IRS tax forms

Employee Business Expenses

March 23, 2012
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Courtesy of the IRS Some employees may be able to deduct certain work-related expenses. The following facts from the IRS can help you determine which expenses are deductible as an employee business expense. You must be itemizing deductions on IRS Schedule A to qualify. Expenses that qualify for an itemized deduction generally include:  Share this:

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Converting LLC to QJV

March 15, 2012
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Today TaxMama® hears from Gary in the TaxQuips Forum with this tale. “During 2011 my wife and son-in-law formed an LLC in the State of Indiana. During 2011, no income was received, and only expenses were incurred as part of the start-up. Last week our son-in-law decided that he no longer is interested in being [...]

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Paying Double SS Tax

March 14, 2012
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Today TaxMama® hears from Stanton in the TaxQuips Forum with this scenario. “A person by June 2012 will have earned $110,200 as an employee, with the maximum Social Security deducted. Then that person becomes an independent contractor for the balance of 2012. Is this person subject to the SS tax for the additional compensation over [...]

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IRS Offers New Penalty Relief and Expanded Installment Agreements

March 7, 2012

Courtesy of the IRS IRS Offers New Penalty Relief and Expanded Installment Agreements to Taxpayers under Expanded Fresh Start Initiative WASHINGTON — The Internal Revenue Service today announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making Installment Agreements available [...]

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Computing Your Own Withholding

March 7, 2012
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Today TaxMama® hears from Brian in the TaxQuips Forum who finally asked the right question. “What I really was asking was, if I take my withholdings up to, say, single and 8 on federal and state for this check only would I get more of the check?” Share this:

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Free Tax Help for Military Personnel and Their Families

March 2, 2012
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Free tax return preparation assistance is available for eligible military members and their spouses. The IRS and U.S. Armed Forces participate in the Volunteer Income Tax Assistance program, which provides free tax advice, tax preparation, return filing and other tax assistance to military members and their families. Here are five things you need to know [...]

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Californians! Hold Schedule C Returns

February 24, 2012

 Hold Schedule C returns (02-23-2012) The FTB has changed Schedule CA to reduce the amount of self-employment tax deductible for California purposes. According to the FTB, taxpayers may only deduct 50% of the self-employment tax for California purposes, while they can deduct more than 50% for federal purposes. If the FTB is correct, there will [...]

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Dirty Dozen Tax Scams

February 17, 2012

The Internal Revenue Service has issued its annual “Dirty Dozen” tax scams list, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers [...]

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