The Tax Questions Blog

Archive for June, 2011

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Question: G-325A: I need help filling out two of the boxes?

I'm filling out a G-325A form as part of my K1 Visa application but need help with two of the boxes on the form. I have downloaded the form from the web and would like to post them off this week.

Top right hand corner: It asks for my file number. As I haven't sent this off yet, where would I get a file number from?

Bottom right hand corner: It asks for an Alien registration number. Again, where would I get this from?

If it makes any difference, I'm living in the UK but filing to ultimately get married and live in Illinois. Thanks!

Answer: You dont need to fill either of them boxes in if they dont apply yet. When you get papers back after your visa is filed they will give you those numbers and the A number will be on the visa you receive! Good Luck!!
Since when you get to America you get to fill them out again! LOL

You can call this number below and they will be able to help you if you get confused!
National Customer Service Center (NCSC) at 1-800-375-5283
Or even use the site.. www.uscis.gov

Good Luck!!

Question: Filing 2008 tax returns in TurboTax?

I'm trying to file my 2008 IRS returns in turbotax. I realize I'm going to pay a penality for filign late. Anyways.... where the heck are the 2008 1040 forms to report my income? In previous years when I went to an accountant he filled out for me a Individual Income Tax Return on a 1040 since i'm self employed. For example my 2006 income was $4,426.00. I paid like $600 to the IRS.

Right now in turbotax I put my income in as $7000 (before a few expenses), but my federal amount due is only like $126.

Where and how do I pay my social security? I thought self employment busnesses have to pay 15% or something for social security. I'm LOST. Please help me. If you have yahoo messenger, IM me at gerry020304.

Answer: Ah, the joys of tax software that ask you questions "Interview Style."

Somewhere in the interview, the software would start asking you the type of income you had and one of the answers would be "self-employment."

Rule 1. Always print the tax return before believing you are done.

Rule 2. Read the return and make sure it looks correct before sending it in (either efile or by mail, but not both). If your income is from self-employment, you should see at least a 1040, a schedule C and a schedule SE. The net income from schedule C will go to line 12 of the 1040. The SE tax will go to line 57 and the 1/2 adjustment will go on line 27.

If you have children under the age of 19 (or under 24 if a student), you may also have schedule EIC.

Rule 3. Compare the 2008 return with 2007 to see if the same income has landed in the same places. (Before I use software, I draft the tax return on a blank copy of the form.)

Rule 4, if you have children and/or low income, the Earned Income Credit can change the balance due from the 15.3% SE tax to a refund. For a single person who is between 25 and 65, with $7000 of SE income, you could qualify for a credit of $438. For $7000 net income, the bill would be $989 minus $438 or $551.

If you had expenses, all numbers would change. $5000 of net income would be $706 of SE tax and $354 of EIC (net $352).

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The Home-Based Business Guide: planning a business, choosing an entity, IRS approved tax deductions $8.00 The Home-Based Business Guide * planning a business * choosing an entity * IRS approved tax deductions Many people have contemplated starting their own home-based business but never do because they are unsure of what steps to take, the correct process and just how to go about it. It can be an overwhelming projet with out proper quideance, but with the proper strategies it...

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Niko Reports Results for the Year Ended March 31, 2011

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How to Complete a 1040A Tax Form : How to File an Individual 1040A

Question: Does the IRS have payment plans for people who can't afford to pay all their taxes at once.?

I heard the IRS penalties are so large that it would be better to use a low rate credit card to pay my taxes then set up a plan with the IRS, is this true?

Answer: Your Accounting GURU

Don't believe the hype: There are ways around everything: Penalty appeals, offer in compromises, the law of economic benefit: and many more.

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The Rich Don't Pay Tax! ...Or Do They?: Who really pays income tax? Why is this problematic? And how do we deal with it? $7.51 Do you wonder just how much extra income tax you're paying, because the rich don't pay their share? You might be surprised. In the well sourced and documented “The Rich Don’t Pay Tax ...Or Do They?” John Gaver undertakes a critical look at official IRS collections data to determine which income groups really do or don't pay what portion of the US personal income tax load. He goes on to furth...

The Fair Tax Book: Saying Goodbye to the Income Tax and the IRS $3.16 Wouldn't you love to abolish the IRS ...Keep all the money in your paycheck ...Pay taxes on what you spend, not what you earn ...And eliminate all the fraud, hassle, and waste of our current system?Then the FairTax is for you. In the face of the outlandish American tax burden, talk-radio firebrand Neal Boortz and Congressman John Linder are leading the charge to phase out our current, unfair syste...

Ron Johnson Has Found A Creative Way To Recoup His Campaign Investment

Back in 2010, Wisconsin Democrat Russ Feingold lost his Senate seat in dramatic fashion to Republican Ron Johnson, an Oshkosh businessman-turned-Tea Party mantle-wearing political insurgent.

FOX NEWS Live: GE Pays No Taxes To IRS

Question: What can I do if my ex signed my name on a tax refund check that was supposed to be equally divided?

We were legally separated at the time and per the divorce decree agreed to file our taxes jointly for 2003. Needless to say, the taxes didn't get done and sent in until Fall 2006. He informed me that we weren't getting anything back because we filed too late. I contacted the IRS and they stated that a check had been mailed out in August 2006. I think he signed my name on the back of the check and kept all of the refund. What actions can I take if this is the case? The IRS is stating that since we filed jointly I would have to take legal action...okay the divorce cost me quite enough...! Would he be charged with forgery? And we're talking about a federal tax return...how bad could that be for him? (He's always saying he has no money, but gee, he just bought a Harley motorcycle last Fall....hmmmmmmm) I just found out about this today. I will be contacting my local County Prosecutor tomorrow to see if they can steer me in the right direction. Any ideas?

Answer: Get all the information down in writing from all offices then take him to small claims court!! Just make sure you have all the evidence.
Yes he can be charged for forgery.

...

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Timber Lake Playhouse in Mt. Carroll is Celebrating a Milestone This Summer…Our 50th Season!

I am so proud of this place and the art that takes place on TLP’s stage each summer.

Tax Tips: Free IRS Tax Help

Question: Can you file for unemployment if you work for 1099?

My husband is contemplating going back to work for a previous employer, however when he works for this guy he has to file 1099. He is considered a sub-contractor of a sub-contractor I guess. The pros definitely outweigh the cons in this situation... but my one concern is that with things being the way they are right now what happens if he gets laid off? Would he at least be eligible for unemployment?

Answer: Unfortunately, no, he wouldn't be eligible for unemployment. He's being paid as a 1099 subcontractor, not as a W-2 employee. Only W-2 employees are eligible for unemployment benefits.

New Improved EzPaycheck Payroll Software Helps Small Businesses Battle the Recession

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Baucus Continues Jobs Agenda with Bipartisan Bill to Boost Employment for Vets