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Form 1099-K online Maricopa Arizona: What You Should Know

Form 1099-K: Paying Your Taxes: A Step-by-Step A payment card or online brokerage account may be used to pay a tax or deposit or both. If you use a payment card to pay any part of  your federal taxable income or any part of your state tax liability, the card issuer will report the payment. You will  not need documentation to file a tax return, because you have made such a payment. What is a payment card or online brokerage account? A payment card is an electronic payment system or service that can be used for online transactions.  A payment card must be issued by a financial institution that is authorized to accept such payments.  An account can be a personal or business one. Payments generally incur interest on the outstanding balance and can be made by credit cards,  check, electronic transfer, and debit cards. Payment card accounts are typically funded by a customer and are held within the account holder's name  If you want to avoid using a payment card, you may consider investing in mutual funds to provide your individual or business with an  account of your choice. Many people also choose to set up a checking account in which to hold their tax payments because check  transactions are less convenient than cash payments. The total amount of your tax liability is reported using either one of: a Form 1040 Tax Return or Form 1040A Tax Return. An electronic federal or state tax account, such as a payroll or savings account, may be used to pay state and federal  taxes and to pay for an insurance policy covering your business against loss or theft of the business' assets. If you choose a  for-profit entity for which a state tax is paid, the organization can also pay federal taxes that are  reported on Form 8853. For non-federally recognized foreign organizations (other than for-profit entities), such state and federal tax  accounts can still be used to pay state and federal taxes but should be reported on Form 8853,  a federal document for certain non-federally recognized foreign organizations.  To pay state and federal taxes, you generally file a state tax return. The state must receive your completed tax return first. Any state tax  included on the form must be reported to the state tax agency by June 15.

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