The Tax Preparation Blog

Posts Tagged ‘tax rules’

Question: A question for working actors or tax professionals…?

Hi there,

My wife has recently started professional work as a paid actress. Is there a governing rule as to how much of each paycheck she should be setting aside for end of the year taxes? Is there a flat percentage that is considered ’safe’? Any information would be appreciated.
*Edit* Thank you Judy. If you come back and read this edit – can you explain quarterly payments? I’ve always worked a corporate 9 to 5, so I just do annual taxes like most people.

Will being a paid actrress mean she has to fill out quarterly paperwork for the state or the fed? She has a ‘normal’ job, the acting is just on top. And it’s not a lot, but it’s well over the $600 annual minimum to not have to file.

Answer: as you know, if you break a law there is a consequence.

in your case, the consequence of not making quarterly payments would only be a penalty and some interest.

i personally know some people who just file at “tax time” and pay the extra amount to the state and the irs. they do this because they prefer to have the capital on hand as opposed to sending it in every three months. the irs has not told them to stop this practice probably because they always save enough and pay the total due.

however, you may want to pay quarterly. if you have no clue as to what to do, just go to your local tax preparer shop. they can do this in a jiffy!!! otherwise, go to www.irs.gov and search “form 1040-es” and the correct forms will come up.

Local rules an obstacle to home wind energy

In the summer of 2007, New Hampshire Public Radio ran a story titled “Local Zoning Laws Hinder Wind Power.” (NHPR, 06/27/2007) A year later, the Associated Press reported “Bill Supporting Residential Wind Turbines in NH Passes.” (A.P., 08/01/2008)

Roth IRA: The New Rules (Part 1 of 2)

Question: What rules govern monetary gifts to adult children?

I would like to give some money to my adult children. I will NOT have a taxable estate at the time of my death, Does gift tax still apply to amounts over $10,000? Does income tax apply?

Answer: You can give more than the minimum as long as you fill out the form for the IRS which credits this amount to your eventual “total estate”..

Personal Finance: Prince looking like more of a pauper

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Myth #1: There’s income tax on a gift over 13K