendor is subject to backup withholding, you are required to withhold 24% of the income tax from the vendor's paycheck and remit it to the IRS.

You may also need to withhold taxes and remit the backup withholding taxes to the IRS under the following conditions.

If the IRS says the report TIN (Vendor) is incorrect

If the vendor does not provide TIN in their Form W-9

The vendor did not certify their TIN

IRS tells the Vendor is subject to back withholding

Who is required to complete Form W-9?

Generally, businesses that pay vendors or independent contractors require Form W-9 from the vendor to complete Form 1099. However, there are some special conditions banks and other financial institutes request Form W-9 as follows

When you open a new account with them

To report the interest income, distribution, and real estate transactions.

Cancelation of debt

Acquires or abandonment of property

How do I fill out Form W-9?

Form W-9 is a single-page form that requires the following piece of information from the vendor.

Box 1: Enter the full legal name as it appears on their tax return.

Box 2: Enter the DBA (Doing Business As) name or disregarded entity name.

Box 3a: Select the type of business entity according to federal tax classification

Box 3b: Do you have any foreign partners, owners, or beneficiaries

Box 4: Enter the exemption code that applies to you if you are exempt from backup withholding.

Box 5: Enter the address it can be your business address or home address. Make sure that the address entered must match the address in your tax return.

Box 6: Enter the Tax Identification Number (TIN). If you are an individual, enter your Social Security Number (SSN), and if you are a business, enter your EIN.

Box 7: The account number field is an option and only applies if you need to send account information.

When is Form W-9 due?

Like Form W-4, there is no specific deadline to request Form W-9 Online. It is typically sent to the vendor upon the hiring date. Although there is no specific deadline to report, employees should submit it as soon as they receive it. Failure to file Form 1099 to submit a W-9 or report incorrect information may result in penalties of $50.

How to Request Form W-9?

As the business owner, you will receive Form W-9 from your independent contractor or vendor. To request Form W-9, you can download the printable copy of Form W-9 from the IRS website and send it to your vendor, or you can opt for any e-file provider service to request Form W-9 online. If you are looking for a reliable e-file provider request Form W-9 online.

Fill out Form W9 with TaxBandits for Free.

TaxBandits offers a comprehensive filing solution right from filing Form W-9 to e-filing Form 1099 to IRS and everything in between. TaxBandits’ fillable W-9 solution is designed to help you complete and submit a W-9 to your payers quickly and easily!

Just follow the below steps to fill out the W-9:

Step 1: Enter the required data on your Form W-9.

Step 2: Preview the data and e-sign the Form

Step 3: Once e-signed, download or share it electronically with your payers.

#Form W-9 #IRS Form W-9 #Fillable W-9 #Fill Out a W9

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1099misconlineform-blog · 5 years ago

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1099 Misc Form Filing With The IRS

1099 Misc Form Filing With The IRS. The federal tax 1099 Misc form provided by the business or employer to the IRS as well as the recipient. Form 1099 Misc (NEC payments) due to the recipient like contractor as well as the IRS by January 31. If the business or employer registered to file electronically, the deadline for filing 1099 form with the IRS on March 31, 2020.

File Federal Tax 1099 Misc Form

Collect Information To Create 1099-Misc Form

Before you start the federal tax 1099 Misc form filing process, make sure you collect all the accurate information of your recipients. You should filled-out Form W-9 for each recipient, which includes recipient name, address, and Tax ID either a Social Security number (SSN) or Employer Identification Number (EIN). The W-9 will also include their tax filing status, so you can determine to see if you require to provide a federal tax 1099 Misc form for that recipient.

It’s a good idea to determine with each recipient to see if any details have changed before beginning the 1099 Misc filing process. If the contractor has not provided a W-9 form, the IRS says that you can withhold 28% of the recipient earnings and send this directly to the IRS.

Obtain Your 1099 Tax Forms

Once you have the details to work with, it’s time to receive the current year federal tax 1099 Misc form. You cannot use a downloaded Form 1099 or a sample form from the IRS. If you filing on paper, you require to use particular forms that are readable by the Internal Revenue Service.

