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Tip of the Day

Tip of the Day Refinance Your Mortgage if You Can Cut At Least One Point

Refinance Your Mortgage if You Can Cut At Least One Point - Refinancing a mortgage only makes good sense if you are going to save more than 1% on the...

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Help With Tax Forms

The revenue system of many countries requires organization and seamless efficiency. These are the reasons why different taxes require different kinds of forms. Tax forms are the documents that are being filed to the revenue agency to be able to properly pay different kinds of taxes. In the United States, they already devised new ways of paying taxes. Rather than filling up tax forms manually, different forms can be filled up using the internet. The use of the internet in taxing services provides greater comfort and relief for many citizens.

Tax forms vary from what kind or type of tax will be filed. There are many tax forms listed in the Internal Revenue Service. Federal tax forms can be divided into a number of series forms. The first one is the IRS Form 990; this is titled "Return of Organization Exempt From Income Tax". This tax form is utilized by tax-exempt and non-profit organizations. Form 990 is divided into Form 990-EZ and 990-EF; the use of the two forms depends on the type of the organization and the annual income of the organization. The next tax form is the 1040 series which is the U.S. Individual Income Tax Return. The form 1040 has 11 attachments call sections, these sections provides a detailed breakdown of deductions and taxable amount of the filer. It has also variants like 1040A, 1040EZ, 1040EZ-T, 1040NR, 1040NR-EZ and 1040X. These forms are for specific filing needs; the parameters for filling up a form under the 1040 series depend on gross income, civil status and residency. Another is the Form 1041; this form is used by estates and trusts for tax returns. The Form 1065 is utilized by partnerships for tax returns. The Form 1098 is the Mortgage Interest Statement; basically, this form is used for reporting mortgage payments, this form is further subdivided into 1098-C (Contributions of Motor Vehicles, Boats and Airplanes), 1098-E (Student Loan Interest Statement) and 1098-T (Tuition Statement). Another series of tax forms is the 1099 series. There are many versions of this form, namely: 1099-A, 1099-B, 1099-C, 1099-CAP, 1099-DIV, 1099-G, 1099-H, 1099-INT, 1099-LTC, 1099-MISC, 1099-OID, 1099-PATR, 1099-Q, 1099-R, 1099-S, 1099-SA, 1042-S, SSA-1099, SSA-1042S, RRB-1099, RRB-1099R, RRB-1042S, and W-2G. Certain form of 1099 series are used to report income, proper description of the forms within the series are available through the IRS. Another form is the 1120 which is used by C corporations, the form 1120S is used by S-corporations; both of these forms are used for tax returns. The last kind of form is the 2553; this form is for election by a small business corporation. This form is utilized for shifting the taxing scheme of a corporation to S-corporation. The specificity of each type of tax forms enables the IRS to deliver a convenient way of taxation.

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Definition of the Day Survivorship Bias

Survivorship Bias In many cases, a company that has made it through a rough patch in its existence will be penalized in any reports that come out because of survivorship bias. These reports will not show that other companies have gone out of business during the...

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