Most small landlords do not need to issue 1099s to contractors they pay in connection with their rentals. Exceptions apply when the rental activity rises to the level of a trade or business.
Qualified tuition plans, more commonly known as 529 plans, offer parents and other relatives a tax-advantage way to save money for college. Taxpayers can fund a 529 plan only with after tax dollars, but the money in the plan grows tax-free, and can be withdrawn tax-free if used for qualifying educational expenses. There’s a […]
If your business has a 1099 filing requirement, today (February 28) is the deadline to file those on paper with the IRS. The payee copies of 1099s were due at the end of January, but the federal copies are due today. Electronic filers have until March 31, 2014 to file their 1099s. Taxpayers who are […]
The IRS estimates that as many as 4 out of 5 working families may qualify for the Earned Income Credit, and that about 1 in 4 taxpayers who qualifies for the credit fails to claim it. This means about 1 in 5 working families who qualify are needlessly missing out on a refundable credit that […]
Tax-Advantaged Savings for Doctors Doctors and other high-earning professionals can be some of the most challenging clients to find tax savings for. Their incomes are too high for them to claim a lot of common deductions and credits, but because that income comes in the form of wages, they don’t have access to all of […]