Home Mortgage Interest Deduction Limits

IN-PROGRESS:
SOURCES: https://www.irs.gov/pub/irs-pdf/p936.pdf

You can only deduct interest of up to $1,000,000 acquisition debt (regular home purchase loan) plus $100,000 of equity debt.  Any amounts beyond this, and the interest is not deductible.   Here is the worksheet provided in Publication 936 Home Mortgage Interest Deduction Pg 12.

How Do I As An Employer Transmit 1099-MISC To the IRS?

You'll need to order both the 1099-MISC and a Form 1060 from the IRS. DO NOT USE THE ONE ON THEIR WEBSITE. The copies they send you will have a scannable barcode on them. To order forms from the IRS check here:

https://www.irs.gov/Businesses/Online-Ordering-for-Information-Returns-and-Employer-Returns

1099-MISC are due Jan 31st of each year.

Send both the 1099-MISC and Form 1060 to the following locations:



SOURCES:
https://www.irs.gov/pub/irs-pdf/i1099gi_15.pdf
https://www.irs.gov/Businesses/Online-Ordering-for-Information-Returns-and-Employer-Returns
https://www.irs.gov/uac/About-Form-1099MISC

1099-K: Is Square Inc a Payment Settlement Entity (PSE)

Yes.

https://squareup.com/help/us/en/article/5048-square-tax-reporting-and-form-1099-k

There Are Limits to IRA Contribution Deductions and Some May Not Be Able to Be Deducted At All

Depending on your tax bracket and if you already contribute to a retirement plan (the box checked on your W2), you may not be able to deduct your IRA contributions. Remember IRA contributions limit for 2015 tax year is $5500 per person.

https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits