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Who needs 2106-EZ Form: What You Should Know

Learn more from your bank or broker. Is IRS Form 2106 Expensive to Use? — A Guide to Expenses and Deductions Do You Have a Business? — Turbo Tax FAQ's Form 1040 — Turbo Tax FAQ's Forms W-9 — Wages / Social Security Form W-2 — Wage and Salary Form 1099 — Earnings Tax Information Tax Preparation and Deduction Guide — Free e-Book You can claim expenses on Schedule A (Form 1040) with the W-2 and Form W-9 you file at the same time. The form you use is the one on the back of your income tax return or the one in box 11. If you are in the business, you have to file another tax return. The 1040 is the tax return you used to reduce your taxable income. For more information, you can visit the U.S. Social Security Administration's Tax Guide for Small Business. Form W-2G — Social Security If you are self-employed, the IRS requires that you use Form W-2G. This form details your wages, salary, cash value of self-employment stock and other distributions from self-employment, as well as other contributions and income from the business or the business's business activities. For more information, you can visit the U.S. Department of the Treasury's Self-Employment page for information on how to file as self-employed, as well as the Employee's Tax Guide for Businesses for more information on self-employment income. Form W-2G—Business Income The form may show your business deductions on line 21. On line 22, check if you are required to withhold federal income tax. If you don't have to withhold tax, check the box for “No. You may elect to withhold federal income tax from the wages, salaries, and self-employment checks you pay to your employees.” On line 23, check if your wages, salary, and self-employment checks are self-employed income. If not, check the box for “Yes.” On line 24, check if your employer is a small or medium business (SMB). If not, check the checkbox for Small Business or Medium Business and enter a code from the Small Business Income Tax Worksheet. On line 25, check if the number of hours worked and the pay for the hours you worked do not exceed your base gross hourly compensation.

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