706 Form

2023 706 Form: What You Should Know

File the form as a backup. Tax returns. File any federal, state and local income tax returns. Income tax payments. If you receive a 1099-DIV form from a business organization and are required to report information about your distributions, write a check to the organization. Tax withholding. If you are a business employee or an independent contractor, you will usually be required to report to the tax service (IRS) your income for the year. This will be done by completing a Form 8826, Information Return of Self-Employment Tax Withheld under 26 U.S.C. § 11. If you fail to file your tax return, the IRS may withhold your refund or credit(s) as required. Form 8826, Information Return of Self-Employment Tax Withheld under 26 U.S.C.

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