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FAQ

What are some good personal real estate buying management software?
Most real estate agents in the market today outsource to Customer Relations Management (CRM) organizations. These organizations then employ the use of CRM software to handle your clientele in a simple and cost effective manner. However, as with anything else in life, you have to make sure that the real estate CRM software of company that you choose to go with is of top range.Opting for Kapture CRM which is more recognized by real estate professionals help ensure you get the very best service from it. It provides options which typically allow you quick access to your CRM records performance plotting and self-tracking. With the help of the tracking capabilities you can also plan your marketing and sales approaches in a manner that is sure to boost your performance as well as overall profits.Kapture CRM is pretty different from traditional CRM solutions, which focuses mainly on helping you to keep track of your clientele. It does this by providing an accurate and convenient way to keep track of your contacts, appointments, leads, reports, deadlines, etc. it also has the option of offering SEO (Search Engine Optimization)to your marketing campaigns, before sending them out to your potential clients by means of drip-email; which is very cost-effective.ManagerKapture
Why would a person that wouldn't consider extracting their own tooth or giving themselves a haircut insist on doing their own taxes?
1. Many people have relatively "simple" returns so don't need a tax professional.2. Lots of people are "cheap" and don't want to pay for anything esp. anything that's tax-related since they also hate paying taxes.3. Lots of people do NOT want others to know about their personal financial life. Do you?!!4. Some people find it a challenge to do their own taxes so they know the government may not be screwing with them. The same people who may see a tax professional later because they screwed up!!5. EGO/PRIDE! Don't want anyone to know that they don't know what they're doing. Hence, they may suck it up and see a tax professional at the last minute and still complain about it!6. Don't trust tax professionals but that's more related to #2 & #3.7. Lots of people are "cheap"!
My friend owns a business that employs 1099 contractors. He’s never once filed taxes personally or on the business. He gives his contractors a 1099 but he never files them with the IRS on his end. How is he getting away with this?
ON THE ISSUE OF 1099's HE PROVIDESA copy of 1099's don't actually get filed with the recipient's return, so the IRS never sees the documents if the person who created the documents doesn't send them in. The only time the IRS would ask for a 1099 from the recipient is if the recipient is claiming there was withholding on the 1099. In such cases, if the IRS doesn't have a record of the withholding, they may ask for a copy of the 1099 that shows the withholding so they can investigate why they don't see the withholding on their end. But this guy wouldn't show withholding on a 1099. He's probably doing 1099's because people expect them, and would get annoyed if they got nothing to show how much they made.Even if a recipient did send in the 1099 (which would only happen if they were filing by mail, anyway), the IRS isn't looking for it and likely won't verify it under normal conditions.ON THE ISSUE OF NOT FILING TAX RETURNSIf most of his income comes from individuals and he gets paid with cash or checks, there is little the IRS would know about. If he has businesses for clients, they would likely issue him a 1099. If he gives them bogus SSN or EIN info, then he could stay off the radar, but the IRS will notify the payer if the number doesn't match the name. And some businesses will stop hiring you if they keep getting those letters from the IRS. If he accepts credit cards, they will send him a 1099 showing how much money he generated from CC sales. So the IRS would get wind of it eventually.If his income is low, I doubt he will ever get caught. The IRS doesn't have time to dig around in every potential fraud, and they have limits to how far they can go back in time. The IRS will focus on the biggest cracks in the dam, which right now is primarily refundable credits, extraordinary deductions (usually with mileage or medical expenses), and corporations. Why do they focus there? Simply because it's the low-hanging fruit - small investment for large payoff. I will say that States with tight budgets are more likely to dig. If he's going to get caught in the short term, it would probably be at the State level.WHERE'S THE KARMA?So what is likely to happen to him? Where's the karma? Well, it comes in a few ways. * 1 - he can't get a bank loan. Almost all banks will require a tax return to prove income. Proof of income is required to verify to the loan decision-makers that you have the means to pay back the loan. Even if someone has lots of large assets, being able to prove you can pay a loan back is critical to a bank. (STORY) I know a guy who had a small disability check, but had inherited several acres of land worth maybe $100k. He wanted to borrow $20k against the land so he could buy a mobile home. The bank said no. They said he didn't have enough income to pay back the loan, and they didn't want to own his land or home -ever. Collateral is a backup plan for a bank, not an incentive.* 2 - he has no Social Security benefits paid in. For those of us who think it may be bankrupt before we get old enough to draw on it, that may be a non-issue. But it is a safety net that won't exist at all for him.* 3 - he can't prove his income when he has a need to. What difference does that make? If he becomes disabled, part of disability benefit evaluation is what you've earned over your lifetime. And that is based on tax returns. If you have disability insurance, you also have to prove what you were making in order to get benefits. And if you are involved in a lawsuit where you are claiming damages - like lost earnings in the past or in the future, you will be hard-pressed to prove prior income if you've gone to great lengths to hide it.* 4 - he can't grow his business. You can get pretty good and hiding income, but you have to stay off the grid to do it for the long haul. The IRS requires so much reporting from various sources, you can only make so much money in a limited number of ways without making a mis-step. Even large cash deposits are monitored by the IRS via the banks. He can do it, but if he has a successful business model, it's going to get harder and harder to hide.* Five - he risks exposure. The IRS accepts whistle-blower reports. If he makes someone mad enough, he may get reported. That's no guarantee the IRS will investigate, but if he has lots of assets bought with cash and they believe there is a chance they can get something for their trouble, they may very well pursue it. Even if he goes back and 'catches up' for the last few years, there are lots of tax benefits that don't apply if you file late. So he'll lose those tax benefits and will be on the hook with the IRS for tons of money. They will seize his cash assets if he doesn't pay, and may seize other assets - which could affect his ability to make money. He'd likely have to hire a lawyer and an accountant to deal with it, and whatever benefits he got from not filing will be soon lost in professional fees, taxes, multiple layers of penalties, interest and STRESS. That kind of stress ends marriages and causes heart attacks. And even if he files bankruptcy to protect his assets, bankruptcy does not eliminate or reduce IRS debt. And then, of course, the State will get involved and pile it on even higher.The longer it goes on and the more money he makes, the more likely it will not end well.
