A W2 is a year end tax form given to employees of companies, a 1099 is a similar year end tax form, however this relates to an independent contractor of whom no state, federal or medicare/social security taxes have been deducted and paid on the person’s behalf.

A flexible spending account and Health Savings accounts are similar in that the funds saved in these accounts are used to pay for health care related out of pocket expenses. The difference is that HSA are only for High Deductible Health Care plans and FSA are for all other types of health insurance. HSAs also carry over funds from one year to the next, while FSA funds must be used within the year or the funds are forfeited.

There is no hard and fast rule to this, however if you are only self employed it makes sense to check with a tax accountant and submit all of your expenses and income on a quarterly basis to determine if you will owe taxes.

An extension gives a person time to file their tax returns past the regular April 15th due date. However, you are required to file and pay any estimated taxes due. This is only an extension to FILE not an extension to pay.

If you do not pay your taxes on time penalties and interest will be added through out the duration of the time period after the tax due date when you submit your payment. The IRS however allows payment plans to be set up as long as this is set before the tax due date (usually April 15th).

For tax year 2018, you are no longer able to deduct moving expenses unless you are a member of the armed forces.