Finance

Know how to get the 1099 form for free

The 1099 form is a report for income earned by individuals for their services. It includes income from self-employment, interest, dividends, government payments, etc. For any job performed by a self-employed contractor or business owner, a 1099 form is issued by the IRS. The 1099 form is a series of documents that have to be filled out for the person doing the work and it denotes how much money was paid for the person’s service. Moreover, not just the 1099 form, all tax forms are available for free on the official IRS website. With the Free File service made available by the IRS, it is not only easy to prepare and file your federal individual income tax return but it is also free using their tax-preparation-and-filing software.

There are plenty of places where you can find blank, red ink 1099 forms for free. You can use them to report the various types of income you may receive throughout the year apart from the salary your employer pays you. The person or organization that pays you for the service rendered by you are responsible for filling out the appropriate 1099 tax form and send it to you by January 31 every year. The local library and post office are also good places to find 1099 tax forms for free. Alternately, you could order the forms for free by calling the IRS or order it online from their website. It would take around 4–6 weeks to be delivered to you. While the 1099 form template is available online for free, these are for informational purposes only. You cannot use them to actually file your return. This is because the red-ink forms are scanned by the IRS and even if you could print the 1099 forms in red ink, the official forms use a special red ink for scanning the forms and the red ink your printer uses will not be the same.

For those who are paying for other people’s services, it is important to remember that you get a W-9 form filled out by the person you paid in order to have their Tax ID to enter into your own tax forms.

You can find out more about the free 1099 tax forms on the official website of the IRS.

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Finance

Know about the different types of the 1099 form

The Internal Revenue Service (IRS) classifies the 1099 form as a series of documents that can be referred to as information returns. Reporting all the income earned from various sources by every taxpayer in the country is mandatory, and a taxpayer can do this by filling the 1099 tax form which can also be availed under the IRS Free File.

The various types of income could comprise the following:

Independent contractor income: When you work for an employer and earn wages, the W2 form is used to report your annual earnings by your employer. However, the Form 1099-MISC is used if you are a contractor or a self-employed individual and if you receive payments over $600 in the span of a tax year.

For interests and dividends: For returns on stocks, shares, mutual funds, and all other distributions or interest payments you receive throughout the financial year, the Form 1099-DIV or Form 1099-INT is provided to the taxpayer by their respective banks.

Income from the government: The Form 1099-G is used by the Federal and state government agencies to report all the income that it pays out to taxpayers such as unemployment compensation or income tax refunds.

For retirees: The Form 1099-R is used to report all the distributions received from pension plans and all withdrawals made from the IRA account.

The 1099-C, however, is used by all those who benefit from the cancellation of outstanding debt by a creditor or a credit card company when your outstanding dues are waived by them. In such cases, the amount that is waived is treated as income and is taxed for.

The IRS website provides all the required information in a detailed format to those looking for more information and on how you can fill the 1099 forms for free. You could fill most of these forms online, do an e-signature, and fax or email it to recipients and even share it with others who need to be in the loop. Alternately, you could also complete the form yourself. The only thing that needs not be ignored, however, is that the details must be completely legible and neatly filled in to avoid processing errors. It is important that you check your work thoroughly and before you start filling the 1099 form, ensure all relevant information on your contractors are readily available. After getting the forms and filling out the necessary information, send the forms by mail to the IRS. However, before sending it, keep a record of the forms you send in your tax files for future reference purposes.

You can check for more details on how you can get the 1099 form for free or how to avail the IRS Free File from their official website.

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Finance

4 useful tips to hire a car injury attorney

In most cases of car accidents, insurance providers ask their team of lawyers and attorneys to evaluate all the insurance claims. If there is any dispute, you will need a car injury attorney for yourself to get the settlement that is rightfully due to you. Here are a few essential tips to help you hire a car injury attorney:

