1099 Miscellaneous

What Is 1099 Misc? A 1099 Misc.  is one of the forms in the 1099 series provided by the IRS (Internal Revenue Service). It is a document filed to report or declare the miscellaneous payments payed / made to individuals who are non- employees but still work under or for someone. A few examples would […]

What Is Capital Loss?

Capital Loss: Incurring a loss is one situation no one ever wants to be in but sometimes such a situation could prove useful. Declaring a capital loss could help you in managing the taxes and their returns. What exactly is a Capital Loss? In simpler words. A capital loss is the difference obtained when the […]

Child and Dependent Care Credit

Child and Dependent Care Credit: You could be amazed to know that some of the money you spent on childcare expenses can be claimed back from this nonrefundable credit. You can also qualify to claim these funds, provided you should have ever cared for disabled dependents or spouses. The Requirements to Claim This: These criterion […]

Who Can File Form 1099-B?

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 […]

Tax Tips for Resident Alien

Resident Alien:  An immigrant, having yet, no citizenship of the United States, but hold a PR (permanent resident) i.e. having a current green card or have had during the previous taxation year. There are distinct tax filing pros and cons for Resident Alien and Non Resident Aliens. In the calendar year 2019 (January 1 to […]