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From the Ashtabula Community Players to the local chapter of Vietnam Veterans of America, scores of Ashtabula County nonprofit organizations are in danger of losing their favored status with the Internal Revenue Service ...
HUNTSVILLE, AL -- The Internal Revenue Service says dozens of small nonprofit organizations in the Huntsville area are at risk of losing their tax-exempt status because they haven't filed returns since 2007 ...
The Internal Revenue Service says more than 9,300 Tennessee charities are at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008 and 2009. The IRS says these small charities ...
The Internal Revenue Service issues a list of the top 12 tax scams each year - known as the Dirty Dozen. The scams are illegal and can lead to problems for taxpayers including significant penalties, interest ...
NEW YORK -- Starting a business can be expensive, as people find when they become entrepreneurs after losing their jobs. But many of these brand-new company owners have also found ways to keep those costs down ...
It's just as hard to get into a new habit as it is to get out of an old one. But the IRS understands ... The leaders of several charitable and nonprofit groups around Southwest Mississippi were caught a little ...
DALLAS – Many working taxpayers may be eligible for the Making Work Pay Credit again this year. This credit, a provision of the American Recovery and Reinvestment Act of 2009, increased paychecks for millions of ...
Richard, My boyfriend and I have two daughters and have been living together for four years. We've always made the same amount of money and split everything down the middle, as well as do our own taxes. He has ...
NEW YORK (AP) — Memo to small business owners thinking about starting or contributing to retirement plans: Keep an eye on the calendar. There are several deadlines in September and October that owners must ...
Blog posts about Irs.gov
NASE tax guru Keith Hall. This was about as close to angry as I've ever heard NASE tax expert Keith Hall get, but you really can't blame him. Keith and I had a Microbusiness Conversation about microbusiness and taxes and, specifically, ...
Should airlines be taxed on all those fees they charge passengers? Airlines made at least $3 billion in service fees last year for things like checking bags and in-flight meals. But much of that money wasn't taxable because the IRS ...
Years ago, after a period of struggling with infertility and failed attempts to get pregnant, my husband and I began exploring the option of adopting a child. We eventually decided to not pursue adoption, but for many couples unable to ...
With Tropical Storm Bonnie heading towards the US, I thought I would post some financial preparedness tips for the public just offered by the Internal Revenue Service (IRS) and Consumer Reports. On the IRS website, the agency posted ...
For some time now, opponents of the individual mandate have focused on showing that the mandate does not fall within Congress's commerce clause powers. But the Justice Department has made clear that it will defend the new health care ...
Everybody else is complaining about those new reporting requirement and the burden they're going to impose on small businesses. Why should Nina Olsen be any different? Nina Olsen, in case you didn't know, is the National Taxpayer ...
A Good Company was selected as the winner of Sunlight Labs' Design For America contest in the Redesign of a .Gov Website category. The designers tackled the Internal Revenue Service site. Take a look at the current IRS.gov site and ...
Ah, the classic question. Should I use the standard deduction or itemize? The answer is simple of course: you should use whichever deduction is greater, thus saving you the most money on your tax bill and keeping the most money in your ...
Where's the parade? (photo: respres on Flickr). It's summer in an election year, and that's the time for the deficit peacocks to come out of hibernation and strut their feathers, letting everyone know that they care – very much! ...
By Ryan McNeely. Less than a year ago, Blanche Lincoln was hemming and hawing on her support for health care reform, insisting that any bill had to be deficit neutral. She also took a lead role in opposition to the public option because ...
The Internal Revenue Service (IRS) recently unearthed yet another undesirable side effect of Obamacare—one that will hit the taxman as well as business owners. The Taxpayer Advocate Service, “an independent organization within the IRS ...
Many people get upset about income inequality, and for example the fact that the top 1% earned almost 23% of total income in 2007 (see table above, IRS data here). But not too many people seem to get very upset about the fact that "farm ...
This week, the Treasury Department delivered a report on an Obama administration program to encourage businesses to hire the long-term unemployed. It is also calling on Congress to re-up the expiring program, as it spent less than ...