There are also alternative sources for receiving these online fillable 1099 Misc forms. You can order them from some office-supply stores. We also provide a 1099 Misc form E-filing. By using our 1099 Misc E-filing service, you can easily file a bulk number of federal tax 1099 Misc forms.

Fill Out The IRS 1099 Information Return

With your contractors’ information and the IRS1099 Misc forms handy, it’s time to begin filling 1099 tax forms out. Start with your Federal Tax ID, which could be your SSN or Employer Identification Number. Then add in the contractor’s information like name, address.

Each 1099 information return should also include the Payment amount paid to the recipient. For instance, if a recipient is contractor payment entered in Box 7 under the title Non-employee compensation. If the payer withheld any pay from the recipient like a contractor, the payer will also require to fill in Box 4 or 11 about any federal or state income tax you withheld. Finally, check that their Tax ID is accurate or not. Repeat this verification process for each contractor you have worked with.

Submit The 1099 Misc With The IRS

The next part of the process is to submit the federal tax 1099 Misc forms. You must mail or hand each Copy B of IRS 1099 tax form to the contractor before the deadline. Failure to meet this IRS due date can lead to the penalty mentioned above. These printable 1099 Misc forms must be mailed to contractors on time because they require them to make a tax return, Recipients report their whole amount earned.

1099 Misc Form Filing With The IRS. You can visit our site www.1099misc-form.com, for more details about the online fillable 1099 Misc form. For information about the fillable 1099 Misc form, you can contact our mail id [email protected]. You can contact our contact number +1 -316-869-0948 for information about the 2019 IRS 1099 Misc tax form.

#1099miscform #Free printable 1099 misc form #Efile 1099 Misc #1099 Misc Tax Form #Efile 1099 #1099 Form Online Filing #1099 Misc Online Form

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jeanboehm · 5 years ago

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Easter Basket Goodies Under $15

1. GUM // 2. BUBBLES // 3. JELLY BELLY JELLY BEANS // 4. POKEMON TIN W/CARDS // 5. NATURAL BASKET // 6. PLASTIC FILLABLE EGGS // 7. BUNNY PLATES // 8. WOODEN EGG TOY // 9. GIRLS DRESS

I wanted to share a few affordable items I purchased for my kids' Easter baskets in case you're planning ahead. All items should arrive before April 12, but double check as shipping times have been understandably slower. My plan is to stage a big Easter egg hunt in our backyard with these pretty pastel plastic eggs and fill them with these yummy Jelly Belly Jelly Beans (free from the top 8 allergens!)

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Continue reading "Easter Basket Goodies Under $15" Easter Basket Goodies Under $15 published first on https://lenacharms.weebly.com/

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marketresearchlove-blog · 5 years ago

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Asia Pacific (APAC) Drug Delivery Devices Market - Trends and Forecast to 2024

Asia Pacific Drug Delivery Devices Market, By Route of Administration (Oral (Solid, Liquid, Semi-Solid), Injectable, Topical, Pulmonary (MDI, DPI, Nebulizers), Nasal, Ocular, Implantable, Transmucosal), By End-User (Hospitals, Ambulatory Surgery Centers/Clinics, Home Care Settings, Diagnostic Centers, Others), By Country (China, India, Japan, South Korea, Singapore, Australia, Rest of APAC) – Industry Trends and Forecast to 2024

APAC Drug Delivery Devices Market is expected to reach USD 235.8 billion by 2024 from USD 130.9 billion in 2016, at a CAGR of 7.6% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

Drug delivery is a process of introducing a therapeutic effect in the human body by administering a pharmaceutical drug at a specific targeted site. Drug delivery system improves the efficacy and safety of drug by controlling the rate, time and release of drug in the body. The drug delivery market is segmented on the basis of route of administration, end users, and region.

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· On the basis of route of administration the APAC drug delivery devices market is segmented into oral, injectable, topical, pulmonary, nasal, ocular, implantable and transmucosal. Oral drug is further segmented based on form into solid drug, semi-solid drug and liquid drug.

