The Tax Questions Blog

Posts Tagged ‘form’

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Question: If a friend gives you a large sum of money as a gift, is that taxable income?

Answer: Lucky you! The recipient of a gift doesn't pay tax. If the gift is over $11,000, the person who gave it to you may owe gift tax. So, the good news is that you've just received money tax free. Thank your friend profusely and take him/her out for a fine dinner!

Business Mastery: A Guide for Creating a Fulfilling, Thriving Business and Keeping it Successful $23.23 This best-selling business manual for wellness practitioners covers the major aspects of building and maintaining a successful practice. The all-new Fourth Edition is completely updated and includes information about how to effectively negotiate, keep up with the latest research, deal with difficult clients, increase career longevity, and attract first clients. Practical tools and tips teach how...

Life Organizer: The Essential Record Keeper and Estate Planner $21.98 Do you remember where the deed to your house is, what you paid for the painting hanging over your mantle, where your life insurance documents are? Have you photographed your belongings? Have you thought through your estate planning? Does anyone know what to do if something happens to you? Does everyone know what your wishes are?Life Organizer: The Essential Record Keeper & Estate Planner is the pe...

Wills, Trusts, and Estates Administration $109.58 Trusted for more than thirty years, WILLS, TRUSTS, AND ESTATE ADMINISTRATION, 7th Edition introduces the basics of estate planning and bequeathing property through wills and trusts, along with the laws and procedures involved. In addition to relevant laws, the text covers court procedures, cases, tax implications, ethical considerations, and the roles paralegals and other professionals play in the...

Dirty Dozen tax scams of 2011

Hiding income in offshore accounts, identity theft, return preparer fraud, and filing false or misleading tax forms top the annual list of “dirty dozen” tax scams in 2011, according to the Internal Revenue Service.

Question: How do you know you owe tax money if your exempt?

As a student my employer said to file for exempt. On my pay stub it writes Exemptions/Allowances and on the bottom it states "excluded from taxable wages". I made almost $7500 from Dec 07-Nov.08. How do I know if I will owe money and when will we receive our tax papers?

Answer: When you file your tax return after the 1st of the year, you will calculate how much you owe.

Your employer is to have your W2 to you or in the mail by 1/31/09.

Unmerited exemptions galore

The source rule was staring it in the face - income earned in India is taxable in India.

Tax Tips & Information : How to File Taxes on Benefits

Question: I am going to file 1099 forms for the year, my income is roughly $14,000.?

I would like to get an idea as to how much I am going to be looking at as far as owing the government. I am the mother of a two year old, and the legal guardian of a 3 month old (he lives with me, he is basically mine, I just did not birth him.) I am just trying to prepare myself of what is next because I don't want to do a payment plan or anything, just wanna know how much I should put aside for that purpose... approximately.

Thanks for any advice or help in advance
I wanted to add that I started working in July... does this make a difference. The 14,000 I am calculating is based on what I think my total income that will be recieved by years end, give or take 500 a week. Also is my employer gonna give me something or do I use my paystubs??

Answer: the person who pays you should be giving you some kind of statement of what you are being paid for and if he is withholding taxes, how much of what. It would be a W-2 if he is withholding taxes
you say 1099, are you saying you have been working as an independent contractor all year? if so, who ever paid you at least $600 or more should be issuing you a 1099 and you will be responsible for your Self Employment tax(Sch SE) approx. 15.3% of your 'net', and you will file that information on a Sch C
that is all a part of your 1040
personal exemptions for 2009 are $3650, so you have $10950 already to deduct from your AGI, then $8500 if you are filing head of household
you also have a child credit of $1000 for each child and there is a possibility you will be entitled to EIC and any child credit not used to negate the tax liability is also shown as 'additional child credit'

Retain important records and cut the clutter

As you gather the papers necessary for this year’s tax return preparation, you may be wondering what records you need...

How to Complete and File a 1040A Tax Form : 1040A Tax Credits & Payment Tips

Question: This is the first year to file a 1099 tax form. what do we do?

My husband has been working as a independent contractor since janurary 2006. We have to file a 1099(right?) well, what are we able to write off on it.(cars, clothes, phone, gas expenses, etc?) and we just got married last month, so would it be better if we filed together or seperate? And do u know of any websites that will help us find this info. free of charge?

Answer: You don't file a 1099 your receive on from all of the people that your husband worked for during the year. You would file a 1040 using a schedule c to report the business income and expenses. If this is your first year you should consider using a professional tax preparer. They will save you more than their fee in most cases. These two links will be some help if you want to learn more for yourself.

http://www.irs.gov/pub/irs-pdf/p17.pdf

http://www.ftb.ca.gov/individuals/vita/sites.asp

ezW2: Affordable, Simple Solution to Small Business W-2 And 1099 Tax Filing Needs For 2010 Tax Season

ezW2 2009 w2 1099 software is designed for the non-accounting small business owner or manager who needs affordable but fully functional w2 1099 software for reporting employee payroll to the IRS and SSA. Users can download and try the w2 1099 software for free with no risk or obligation. New to this year's release is the ability to print two forms on one page, significantly reducing red form ...

How to Print 1099 Forms in CenterPoint Payroll Software

Question: I know to file a S corp taxes every yr is $530 How much is it for a LLC to file every for taxes?

I would like to know if when you file your taxes for a LLC how much is it. or how do you go about it. I know to file a Scorp for you to file is $530

Answer: Are you talking about the fee that the preparer charges? That would depend on the preparer and the complexity of the return.

Not sure what you're referring to.

From a recession to a measured resurgence, Telluride endures

If we learned anything about ourselves and about Telluride in 2009, it’s that we, and this town, endure. This last year was defined in simple economic terms for us, and we learned a lesson: Even our sno-globe town isn’t invincible. Our region made difficult financial decisions as revenues that once flowed ebbed. We braced against a recession and swallowed the passings of our friends. But for all ...

Business Advice : How to Form an LLC