Individual Income Tax Returns Publication 1304 (Complete Report) — 2008 Source: Internal Revenue Service. Publication 1304, Statistics of Income—2008 – Individual Income Tax Returns, is now available in electronic format. ...
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Through of course irs.gov. Also what type of circumstances allow me to get a copy of a tax return or transcript free? Their website is vague on whether they charge indefinitely for any copy of tax return information.
Answer: you can get transcripts free, file a 4506 copies of your return will cost you whether the 3rd party filing is still active you will have to check but more than likely it is over once tax season is over you can go to www.irs.gov, find the forms you need, file them out on your computer, download copies for yourself and one to file, and manually send it in
I am filing a 1040X (again). How do i find out what attachments are needed again to refile?
for those of you who don't know what a 1040x is for this year it is credit for first time home buyers. When filing the first 1040x there was a list of items that were needing to be sent along with the 1040x such as copies of drivers licenses and home mortgage statements etc etc. now that i have what was missing how do i find out what all else was on the list so i can resend it. they will not just add what i have to what i have already sent. they need everything all at once. I used to have the paper that had all the info until my dear husband decided to clean off the bar and I have been on the IRS.GOV and can't seem to find the list. I have already talked to the IRS on phone and they said i need to resend everything. nothing was returned. they also said that they do not carry the list(the person i talked to). I have to go back and get the list from where i am filing. I got that list but it is not the same... but they say it is. I just don't want to go back and do this again.
Answer: For those who don't know what a 1040-X is, you really don't want to hear their answers. The best way to prepare a 1040-X is to start by preparing a "dummy" return the way that it should have been filed correctly in the first place. Use the information on the dummy return to fill out the 1040-X. If there are any NEW forms or schedules that were not attached to the original return or any previously filed amended returns, attach copies of those. Also, attach copies of any forms or schedules that have CHANGED since filing the original or any other amended returns. Do NOT attach a copy of the dummy Form 1040, but keep it for your records.
When do I have to start paying income taxes from my Textbroker earnings?
For those who don't know, Textbroker is an online job where you write articles for money and they pay you via PayPal. I recently got an EIN from the IRS.gov to put on the W-9 form that the job required. This is what's stated on one of the Textbroker page. "Please note that, as an independent contractor, you are responsible for any and all income taxes required on freelance income. Textbroker does not withhold income tax from your earnings." When do I have to start paying income taxes and how do I go about doing this? I'm kind of worried considering I never payed Taxes before nor do I know anything about them and I only use PayPal with MoneyPak(Don't own Credit Card or Bank Account.)
Answer: As an individual, you are supposed to put your SSN on the W-9. As for paying tax, you include any income as self-employment income on 1040 schedule C-EZ. if you make more than $400 (unlikely), you also do schedule SE.
Textbroker doesn't pay Income Taxes?
For those who don't know, Textbroker is an online job where you write articles for money and they pay you via PayPal. I recently got an EID from the IRS.gov to put on the W-9 form that the job required. This is what's stated on the Textbroker page. "Please note that, as an independent contractor, you are responsible for any and all income taxes required on freelance income. Textbroker does not withhold income tax from your earnings." What does this mean? Because, I'm kind of worried since I don't have a Credit Card or Bank Account yet and I only get money through PayPal with MoneyPak.
Answer: I'm guessing that by EID, you mean an Employer's Identification Number (EIN). If you got an EIN and you don't have employees nor do you have a corporation or LLC, then you wasted your time. You should have put your Social Security Number on the W-9. You aren't supposed to worry about Textbroker paying income taxes. That is never a concern of a contractor like you or an employee. What an employer does is withhold income taxes from your paycheck to submit to the IRS on your behalf. The only taxes that an employer pays that are of a concern to employees are half of your total Social Security and medicare taxes (The 7.65% withheld from your check is the other half.), state unemployment taxes, federal unemployment tax, and some other payroll taxes depending on the state. The taxes you do need to worry about are your state and federal income taxes and your self-employment tax (similar to Social Security, but you pay all of it). You will need to keep track of all the income you receive. (Whether or not you get a check or a credit to your Paypal check doesn't matter. It's all income.) You would also have to keep good records of your expenses, but I doubt you will have any. I hope this helps. Gary
Is it safe to give your Social Security number on the IRS.gov website?
