Various forms used by the IRS in conjunction with income taxes such as W-2, W-4, W-9, 1040, 1098, and 1099
Asked in Tax Forms, Divorce and Marriage Law
If you don't owe any taxes do you have to file for an extension just to file the paperwork after the April deadline?
No, you don't need to file an extension if you don't owe the IRS any money. You only need to file an extension if you need more time to pay. The current law is you have three years to file for a refund and after that you forfeit it to the IRS. The IRS does not charge penalties to people that are owed refunds even if they are filing after due date (usually April 15). Just make sure you file within the 3 years. But if you owe money, even if you file an extension, if you do NOT pay by April 15, then you will owe interest and penalties on the money you owe. The extension is form 4868 and can be filed online through IRS.gov e-file, or by mailing in the form. The extension is NOT an extension for time to PAY, it is just an extension for time to file. Even if you are owed a refund, the IRS says that you are "required" to file if you made over the standard deduction. But in all reality, if they owe you money, they don't want to see you get it. If they owe you money, they don't care when or if you file, but they do like to keep tabs on you. There will be no penalties.
Asked in Business & Finance, Islam, Tax Forms
Concept of Taxation in Islam?
The concept of taxation is quite different in Islam. Islam doesn't tax Income, it tax saving. Hence what ever you left after your expenditure or what ever you left as saving after your expenses are taxable in Islam. This would be significant impact on economy. Your expenditure is someone's income. So if your savings are taxed, you tried to expense out more. Hence more you expense ,more income is generated for other society members. The process doesn't stop here. It would be an accelerator affect. As more expenditure occur, more income generated in society , hence more opportunities for new income generation would take place, more job opportunities would be generated, more businesses to established etc etc. In short a single step has a tremendous accelerator affect on economy.
What happens if you forget to file your state income taxes?
If you do NOT get it filed to your state it possible that you will be receiving a bill form the state tax department at some time in the future with the amount if any of past due taxes plus the penalties and interest that will be due when your do receive the bill it could be 2 or 3 years or less than that before you get the bill from the state.
Asked in Income Taxes, Tax Audits, Tax Forms
What is FCA in income tax?
Outside the U.S., you would be referring to Fellow Chartered Accountant, which is the American equivalent to the CPA or Certified Public Accountant. With respect to income taxes and the U.S. Tax Code, it is likely you are referring to FICA or Federal Insurance Contribution Act tax. The tax is imposed by the IRS (Internal Revenue Service) on wages and is paid by both the employee and employer. The tax is used to fund Social Security and Medicare.
How can taxes be shifted backward?
You can either income average over multiple years ( which is best utilized if you have large swings in income from consecutive years.) or you can apply Net Operating Losses forward or backward with the Form 1065 to reduce your taxes in a certain year. You can only do this if you had a net operating loss in one or more years. Sorry, income averaging hasn't been available for about 20 years. You may be confused with how Net Operating Losses work and obviously, they would NOT be available to an individual.
Where do you mail completed federal income tax returns?
Where you send your return depends on where you live. If you live in Florida, Georgia, or the Carolinas and you 're enclosing payment, you mail to the Department of the Treasury, Internal Revenue Service Center, Atlanta GA 39901-0102 (zip code 39901-0002 if not enclosing payment/receiving refund). If you live in Alabama, Kentucky, Louisiana, Mississippi, Tennessee, or Texas, you mail to the Department of the Treasury, Internal Revenue Service Center, Austin TX 73301-0102 if you're enclosing payment (zip code 73301-0002 if not enclosing payment/receiving refund). If you live in Arkansas, Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode island, Vermont, or the Virginias, mail to the Department of the Treasury, Internal Revenue Service Center, Kansas City MO 64999-0102 if enclosing payment (zip code 64999-0002 if not enclosing payment/receiving refund). If you live in any other state, mail to the Department of the Treasury, Internal Revenue Service Center, Fresno CA 93888-0102 if enclosing payment (zip code 93888-0002 if not enclosing payment/receiving refund).
Can you put yourself as a dependent in your taxes?
Is an LLC required to file tax return if no income?
What is a schedule M on a 1040A tax return?
This schedule was for 2009 only and it was to figure the 'Making Work Pay and Government Retiree Credits.' Everyone who is not someone else's dependent (most adults not being taken care of by mom or dad) and who works gets the 'Making Work Pay' credit and will want to fill out this schedule. It's up to $400 ($800 if you're married and file a return with your spouse). Those who receive social security benefits, railroad retirement benefits, or VA disability probably received a $250 check last summer and it will reduce any Making Work Pay credit they are allowed. Those who are getting retirement for a government job and aren't allowed to claim social security get a $250 credit. Those who qualify for this & the making work pay credit won't get a total credit of more than $400 ($800 if married & filing a joint return with their spouse).
What does gross pay and net pay mean?
When a person dies how do you file their taxes?
