Archive for the ‘Federal Taxes’ Category

1099 MISC Deadlines for Independent Contractors Approaching

Tuesday, January 22nd, 2008

The turning of the new year is a time for a new beginning. Unfortunately, January is also the time when the tax season begins in earnest. 1099-MISC filings are on of the first things that come up.

1099 tax forms are known as information reporting forms. They are used to essentially collect data by the IRS on who is paying what to whom. If you received dividends during the year from a company, you’ll receive a 1099 for those dividends.

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While there are different types of 1099s, the 1099-MISC is the form that gives the most people the most trouble. (more…)

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Best Ways To Reduce Your Taxes

Tuesday, January 15th, 2008

When it comes to taxes, we all want to reduce the amount we have to pay in. All tax planning basically falls to looking at all of your options and keeping organized records throughout the year. With a little forethought, you can lower your taxes. There are some basic ways to minimize your taxes: reduce your income, increase your deductions and take advantage of tax credits. (more…)

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Married And Filing For The Earned Income Tax Credit

Monday, January 14th, 2008

When trying to qualify for the earned income tax credit you or your spouse must satisfy the age test if filing a joint tax return. You can not be a dependent of another taxpayer, and are not a qualifying child of another taxpayer.

If married and filing a joint tax return you must include your social security number on your IRS tax return and that of your spouse. Married couples who file separate returns are not eligible for the earned income credit. If you are married, but your spouse did not live in your home for the last six months of the year, you may be able to file as head of household and take the credit. If you are married and file a joint return, you meet this rule if at least one spouse works and has earned income. (more…)

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