Category: Taxes

Social Security card laying in a nest

A Beginner’s Guide to Social Security Taxes

This article was last edited on 1/20/2020. For updated information on Social Security taxes, visit Topic No. 751. Every time you pay your employees, you’ll withhold Social Security taxes, also known as OASDI taxes...

“financial penalty” written on paper

What are the Penalties for Filing a W-2 or 1099-MISC Late?

This article was last edited on 1/17/2020. For updated information on information return penalties, visit Increase in Information Return Penalties. If you pay employees or independent contractors, you’ll need to file W-2 and 1099-MISC...

person filling out form w-9

Tax Form W-9: Taxpayer Identification Number and Certification

This article was last edited on 02/18/2020. For updated information on Form W-9, visit https://www.irs.gov/forms-pubs/about-form-w-9. You’ll use Form W-9 is used to request the taxpayer identification number (TIN) from any person or corporation you plan to...

person filling out form 1099-misc

What is the Account Number on a 1099-MISC form?

This article was last edited on 1/3/2020. For updated information on 1099-MISC account numbers, visit https://www.irs.gov/forms-pubs/about-form-1099.  If you’re filing a 1099-MISC form for an independent contractor, you might be wondering what to include as the account number. The account number is a code that’s...

calculator and change with calendar in the background with deadline circled

Tax Due Dates

This article was last edited on 11/5/2019. For updated information on tax due dates, visit https://www.tax.gov/calendar/. Make sure you don’t miss any tax due dates by going ahead and marking your calendar. These might change slightly...

What is Tax Form 1099-K

What is Tax Form 1099-K?

This article was last edited on 9/30/2019. For updated information on Form 1099-K, visit https://www.irs.gov/pub/irs-pdf/f1099k.pdf. Form 1099-K is used to report certain types of transactions to the IRS. It reports payments from a payment...

What's a Lookback Period

What’s a Lookback Period?

This article was last edited on 12/26/2019. For updated information on payroll taxes, visit https://www.irs.gov/forms-pubs/about-publication-15.  A lookback period is the timeframe used to calculate an employer’s total payroll tax liability. The IRS then uses that info to determine your deposit...

is it a hobby or a business?

Is It a Hobby or a Business?

Is your company a business, or is it still just a hobby? The IRS has strict guidelines about what activities constitute a business. Whether you’re a business will have an impact on your taxes...