The Law Internal Revenue Code section 6050W(c)(2) requires that payment settlement entities (merchant acquirers and third-party settlement organizations like payment app providers) report annual gross payments they’ve processed to the IRS, as well as to the businesses who received them. Payments are reported using Form 1099-K. Copies of the form are sent to both the merchant and to the IRS. Details of Credit Card and Payment App Reporting Payment settlement services must report gross annual receipts for each merchant....

Completing Schedule F involves some calculations. You must accurately report your income, then subtract your expenses from your revenues. The result is your taxable income, which is then transferred to Form 1040. Who Uses Schedule F to File Taxes? Whether you should file Schedule F with your tax return depends on three factors. You Must Be a Farmer Qualifying as a farmer doesn’t just mean that you grow crops. The government’s definition of “farmer” includes ranchers, fish breeders, and homeowners who do things like keep chickens and earn income from selling their eggs....

When homeowners make mortgage payments, those cash flows pass through the MBS; then, they go through to bondholders (minus a fee for the entity that originates the mortgages). MBSs most often offer higher yields than U.S. Treasurys, but they also carry risks. These include reinvestment risks, prepayment risk, and the risk of negative convexity. What Is MBS Prepayment Risk? The unique aspect of mortgage-backed securities (MBS) is the element of prepayment risk....

In 2020, Russia had the sixth largest economy in the world, but since then, it subsequently has been cut off from much of the global trade and finance. The country has a long and complicated history that has led to its present geopolitical and economic situation. Russian Economic Features Russia sits between Europe to the west and the Pacific Ocean to the east, covering eleven time zones. Despite its large geographic footprint, the average Russian citizen has less wealth than citizens of other nations with high gross domestic product....

However, total contributions to a 457(b) plan can’t exceed the lesser of 100% of your includible compensation for the year or the deferral limits. Your employer can match your contribution, but that would count toward your annual limit. Some employers offer both a 457 plan and a 401(k) plan or a 403(b) plan for their employees. In this situation, employees can contribute up to the annual maximum for both plans....

The Separation of Insureds clause becomes relevant when one insured party sues another. For this reason, it is sometimes referred to as the cross suits clause (or cross suits coverage). The following discussion concerns the Separation of Insureds clause found in the standard ISO general liability policy. The clause consists of two parts. One applies to suits between named insureds while the other applies to suits between other insured parties....

Online banks can offer higher interest rates on savings accounts and lower bank fees because the operating costs are lower without physical locations. If you move frequently, use direct deposit and online bill pay, or prefer to use web services for most of your banking, you may find that an online bank is a better fit for your lifestyle. Before you switch, learn about the pros and cons of using an online-only bank....

On the surface, any investment that is free of commissions sounds like a good idea. But free doesn’t always mean zero costs. Keeping costs to a minimum is generally smart when it comes to investing, especially when buying and holding mutual funds and ETFs. However, there are fund expenses in addition to commissions that are associated with investing in funds of all types. Therefore, before you buy commission-free ETFs, make sure you understand how they work and the other fund fees and expenses involved....

Co-Signing Federal and Private Student Loans There are two types of student loans: federal and private. Federal student loans usually do not require a co-signer, but they do have some stringent collection practices if the student should default on these loans after graduation. The federal government could garnish future earnings or even withhold federal income tax refunds to which they might otherwise be entitled. A federal student loan income repayment plan may give you the option to add a spouse or partner as a co-signer, too....

Requirements aside, is it beneficial or detrimental to share these details? Should you mention your disability on a job application or during a job interview? If so, when and how should you share the information? What should you say, and how much information should you disclose? These are not simple questions to answer nor ones with a single correct response. If you have arthritis, cerebral palsy, depression, or any other mental or physical disability, here are some things to consider during your job search....

There is more to going into business for yourself than just getting business cards printed or sticking up a web page—the modern-day version of “hanging out your shingle.” Unanticipated business expenses can wreak havoc on both your business and personal life, so it’s good to be prepared. Below are some of the common costs of starting your business so you can know what to expect. State and Federal Fees and Licenses The earliest expenses you will incur will be during startup are during the process of making your business a legal entity....

A shareholder is any party—whether an individual, a company, or an institution—that has shares in a publicly owned company. Stakeholder is a broader category that refers to all parties with an interest in a company’s success. Thus, shareholders are always stakeholders, but stakeholders are not always shareholders. Stakeholders in a company include its employees, board members, suppliers, distributors, governments, and sometimes even members of the community where a business is operating....

However, you still have a lot to offer. Read below for information on types of student interview questions and advice on how to answer those questions. Types of Student Job Interview Questions There are several types of interview questions a student or recent graduate might be asked in interviews. Behavioral Interview Questions Many interview questions will be behavioral interview questions. These questions require you to provide an example of a time when you did something work-related in the past....

Who Qualifies as a Dependent? You can claim someone as a dependent if you provide at least 50% of their financial support during the year. They can only be claimed as a dependent by one taxpayer in any given year. You can’t claim a dependent if someone else claims you as a dependent. And in most situations, you can’t claim a dependent who’s married and files a joint return with a spouse....

One of the changes in the new law is that you can no longer use the funds for anything other than your main home or second home. If you use the funds for something else, you won’t qualify to claim the mortgage interest tax deduction. What Mortgages Are Included The 2018-2025 deduction rules apply to the refinancing of a first mortgage that was completed after December 15, 2017. Mortgages taken out before this date are grandfathered in....

If paying for the honeymoon is the only thing giving you cold feet regarding your upcoming nuptials, read on to learn how to create a budget, when experts say you should start planning your honeymoon, even some strategies to earn some extra cash. What Do They Spend On? Hotel accommodations and the cost of airfare are two of the biggest expenses for planning a honeymoon. Consider the top honeymoon destinations of Hawaii, Bora Bora, and the Maldives, and the average honeymoon length of eight days, and these costs can add up quickly....

And that rally could be boosted this week, when the Consumer Price Index (CPI) is released on Thursday. The CPI will let us know how much inflation is still battering our wallets, and could signal to investors what the potential next steps from the Federal Reserve will be. Economists are forecasting that the rate of inflation eased to 6.6% year-over-year in December, in a steep drop from 7.1% the month before....

In good news for drivers, gasoline prices dropped 4.9%, but the decrease was offset by rising costs for shelter, food, and medical care. At this point, we’re all pretty used to everything being so much more expensive than last year, but as prices keep climbing, we should expect even more aggressive rate hikes by the Federal Reserve in our future. And that could bring another set of financial pains for us, from higher interest rates on mortgages, to higher rates on your credit cards, making any debt you might have even harder to pay off....

Learn what makes businesses recession proof and a few ideas for businesses you can start in any economy. Why Are Some Recession-Proof Businesses? To figure out what businesses are recession proof, we need to consider wants vs. needs. For businesses to survive a recession, they must provide a product or service that is not cut out of their target customers’ budgets. That means any large luxury item or “want” doesn’t qualify....

Generally speaking, there are investments that make sense for short-term investors and others that are more sensible for those with a longer time horizon. Some investments are better for people with a low tolerance for risk (online savings or money market accounts), while others may be a good fit for investors who don’t mind some volatility as long as the potential gains are larger. Before you look at the investment options, it’s important to understand the types of accounts that you can hold your investments in....