The Tax Questions Blog

Archive for September, 2008

Illinois Seeks Foreign Buyers for Pension Debt as Deficit Looms

Jan. 7 (Bloomberg) -- Illinois , the second-lowest-rated U.S. state, is seeking to attract investors from Asia and Europe today and tomorrow as it sells $3.47 billion in taxable bonds to fund its annual payment to the employee pension fund.

Question: Question about a 1099?

Can someone fill me in on the 1099 form? I am so lost. Does my employeer give me some kind of form? when do i file? What do i need to know? This is my first job working with the 1099 and I am so lost. Any information you have will help. Thanks. Oh also do i file my wages and expenses or just the wages? See I am soooo lost.

Answer: You are the first clueless maybe, maybe not independent contractor of the day. I have saved myself a lot of trouble by saving the following text and pasting it into the answer block.
My canned explanation to clueless independent contractors seems to get posted every day:

Some employers try to get around paying employment taxes (social security and unemployment) and other employee benefits like workers compensation insurance by improperly classifying employees as independent contractors. If you are required to show up for work--personally--at a particular time, punch the clock, use the employers equipment and are paid an hourly rate, you are an employee. If you didn't understand the difference when you posed your question, I would be even more convinced that you are an employee. What is your preference, Slotted or Phillips? Complete an IRS Form SS-8 to get an official ruling on your status. This will help you get unemployment if you get fired.

Police reports from local municipalities

DOWNTOWN MIAMI | A thief stole a boat from a dock at 1099 McArthur Cswy. between Oct. 28 and Nov. 29.

How does FHTM work?

What takes place when you neglect to give your tax on time or refuse to give tax to the U.S. government? Many US citizens, who have experienced the IRS bank account levy, which came 'out of the blue' and left them bankrupt very fast, know the answer - you miss the tax- you lose your money.

Using this powerful tool of IRS bank account levy, Uncle Sam accumulates owing taxes from those who failed or refused to pay taxes on due date. Moreover, no permission is essential for the IRS to block the bank account and if needed, they can seize the assets of the default taxpayers. However, before freezing the account, Internal Revenue Service first send one notification to inform the person about IRS bank account levy and give the person a time set of thirty days to either pay or to request hearing to the federal government. That 30-day period is the only time when you can organize yourself to defend and save up your savings from going to the coffers of the IRS.

How Can You Relieve Your Money from IRS Bank Account Levy:

At first, get help from an experienced tax consultant who is well equipped with the process of tax payments and can help you to settle the matter. When that is done, with the advice from the consultant you can try a few ways, which have been proved successful to stop the IRS bank account levy. Several the most competent and approved steps are:

Process of recovering your money from IRS bank account levy is a prolonged procedure and can bear no result for you, yet you should think positive and appoint a veteran tax consultant to assist you.

IRS refund checks for Fla. residents

The IRS has over $15 million in refund checks for 10,024 Florida residents.

How to Track Your Tax Refund

Question: Is it expected by the IRS that I make estimated tax payments?

I owe the IRS money due to the selling of options that inflated my normal income. This year my income will not be as high, since I will not be selling any options and my withholding seems appropriate.

Answer: If you don't expect to owe next year, you don't have to send in estimated tax payments.

They'll send you those 1040-ES vouchers any time you owe - because if whatever situation it was that had you in a tax-due situation was going to be ongoing, you'd need to send in tax payments during the year. They don't distinguish between tax due that was a one-year event. If that was the case for you, you can ignore the ES vouchers.

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Business Highlights

___ Tax preparers to face new regulation, IRS scrutiny WASHINGTON (AP) _ The IRS plans to require tax preparers to pass a test and register with the government to better police a largely unregulated industry used by most taxpayers. The Internal Revenue... Internal Revenue Service - Tax - Government - United States - Associated Press

The HAPPY Act to provide tax credit for pet and veterinary care by U.S. Rep. Thaddeus McCotter

Question: How do I know if my gift is taxable income?

I have received a sum of money from a family member. It is a gift. Is it taxable income? If so... does it change my tax bracket?

Answer: It really depends on who's giving it to you. If this is an inheritance, you can be taxed on that income and it won't change your AGI. If this is a gift, it may be subject to a gift tax. I'd consult a financial advisor regarding the tax treatment as well as ways you can shelter your money from the government.

Good luck.

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New ND ``EZ'' income tax form debuts

A simpler North Dakota state income tax form is making its debut this year, and a more complex form has been dumped.

What is taxed in the Code?