  • Check and verify qualifications and experience
    Most car injury attorneys handle cases involving personal injury, property destruction due to a car accident, wrongful death, and liability determinations. Before hiring an attorney, check their qualifications. Verify their skill levels, work ethics, and experience. Make sure they are well-versed with the state as well as federal transportation laws.
  • Check the fee structure
    Before hiring a car injury attorney, ensure that you check their fee structure. Check if you have the financial ability to hire that attorney. Some attorneys often a have policy of “no win-no fee”. This means that if you do not win the case or get your claim from the insurance provider, your attorney will charge no fees. This happens only when your attorney is sure that your case has substantial merit.
  • Find a close location
    When you hire a car injury attorney, you may have to visit their offices frequently. Your attorney may require you to come to their office for submitting and signing documents. If your attorney’s office is located quite far from where you stay or work, it will be inconvenient for you to keep up with all the appointments. So, try to look for car injury attorneys close to your workplace or residence.
  • Hire the attorney sooner
    All states have deadlines for filing claims related to insurance. In case of an injury caused by car accident, you will need to pay medical bills and recover lost wages. It is necessary to hire a car injury attorney as soon as possible so that you do not have to pay most expenses on your own and can use the insurance claims. Ideally, an attorney should be consulted and hired after one or two weeks of the accident. Make sure to hire an attorney before reaching any claims settlement with the insurance company.

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Finance

6 steps to getting a car loan quote

Looking for a new car and do not have enough finances? You can always look for a car loan but before that, it is important to know about different loan quotes. Here are some important steps to take while getting a car loan quote from a potential lender:

  • Start with credit score: when you know your credit score, you know how the lender has calculated the factors. Without getting your credit score, there are chances of being blindsided into taking a lesser deal that will cast a heavy burden on the payee.
  • When going in without having a detailed report on your credit history, there may be some discrepancies that you have over looked as a result of which you may not get the loan. So when you start out, if there are any essential red flags on the credit report, then take the time to resolve it and then approach the lender after a short interval to get the best and expected loan quote.
  • Don’t just stop with one lender who is ready to sanction the loan. Take time to reach out to other prospective banks or financial institutions so that you have a detailed list to pick from based on your affordability.
  • Step out and take an interview with the lender. While searching online may provide enough information, all the terms of the loan cannot be stated or clarified online. Going in person to meet the lender and then taking time to fill out paperwork and getting a written loan quote will be helpful to understand your options. Also, make sure that you give enough time between the appointments so that you have time to weigh the factors and ask better and important questions to clarify all your doubts before getting another loan quote.
  • Carry all you documents. When setting out to check about a loan and get a quote, make sure to carry all documents that may be required to check your eligibility so that you can show the lender your prepared and they go the extra length to get you the best offer.
  • Once you have got the quotes, shortlist the options, do one more round of clarifications and pick the lender you are sure about.

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Finance

Points to remember while setting out for an auto loan quote

If you are considering to pick a car loan for the next vehicle, some important things should not be missed about loan quotes. However, taking extra caution in researching and then picking the best auto loan may help you to save thousands of dollars that could otherwise be lost in the loan transaction in the form of interest rate, hidden costs, etc. To start with, check out these essential tips that can help you get right loan quotes to save yourself the hassle of losing money:

  • Budget: Fixing the budget within your means is essential because when you pick a loan, you will not just be repaying the loan amount borrowed but also the interest and extras. So, when you start looking for a loan quote, mention only the overall cost and keep your budget plans to yourself. Let the financial institution give you their best terms and then you can play it up for negotiation. Don’t reveal your cards, but drop them when you have got the best out.
  • There are quite a few online forums that help you calculate the prospective amount to be paid and the method of calculation. However, these forums also reveal what lengths the lender could go up to. Through these online calculators, you can evaluate the various interest rates that would be feasible for your repayment.
  • Check your credit score. This is important because the rate of interest depends on you r score eligibility. Having a high score would mean that you could get to negotiate certain terms of the loan.
  • If you have decided to trade-in your old car, then it is essential to know the rate at which the trade-in is being done. This amount will help you to finalize the total loan amount and also provide leverage for higher deals in case of an even pricier car.
  • Research the lender’s rates online and then take them up on giving detailed loan quotes. This will ensure that you get to pick the best deal for you.

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Finance

Using credit cards wisely

In the present times when credit cards offer us great flexibility in terms of buy-now-pay-later schemes, it is extremely important that you use your credit card wisely. Here are some ways to ensure that using credit cards works for you instead of against you.

