The Tax Preparation Blog

Posts Tagged ‘income tax information needed’

Question: do i need to file the reward money(cash) from Credit Card’s reward program as income tax?

is there any irs document talk about that? Also, does the credit card company need to submit the tax information about they give out the money to the reward member?
can’t find the details about “non-deductible expense” in irs.gov for these kinds of situation. I would like to see some more information for this.

thank you

Answer: It’s a reduction of a non-deductible expense so it isn’t classified as income on a personal return.

If the credit card is used by a business, any reward program funds must first be used to reduce the interest expense claimed so that effectively makes it taxable as if it was income.

KEO has help for low-income homes

LIHU‘E — Kaua‘i Economic Opportunity has emergency federal fundsavailable to assist households which have had or are in danger ofhaving their electricity turned off.

Surviving an IRS Tax Audit : IRS Audit: Items Not Needed

Question: How can I apply for financail aid when I dont know my tax information?

Enter the amount of the student’s (and his/her spouse’s) income tax for 2005 (question 36):

This information may be on the following forms:
IRS Form 1040-line 57;
1040A-line 36; or
1040EZ-line 10.

I havent filed yet and I dont have my W-2’s so i dont know what to put???

I need help filling it out!!!

Answer: This is a common problem, because many schools require students to file the FAFSA early (often February 15), but most people haven’t even thought about filling out their 1040s by then.

You are allowed to estimate the numbers on your FAFSA if you don’t know exactly what your 1040 is going to look like. Sit down with all your paperwork and plug your best-guess numbers onto your 1040. Then file your FAFSA using these estimates.

Now it’s important to remember that later you will receive a document called a Student Aid Report on which you will be asked to verify your FAFSA information. When you have the correct numbers from your 1040, you need to make corrections on you Student Aid Report and send it back to the Department of Education. If you don’t, you run the risk of being flagged for verification proceedings by your school’s financial aid office, which is a pain that you should avoid if possible.

Next year, make a point of getting your tax information together early and you’ll be able to file both your FAFSA and your 1040 early without having to go through the headache of estimating.

America: Freedom to Fascism $19.95 Controversial and throught-provoking are two words that describe one of the most talked-about documentaries of 2006.Determined to find the law that requries American citizens to pay income tax producer Aaron Russo (Bette Midler’sThe Rose Trading Places) set out on a journey to find the evidence.Neither left nor right-wing this startling examination of government exposes the systematic erosion of c…

Classic Internal Revenue Service Business Tax Preparation Film DVD: 1970s Small Business Finance & Accounting Tax Preparation & Advice Film $12.99 No one likes to pay taxes – whether you’re an individual or a business. The complexity, anxiety and frustration of the bureaucratic process affect us all. There’s the fear of filing wrong and being penalized, the fear of a thorough, unexpected audit, and the disappointment of forking over a large chunk of hard-earned money to Uncle Sam. This vintage film breaks down the basics of business taxes fo…

TOPS W-3 Tax Form, Lttr, 2-Part Carbonless, 10 Continuous Forms $6.59 Used to submit information to the Social Security Administration office, similar to a cover letter. Must accompany any W-2 form filed. Updated each year to meet IRS regulations. Form Size (W x H): 8 1/2 in x 11 in; Number of Columns: N/A; Forms Per Page: 1; Number of Entry Lines: N/A. This supplier will be closed on 11/24, 11/25, 12/23, 12/26, 1/2 for the holidays. The shipping cut off is UPS’s cu…

IRS revises tax guide website

The Internal Revenue Service said taxpayers can get the most out of new recovery tax breaks and get a jump on preparing their 2009 income tax returns by consulting a newly revised, comprehensive tax guide now available on www.irs.gov.

Political Facts & Information : History of the US Income Tax