For the upcoming tax season, the IRS Form 1040 has changed forever. This goes back to the Tax Cuts and Jobs Act (TCJA), where Americans with simple tax affairs can file their taxes on a form that’s the size of a large postcard.
However, it should be said that online tax filers may not notice any changes at all, so they won’t need to do anything different.
The IRS has worked in collaboration with many tax preparation partners and brands to ensure these changes go through as easily as possible.… Read the rest
What makes a corporation special is it’s a distinct legal entity separated from its owners. That means it pays its own income taxes. The owners are not responsible for paying the income taxes of the corporation.
The way a corporation pays income taxes is through filing IRS Form 1120 to figure out how much they need to pay. Corporations also have a separate income tax rate, so they don’t pay the same taxes as an individual.
Taxpayers can use TurboTax to get their W-2s online and import it into the platform. It’s a simple system that automatically inserts the important information on your W-2 into your latest tax return.
How to Import Your W-2 Into TurboTax
The first step to login to TurboTax, click on ‘Work on My W-2 Now’ in TurboTax. From here, you’ll need to enter your Employer Identification Number (EIN). If you don’t have it, you can ask your employer’s accounting department for it.… Read the rest
The IRS has a tax form for every occasion. One quick search on the IRS website will promptly bring up over 900 different results. Most of these forms are for extreme niches, and you don’t need to know about them. But there are 10 forms you do need to be aware of before you file your taxes.
Three of these forms will likely be sent to you in advance. These are the W-2, 1098, and 1099, based on your employment status.… Read the rest