· �� The solid drugs include and are categorized as tablets, capsules, powders and pills. The semi-solid drugs are further segmented into gels, emulsions and elixirs. The liquid drugs are further classified into solutions and syrups.

· The Injectable drug delivery segment is further segmented into devices and formulations. The devices segment is categorized as conventional injections, self Injectable devices, Needle free injectors, auto injectors, pen injectors, wearable injectors, other devices. The convention injections sub-segment is further classified by material into glass and plastic injections, by usability disposable and reusable injections and, by type into fillable and pre-filled syringes.

· The Injectable drug delivery formulations are categorized as conventional drug delivery, novel drug delivery, long acting Injectable. Based on the route of administration, oral drug delivery market dominates the market in 2015 and in the near future injectable drug delivery market will dominate the APAC drug delivery devices market with the largest share in the drug delivery market. Topical drug delivery market is considered to be the fastest growing market with the CAGR of 11.5%.

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The pulmonary drug delivery segment is further classified into metered dose inhalers (MDI), dry powder inhalers (DPI) and nebulizers. The nebulizers are further sub segmented into jet nebulizers, ultrasonic nebulizers and soft mist nebulizers.

Ocular drug delivery devices are segmented into liquid ocular drugs, semi solid ocular drugs and ocular devices. Liquid ocular drug delivery includes eye drops and liquid sprays. Semi solid ocular drug delivery includes gels and ointments. The ocular device includes drug coated lenses and ocular inserts.

Nasal drug delivery devices are segmented into nasal drops, powders, gels, and sprays. The topical drug delivery segment is segmented based on form into liquid, semi-solid, solid and transdermal. The transdermal topical drug delivery device includes transdermal patches and transdermal gels. The implantable drug delivery devices segment includes active and passive implantable drug delivery devices. The transmucosal drug delivery segment is sub segmented into oral transmucosal and others. The oral transmucosal segment includes products such as buccal and sunlingual drug delivery devices, while the others segment includes rectal transmucosal drug delivery and vaginal transmucosal drug delivery.

On the basis of end users the APAC drug delivery devices market is segmented into hospitals, over the counter, ambulatory surgery centers/clinics, home care settings, diagnostic centers, and others. The hospitals segment dominate the North America drug delivery devices market.

The major factors contributing to the growth of the APAC drug delivery devices market are rising prevalence of chronic diseases, growing geriatric population, increase in diagnosis, growth of biosimilars, new product launches, drug innovation, technological advancements, and decrease in the level of pain. On the other hand, factors such as side effects and injuries, infections, safety measures regarding the use of devices used for the administration of drug, patent expiry, product recall and patent cliff hampers the growth of the market.

Compotator

The major players covered in the report are Alcoa Corporation, Endurance Technologies Limited, Ryobi Limited, DyCast Specialties Corporation, Consolidated Metco, Inc., Alcast Technologies, Ningbo Beilun Create Mould Machine Co., Ltd, Leggett & Platt, Incorporated, Martinrea Honsel Germany GmbH, Gibbs, Dynacast, Reliance Foundry Co. Ltd., Toyota Industries Corporation, LA Aluminum, TPi Arcade, Drahtwerk Elisental W. Erdmann GmbH & Co., Wagstaff Inc., Ningbo Innovaw Mechanical CO.,LTD., Modern Aluminum Castings CO., INC. and Pacific Die Casting Corp.

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Global Asia Pacific (APAC) Drug Delivery Devices Market Size, Status and Forecast 2018 – 2025

