The year 2020 has been filled with change, and the tax code is no exception to this. Recently, yet another occurred: Taxpayers are now temporarily allowed to deduct charitable contributions. The tax code allows individuals to deduct donations to charities only if they itemize on Form 1040’s Schedule A. They can’t claim contributions when they use the standard deduction amounts … Read More
Form 1099-NEC Officially Replaces 1099-MISC for Reporting Payments to Nonemployees
In case you haven’t heard, there’s a new tax form on the block for business filers for the 2020 tax year. Form 1099-NEC, Nonemployee Compensation, will be used instead of Form 1099-MISC to report amounts paid by businesses to independent contractors and others who provide services. In actuality, the new Form 1099-NEC isn’t entirely “new.” It’s an updated version of … Read More