The W-2 form is a crucial document for employees and tax professionals alike. It summarizes an individual’s earnings and tax withholdings for the year and […]
Author: Erik Wilson
Ultimate Guide to IRS Form W-9 for Freelancers and Independent Contractors
Independent contractors and freelancers deal with a unique set of challenges when it comes to paperwork. One of the most frequently encountered documents in this […]
Understanding IRS Form 1099-S: A Comprehensive Guide
IRS Form 1099-S is a tax document used to report the sale or exchange of real estate. The Internal Revenue Service requires settlement agents, real […]
What Is an EIN and Why It Matters for Your Business
Starting a business involves numerous foundational steps, one of which includes determining whether to obtain an Employer Identification Number. While not all businesses are mandated […]
How to Legally Claim a Boyfriend or Girlfriend as a Dependent on Your Tax Return
Many couples choose to live together without getting married, sharing everything from rent and groceries to utility bills and healthcare. In some cases, one partner […]
Essential IRS Tax Forms for Self-Employed Individuals
Filing taxes as a self-employed individual is quite different from the process that employees follow. Instead of receiving a W-2 that simplifies income reporting and […]
Form 1099-C Explained: How Canceled Debt Affects Your Taxes
Navigating your taxes can be difficult, especially when unexpected forms arrive in the mail. One such form is IRS Form 1099-C, which is issued when […]
Capital Gains Tax Rules: When It Applies and How Much You’ll Owe
Understanding capital gains tax is essential for anyone who owns investments or property. Whether you’ve sold your house, a stock portfolio, or another asset, knowing […]
Understanding IRS Form 1099-NEC: Reporting Nonemployee Compensation
As the freelance economy expands and more individuals take up contract-based work, understanding the paperwork involved becomes vital. IRS Form 1099-NEC is central to this […]
Gift Tax and Adult Children: When Financial Help Becomes Taxable
In today’s economic climate, many parents continue to support their adult children well into their 20s or even 30s. Whether your child is living at […]