Finance :  Taxes

Working on a 1099 basis actually means that you are working as a true Independent Contractor under the IRS rules. You work on a 1099 basis when you are self employed such as a sole proprietor or as a corporation. Your clients will report the monies they pay you to the IRS on a 1099 form. Your clients will typically contract with you to work on a specific...

The formula is pretty simple: your small business must pay taxes on what's left of your revenues after you have deducted all your expenses. That said, it would seem to make sense to claim the maximum allowable number and amount of deductions in order to reduce your tax liability. Luckily, the IRS gives you lots of choices as to tax deductions that...

Different countries have different tax laws and have different rate of ‘tax deduction’ and different rules for‘tax credit’ that reduces total annual tax payable, by the amount of ‘tax credit’ a person is eligible for. Tax deduction in effect reduces your total income whereas tax credit reduces your total tax burden...

A W-2 form is an earned income statement containing a detailed set of information, including your total income (wages, tips, commission) and the amount of federal, state and social security taxes that have been withheld. Your W-2 is the most important document you need for filing your taxes. Your W-2 details the income and taxes paid throughout the...

Sales tax is imposed on all retail sales, leases and rentals of most goods, as well as taxable services. In other words a sales tax is a tax on the end-purchase of a good, so it normally does not apply if a sale is for re-sale or for subsequent processing. Sales tax normally a certain percentage that is added onto the price of a good or service that...

There is nothing worse than preparing Income Taxes and finding that there were many deductions we didn't keep track of. Not keeping track of deductions can be very costly come tax time. It is very important to keep good records all year round. For every dollar you don't deduct, you could be paying up to 35% back to Uncle Sam. If the dollar has...

More than half of US citizens prepare their own taxes. According to the IRS, over 60% of those make some sort of mistake. Believe it or not, tax payers cost themselves an estimated $50 million annually by not claiming all of their appropriate tax credits. Do you enjoy learning the latest tax laws? Are you organized enough to stay on top of the ever...