1 Market Overview

2 Manufacturers Profiles

3 Global APAC Cancer Diagnostics Sales, Revenue, Market Share and Competition by Manufacturer

4 Global APAC Cancer Diagnostics Market Analysis by Regions

5 North America Global APAC Cancer Diagnostics by Countries

6 Europe Global Asia Pacific (APAC) Drug Delivery Devices by Countries

7 Asia-Pacific Asia Pacific (APAC) Drug Delivery Devices by Countries

8 South America Global Asia Pacific (APAC) Drug Delivery Devices Diagnostics by Countries

9 Middle East and Africa Global Asia Pacific (APAC) Drug Delivery Devices Diagnostics by Countries

10 APAC Cancer Diagnostics Market Segment by Type

11 Global Asia Pacific (APAC) Drug Delivery Devices Market Segment by Application

12 Global APAC Cancer Diagnostics Market Forecast

13 Sales Channel, Distributors, Traders and Dealers

14 Research Findings and Conclusion

15 Appendixes

Based on geography the market is segmented into 7 countries, China, India, Japan, South Korea, Singapore, Australia and rest of APAC. Japan is expected to dominate the market, while China and India are expected to be the growing with highest CAGR in the forecast period.

The report also includes company share analysis for the major companies operating in this market by countries. The details of mergers & acquisitions, product launches, expansions, and product life cycle matrix is also a part of this report. Some of the players in the market Bayer AG, Johnson & Johnson Services, Inc., Novartis AG, Pfizer, Inc., F. Hoffmann-La Roche AG, GlaxoSmithKline plc. , Merck & Co., Sanofi, Antares Pharma, and 3M.

Buynow@https://www.databridgemarketresearch.com/checkout/buy/enterprise/asia-pacific-apac-drug-delivery-devices-market

Reasons to Purchase this Report

· The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period

· Regions/Countries that are expected to witness the fastest growth rates during the forecast period

· The latest developments, market shares, and strategies that are employed by the major market players

About Us:

Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market.

Contact:

Data Bridge Market Research

Tel: +1-888-387-2818

Email: [email protected]

· Amyotrophic Lateral Sclerosis (ALS) Market

· Antifungal Drugs Market

· Cutaneous Lupus Erythematosus Market

#Asia Pacific (APAC) Drug Delivery Devices Market - Trends and Forecast to 2024

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aydammair · 5 years ago

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How to File Your Taxes in 2020

I just finished filing my 2019 taxes and it took all of 10 minutes so I decided to write this quick tutorial to help others out. I’m not an accountant, so I can’t advise you on any special circumstances. This is just a quick-start guide for young adults whose only income is from jobs and don’t have extenuating circumstances. Unless your deductible expenses exceed $12,200 you should just take the standard deduction and therefore don’t need any additional forms.

-Get your W2 from your employer. Legally they are required to mail or provide this electronically by Jan. 31. If you can’t find it, contact your HR department.

-Go to https://www.freefilefillableforms.com/#/fd (Alternatively go to IRS.gov, click “Do Your Taxes for Free”, and then click “Start Fillable Forms Now”. There are other tools available if your income is below $69,000, but I haven’t found them to be easier or faster.)

-Create an account. Use your best email because they will send you confirmations you need to keep.

-A verification email got sent. You won’t be able to submit until you’ve verified your email.

-[STEP 1. Fill Out Your Tax Forms]. Okay pay attention:

Fill in the top information. It’s pretty straightforward. If you are under 19 (or 24 if you went to college) talk to your parents about who gets your deduction. Probably them unless you’ve made a ridiculous amount of money somehow.

Fill in Line 1 with the amount shown in box 1 on your W-2. (Round to the nearest dollar.) If you’re married, add your W-2; box 1 together. If you had multiple jobs, just add them all up and enter the total.

Click “Do the Math” found at the bottom of the screen. Lines 7b and 8b should auto populate with the same amount.

8b is your Adjusted Gross Income if you need that for anything else.

Fill in Line 9 with the standard deduction amount. 12200 for a single person. 24400 for married.

Click “Do the Math.” Lines 11a and 11b should auto populate.

Line 11b is your Taxable Income.

Go to https://www.irs.gov/pub/irs-pdf/i1040tt.pdf. Use this chart to find out what your tax is using your Taxable Income from Line 11b. There’s instructions at the top.

Enter the amount of tax you just looked up in Line 12a.

Click “Do the Math.” Lines 12b, 14, and 16 should auto populate.

Fill in Line 17 using box 2 on your W-2. Just like with your income, add all the W-2; box 2s together and enter the total.

Click “Do the Math.” Lines 19, 20, and 21a should auto populate.

