Understanding 1099-NEC obligations is crucial as tax season approaches. The key threshold is $600 - if you've paid a contractor this amount or more during the tax year, filing is mandatory. January 31 is the critical deadline for both providing Copy B to contractors and submitting Copy A to the IRS. The form includes important copies: Copy A (IRS submission)...
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Understanding your W-2 is essential for accurate tax filing. Let's break down the key elements that matter most: Your W-2 contains vital information including your Social Security Number, taxable wages (Box 1), and federal income tax withheld (Box 2). Boxes 3-6 show your Social Security and Medicare contributions, while Boxes 15-17 detail your state tax info...
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