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1099-MISC, 1099-NEC or 1099-K: What’s the Difference?

June 3, 2021

Being self-employed comes with plenty of perks, but it can also make tax time a bit of a nightmare. Depending on how you’re paid, you might get 1099-MISC, 1099-NEC or 1099-K forms in Union City, NJ. What’s the difference between these forms? Read on to learn more about which tax forms are used for which types of compensation. Do you get 1099-MISC, 1099-NEC or 1099-K forms? Tax forms have changed a little for tax year 2020. If you’re a freelancer or consultant who has earned over $600, you can expect to see your earnings on a 1099-NEC (non-employee compensation) form,... View Article

Unable to Pay Your Tax Bill? Here’s What to Do

May 20, 2021

If you did your taxes this year only to find out that you owe money, don’t panic—this is a very common situation. Although it can be intimidating to owe a large chunk of money, the IRS is more than happy to make tax payment arrangements for Union City, NJ taxpayers. There are four options to pay what you owe—read on to find out which choice is the best for your situation. Short-term payment plan If you owe less than $100,000 in taxes, penalties and interest, you can apply for a short-term payment plan online. This is best for people who... View Article

How Does Working from Home Affect Your Tax Deductions?

May 10, 2021

If you spent most of 2020 working from home, you’re probably wondering which tax deductions are applicable. After all, working from home in Union City, NJ means increased expenses for the employee—you’re paying for your own power, air conditioning, internet and more. If your employer normally offers a lot of perks, like free coffee and food, you might be spending more than you normally would. Plus, thanks to tax changes in 2017, employees are no longer able to claim the home office tax deduction. Potential tax deductions Here are some of the working-from-home tax deductions available in Union City, NJ:... View Article

Are There Tax Deductions for Parents Who Homeschool?

April 26, 2021

If you’re new to homeschooling, you might not realize that there are tax deductions available in Union City, NJ. While you should always consult a certified accountant before claiming any new deductions, you can take advantage of federal tax credits to cut down on your tax bill. They’re not specifically labeled as “homeschool tax deductions,” so you might miss out if you’re not looking closely. Here are some of the tax credits your family may be eligible for: Federal tax credits: Federal tax law allows you to deduct certain expenses from your tax bill. First, if you hire a tutor... View Article

Travel Deductions You Can Take on Your Taxes

April 14, 2021

Americans didn’t travel nearly as much in 2020 as they might in a given year thanks to the ongoing COVID-19 pandemic. However, there are still plenty of Americans who had to travel for business purposes, and as such may qualify for some travel deductions on their 2020 taxes. There are some very specific rules associated with business travel tax deductions in Union City, NJ that got changed with the implementation of the Tax Cuts and Jobs Act of 2017, so be sure to speak to your tax preparation professional about your circumstances to see whether any of these deductions apply... View Article

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