Because I had use it to get an Employee Identification Number, just wondering is it safe to do that? Are they trustworthy?
Answer: Check your browser. If it doesn't have an indicator showing that the page is secure, then you shouldn't. The IRS site does have the current security software so it should be safe. You would just need to verify that you are on irs.gov and not a web site set up as a scam. In other words, your question is really in the wrong forum. You should post it on one of those that are for Internet sites. By the way, the IRS knows your Social Security Number, birthdate, and just about everything needed for identity theft. That's why the IRS has strict rules for employees accessing files. I hope this helps. Gary
My mother recently died. I am looking at what I have to do financially for her. What taxes should I pay?
Any other steps? I was looking at the irs.gov website and it mentions that estate tax for 2010 is repealed, so I don't have to pay that (I guess). Do I need to pay tax on my inheritance? Does my brother need to? We both live in the New York. The IRS also said something about filing a 1040 and 1041. Lastly, does this money come from her life insurance(s) death benefit or from her other assets? Any other steps? Any help, knowledge, or links are appreciated. Thanks in advance. She has an apartment which she is renting out. We own it jointly (50/50). Since she died, do I get the her 50%? Or does my brother and I each get 50% of her share (50%) leaving him with 25% and me with 75%? Her intention was to leave it to me, but she never got around to making a will. Also, only she signed the sublease. Does that mean that the current tenant has to leave?
Answer: Sorry to hear of your Mom's death. You have to file her final 1040 form for the IRS and the state filing for NY if required showing Deceased. If she owned property and it was not titled to transfer outside of probate you will have to file to open a probate case. If the estate is small you can do this yourself. If large you will need the help of an attorney. If she left a will the property will pass according to her will. If no will state inheritance law will govern. You or your brother will not pay any inheritance tax.
Where can i get a non-filers statement for fairfield university?
i need a non-filers statement for my mom from the irs. i called my school and they said i could get it off of irs.gov but i wasnt able to find it. if anyone finds it and posts the link it would be realllly helpful. thanksss
Answer: You need to fill out a form 4506-T, which you can download at the IRS site: http://www.irs.gov/pub/irs-pdf/f4506t.pdf Check box 7 and send it in.
How long do you think that US government spending can last since only 48% of workers pay federal income tax?
www.irs.gov
Answer: you don't think we are already in the 'hole'?
Wash Sale Tax rule confusion?
How do I treat the following please: 6-4-10 bought 25 shares NBR net cost 531.25 6-22-10 bought 15 shares NBR net cost 303.75 6-22-10 sold 30 shares NBR net proceeds 607.48 I read IRS.gov rules but can't understand if entire loss is added to 10 remaining shares cost bases OR do I carry loss of 10 shares left to the their remaining tax basis Thank you PS I know too much work for such a low amount, was data entry error re: buy today..... IT IS A WASH SALE, CONFIRMED WITH IRS. Only question is do I move the loss to the remaining 10 shares or prorate on share per share basis.
Answer: A wash sale is when you sell then buy not buy then sell.
Paying amount due for taxes?
I owe the IRS some money from a few years ago. I'm trying to find a link on their site to pay the amount due. I, for the life of me, cannot find anything on the irs.gov site about ways to pay the amount due. Can I pay the amount online using a debit/credit card? Do I have to call in and sit in their hour-long queue to pay over the phone? The only thing I can find on their site is the installment plan.
Answer: The IRS does not accept credit/debit cards directly. However, they do use various 3rd party paying systems that pass the credit card fee on to you. www.officialpayments.com www.pay1040.com The fee is 2.49% of the balance I believe.