Personal information for each family member, income and tax information, deductions and credits.
- Dependent needs to be under the age of 17, if over the age of 17 the dependent needs to be a full time student of fully disabled.
- They need to be single.
- If not blood related, they have to live with the tax payer for more than a year & provide at least 50% of support.
- If they ARE blood related, they have to live with the tax payer for 6months.
No, A dependency exemption for a child may only be claimed on one return in a tax year.
- They have to live separately for 6 months out of the year.
- Have a separation agreement (i.e. court papers stating you are living separately.)
No, IRS generally takes up to 21 days.
You have three options:
- You can fill out IRS Form 8822 and send it to the address that your return was file
- Written signed statement with full name, old address, new address & ssn & mail it.
- Call the IRS and have ready your full name, address, DOB, & SSN for verification.
- You need to have a dependent.
- Pay 50% of total income support for the entire house.
No, unless you have other wages and income that are taxable(i.e. If you still have another job on top of SSI).
A split refund lets you divide your refund in to any proportion you want. You can split it up to three bank accounts.
If I claim my daughter who is a full time college student as a dependent, can she claim her own personal exemption when she files her return?
If you claim your daughter as a dependent on your tax return, she cannot claim her own personal exemption on her income tax return. She would need to check the box that states she's being claimed as a dependent.
When filing an amended return or corrected return: You would need to include copies of any forms that you are changing or did not include on your orginal return. Generally you must file Forn 1040X. IRS usually takes up to 16 weeks to process an amended return.
If you received unemployment compensation during the year, you must include it in gross income. You can also choose to have federal income tax witheld.
IF YOU MADE AT LEAST THAT AMOUNT
- If you are single and under the age of 65 - $10,300
- If you are single & over the age of 65 - $11, 850
- If you are head of household & under 65 - $13,480
- If you are HOH & over 65 - $14,800
- Married filing jointly under 65 (both spouses) - $20,600
- 65 or older (one spouse) - $21,850
- 65 or older (both spouses) - $23,100
You would need to fill out IRS form 14039 which is the Identity Theft Affidavit, attach it to your tax return & send it out to the IRS address on your taxes.
Once you've audited, the first thing to do is show your CPA or whoever is representing you what the IRS Notice is asking for.
After that you would need to gather information (supporting documents) to show the amount you claimed is accurate.
Absolutely ! The IRS usually holds your refund if your behind in paying federal student loans, child support or state income taxes. Or if you got too much of a government subsidy to buy heatlh insurance on a federal state exchange.
If you owe money to the IRS but can't pay, you should still file your taxes. If you don't file, you will be hit with a failure-to-file penalty which is steep. While you're filing your taxes with a CPA or tax pro, you should set up payment plans towards the IRS no matter how much you owe them.
C corporations are subject to double taxation. One tax is at the corporate level on the corporations net income and another tax to the shareholders. S corporations are only taxed once, all their income is distributed to their shareholders.
If your corporation has more than 10 shareholders, It cannot be an S corporation.
It depends whether you use your home office exclusively for work purposes or if you use it for personal as well. If you use it just for work purposes, then you can deduct several things such as your rent, utilities, insurance and even some of rennovations to your home office.
If you are due a refund, there is no penalty for filing late. But, you have to file within 3 years of the orginal filing date of the return to claim a refund. Some states will penalize you for filing late even if you are due a refund, so check with your state's website.
You're still able to file together but in order to get refund for yourself, You would need to fill out form 8379 which is the Innocent Spouse WITH the tax return.
- Non- Deductible Expenses would be expenses that were reimbursed by your employer.
- Clothing that is adaptable to your everyday wear.
- Communiting costs(Tolls, Gas, Parking).
- Home phone line.
- Interest on personal loans & Personal vacations.
Yes, you can as long as you keep good records in case you are ever audited by the IRS. Make sure you keep track on the name of the organization, date, location, and a detailed description of what you donated.
Home phone line.
Interest on personal loans & Personal vacations.
