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The 1040 form
BytaxtiumThe Form 1040, officially called the U.S. Individual Income Tax Return, is the standard federal income tax form used by most taxpayers in the United States. It’s issued by the Internal Revenue Service (IRS) and must be filed annually by individuals to report their income, claim tax deductions and credits, and calculate the amount of…
The OBBBA timeline
BytaxtiumThe OBBBA timeline, powered by the AICPA — a great cheat sheet for the key provisions and when they take effect.
06k – Form 1099-K – Payment Card & Third-Party Network Transactions:-
Bytaxtium📘 Form 1099-K – Payment Card & Third-Party Network Transactions:- 🔹 Purpose Reports payments you received through credit/debit cards or third-party payment networks (e.g., PayPal, Venmo, Square, Stripe, Amazon). 🔹 When You Receive It *If you have over $600 in payments (as per IRS rules, effective from 2023 tax year; phased-in in some cases). *Applies…
𝐅𝐨𝐫𝐦 𝟐𝟓𝟓𝟓 𝐯𝐬. 𝐅𝐨𝐫𝐦 𝟏𝟏𝟏𝟔
Bytaxtium𝐂𝐨𝐧𝐟𝐮𝐬𝐞𝐝 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 𝐅𝐨𝐫𝐦 𝟐𝟓𝟓𝟓 𝐚𝐧𝐝 𝐅𝐨𝐫𝐦 𝟏𝟏𝟏𝟔? 𝐇𝐞𝐫𝐞’𝐬 𝐚 𝐪𝐮𝐢𝐜𝐤 𝐛𝐫𝐞𝐚𝐤𝐝𝐨𝐰𝐧 𝐭𝐨 𝐡𝐞𝐥𝐩 𝐲𝐨𝐮 𝐜𝐡𝐨𝐨𝐬𝐞 𝐭𝐡𝐞 𝐛𝐞𝐬𝐭 𝐭𝐚𝐱-𝐬𝐚𝐯𝐢𝐧𝐠 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐰𝐡𝐞𝐧 𝐝𝐞𝐚𝐥𝐢𝐧𝐠 𝐰𝐢𝐭𝐡 𝐟𝐨𝐫𝐞𝐢𝐠𝐧 𝐢𝐧𝐜𝐨𝐦𝐞. 📌 𝐄𝐥𝐢𝐠𝐢𝐛𝐢𝐥𝐢𝐭𝐲 🔹 Form 2555: Must 𝐥𝐢𝐯𝐞 𝐚𝐧𝐝 𝐰𝐨𝐫𝐤 𝐚𝐛𝐫𝐨𝐚𝐝 (330+ days or bona fide residence). 🔹 Form 1116: No residency needed. Just f𝐨𝐫𝐞𝐢𝐠𝐧-𝐬𝐨𝐮𝐫𝐜𝐞 𝐢𝐧𝐜𝐨𝐦𝐞 𝐚𝐧𝐝 𝐟𝐨𝐫𝐞𝐢𝐠𝐧 𝐭𝐚𝐱𝐞𝐬 𝐩𝐚𝐢𝐝. 📌 𝐈𝐧𝐜𝐨𝐦𝐞…
𝗗𝗶𝗱 𝗬𝗼𝘂 𝗞𝗻𝗼𝘄 𝗧𝗵𝗮𝘁 𝗖𝗹𝗮𝗶𝗺𝗶𝗻𝗴 𝗮 𝗗𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝘁 𝗣𝗮𝗿𝗲𝗻𝘁 𝗖𝗼𝘂𝗹𝗱 𝗖𝗼𝗺𝗽𝗹𝗲𝘁𝗲𝗹𝘆 𝗙𝗹𝗶𝗽 𝗬𝗼𝘂𝗿 𝗧𝗮𝘅 𝗙𝗶𝗹𝗶𝗻𝗴 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆?
BytaxtiumMost married taxpayers file jointly (MFJ) thinking it’s always the best route. But here’s something most don’t pause to re-check during tax prep season: 📌 If you’re supporting your elderly parent, and your income hits certain thresholds… ➡️ 𝗛𝗲𝗮𝗱 𝗼𝗳 𝗛𝗼𝘂𝘀𝗲𝗵𝗼𝗹𝗱 (𝗛𝗢𝗛) 𝗺𝗶𝗴𝗵𝘁 𝘀𝗮𝘃𝗲 𝘆𝗼𝘂 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝗠𝗙𝗝 𝘄𝗼𝘂𝗹𝗱. 𝗟𝗲𝘁 𝗺𝗲 𝗯𝗿𝗲𝗮𝗸 𝗶𝘁 𝗱𝗼𝘄𝗻: 📁…
US Payroll – Step 7: Deposit Payroll Taxes on Time (to Federal Taxes (IRS) / State Taxes (State Agencies)
Bytaxtium💼US Payroll – Payroll Tax Deposits :- 1️⃣ Federal Taxes (IRS): *Who: Internal Revenue Service (IRS) *What: Federal income tax withholding, Social Security, Medicare, FUTA *How: Electronically via EFTPS (Electronic Federal Tax Payment System) or through payroll service 2️⃣ State Taxes (State Agencies): *Who: Your state’s Department of Revenue or equivalent *What: State income tax…