Fill in the Routing and Account number of where you want your refund deposited.

Whew! Hard part is over.

-Click Save (At the top near the center of the screen).

-[STEP 2. E-File Your Tax Forms]. This form is fairly self-explainatory. They’re basically just having you fill out the information on your W-2 rather than uploading it. Since the W-2 is a standard form it should be a matter of copy/paste.

-Click “Continue to E-File”. Fill out the captcha, check the box, click “Transmit My Return”.

Tada! You’re done!

-I recommend using “Print Return” to download a copy of this form for your records. They’re worth keeping for the recommended 7 years. Keep your W-2s as well. All this stuff can come up when applying for loans and mortgages.

If you have any questions you’re welcome to message me but it’s probably faster to Google it or use the IRS’s tools.

#taxes #life hacks?#how-to #adulting

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elizabethcariasa · 7 years ago

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17 last-minute tax filing tips

Source: CafePress tax jigsaw puzzle

Still trying to put the pieces of your Form 1040 (or 1040A or even 1040EZ) together? Time's running out. Tax Day is almost here.

Since the tax filing deadline is April 17 this year, here are 17 tax tips. Not only do they earn this week's By the Numbers honor, some could help you put together a return to send to Uncle Sam on time and at the least possible tax cost to you.

1. File on time. Yes, this first tip is obvious, but a lot of people let the filing date slip by even in years, like 2018, where we get a couple of more days to send the Internal Revenue Service our tax returns. So set your electronic calendar alarm. Your taxes are due on Tuesday, April 17, by midnight your local time. Or by the time your U.S. Post Office affixed the April 17 postmark if you're snail mailing a paper tax return.

2. Make sure you know, and report, how much you made. A lot of filers need just one piece of income documentation to file, the W-2 form their employer sent them. But others had some side hustles. In some of those cases, a 1099 form was issued. In all these earning cases, the IRS also got copies of these forms. So the agency will know if you forgot any income. That will get you at least a mailed notice and will slow down the processing of your return and issuance of any refund. So double check your tax-related documents and be sure to report all your income, be it from a salaried job, side jobs or even gambling or prize winnings.

3. Decide which deduction method to use. Most taxpayers claim the standard deduction. If you can do that, good. It's easier and the amount to claim if found right on your 1040. For 2017 returns, that's $6,350 for individual filers; $9,350 if you're a head of household; or $12,700 if you and your spouse file jointly. But you want to use the deduction method that gives you the most tax advantage. If you had a lot of expenses last year that you can itemize and they add up to more than your standard amount (adjusted each year for inflation), which is based on your filing status, then you need to itemize. Sorry. It is extra work, but it's worth it when it comes to tax savings.

4. Choose the correct filing status. In addition to determining your standard deduction amount, your filing status also affects some tax breaks you might be able to claim. So make sure you pick the correct one of the five filing status options you can use.

5. Add up your medical costs. These doctor and dentist visits are what prompt many filers to itemize. And if you saw a lot of medical personnel (or had some of the many other allowable medical costs) last year, you get a break this filing season. One of the few Tax Cuts and Jobs Act (TCJA) changes that affects the 2017 tax year is the one that lowered the Schedule A threshold for claiming medical costs from 10 percent to the prior 7.5 percent cap. That reduction is for the 2017 and 2018 tax years.

6. Don't forget about Obamacare. Speaking of medical, don't forget about the Affordable Care Act, aka Obamacare, penalty for not having acceptable medical coverage. That tax price is still in effect for 2017 returns. Most taxpayers will let this IRS know this by checking the box on line 61 of Form 1040, line 38 on Form 1040A or line 11 on Form 1040EZ.

7. Don't overlook other itemized deductions. While medical costs can be a big part of itemized claims, there are other ways to reduce your adjusted gross income to a lower taxable amount. And you want to make sure you claim as many of these itemized deductions that you can on your 2017 return, since many of them will be changed or eliminated in 2018 thanks to the TCJA.