No, federal tax laws do not consider gifted money to be earned income. But if they gifted property to you and it later on produces income such as interest, dividends, or rents; the income is taxable to you.
There are many situations that can contribute to why your refund is less than you expected. You have to consider your taxable income, the amount witheld from your paycheck for federal and state taxes, and your tax rate.
If you are are divorced or are getting a divorce, you would need to bring your income tax, divorce decree & all the earnings.
Wen you get your W-2, you can get your taxes filed right away but keep in mind that the IRS will not accept them before tax season starts which is usually before January 19th.
No, The only time you would ever pay taxes on a settlement is if you deducted medicial expenses assocaited with it.
Back taxes cannot be e-filed. They can be submitted through postal mail or hand delivered. If you have more than one delinquent tax form to complete, they must be mailed separately. If you want proof that the IRS has received your tax returns, you may want to submit them using certified mail.
If your taxes have been delinquent for quite some time, you may owe a substantial sum of money. This is especially true due to the interest charges and penalties that may be assessed on your debts. If necessary, you may be able to work out a payment plan with the IRS that enables you to make payments that allow you to continue to pay your daily living expenses.
The gift giver is responsible to pay any gift tax if it is due. Additionally, the gift recipient does not have to claim the value of his gift as income. In certain circumstances, the recipient may agree to pay the tax instead of the donor. However, this is a special circumstance that requires the expertise of a tax service professional.
Donations to charitable organizations are tax deductible and can be entered on your income tax return. However, gifting to your heirs, estate, friends, etc are is not tax exempt.
The estate tax is calculated on the deceased’s estate in its entirety with a single estate tax resulting from the determination. The executor completes a single estate tax return and is responsible for paying the estate tax. If the executor fails to do so, then the heirs are responsible to pay the estate tax in full. Basically, the estate tax is one levied on an individual’s right to transfer property at the time of death.
An inheritance tax is one that is calculated separately for each of the beneficiaries. A beneficiary is someone who received property from the deceased person. Since it is imposed individually, each beneficiary is responsible for paying their particular inheritance tax.
The estate tax is calculated using a determination of the net value of the property owned by the deceased individual at the time of death. It is calculated using the gross estate value. The gross estate encompasses a variety of items including securities, trusts, cash, insurance proceeds, real estate, annuities, business assets, and so on. The fair market value of this property is used rather than the initial cost or value of the items at the time of their acquisition. Additionally, if the deceased is married, property owned solely in the spouse’s name is not included in the gross estate.
This gross estate is reduced by a number of factors to create the net or taxable estate. The value of each of the following items is subtracted from the gross estate: mortgages, loans, credit card debts, miscellaneous debts, IOUs, bequests to charities, and property that transfers to a surviving spouse.
At the state level, exemptions do exist in varying amounts for the states that choose to collect the estate tax.
- Form 1040EZ: $39
- Form 1040A: $129.00
- Form 1040NR: $229.00
- Form 1040X: $149.00
- Form 1120, 1120S and 1065: $399.00
- Form 8832, 2553: $69.00
- Form 1040 Long: $199.00
- Other amendments: $69.00
- Misc tax related services : $50 per hour
Anyone who is found guilty of income tax evasion is subject to the repayment of what they owe in taxes along with the likelihood of interest fees and hefty penalties. Additionally, income tax evaders may even be sent to prison. Prison terms and penalties vary, depending on the specifics of the tax evasion or fraud. For example, if you fail to file your income tax return willfully and purposefully, then you can expect to pay a hefty fine up to as much as $100,000. You can also expect to go to prison for as long as a full year. If you make false statements on your tax return or hinder a representative from the IRS from investigating, you can expect to receive a prison term up to three years along with as much as $250,000 in fines. Tax evasion is a felony. Therefore, in addition to the fines and the possibility of a prison term, your credit report and score may be affected in a negative manner. The effect may be long reaching, influencing your ability to obtain credit or employment for many years. The best strategy is to complete an honest tax return and retain documentation that can back up all of your claims, credits, deductions, and income.