In addition to Form 1040, another Form 1099 is filed to report your non-salaried income. It is similar to Form W-2 (filed by your employer) but Form 1099 is applicable to those who are self-employed, freelancers or work on a contractual basis. It is submitted by your client or to whomsoever you have rendered your […]
If you are an employee and you are getting your paychecks regularly, it is certain that you are already paying taxes. Your employer withholds the taxes you owe on your earnings and files it to the federal government. You should verify your taxes to find out whether you’re paying your taxes correctly or not. Why […]
WHAT IS FORM W-2 (The Wage and Tax Statement)? Employees have to file Form-1040 that has a complete summary of their income. In addition to Form 1040, Form W-2 is also submitted by the employee. Form W-2 is a form that is provided by your employer and contains complete details of your wages and taxes […]
Contrary to popular belief, the U.S. tax filing obligation does not end when you move to a new country. The IRS taxes all Americans on their worldwide income, meaning your income in euros, yen, pounds, pesos, or whatever the currency your paycheck comes as all have to be reported on a tax return. Would there […]
Petroleum engineers have been touted as ones who have the most lucrative professions of today. With a cool six-figure salary, many have joined what is called a “black gold rush” starting in the early 2000s. Among the hopefuls, a good number of engineers realized the high demand for skilled workers to extract the wealth of […]
If you are not aware by now, Americans are taxed on their worldwide income, meaning your income from abroad is considered taxable income to the U.S. government. Through several exclusions, many expats usually end up paying no taxes to the IRS, but the “filing” portion of a tax return is required of most all expat […]
What Happens if I Can’t Afford to Pay My Taxes? Read Our Step by Step Guide on What to Do Everyone, take note: 2018 tax returns are due by April 15, 2019. The end of 2018 is just a few weeks away, and before you know it it’s already time to settle your taxes. It’s […]
You’ve probably heard about a tax audit, but you may consider it as a concept that only applies to evil corporations and tax-evading, dishonest taxpayers. It is a common perception, and rightfully so. Those who shirk their tax duties or hide their income should fear an IRS audit. But what about us, hardworking, honest American […]
Almost a third of American taxpayers still rely on professional tax accountants to prepare their tax returns. So choosing a reliable and trustworthy tax preparer is an important financial decision. Remember that you will be sharing confidential information about your personal life and your finances. Also, you cannot let just anyone handle your taxes for […]
Not knowing your Uber driver tax deductions can make you lose thousands of dollars this tax season. Are you deducting ALL the mileage you are allowed to write off? Do you know that you can write off your car wash or the new phone charger you bought last week? Don’t make the mistake of not […]
