Overview of the New 1099-K Reporting Form
Internet technology has provided a host of new opportunities for enterprising individuals to make more money. Indeed, the number of people making money online from selling items on venues such as eBay and Craigslist is on the rise.
Is that Charitable Donation Tax Deductible?
When we think of giving to charity, we often consider our largess to have a financial benefit – it’s tax deductible. Being able to reduce your taxable income, with the help of a charitable donation, can provide a bit of a benefit to your pocketbook, even though you have given some money away.
Should You Adjust Your Tax Withholding for 2012?
As you consider your tax liability this year, it’s a good idea to consider your withholding. When you decide how many exemptions to claim, and how much extra to have withheld from your paycheck, you should do so with consideration toward your needs and your financial situation.
2012 Deadlines & Due Dates for Filing 2011 Income Tax Returns
Your 2011 Federal and state tax returns are due on April 17, 2012. The traditional due date for income tax filings is April 15th each year, but since April 15th falls on a Sunday this year - and with a Federal holiday on April 16th - the tax filing deadline is 4/17/12.
If you cannot file your 2011 federal income tax return and/or your 2011 state income tax return on or before April 17th, 2012, you must request an income tax filing extension by that date.
Latest Celeb Tax Liens: Robin Thicke & Paula Patton, The-Dream
January has been a popular month for celebrity tax liens.
The IRS has hit singer-songwriter Robin Thicke and his wife, actress wife Paula Patton, with a $492,583 tax lien.
Although the tax lien was filed against the stars' Los Angeles mansion in December, sources close to the couple say that they were only made aware of it a few days ago.
1099 MISC Reporting Requirements and Deadlines for 2011
When you hire contract workers or outsource work to businesses or individuals who are not employees of your company, you may be required to prepare and send them a 1099-MISC at tax time.
If you pay a company or individual $600 or more in a calendar year, you will need to send a 1099-MISC form to report that income to the IRS, and also give the service provider a document to file with his or her own income taxes.
File an Annual Information Return or Risk Losing Tax Exempt Status
It seems logical: Your charitable organization doesn’t have to pay taxes, so there is no reason to file a tax return. Unfortunately, many tax exempt organizations fall into this line of reasoning – and it’s one that could cost you. Even if your organization doesn’t pay taxes, you still need to file a return. These returns are usually made public, and many people use them as they decide which charities to donate to.
The IRS expects 501(c)(3) organizations to file information returns that offers information on the money that came into the organization, and where the money was used.
Tax exempt organizations use Form 990 to file the information about the business. There are four main types of Form 990:
Overview of the FairTax - Definition, Benefits & Criticism
Since 1999, the FairTax has been a proposal regularly brought forth in Congress. The main goal of the FairTax is to replace federal taxes on income and capital gains with a national sales tax. That way, taxes are collected on consumption, rather than on income. The national sales tax would be collected on top of state and local sales taxes.
In addition to replacing the income tax, the law creating the FairTax is also designed to abolish the IRS. Proponents also want the 16th Amendment, which codifies the income tax, repealed. The FairTax would be levied only on new goods and services (not on used goods). Additionally, the FairTax comes with “prebates.” These payments are designed to help low-income families, who might not be able to afford a national sales tax – especially on the necessities of life – avoid regressive taxation. Prebates would come in the form of monthly payments from the government.
Emmanuel Lewis Fails to Pay Taxes, Loses Home
Former child actor Emmanuel Lewis has lost his home to foreclosure as a result of his failure to pay taxes.
According to documents obtained by TMZ, Lewis neglected to pay a total of 44,081.41 in state, county and school taxes between 2007 to 2010.
Unable to Pay Taxes for 2011 by April 17th? You Have A Few Options
Unable to pay the IRS taxes for 2011 or by April 17th? If so, you have several options for paying your taxes when you don't have the money available in the short term or the long-term. When deciding which option is the best for you, you'll want to consider how much time you need and how much each option will cost you in fees and interest.
To reduce interest and penalties, pay what you can by April 17th, without jeopardizing your basic living necessities. When in doubt, consult with the IRS and/or a tax professional.
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