What tax documents do I need and when should I expect them to be available? Godsey & Gibb Wealth Management

You should get them electronically or by mail in January or February. Similarly, Mary Tung recounts a case where a company implemented a rigorous tax management system. By onboarding contractors with clear instructions for filling out W-9 forms and ensuring all 1099s were accurately issued by year-end, they significantly reduced stress and potential legal issues. This proactive approach streamlined their accounting processes and fostered better relationships with contractors. To avoid incurring withholding tax, the W-8BEN must be submitted to the payer before receiving any income or credits.

As a contractor on RemotePass, you’ll enjoy the following benefits:

For instance, if you are unmarried and do not qualify for another status, you typically file as Single. Filing as Head of Household may apply if you are unmarried and maintain a household for a qualifying dependent, offering a more favorable tax rate and higher standard deduction. Filing jointly often results in lower taxes due to combined income and deductions, while filing separately may be beneficial if one spouse has high medical expenses or other deductions.

Start your tax return

• While most tax forms have a Jan. 31 deadline, others aren’t due until mid-February or beyond, said certified financial planner John Loyd, owner at The Wealth Planner in Fort Worth, Texas.
• You agree not to hold TaxSlayer liable for any loss or damage of any sort incurred as a result of any such dealings with any merchant or information or service provider through the Site.
• To ensure compliance and streamline the tax process, it’s the company’s responsibility to collect Form W-9s from all US-based independent contractors ahead of the January deadline.
• You will need to file a Form 8606 to show your non-deductible IRA contribution and the conversion, but we can take care of it for you as a Comprehensive Services client.

Waiting until you have all the necessary tax documents before filing is crucial to ensuring accuracy and preventing errors on your tax return. Submitting an incomplete return may result in having to file an amended return later, potentially delaying refunds or triggering IRS notices. To avoid these complications, it’s best to verify that you have received all expected forms before completing your tax filing. This form helps you calculate your taxable income and how much you owe the IRS. It’s also where you can claim your dependents and tax benefits like the standard deduction and Earned Income Tax Credit. If you use tax software or a website, the software will fill this form out for you and calculate your taxes based on the information you enter.

• If paying taxes makes you cringe, tax credits and deductions should make you smile.
• If you still file a paper return rather than filing electronically, you’ll actually need that physical form, because it’s one of the few forms that the IRS makes you enclose along with the tax return.
• Learn when to expect your tax documents, how to access them digitally, and what to do if they’re missing or need corrections.
• Most commonly Forms 1099-DIV, 1099-B, 1099-INT, and 1099-OID are brought together on this panacea of a tax form.

Tax credit documentation

Before starting the filing process, you must have basic identifying information ready. This includes your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN), which the IRS uses to track your tax history. If you are filing jointly with a spouse or claiming dependents, you will also need their SSNs or ITINs.

Payments should be made to the “United States Treasury,” with the filer’s Social Security number, tax year, and form number on the check. This guide walks through each step, from gathering documents to mailing the completed return. If you or your child attended an accredited post-secondary educational institution (i.e., college), you’ll be receiving a Form 1098-T.

You might receive Form 1099-DIV, Dividends and Distributions, if you collected $10 or more in dividend income from your investments during the tax year. Because of the February deadline, this form is often overlooked by taxpayers who are eager to get their returns filed, says Caitlynn Eldridge, a CPA in Omaha, Nebraska. Contract your financial institution or other information provider if your forms don’t get to you on time. Even if you can prepare your taxes without, it’s important to be sure that the IRS has the same information that you do.

If you don’t have last year’s return on hand, you can request a digital copy or visit your online IRS account. You’ll need to provide your legal name on record with the Social Security Administration, your current address, and your self-select PIN if you filed electronically last year. Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Dan Caplinger is a contributing premium stock analyst and financial planning expert at The Motley Fool. In addition to The Motley Fool, Dan has experience as a tax and estate planning attorney, trust officer, financial planner, and wealth advisory supervisor.

BIR Form 1701: Annual Income Tax Return

Employers must ensure that employees have access to the Instructions for completing Form I-9, by providing them either a hard copy or a hyperlink. Also, the hyperlink on the main Form will i be provided with the proper tax forms I-9 webpage returns you to the Instructions above. Official websites use .govA .gov website belongs to an official government organization in the United States.

Get help filing taxes

For example, a freelance graphic designer can deduct software subscriptions, design materials, and home office costs. Accurate record-keeping is crucial, as these deductions can significantly lower taxable income. If filing jointly, both spouses must sign unless one has granted power of attorney using Form 2848. Taxpayers using a preparer should ensure the preparer also signs and includes their Preparer Tax Identification Number (PTIN). For those who made estimated tax payments, IRS Form 1040-ES vouchers or bank statements ensure proper credit is applied.

Other Income Sources

If you want to make the most of your spare change and get the occasional retailer kickback, there’s really no better place to do that — especially since Acorns offers IRA accounts. Most of the documents you’ll need to file your return will arrive by the end of January. Check the calendar below for estimated timelines to receive a specific tax form. If you’re not sure which forms you need when preparing your return in TurboTax, we’ll ask you simple questions and guide you through filing your return. While independent contractors are ultimately responsible for their own taxes, companies can play a vital role in providing resources and guidance about their tax responsibilities.

It can be tricky to report multiple sources of income correctly, so consult a tax professional if you need help. The IRS has released a new tax filing form for people 65 and older PDF, 171KB. It has bigger print, less shading, and features like a standard deduction chart. The form is optional and uses the same schedules, instructions, and attachments as the regular 1040. The scope of any tax, financial planning and/or consulting services to be provided depends upon the needs of the client and the terms of the engagement. For additional information, please see our Form CRS and Form ADV disclosure documents.