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Tax Forms
Various forms used by the IRS in conjunction with income taxes such as W-2, W-4, W-9, 1040, 1098, and 1099
3,047 Questions
Would it be a good idea to have no money withheld for taxes?
In most cases that would not be a good idea. You are going to have to pay in taxes no matter what. It is generally better to have them take it as you earn it because the majority of the population would have spent the money instead of putting it back for Uncle Sam. Ask any 1099 individual how tough it is to come up with a check for the federal government every quarter.
Additionally: it is against the law to not pay your taxes on an estimated 9by either quarterly 1099-ES or withholding) basis. The amount is also well prescribed with several different methods and limits.
Like most things legally prescribed, not doing so will incur an automatic additional penalty and interest on any underpayment, this may be substantial. Of course, if after determining the amount of tax required to be paid, it turns out (because of your earning level, deductions, etc) you don't need to have any (more) paid in, then don't.
Do you need permission from someone to claim them as a dependent on your taxes?
Unlikely as they would usually be minors or disabled. You do need to prove that you provided more than 50% of their care and upkeep.
Which of these is not requirement for claiming an individual as a dependent?
The child must have lived with the taxpayer for more than three years.
What are the taxes on 1.5 million dollars?
That's going to depend on how you got it, where you got it, what you did with it,
what else you got in the same year besides the $1.5 million, and where you live.
Can anyone be on someone taxes return if they live in the home but not kin?
If you have paid for more than half of their support and they do not claim themselves on their taxes, I believe you can claim them as long as you have documentation to prove it.
What is the income received by the government from taxes called?
The income recieved by a government from taxes abd other nontax sources is called Revenue.
What would the inheritance tax be on a million dollars?
Current US estate tax for values over $500,000 is $155,800 for the first $500,000, and 35% of the amount in excess of $500,000. In this case that would be $155,800 + $175,000, totalling $330,800. Obviously this is a simplified calculation; the actual paperwork involved is significant, but can lower the amount of tax.
What is the federal tax imposed on inheritance?
Inheritance tax is imposed on individuals who receive property from someone who has died. The amount of tax is determined by the appraised value of the property and the recipient's relationship to the deceased.
Currently there are 10 states that also impose a "death tax".
See info at links
What does exempt status mean on the W4 form?
Exempt status may be claimed on a 2010 W-4 if two conditions exist:
1. You did not have a tax liability in the prior year and therefore received a refund of everything that was withheld, and
2. You expect to have not tax liability this year.
Caution: Having no tax liability is not the same as owing no tax. If your tax withholding was $1,000 last year and your tax liability was $400 then you owed no additional tax. You received a $600 refund. But your tax liability was $400.
Form 1049 is the 1099 equivilent for Foreign Vendors doing business in the US.
Not tax exempt would mean that it is subject to taxes.
Yes you would tax any thing that is not exempt from taxes in your business operation.
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.
Can you claim family member on your tax return?
Yes this is possible BUT Only if all of the rules are met by you and the family member for you to qualify to be able to claim the qualifying dependency exemption on your 1040 income tax return for this purpose.
For all of the rules go to the IRS gov website and use the search box for PUBLICATION 17 go to chapter 3. Personal Exemptions and Dependents
Each test is explained in chapter 3 of the publication 17 and you will also find the worksheet that you can use to determine if the support test is met.
Do marry men with kids make more on income tax than single?
YOU ALREADY KNOW THIS ANSWER. Sure the income tax would be less when the 1040 income tax return for a MFJ with qualifying dependent children exemption amounts added to reduce the taxable income amount and the other tax credits that they could possibly qualify form is completed correctly the amount of their federal income tax liability would be reduced and the the credit amounts could possibly increase the refund amount.
Australian Business Numbers (ABN) When you are filing the 1040 federal income tax return for the tax year 2009 the return and any taxes that were due were supposed to postmarked before midnight April 15 2010.
You can still file the tax return before October 15 2010.
A tax return transcript does not reflect changes made to the account after the return is processed. Transcripts are only available for the following returns: Form 1040 series, Form 1065, Form 1120, Form 1120A, Form 1120H, Form 1120L, and Form 1120S. Return transcripts are available for the current year and returns processed during the prior 3 processing years. Most requests will be processed within 10 business days
The IRS may be able to provide this transcript information for up to 10 years. Information for the current year is generally not available until the year after it is filed with the IRS.
The transcript information probably will NOT show the 1040X change information that was made on your 1040 tax form for the year that the 1040X was filed.
The above information come from the the IRS gov website copy of the 4506-T lines.
http://www.irs.gov/pub/irs-pdf/f4506t.pdf?portlet=3
For some information about a partnership go to the IRS gov web site and use the search box for Publication 541 go to chapter Forming a Partnership
An unincorporated organization with two or more members is generally classified as a partnership for federal tax purposes if its members carry on a trade, business, financial operation, or venture and divide its profits. However, a joint undertaking merely to share expenses is not a partnership. For example, co-ownership of property maintained and rented or leased is not a partnership unless the co-owners provide services to the tenants.
The rules you must use to determine whether an organization is classified as a partnership changed for organizations formed after 1996.Organizations formed after 1996. An organization formed after 1996 is classified as a partnership for federal tax purposes if it has two or more members and it is none of the following.
Does the 4506t give them complete access to my tax return?
You can look a copy of the 4506-T by going to the irs gov website and using the search box for 4506-t
a Return Transcript, which includes most of the line items of a tax return as filed with the IRS. A tax return transcript does not reflect
changes made to the account after the return is processed. Transcripts are only available for the following returns: Form 1040 series,
Form 1065, Form 1120, Form 1120A, Form 1120H, Form 1120L, and Form 1120S. Return transcripts are available for the current year
and returns processed during the prior 3 processing years. Most requests will be processed within 10 business days . . . . . .
b Account Transcript, which contains information on the financial status of the account, such as payments made on the account, penalty
assessments, and adjustments made by you or the IRS after the return was filed. Return information is limited to items such as tax liability
and estimated tax payments. Account transcripts are available for most returns. Most requests will be processed within 30 calendar days. .
c Record of Account, which is a combination of line item information and later adjustments to the account. Available for current year and
3 prior tax years. Most requests will be processed within 30 calendar days . . . . . . . . . . . . . . . . . . .
7 Verification of Nonfiling, which is proof from the IRS that you did not file a return for the year. Current year requests are only available
after June 15th. There are no availability restrictions on prior year requests. Most requests will be processed within 10 business days . .
8 Form W-2, Form 1099 series, Form 1098 series, or Form 5498 series transcript. The IRS can provide a transcript that includes data from
these information returns. State or local information is not included with the Form W-2 information. The IRS may be able to provide this
transcript information for up to 10 years. Information for the current year is generally not available until the year after it is filed with the IRS.
For example, W-2 information for 2007, filed in 2008, will not be available from the IRS until 2009. If you need W-2 information for retirement
purposes, you should contact the Social Security Administration at 1-800-772-1213. Most requests will be processed within 45 days . . .