8. Add up your noncash charitable donations. If you're philanthropic, your donations can help if you itemize. But it's not just cash gifts to nonprofits that count. Gifts of clothing and household goods that are in good or better shape also can be claimed at their fair market value. Some miles you drive in your personal vehicle helping out your favorite charity also can be claimed at 14 cents per mile.

9. Contribute to or open an IRA. As noted in my earlier post on 10 tax tasks to take care of by April 17, opening this type of retirement account is one of the few tax breaks you can take after the end of a tax year. You have until the April filing deadline to open an IRA, either Roth or traditional, for the prior tax year. If you're deducting a traditional IRA contribution, it could help cut your tax bill. If you opt for a Roth contribution, that doesn't produce an immediate tax break, but putting money into that account for 2017 will allow you to max out your contributions for that tax year. And by saving as much as you can now, you'll have a more comfortable retirement later.

10. Look into the Saver's Credit. Another bonus to contributing to a retirement account, either an IRA now or any time last year or a workplace plan (including self-employed retirement plans), is that it might allow you to claim the Saver's Credit. This tax break, which by being a credit reduces your tax bill dollar-for-dollar, could cut what you owe Uncle Sam by up to $1,000. There are earnings limits, so not every retirement saver qualifies for the Saver's Credit. But you don't know for sure until you check.

11. Contribute to your Health Savings Account (HSA). Like the IRA contribution rule, you have until the filing due date, April 17 this year, to put money into your Health Savings Account (HSA). This medical account is available to folks covered under a high deductible health plan and gives them a tax-saving way to pay for their larger out-of-pocket high deductible costs. An HSA bonus is its flexibility. You can use HSA funds to pay for current medical expenses, save for future medical expenses or even reimburse past medical expenses incurred after you established your HSA.

12. Don't overlook above-the-line deductions. Contributions to your traditional IRA, your self-employment retirement plan and HSA also can be counted as adjustments to income, or what are popularly known (at least by tax geeks) as above-the-line deductions. These 13+ write-offs found directly on Form 1040 (four of them also are on Form 1040A) help whittle down your total, gross income to your adjusted gross income (AGI). The also include alimony payments, educator expenses and student loan interest.

13. Double check your 1040. I know. By the time you finish filling out your 1040, you just want it gone. But before you drop it into the snail mail box or hit enter, give it another look. If you use tax preparation software, which most of us do, it will do a check for you. But it can't ensure that you entered in the correct amounts. And a transposed earnings amount could make a big difference, for good or ill, on your return. Math mistakes are, year-after-year, among the most prevalent filing errors. You don't want to mess up your tax math or make any of these 12 common filing mistakes.

14. File electronically. That tax software mentioned in #13 typically will let you also file your return electronically, in many cases for free. But you don't have to buy one of the boxed products. If your adjusted gross income is $66,000 or less, you can use the IRS-tax industry's Free File. Here, participating tax software companies will let you use their online products to fill out and e-file your 1040. Even if you do make more, you can use its fillable forms free fling option.

15. File your state taxes. Of the 43 states and Washington, D.C. that collect some sort of income tax, 38 of them and the District of Columbia follow the federal filing deadline. Some of the Free File products allow for free state prep and e-fling, too. Read the offers closely. Or check with your state's tax department. Many of them have their own state free filing systems.

16. Get more time. If you just can't finish your 1040, file for an extension. Submitting Form 4868 by April 17 will give you six more months to finish those forms.

17. Pay what you owe. If, however, you're asking the IRS for six more months because you don't have the monthly to pay your due taxes, fuhgeddaboudit. Filing a Form 4868 gives you added time to fill out your forms, but no extra time to pay any tax you expect you owe for the prior tax year. The form will remind you of this payment obligation, but I'm adding it here again because if you owe, you don't want to make it worse by having that amount increased by the interest and nonpayment penalties that will be added to your bill if you don't pay by April 17. If you don't have the cash on hand but your credit card can handle it, you can use that to e-pay. Note, however, that credit payments include a processing fee charged by the vendors. Or you can set up a payment plan with the IRS by sending the agency Form 9465, Installment Agreement Request, or by using the IRS' Online Payment Agreement Application. In any case, pay as much as you can toward your bill to show the IRS that you know you owe and you're trying to meet your tax obligation.

