Company and I'm always up to date on the latest tax information and changes. So in this video, I want to share some tips and updates about filing your taxes. First, let's talk about the upcoming weekend. As we all know, it's St. Patrick's Day and I'm excited to celebrate with all my Irish friends out there. I even have this green eyeliner on, just to join in on the fun! But enough about that, let's get back to taxes. Last night, I spent a lot of time working on my website and watching YouTube videos to gather some useful information. That's when I stumbled upon details about a company called Strife. Apparently, they provide various products and services, including Stride Health, which offers health insurance. Now, I didn't purchase their insurance because I'm unsure about how it relates to Obamacare and the potential changes that might happen. I don't want to spend money on something and then end up not being covered. It's just too uncertain for me. Speaking of Obamacare, it's quite fascinating how the offering of insurance to millions of people who couldn't afford it before has become such a political issue. I used to work as a federal employee, and people would envy the benefits, including health insurance, that we had. It's a crucial benefit because a country's health is essential for its survival and economic stability. If people are sick and unable to work, it can have a significant impact on the economy. But let's shift our focus back to taxes. Filing taxes can be a daunting task for many, but it's essential to get it done correctly. As someone who is well-versed in tax regulations, I want to share some advice. One important thing to remember is to stay updated on any changes in...
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Who needs 1099-K Form: What You Should Know
Number of Payments that an Individual Received by Dec 22, 2018, a Single Entrant The Revenue Service requires each payment settlement entity to send a Form 1099 to its owners and the Internal Revenue Service. When you receive a Form 1099-K — the IRS knows who received your money. When the tax information is reported on the IRS Form 1099-K, the income received by the company will be calculated on the income tax return of that company's owners. How the IRS Calculates Income Received The IRS calculates taxable income the same way every business must report taxable income, regardless of your business's size. The IRS uses the following method to determine your taxable income. This is not to be confused with the IRS income method used in many cases by employers. In these situations, however, the IRS has an additional option to calculate taxable income for small- or medium-sized businesses. If the income is more than 75,000.00 in one year, or 200,000.00 in two or more years—a business is considered a Small Business —that amount is added to Schedule C, Part I of the individual's federal tax return. The business' self-employment tax, Social Security and Medicare tax, and any other tax due will be added to that amount. The business then reports the additional income on its federal tax return. The IRS has provided another way for businesses to calculate income that is different from the way listed above. It is a complicated way that may not apply in your situation, but a form is available for businesses who need a way to determine income. For businesses with over 75,000.00 of taxable income from a single or multiple income sources in a single year—the Business Income Method is the method of calculation for all income from all sources. The business only has to report taxable income for income received in that year. The business only reports its tax on the tax it actually paid, not on any income already reported on the business return. What are the IRS Form 1099-K Reports For? The IRS allows you to report the income it receives from payments settled between you and the settlement entity in a specific form on your 1099, Form 1099-K. How to Report on Your Copy of the IRS Form 1099–K | IRS If you are receiving payments from the settlement entity, report the amount you earn each time you receive a payment on the 1099-K.
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