If you have not received your Form W-2, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement. Attach Form 4852 to the return, estimating income and withholding taxes as accurately as possible. There may be a delay in any refund due while the information is verified.
Monday, April 2, 2012
What it you found diamonds and gold, and simply decided to dig it up and put it away. Do you have to pay tax?
On your balance sheet you can Debit - assets (diamonds and gold) and Credit - GOD. He works miracles. You pay tax when you sell it. Your basis is -0- so you have pure gain.
I received a 1099 from the gccf but it has the whole amount taxable including the 16,000 my attourney recieved?
Issue him a 1099 and send a copy to the IRS. Keep all relevant information and disbursements including checks and receipts in case you get audited. The $36,000 is reflected as income by you and the $16,000 is reflected as an expense by you. He has to show the $16,000 as income.
Sunday, April 1, 2012
Do you have to report tax on cash received for wedding?
You don't report the gifts received from your guests. A couple can gift $13,000 each for a total of $26,000 filing a joint return. But stay married! Don't do the Kim Kardashian thing.
When do i have to file my tax returns by?
You have to "postmark" the envelope in the post office on or before April 17th, 2012. You may ask for an extension but it is not an extension of time to pay your taxes, merely to file the return. You have to estimate the amount you'll owe and pay it with your extension, again on or before April 17th, 2012. In order to know if you'll get a refund and how much, I would have to know more about your income and deductions. If you'd like more information, please write me, I'm a preparer: GreatReturns3x@yahoo.com
Accounting jobs for recent graduates?
Look in the Sunday New York Times Classified Section. You don't need to look anywhere else. There are small CPA firms looking for accounting majors who just graduated. They're called Junior Accountants. They obviously don't expect you to have your CPA, you need to take the exam and have the practice first. Don't give up. Accounting is a great profession. Contrary to what you may think, they would rather have someone with no experience then someone who has been trained poorly. Stick with it and Good Luck!
P.S. In the meantime go out and get accounts for yourself. You can get small monthly write-up work and year end personal and corporate tax work. You need money, right? We're in tax season. Buy a tax software program, learn how to use it, do simple returns to start. Try to read the tax code as much as possible. Most of it comes from experience and repetition.
P.S. In the meantime go out and get accounts for yourself. You can get small monthly write-up work and year end personal and corporate tax work. You need money, right? We're in tax season. Buy a tax software program, learn how to use it, do simple returns to start. Try to read the tax code as much as possible. Most of it comes from experience and repetition.
Saturday, March 31, 2012
I work under the at a beauty supply store for about 3 urs now I have a son and was never able to file taxes ?
You are and were able to file taxes and probably receive a refund, declaring your son as a dependent. Just because your employer doesn't or didn't issue you a tax document like a 1099 or a W-2 doesn't mean you can't or couldn't or shouldn't file a tax return. Schedule "C" Part 1 asks for "Gross Receipts" received. You enter the amount you received from your employer. Show your son as a dependent and you'll probably receive a refund from the IRS, even though neither you nor your employer paid any withholding taxes to the government during the year. The IRS helps people with children who don't earn a lot of money, whether self-employed or employed by another. You may be able to file back taxes as well. You're eligible to file Form 1040 for 2008, 2009 and 2010.
Tax deductions- What can you deduct as a Group Fitness Instructor and/or Personal Trainer?
Personal Trainers work hard. Many invest a great deal of time and hard-earned money in the profession; expenses such as certifications, uniforms, CPR training, continuing education credits, business cards and fitness equipment really add up. The good news is that a significant portion of the costs of doing business can be deducted. The bad news is that, because personal training is still a young profession, the Internal Revenue Service (IRS) doesn’t always readily understand the deductions.
What is the IRS doing when they are deciding whether to accept or deny your return?
Verifying the following:
1. The last name for the primary taxpayer on the return matches what the IRS and/or the Social Security Administration (SSA) have on file.
2. The Social Security Number (SSN) and last name entered for the qualifying child matches what the IRS and/or Social Security Administration (SSA) have on file. The qualifying SSN of the dependent on Schedule EIC, Earned Income Credit, must match data from the IRS Master File.
If the child does not qualify as a dependent, the child is not eligible to be a qualifying child for EIC.
3. The Employer Identification Number (EIN) of the business reported on Form(s) W-2, W-2G, W-2GU, 499R-2/W-2PR, 1099R, or 2439 matches the EIN on the IRS Master File.
4. The last name for the secondary taxpayer on the return matches the IRS Master File and/or Social Security Administration (SSA) records.
5. The last name of the dependent on the return matches the IRS Master File and/or Social Security Administration (SSA) records.
6. If the qualifying child’s Social Security Number (SSN) listed for the purpose of claiming Earned Income Credit (EIC) has been used on another tax return.
7. If the dependent’s Social Security Number (SSN) claimed on the tax return and/or Schedule EIC, Earned Income Credit has been used on another tax return.
8. If the dependent's SSN was used as a Primary SSN or Secondary SSN on another return and was claimed as an exemption on that return.
9. The Date of Birth (DOB) of the primary taxpayer or spouse matches the IRS Master File.
10. The year of birth for the qualifying child matches what the IRS and/or Social Security Administration (SSA) have on file.
1. The last name for the primary taxpayer on the return matches what the IRS and/or the Social Security Administration (SSA) have on file.
2. The Social Security Number (SSN) and last name entered for the qualifying child matches what the IRS and/or Social Security Administration (SSA) have on file. The qualifying SSN of the dependent on Schedule EIC, Earned Income Credit, must match data from the IRS Master File.
If the child does not qualify as a dependent, the child is not eligible to be a qualifying child for EIC.
3. The Employer Identification Number (EIN) of the business reported on Form(s) W-2, W-2G, W-2GU, 499R-2/W-2PR, 1099R, or 2439 matches the EIN on the IRS Master File.
4. The last name for the secondary taxpayer on the return matches the IRS Master File and/or Social Security Administration (SSA) records.
5. The last name of the dependent on the return matches the IRS Master File and/or Social Security Administration (SSA) records.
6. If the qualifying child’s Social Security Number (SSN) listed for the purpose of claiming Earned Income Credit (EIC) has been used on another tax return.
7. If the dependent’s Social Security Number (SSN) claimed on the tax return and/or Schedule EIC, Earned Income Credit has been used on another tax return.
8. If the dependent's SSN was used as a Primary SSN or Secondary SSN on another return and was claimed as an exemption on that return.
9. The Date of Birth (DOB) of the primary taxpayer or spouse matches the IRS Master File.
10. The year of birth for the qualifying child matches what the IRS and/or Social Security Administration (SSA) have on file.
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