When you are the personal representative of the taxpayer estate, etc. you are the administrator, executor or the person in charge of the taxpayer property. You will use one of the 1040 tax forms for the final return of the taxpayer. After entering the deceased name, and date of death at the top of the tax form, you sign your name in the signature block and add the words "filing as personal representative". You also need to complete IRS Form 56, Notice Concerning Fiduciary Relationship and send it with the return. Also if a refund is due then a form 1310 is needed to assure that the refund is issued in the Per. Rep's name. You can obtain a copy of this form by going to the IRS gov website clicking on Forms & Instructions. This will take you to a page where you can pick and choose whatever forms and publications you need. Or you can use the search the search box for the Form or Publication that you will need. You may want to read IRS Pub 559 for Survivors, Executors and Administrators. And of course you do not want to forget about the state as they may have some different filing requirements. Publication 559 is designed to help those in charge of the property (estate) of an Individual who has died (decedent). It shows them how to complete and file federal income tax returns and points out their responsibility to pay any taxes due. A comprehensive example, using tax forms, is included near the end of this publication. Go to the IRS gov website and use the search box for Publication 559, Survivors, Executors, and Administrators
What does not tax exempt mean?
NOT tax exempt would mean that SOME TAXES MAY BE OWED ON THE TYPE OF INCOME that has been received for this purpose. And IF this is a NONPROFIT CHARITABLE organization a type of UNRELATED BUSINESS INCOME that will have to be reported on the income tax return and some taxes paid on the UBI that was received and maybe even some other tax forms will need to filed also for this purpose.
Asked in Debt and Bankruptcy, Bankruptcy Law, Tax Forms
If you are married and have joint debts do both of you have to file for bankruptcy?
If the debts are joint, then yes, to get any benefit, you both have to file. If one partner filed and the other did not, and the debts are joint, you'll just shift the whole burdon to the other partner. Contrary to popular belief, bankruptcy does not "destroy" your credit. You will be charged higher intrest rates at first, but if its a large item, you can come back later and refinance. (This applies mostly to homes). As far as credit cards, you'll start getting applications immediately after discharge.
Asked in Tax Forms, Ohio, Business Taxes
What's the address in California to mail IRS Form 1099-MISC?
Form 1099-MISC is Miscellaneous Income. Employers are required to mail Copy A (for Internal Revenue Service Center) to the IRS by March 1 (March 31 if filing electronically). Where you send Copy A depends on where you are. If you're in California, you mail Copy A to the Department of the Treasury, Internal Revenue Service Center, Kansas City MO 64999. For more information, go to www.irs.gov/formspubs for General Instructions for Forms 1099, 1098, 3921, 3922, 5498, and W-2G.
Asked in Income Taxes, Tax Forms
How do you get your W-2 from the Dollar Tree online?
They'll probably mail it to you by the 31st of January. If not, talk to your manager or HR. This site: dollartree.com/custserv/custserv.jsp?pageName=W2 has some pertinent information for Dollar Tree employees, offering links to sign up for electronic forms, and explaining when paper forms will be mailed. This is the site where employees and former employees should be able to log in and get their forms: paperlessemployee.com/dollartree.
Can you file your taxes in any state?
It doesn't matter from where you file (mail) your taxes. However, you don't get to pick what state you want to file a tax return for. In general, you are required to file a state return for the state in which your primary residence is. If you have income that derives from a source in another state (for example, you live in Connecticut, but work in New York) you have to file a return for the state(s) where your income is from in addition to the one for the state where you live.
What is the tax on a million dollars?
Generally, anyone with taxable incomes of $100,000 and above uses the Tax Computation Worksheet, not Tax Tables. The tax rate on taxable incomes over $372,950 is 35 percent. On $1 million dollars, this amounts to $350,000. This percentage then is reduced by $22,316.50 (if you're Single); by $29,638 (if Married Filing Jointly); or by $25,640 (if Head of Household). For a Single person, the total tax on a taxable income of $1 million dollars would then be $327,683.50. For Married Filing Jointly, the total tax would be $330,362. For Head of Household, the total tax would be $324,360. If $1 million dollars is the gross amount, then it would be reduced by any adjustments, itemization (or standard deduction), or personal/dependent exemptions. If the taxable income is over $372,950, then the tax rate still would be 35 percent.
Is workers compensation taxable income in Iowa?
Amounts you receive as workers' compensation for an occupational sickness or injury are fully exempt from tax if they are paid under a workers' compensation act or a statute in the nature of a workers' compensation act. The exemption also applies to your survivors. The exemption, however, does not apply to retirement plan benefits you receive based on your age, length of service, or prior contributions to the plan, even if you retired because of an occupational sickness or injury. If part of your workers' compensation reduces your social security or equivalent railroad retirement benefits received, that part is considered social security (or equivalent railroad retirement) benefits and may be taxable. For a discussion of the taxability of these benefits, see Other Income under Miscellaneous Income, later. Go to the IRS gov web site and use the search box for Publication 525 Taxable and Nontaxable income
Asked in Taxes and Tax Preparation, Tax Forms
Long term capital gain on sale of property?
Personal property asset the below information would apply. For business property asset different rules WILL apply. At this time for the tax year 2010 July 17 2010 10:59 AM the below would apply to the sale of a personal asset. The transaction will be reported on the schedule D of the 1040 tax form. When you complete the schedule D all the way through line by line the LTCG will be taxed at the 0% to 15% maximum capital gain rate. You will have to complete the schedule D worksheet on page 10 of the schedule D instruction book all the way through line 36 as that will be where the tax numbers will come from to go on line 44 of your tax return. For forms and instruction go to the IRS gov web site and use the search box for schedule D For 2009, long-term capital gains and qualified dividends are taxed at 0% for individuals in the 15% tax bracket above the 15% marginal tax rate the maximum long term capital gain tax rate of 15% will apply.