| (Published: Sun, Jul 23, 2006 17:54:14) |
| What if I do not file my taxes on time? |
| If you forget to file on or before the due date (usually April 15 of every year) you should file as soon as you can. Not filing on time costs you penalties |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| What if I am audited by the IRS? |
| Keep in mind that an employee of the IRS cannot enter your home without an invitation from you or another rightful occupant. The IRS can only enter your home if |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| Whom can I claim as a dependent? |
| You can claim a dependent if the person is a qualifying child or a qualifying relative. When claiming children, he or she must be your child, stepchild, adopted |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| What is the maximum amount I can earn without having to file a tax return? |
| You can earn a maximum of $112,875 for married persons; $150,500 for single individuals; $188,150 for heads of households; and $225,750 for married persons fili |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| What is the Tax Identification Number? |
| A Tax Identification Number or TIN, also called an Employee Identification Number or EIN, is a number assigned by the state in which a business or an individual |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| What is a tax shelter? |
| Tax shelter is a term used for property and other investments that give the owner some advantages at tax time, like federal tax deductions for paying property t |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| What records do I need to fill out my tax forms? |
Below are some forms you might need to fill out:
• If you are self-employed earning more than $400, or if you are a church employee, you must fill out&n |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| What is a W-2 form? |
| The W-2 is a form that an employee receives from his or her employer once a year. It is also sent to the IRS at the end of every year. The total annual wages pa |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| What is a W-4 form? |
The W-4 form is usually filled out by an employee whenever he or she starts a new job. It tells the employer the right amount of tax to be withheld |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| Who can file a 1040A or 1040EZ? |
1040EZ is may be filed only under the following circumstances:
• Your status is single or married
• You have no dependents.
• You and your |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| What qualifies as a tax-deductible business expense? |
Any expense considered ordinary, reasonable, and necessary and facilitates earning a business income qualifies to be a tax-deductible business expense.
|
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| Is Social Security retirement income taxable? |
| Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay taxes |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| Are other non social security pension payments taxable? |
| Just like Social Security benefit payments, other pension payments are taxable, although it is dependent on the recipient’s income and marital status. If such p |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| Is child support taxable? |
| Child support is not taxable. This is neither deductible by the payor nor taxable to the payee. Topic 422 of the Non-taxable Income determined by the Internal R |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| Are gifts taxable? |
Gifts are taxable. It depends on the equivalent cash amount of the gift. For instance, if you have given somebody a cash gift worth $11,000, you get an equiv |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| Should I plan to have more money withheld than I owe, so I can get a big refund? |
If too much tax is withheld during the entire year, of course you get a refund. Therefore, you can plan to withhold more money than you will actually owe, in |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| Where can I go for help with my taxes? |
You can go to the nearest office of the Internal Revenue Service (IRS) to seek help regarding your income tax declarations. There you will learn about tax ex |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
| (Published: Sun, Jul 23, 2006 17:54:14) |
| How much does a professional tax preparer charge to prepare a tax return? |
| Tax preparers usually charge their clients from as low as $10 per hour to as high as $150 per hour, although the charge is dependent on the services and th |
| Author: Ted Farley |
| Category: Finance - Tax Questions |
|
|
|
|
|
|
