RNC SERVICES
We reduce your business
and tax stress
and tax stress
INCOME SOURCES
 |
| |
 |
| |
 |
| |
 |
| |
 |
We receive income from several sources - a job, social security,
interest, dividends, capital gains, real estate sales, small
business, royalties, etc.
If we work for someone else, we normally receive a W2 from
them. They are required to send the W2's by January 31
following the end of the tax year. Other people earn income from
operating a small business (& use additional forms), or work as
an independent contractor (& would receive 1099's forms from
business that hire them.)
them. They are required to send the W2's by January 31
following the end of the tax year. Other people earn income from
operating a small business (& use additional forms), or work as
an independent contractor (& would receive 1099's forms from
business that hire them.)
Social Security, Pensions, and Annuities
Pensions and Annuities. Your broker, state agency, or other
pension provider will send you this information, usually a 1099 or
some version. Keep these documents with your tax records.
pension provider will send you this information, usually a 1099 or
some version. Keep these documents with your tax records.
Capital gains, Interest, Dividends
Your broker, bank or other financial institution should send you
year-end information on earned interest, dividends, or the sale of
stock, which usually contains purchase, sales, and calculated
gain and loss information. Please keep these documents.
year-end information on earned interest, dividends, or the sale of
stock, which usually contains purchase, sales, and calculated
gain and loss information. Please keep these documents.
Small Business, Real Estate Sales
Small Business. A small business can be a separate entity in
the eyes of the IRS. It's profit or loss transfers into your main
tax return depending on its tax status. Again, we can discuss this
topic as it applies to you.
Real Estate Sales. The IRS allows a $250,000 gain every two
years ($500,000 for married, filing jointly) for your personal
residence. Remember to factor in the deductibles - selling costs,
fix-up costs, etc.
the eyes of the IRS. It's profit or loss transfers into your main
tax return depending on its tax status. Again, we can discuss this
topic as it applies to you.
Real Estate Sales. The IRS allows a $250,000 gain every two
years ($500,000 for married, filing jointly) for your personal
residence. Remember to factor in the deductibles - selling costs,
fix-up costs, etc.