1099-B form is issued by brokers and barter exchanges which states the Proceeds from Broker and Barter Exchange Transactions. It is an Internal Revenue Service (IRS) tax form. All the gains and losses of broker and barter exchange transactions are listed in this form. All the Broker and Barter exchanges must mail this form by […]

Know Your Taxable Income and Non-Taxable Income! An individual who has been filing taxes since a long time might find it hard to differentiate between taxable and nontaxable income, and might even think that wages and self-employment income is the only income considered for tax purposes. Lack of appropriate tax knowledge will invite inquiry, penalty […]

How Long Can The IRS Hold Your Refund For Review? There might be many reasons why the Internal Revenue service might review and hold off your refund. The general norm is to file for your income tax return via electronic means through a computerized system where the system scans and reviews your return application. In […]

The Consequences Of Forgetting To Report a 1099B The Proceeds from Broker and Barter Exchange Transactions are stated in form 1099B which barter exchanges and brokers essentially issue. The submission of this form is mandatory by the IRS in order to record on paper the gains or losses of taxpayers. Brokers must submit the 1099-B […]

529 plan– named on the section 529 of the Internal Revenue Code is a savings plan offering tax and financial aid benefits. This plan encourages saving for the future education expenditure and costs. Legally known as the ‘Qualifying tuition plans’ this plan is generally sponsored by the state agencies or any educational institutions. These savings […]