Tax Tips: What You Need to Know About Form 1099

1099 tax preparers in Des Moines

Do I have to report all of my 1099 income?

Yes! In fact, if you are due to receive one or more1099 forms this tax season, you bear a more burdensome recordkeeping duty than employees whose income is reported only on W-2s.  Particularly if you are an independent contractor, you may receive a large number of 1099s.  Some who have hired you may neglect to send the form to you.  Regardless of the number of forms you receive or fail to receive, you are responsible for reporting to the IRS all income that should have been reported on this form.  The IRS receives a copy of each Form 1099.  Failure to report one or more of these amounts will certainly trigger questions from the IRS, if not a full audit.

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What Should I Do if I Can’t Pay My Taxes?

Many taxpayers find themselves in this situation at one time or another in their lives.  Maybe your financial picture has shifted significantly in the past year, and you did not foresee the consequences the changes would have on your tax bill.  Maybe you were diligent about planning, but a hardship such as job loss, illness, or divorce has made it impossible to set aside the funds necessary to pay.  Whatever the reason, you find yourself looking at a tax bill that you cannot afford to pay on time.  No one wants to be in this situation, but ignoring the problem is the worst thing you can do.  The IRS has the power to garnish wages, seize bank accounts, and put liens on property.  If you owe more than you can pay, consider these tips to avoid such drastic and undesirable collection activities.

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Preparing for Your Tax Appointment

Arrive prepared for your tax appointment.  Having everything ready well ahead of time will streamline the tax preparation process, get your filing completed earlier, and ensure that you have the opportunity to claim all the tax benefits to which you are entitled.

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Financial Planning for the Changing Family

Part II:  Divorce, Retirement, and Estate Planning

Each phase of a family’s financial journey necessitates a different approach to financial planning and investment.  Boelman Shaw Capital Partners can provide professional advice for every phase.  In our previous post, we discussed financial needs associated with marriage and having children.  In this part, we look at considerations during divorce, retirement planning, and estate planning.

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