Additional Tax Forms & Documents

Child Tax Credit Letter 6419

Advance child tax credit payments letter can help people get remainder of 2021 credit

The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when preparing a tax return can reduce errors and delays in processing.

People receiving these letters should keep them. Do not throw them away. These letters can help taxpayers, or their tax professional prepare their 2021 federal tax return.

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Audit Response

Audit Response Packet

If you have received a letter stating that you’re being audited by the IRS. Responding to the Audit is of the utmost importance. An IRS Audit Summary response is compiled it will also include the original audit letter in order to comply with the IRS and avoid strict IRS actions or penalties. IRS audit letters are also known as 30 day letters, however the IRS does allow for extension beyond the 30 days on a case by case bases.

Audits are randomly selected to keep tax payers compliant in their reporting and record keeping. This is why during your tax appointment with Tasha's Taxes a detailed client intake interview is conducted and all mandatory are required prior to filing and reporting your tax data to the IRS. In the event of an audit all pertinent data should already be on file with your tax case file, this way we can respond to an audit in a timely manner by submitting the requested documents to the IRS, helping to expedite your audit clearance.

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Self Employed & Sole Proprietorships

Tax Deduction Packet

A sole proprietor is someone who owns an unincorporated business by himself or herself.

If you are an independent contractor, then you are self-employed. The earnings of a person who is working as an independent contractor are subject to self employment taxes.

Form 1099-MISC is used to report rents, royalties, prizes and awards, and other fixed determinable income.

In most circumstances, businesses that you do work for are required to issue Form 1099 NEC when they pay you $600 or more in any year.
If you receive payments through online payment services such as Paypal, you might receive also form 1099-K.
As a self-employed person, you're required to report all of your self-employment income regardless of whether you receive a Form 1099-NEC.

Small Businesses

If you operate a business and have employees, then this section has the information you will need. You will find resources on hiring, recordkeeping and other topics such as employment taxes, and wage reporting requirements.

All businesses except partnerships must file an annual income tax return. The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. An employee usually has income tax withheld from his or her pay. If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. If you are not required to make estimated tax payments, you may pay any tax due when you file your return.

Other taxes such as excise taxes you may have to pay and the forms you have to file if you do any of the following.

Manufacture or sell certain products.
Operate certain kinds of businesses.
Use various kinds of equipment, facilities, or products.
Receive payment for certain services.

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