Just because you have a line of credit, does not mean that you spend indiscriminately. It is extremely important to keep careful track of what you spend and ensure that you aren’t making purchases that exceed your available income.

From the time you swipe your card till you make your payment, credit card companies give you between 30 and 45 days. However, it is vital that you pay all outstanding dues on or before the date specified so as to not incur interest and penalties on late payments or defaulted payments. Defaulting on payments can also adversely affect your credit score.

Although your card statement will tell you the minimum amount due, it is not advisable to keep paying on this minimum due as you will be levied heavy interest on the unpaid amount still outstanding, a sum that will only compound month on month, possibly running you deeper into debt. If making the monthly payment is difficult, you could negotiate with your card issuing bank to offer you a lower monthly interest rate so that you can make larger payments whenever possible.

When setting a credit limit, do not be lured into setting credit limits that are very high and that might cause you to spend far more than you can actually afford to.

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Finance

Credit cards vs debit cards

In today’s times, it is hardly unusual or even a luxury to own credit cards and debit cards. Both are small pieces of plastic that are embedded with a uniquely identifiable magnetic strip. All debit and credit cards are also assigned a unique 16 digit number to identify them.

Debit cards are issued by banks to all customers who hold an account with them to provide transactional ease and also facilitate a cashless economy.

Credit cards are issued by the card provider upon request and after the customer passes through the necessary credit checks.

Debit cards essentially allow you to access money that you have deposited with your bank, which is already in your account.

Credit cards, on the other hand, offer you a line of credit so that you can make a purchase but make the payment for that purchase within a stated time period.

From a point of view of spending safely and wisely, debit cards score, and are especially beneficial to compulsive shoppers who may buy indiscriminately on credit without factoring in their ability to repay.

On the other hand, credit cards may offer users a number of lucrative deals in the form of points accumulated per spend, money back options and even the possibility of redemption of points accumulated for air travel and so on.

From a legal and safety standpoint, if you misplace your debit card and it is used fraudulently, the money is immediately debited for your account and you may have to go through a long process of verification before some or all of the money may be returned, that too contingent upon the extent of the bank’s liability. However, with a credit card, even if you lose or misplace a card, you can inform the credit card provider who will immediately block the card, thus reducing your liability.

Also, when it comes to an assessment of your credit standing, most banks, and financial companies use credit card payment details for verification rather than debit card usage.

While both debit cards and credit cards offer their own respective benefits, it is important to be responsible in using your credit card.

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Finance

Free grants and free grant applications in the US

The government of the United States of America offers over 900 grant programs through its 26 federal agencies. Free grants are offered to candidates who submit their free grant application in the manner specified, to provide financial aid and partial or full funding in the areas of

  • Business and commerce
  • Arts
  • Health
  • Housing
  • Economic development
  • Rural development
  • Energy
  • Disaster prevention and relief
  • Women and children
  • Minorities
  • Science and technology
  • Education
  • Regional development and more.

Federal grants generally fall into the following categories- block grants, categorical grants, project grants, formula grants and earmark grants.

Block grants are large sums of money made available by the federal government to individual states for their use in specific areas of development.

Categorical grants provide partial funding in clearly specified areas or categories.

Project grants are usually financial aid packages extended to students and research for the purpose of carrying out a research project.

Formula grants provide financial aid and funding as indicated by specific legal injunctions.

Earmark grants are slightly controversial in that they at times bring in the involvement of political lobbyists who are paid by individuals or corporations to secure funding as per the Appropriations of the US Congress. These grants are not awarded through the normal competitive free grant application process.

Some of the websites that offer detailed and systematic guidance on finding all grants available in the USA and also guides you through the free grant application process are https://www.grants.gov/; http://www.sciencemag.org; http://www.fundingusstudy.org/. Some of these websites provide a complete database of funding opportunities, the specific program number, the title of the funding project, the agency that offers the grant, the date of posting and the date on which the application deadline closes. The site also helps you to verify your eligibility criteria for each funding opportunity and guides in filling and filing your free grant application.

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