Whoever said taxes aren’t that complicated? Especially when it comes to income, where the IRS wants to make sure that virtually everything you’ve earned has been accounted for, tax-wise. As such, there are 21 different versions of Form 1099, the form that the IRS requires you to fill out when you’re federally declaring any income …
Imputed income refers to the value assigned to a non-monetary benefit or perk received by an individual, which is then treated as taxable income. In other words, when a company or employer offers a non-traditional benefit – such as a gym membership, or an annual Amazon gift card – the value of that benefit is …
Taxes can be a complicated subject, and while it’s expected of the average taxpayer to know and understand every tax they owe, the reality is that taxes are not always at the top of the list for the average person’s daily worries. While there are countless guides and guidelines online and on official pamphlets published …
Form 2848 is also known as a “Power of Attorney and Declaration of Representative” and is one of many IRS forms. The purpose of Form 2848 is to authorize a designated individual or entity to act as a taxpayer’s representative before the IRS. In other words, when you want someone to work with the IRS …
The IRS has hundreds of forms and thousands of different letters, notices, and documents that it categorizes and processes each year, from millions of individuals and entities. No one expects the average taxpayer to know about half of all of these documents, let alone all of them. But if you are trying to qualify for …
An excise tax is a type of tax that is imposed on certain goods or services at the point of sale or consumption. Unlike general sales taxes, which are levied on all goods and services, excise taxes are targeted to items like tobacco products, alcohol, gasoline, firearms, and other luxury goods. As such, these taxes …