Where can I get an official 1099 Misc. tax form for year 2018?
irs.gov, an office supply store, a tax professional.most home tax software, such as turbotax for business [Sch C version, 1120, 1120S, 1065, versions] will also allow you to create AND efile the 1099.most home accounting software, such as Quickbooks, will also create and efile 1099.most payroll software, whether in house or through a provider [QBO, Wells Fargo, ADP, Paychex] will create and efile the 1099.if your question is because of the government shut down, there are many ways to get the forms, INCLUDING the red form
How can I report 1099-int federal tax withheld in efile?
The best place to go is the site www.1099fire.com; you fill out the form and the software will create the file for electronic filing for the 1099-INT.  The Tax Withholding will go to the correct box. You cant use the free fillable forms to file by paper or electronically.  If you look at those forms, they say its for "informational purposes only".
What is the Fastest, Most Efficient way to do Taxes with as little paperwork as possible?
I would say you are pretty close.  I have several clients who I never exchange paper with. If you used cloud based bookkeeping/accounting software like Mint.  I even have some business that use cloud based accounting and don't require any paper to change hands.  A large number of banks, brokerage houses and mortgage companies will send electronic versions of your 1099 and 1098 forms as well as many employees can now receive their W-2 electronically.You can efile your federal return and pay the balance due electronically or have a refund direct deposited.  You can digitally sign the efile authorization for a US federal return, so you don't have to print the form, but some states still require a physical signature for the state efile authorization which is typically one page and that depends on what state you are in.I don't send paper copies of returns any more, so you can pretty well handle everything about a tax return electronically these days regardless of the complexity.
Why don't the IRS make 1099 forms available online to print out?
Some of the forms are printable.  The W-2G and IRS Form 8027 can be downloaded and printed.   The Social Security Administration came up with a clever way of printing substitute W-2, W-2C, W-3, W-3C forms.  Software vendors get the form in May/June and can incorporate the substitute forms into their software, then submit those forms to SSA to test that everything is lined up with their scanners.  So that the data scans in properly.  The substitute W-2 forms can be printed on plain paper with black ink. Why doesn't the IRS do this?  Good question.  They have moved toward electronic filing and they push efiling over paper filing.  My guess is they invested a ton of money into the red-ink forms and can't easily switch away from them. Take alook at the site www.1099fire.com for efiling 1099 forms.
When filing by mail to the IRS, should I staple or paperclip my tax return?
For the Feds, they only mention staples or other attaching methods one time...Topic 301 When, How and Where to FileWhen you owe a balance - If you owe tax, you may pay via Direct Pay or enclose a check or money order with your paper return or if you filed electronically, with the 2021 Form 1040-V (PDF), Payment Voucher:Made payable to the United States TreasuryOn the front of your payment include your name, address, taxpayer identification number (SSN, ITIN, EIN), daytime phone number, the tax year and type of form you are filing (for example, 2021 Form 1040).Enclose your payment loosely with your return, do not staple or otherwise attach your payment or Form 1040-V to your return.Do not mail cash with your return.
Does the TurboTax business e-file also submit w-2, 1099, and k-1 to IRS?
I assume this is for an S-corporation.A Form 1120S submission through TurboTax Business does include the IRS copies of Schedule K-1 for the shareholders, but it does not include the IRS or state copies of either Form W-2 or Form 1099-MISC. You generally need a separate package to file those, or mail them with the appropriate cover form.You also have to provide the shareholders with their copy of Schedule K-1, and your employees and contractors with their W-2 or 1099-MISC; the IRS does not do that for you.
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