Are You Ready to File Your Taxes?

IRS Tax ProblemsIRS News

Started thinking about doing your taxes? Keep putting it off? Keep putting the tax forms in a pile knowing eventually I will get to them?  But now, it’s March and you should have everything you need to file your taxes. Most things are required to be in your hands by January 31st.

 

Here is a list of the forms that you might be receiving.

 

  • W-2 (form that all wage earners receive).
  • 1099-DIV (this if for dividends that you might receive).
  • 1099-INT (interest earned).
  • 1099-MISC (for miscellaneous income).
  • 1099-B (money received from Broker Transactions).
  • 1099-C (for cancellation of debt).
  • 1009-G (for government payments including unemployment).
  • 1099-OID (for certain types of investment income).
  • 1099-R (for retirement distributions).

 

If you are missing a W-2 form, check with your employer. If you are missing a 1099, keep in mind, that 1099-MISC is only required if you earned more than $600.00 from a single source of income for the year. Also keep in mind that payments made to a corporation do not require a 1099 regardless of the amount. If you are self-employed, and you have incorporated your business, it is possible you will not receive any 1099 forms. You are always required to report all income whether you receive a 1099 or not.

 

Len Stauffenger has a National Tax Practice. He focuses solely on helping people and businesses solve their IRS tax problems.

          He can be reached at 877-349-8297.