Yeah, I know this is a lot with just a few days left until the due date. But hopefully, as long-time readers of the ol' blog, you've already considered most of these.

If not, I hope you've got some new and helpful ideas on how to more easily file and perhaps reduce your tax bill.

And regardless of whether you'll still be working on your 1040 on Tuesday or filed months ago, be sure to reward yourself on April 17 by taking advantage of these Tax Day discounts and freebies.

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christophergill8 · 7 years ago

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17 last-minute tax filing tips

Source: CafePress tax jigsaw puzzle

Still trying to put the pieces of your Form 1040 (or 1040A or even 1040EZ) together? Time's running out. Tax Day is almost here.

9. Contribute to or open an IRA. As noted in my earlier post on 10 tax tasks to take care of by April 17, opening this type of retirement account is one of the few tax breaks you can take after the end of a tax year. You have until the April filing deadline to open an IRA, either Roth or traditional, for the prior tax year. If you already have an IRA, either Roth or traditional, you can put tax money for the 2017 tax year into it by April 17. If you're deducting a traditional IRA contribution, it could help cut your tax bill. If you opt for a Roth contribution, that doesn't produce an immediate tax break, but putting money into that account for 2017 will allow you to max out your contributions for that tax year. And by saving as much as you can now, you'll have a more comfortable retirement later.

16. Get more time. If you just can't finish your 1040, file for an extension. Submitting Form 4868 by April 17 will give you six more months to finish those forms.

Yeah, I know this is a lot with just a few days left until the due date. But hopefully, as long-time readers of the ol' blog, you've already considered most of these.

If not, I hope you've got some new and helpful ideas on how to more easily file and perhaps reduce your tax bill.

And regardless of whether you'll still be working on your 1040 on Tuesday or filed months ago, be sure to reward yourself on April 17 by taking advantage of these Tax Day discounts and freebies.

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from Tax News By Christopher http://www.dontmesswithtaxes.com/2018/04/last-minute-tax-filing-tips.html

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antoineprudhom-blog · 8 years ago

Link

W-9 form is a federal document that you as a business entity (in other words, contractor) are obliged to complete and submit to the entity, from which you received over $600 in the current tax year

#W-9 Form #IRS W-9 Form

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christophergill8 · 8 years ago

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10 last-minute tax filing tips

Remember those frantic times when your classroom assignment was due and you were running out of time to finish it? Millions of U.S. taxpayers are flashing back to those school days as they scramble to complete their 2016 tax returns by tomorrow, April 18.

We all face deadlines. And at some point, we all procrastinate. If that's you now as the April 18 tax filing deadline looms, don't panic. You've still got time to do the tax job right.

But the tax stakes are definitely higher than that what you faced with that looming senior essay you put off too long. Literal dollars now are at stake.

Don't panic. There's still time to file and complete Uncle Sam's annual assignment correctly.

These 10 last-minute filing tips can help.

1. Determine whether you need to file. Most Americans who earn money, be it through full-time jobs or self-employment or investment income, do have to fill out a tax return. But some don't. Make sure before you put yourself through the hassle.

Whether you must file depends on your income, filing status, age and whether you can be claimed as a dependent on someone else's return. If you're not sure whether you need to send the Internal Revenue Service a tax return, check out the tax agency's online Do I Need to File a Tax Return? online tool.

You also can find more about filing requirements in IRS Publication 17 and this story I wrote.

2. Gather you tax documents. OK, you have to file. To fill out your taxes properly you need all your tax statements. This checklist helps, but here are some highlights that bear repeating.

Start with earnings data. It is, after all, called the income tax. You'll need W-2s from employers and assorted 1099 forms form any side-hustles or regular self-employment, as well as investment earning statements. Even if you didn't get an official notification of earnings, you're still responsible for reporting all your income and paying the appropriate amount of tax.

If you're self-employed, you'll also need supporting receipts for all the expenses you can claim.

