Taxation Archives - Monily


September 28, 2023
Form 940

Form 940: When And How To File Your FUTA Tax Return

Have you hired any employees for your small business this year? Managing employment taxes, specifically federal unemployment (FUTA) taxes, is essential when you have a workforce.    […]
September 27, 2023
What does a tax write-off mean-How do tax write-offs work

What Does a Tax Write-off Mean? How Do Tax Write-offs Work?

What does a tax write-off mean?  Businesses frequently use write-offs to deal with losses related to various situations. On a financial statement, a write-off usually involves […]
September 21, 2023
IRS Form 1096

Understanding IRS Form 1096: Filing Guidelines And More

In the business world, a need often arises to engage workers outside the traditional employee category to accomplish specific tasks. When you enlist the services of […]
September 19, 2023
penalty for filing taxes late

What Are The Penalties For Filing Taxes Late? A Detailed Guide 

Failing to meet the tax deadline can lead to financial penalties, and it’s crucial to understand the implications of late or non-filing with the IRS. Two […]
August 16, 2023
Taxpayer Identification Number (TIN) vs Employer Identification Number (EIN) Vital Differences

TIN Vs EIN – Vital Differences

In today’s fast-paced and interconnected world, the landscape of taxation can be complex and overwhelming. Understanding the various tax identification numbers is crucial for businesses and […]
August 11, 2023
Form 2553

Form 2553 – Everything You Need To Know

If you’re a business owner or entrepreneur looking to optimize your company’s tax structure, Form 2553 is a powerful tool you should consider. Whether starting a […]
July 19, 2023
What is the 1099 NEC Form-How to file a 1099 NEC

What Is The 1099 NEC Form? How To File a 1099 NEC?

The 1099-NEC form is an information return to report payments made to non-employees or independent contractors. The acronym “NEC” stands for “Nonemployee Compensation.” Before the 2020 […]
July 11, 2023
Pros and Cons of Outsourced Tax Preparation Services

Pros And Cons Of Outsourced Tax Preparation Services

Outsourced tax preparation services refer to a professional services or software program that assists individuals or businesses in preparing and filing their tax returns. Tax preparation […]
June 28, 2023
What is the IRS Fresh Start Program

What Is The IRS Fresh Start Program?

What is the IRS Fresh Start Program?  Regarding taxes, it’s common for people to catch up on their payments. The reasons for this can vary, but […]