The Tax Preparation Blog

Archive for the ‘Tax Preparation Instructions’ Category

Question: What exactly are Tax Schedules? Help Please!?

My college needs a signed copy of my parents 2008 Federal Income taxes, along with W2s and any other schedules… What are these schedules? Are they like property taxes, mortgage interest payments, real estate taxes, bank statements, or the 1099-G form? These that I just listed are what my parents have in their 2008 Taxes file, that’s why I listed them. (I suppose I could ask my parents, but they’re gone right now and want to send these back asap). Thanks.

Answer: The college doesn’t need all that. If your parent’s taxes are complete, then just make a copy of the entire thing- the tax return- all your needed schedules will be in there. If they say they also need a copy of any W-2s, go ahead and make a copy of those as well.

Hope that helps. :0)

The Student Loan Scam: The Most Oppressive Debt in U.S. History – and How We Can Fight Back $22.95 Alan Collinge never imagined he would become a student loan justice activist. He planned to land a solid job after college, repay his student loan debt, and then simply forget the loans ever existed. Like millions of Americans, however, in spite of working hard, Collinge fell behind on payments and entered a labyrinthine student loan nightmare.High school graduates can no longer put themselves thr…

Federal Circuit allows cash-method issuer to deduct interest payments before due date.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on March 1, 2000. The length of the article is 456 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle:…

EFTPS is here. (Electronic Federal Tax Payment System): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on January 1, 1997. The length of the article is 764 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: B…

Tax Cutters Set Up Tomorrow’s Fiscal Crisis: Simon Johnson

President Barack Obama is receiving congratulations for moving to the center on the tax agreement with Republicans last week.

Geithner’s New York FED bank told AIG to hide payments to Goldman Sachs. GEITHNER MUST GO!

Question: Am i obligated to pay my former employer back FICA monies that she paid on my behalf?

I was found to be an employee and not a contract worker after filing a 8919 form with the IRS during tax time. My former employer recently sent me a letter along with a corrected 1099MISC, new W2 reflecting payments made by her for me and on my behalf. Further down the letter she states that I need to make a check payable to her for the amounts (monies that would have been deducted from my pay check including FICA, STATE UC, city wage tax) and mail it to her business address. I already paid my share of the federal and state taxes to the government back in April. I’m confused. Do i have to pay her the money she paid in for me?

I’m in pennsylvania.
The reason taxes werent initially withheld is because i technically started as a contract employee and later fought it with the IRS to gain employee status.

Answer: Not sure. You may have already paid FICA taxes that would include the former employer’s share…maybe not. Regardless, gather you paperwork and ID’s. Then call the IRS now to get this resolved. The number is 1-800-829-1040.

Haridopolos hires consultant tied to Alabama bribes-for-bonds scheme

TALLAHASSEE — Senate President Mike Haridopolos has hired a consultant connected to a massive federal public corruption investigation in Alabama to advise him on the best ways to squeeze savings out of the Florida Retirement System.

Disability Payments and Federal Tax

Ten Alps PLC – Interim Results

Ten Alps PLC – Interim Results

Do I Have to Pay Tax On Unfair Dismissal Compensation?

Question: If you are self employed and filing your taxes, how do you deduct one half of the self employment tax?

I have done a lot of research on self employment taxes, and have the following information from ehow.com: Instructions
STEP 1: Figure out your net income from self-employment. Net income is typically your total business receipts minus your total business deductions. STEP 2: Multiply your net income from self-employment by 0.9235 (or 92.35 percent). STEP 3: Multiply the amount of your net earnings that is $76,200 or less by 0.153 Add your two answers together. This is your self-employment tax. STEP 4: Report your self-employment tax on Schedule SE of the 1040. Tips & Warnings
You can deduct half of your self-employment tax in determining your adjusted gross income. Do this in the Adjustments section of the 1040.

My question is WHERE do I deduct the 1/2 of the self employment tax?

I will be working 40 hours a week at 8$ an hour. How can I figure out how much tax to take out of each pay check?

Answer: On the first page of the Form 1040 you enter 1/2 of the SE Tax computed from Schedule SE. For 2006 this is Line 27.

Here is the 2006 Form 1040:

http://www.irs.gov/pub/irs-pdf/f1040.pdf

I don’t understand the second question about working 40 hrs/week for $8/hr. That doesn’t sound like self-employment. If you are employed, fill out a W-4 at work. If you are self-employed, at this level of income, I would just settle up what you owe when you file your taxes and not send in estimated tax the first year you are in business.

The second year, if you anticipate owing tax in excess of $1,000 mail in quarterly estimated tax payments. You can print the vouchers at irs.gov.

1040 Tax Forms and Instructions 2011 IRS Publication 17. This publication covers the general rules for filing a Federal income tax return. It supplements the information contained in the tax form instruction booklet. It explains the tax law to make sure filers pay only the tax they owe and no more.Complete 1040 Tax Forms and Instructions.Both 1040 EZ and 1040 Instructions and Forms.PDF download forms (fill in and send)Tax Year 2011 2…

Instructions for schedule A, itemized deductions (SuDoc T 22.51:1040/SCH.A-B/INST./) …

1040EZ instructions (SuDoc T 22.51:1040 EZ/INST./) …

10 tasty tax tips for 2011

Taxes can squeeze you financially, but these tips for 2011 will put some money in your pocket.

US Income Tax Form 1040 Overview

Letters: Perspectives on student protests

We need a public inquiry into the policing of demonstrations. I attended last Thursday’s, and from the perspective of public order, the police tactics were an abject failure. Moreover, they put lives at risk.

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