For deductions and credits, you'll want to make sure you have the documentation for tax claims such as mortgage interest and tuition payments, as well the confirmation of your charitable contributions or medical expenses.

And if you made quarterly tax payments, be sure you have a record of how much you paid and when.

3. Decide which deduction method to use. Your tax document will help you decide whether this tax year you'll claim the standard deduction or itemize your expenses.

Most taxpayers claim the standard amount. For 2016 returns, that's $6,300 for individual filers; $9,300 if you're a head of household; or $12,600 if you and your spouse file jointly.

If, however, you have enough expenses to exceed your standard amount, then by all means itemize them on Schedule A.

4. Don't overlook tax breaks. Regardless of which deduction amount you choose, make sure you don't shortchange yourself. Every year too many taxpayers overlook tax breaks. Don't be one of them. Check out these 10 sins of tax omission, as well as 12 more often overlooked tax breaks.

5. Don't make common mistakes. Similarly, lots of taxpayers end up owing more because they make common filing mistakes. No problem, you say. You didn't make any of those 10 filing errors. Good. Now double check that you didn't commit these 10 costly tax sins, either.

6. Contribute to an IRA or HSA. Putting money into a tax-advantaged savings account may potentially lower your tax liability. Even better, money contributed now pays off down the road.

You have until the April filing deadline to contribute to an individual retirement account, better known as an IRA, either Roth or traditional, for the prior tax year. The 2016 maximum contribution amount for either type of IRA is $5,500 — or $6,500 if you’re age 50 or older. If your traditional IRA contribution is deductible, designating it by April 18 for the 2016 tax year could reduce your tax bill.

The same deadline applies to a Health Savings Account, or HSA. This medical account can be opened fi you have a high deductible health plan. The HSA funds provide a tax-saving way to pay for that medical insurance's larger out-of-pocket costs. The 2016 contribution limits are $3,350 for an individual HSA owner and $6,750 for a family.

7. File electronically. The IRS will process your tax return more quickly if you e-file. That means if you're getting a refund, you'll see that money sooner. You'll get it even more quickly if you also tell the IRS to directly deposit your refund into a financial account.

You can e-file in one of three ways. First, directly through the IRS with Free File or fillable forms. Second, by using tax preparation software. Third, by hiring a tax preparer who's an IRS-authorized e-filer.

8. Pay what you owe. While the IRS wants your tax return, it also definitely wants any tax you owe. Even if you can't pay your full amount due with your 1040, pay as much as you can.

Again, the IRS recommends that you use one of its various e-payment options.

And if you can't pay your full tax bill, contact the IRS about setting up an installment payment plan.

9. File your state taxes. Residents of 43 states and the District of Columbia also face income taxes in those jurisdictions. And most of those state returns also are due on April 18.

The five states that have other filing due dates are:

Delaware on April 30

Hawaii on April 20

Iowa on April 30

Louisiana on May 15

Virginia on May 1

In most cases you'll need to finish your federal return first, since states tend to use that information as a starting point for their more local taxes.

And who is lucky enough not to deal with double tax duty? In addition to me and my fellow Texans, you won't face any state income tax at all if you live in Alaska, Florida, Nevada, South Dakota, Washington or Wyoming.

State income taxes exist, but are limited to interest and dividend earnings in New Hampshire and Tennessee, whose state governments collect taxes only on interest and dividend earnings.

10. Get an extension. If you just can't finish your 1040 and all the accompanying forms and schedules by April 18, then get six more months to do so.

You can get an automatic extension until Oct. 16 (the regular 10/15 due date is on a Sunday this year, so you get an extra extension day) to file your forms.

It's not hard. Just file Form 4868, either electronically or by mailing the paper form so that it's postmarked April 18.

Remember, though, as tip #8 notes you still need to pay your tax bill or as much as you can when your file your extension.

You can find more tax filing help at IRS.gov and, of course, in the ol' tax blog's monthly collections of Daily Tax Tips.

Sponsored Links from Tax News By Christopher http://feedproxy.google.com/~r/DontMessWithTaxes/~3/0zCFWI348nQ/10-last-minute-tax-filing-tips.html

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