|
|
Filing An Income Tax Return
When the month of April rolls around most of America is preparing their income tax returns. Each year all individuals who made an income are required to report that income to federal and state governments by filing an income tax return.
Taxpayers must file two separate income tax returns. One income tax return goes to the federal government and the other goes to the state government that a particular taxpayer resides in. The majority of taxpaying Americans are able to fill out a Form 1040A: U.S. Individual Income Tax Return. Individuals that do not have any children or other qualifying dependents are able to file a federal 1040EZ form. This form is also referred to as the Income Tax Return for Single and Joint Filers With No Dependents. The 1040EZ is basically a shorter version of the 1040A form; however, taxpayers must meet certain requirements before filing a 1040EZ form.
The majority of taxpayers will have the federal income tax forms they need mailed to their home. The option to have federal income tax forms mailed to a taxpayer is given on the previous year's tax forms. Taxpayers who do not wish to receive federal income tax forms but do need them can get the forms from a number of sources. Many paper forms are available for pickup at many local post offices, banks, and libraries. Taxpayers can also visit the website of the Internal Revenue Service (IRS) which is found at http://www.irs.gov. The Internal Revenue Service has a collection of federal income tax forms that can be downloaded and printed. http://www.taxhelpdirectory.com/federalincometax/
When a taxpayer reports their income earned to their state government they will also have to fill out a state tax return form. Each state has their own income tax return forms. The form numbers will all be different because they vary from state to state; however, some forms will have the same heading. It is not uncommon for a state income tax form to be known as the Resident Income Tax Return. As with federal income tax returns, the majority of states have a long income tax return form and a short one. Taxpayers who are able to fill out and file a short state income tax return are encouraged to do so because it saves many taxpayers a large amount of tax preparation time. As with most federal income tax forms, state tax return individuals are likely to have a packet of state income tax forms mailed directly to their home. It is also possible for taxpayers to find their state tax forms at their local post office, financial institution, or library.
In addition to the traditional taxpaying individual, there are others who have to report and possibly pay an income tax. All businesses and estate properties of an individual who has passed on are subject to an income tax. A small business owner or the executor of an estate property will have to file different federal and state income tax forms than the traditional taxpayer. These forms can be obtained at the same places where standard federal and state forms are available.
Gray Rollins is a featured writer for the TaxHelpDirectory.com. To learn more about income taxes, and tax filing, please visit our site. |
Tax Related News
Technology And Tax Filing (CBS News)It's tax season, and with all the options out there, filing can be a little confusing. Ray Hennessey, Editor of SmartMoney.com, offers some advice on using tax software to file and when it may be best to file with a tax pro.
Webcast To Discuss New Tax-Exempt Legislation (SmartPros Accounting)March 12, 2007 (SmartPros) This month's edition of Tax Talk Today, a Webcast sponsored by the Internal Revenue Service, will feature information on changes affecting tax-exempt organizations, the people who donate to those organizations, and tax-related property appraisals of donated items.
Middle-class Tax Relief (The Decatur Daily)MONTGOMERY — If you make less than $100,000 per year, you could save anywhere between $25 and $375 from Gov. Bob Riley’s proposed income tax cuts. The amount will depend on your marital status, number of dependents and income.
District Seeks To Send Message With Tax Plan (The Express-Times)U. MT. BETHEL TWP. | The Bangor Area School Board last week formalized a new taxing proposal despite scores of people opposing the plan. District voters will decide in May whether to create a 1.65 percent personal income tax in exchange for an estimated $537 in property tax rebates.
|
Related Articles
- Income Tax Software - The Best Ones On The Market
There are several income tax software programs available on the market to help you complete your yearly taxes. These programs offer tax tips, checklists, and error checking messages to ensure that required...
- New Support For Website and Graphic Design Firms
Professional web and graphic designers work very hard for their fee, theres no doubt about it. With these professionals working hard to provide great client service, meet strict deadlines, be creative...
- What To Do If You Didn't Get a Form 1099
If you earned revenues as an independent contractor in 2005, you should have received a 1099 Form for the work. So, what if you havent received one? What To Do If You Didnt Get a Form 1099If you earned...
- A Quick Guide To Payroll Tax
The term Payroll tax actually includes the Social Security tax, Medicare tax and Federal income tax. The Social Security tax provides benefits for retired workers, the disabled their dependents and it...
- Convert To Roth IRA Regardless of Income - 2010
An odd quirk in the recent legislation to extend the Bush Tax Cuts is giving IRA holders a huge break. For one year, and one year only, the income cap will be gone. Convert To Roth IRA Regardless of Income...
- Deciding when to File a Tax Return?
April 15th - "The Day of Reckoning"! Every year, millions of Americans get ready to pay taxes to Uncle Sam, or get ready to collect a tax refund from Uncle Sam; when did this become the great day that...
- Choosing A Business Tax Service
There are a number of ways that you can find tax services companies. The yellow pages is a good place to start for companies in your area but, depending on where you live, the list of names may be extremely...
- Roth IRA Contributions
Confused about whether you can contribute to a Roth IRA? Try using these simple rules:IncomeTo contribute to a Roth IRA, you must have compensation (e.g., wages, salary, tips, professional fees, bonuses)....
- 1099-MISC Forms For Independent Contractors for 2005
As we begin 2005, youre probably not thinking about taxes at all. This is a mistake as deadlines are approaching for issuing and filing 1099s to independent contractors.What is a 1099 MISC?Generally speaking,...
- Do not let IRS make you Wait for the Wrong answer.
Its widely known that, if you hit a snag while doing your taxes you can call IRS for answers and you if you wait long enough you will get an answer, but is it the right answer?Quote: "Two years ago it...
- Tax Quotes and Jokes for Tax Season
Like death, paying taxes is inevitable. In the case of most Americans, tax season is just around the corner. If only paying taxes was so easy.As you begin pulling out those receipts, the eraser and reading...
- Innocent Spouses - Relief from Taxes
Historically, tax issues arising from bad marriages fell into the category of "better or worse" for marriages. The IRS granted no innocent spouse tax relief, but has changed its views.Tax ReliefWhen a...
- When to use Quicken for Mutual Fund Recordkeeping
While you might assume any mutual fund investor should use Quickens mutual fund record-keeping tools, that isnt the case. Because investment record keeping, including mutual fund record keeping, requires...
- Fraudulent Tax Shelters - KMPG Goes Down Hard
In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars,...
- IRS Reacts to High Gas Prices
As most small businesses are aware, a tax deduction can be taken for mileage incurred in normal business travel. In light of high gas prices, the IRS has upped the mileage rate. Major IncreaseNothing is...
- Social Security and Our Current Tax System
Every week that you work, there are taxes deducted from your gross payroll that are distributed to the Social Security Administration, along with other programs administered by the government. Of all the...
- Capital Gains Tax
The current tax system imposed on corporations by the U.S. government is at best, a biased system; for corporations that have a net profit, taxes on those profits amount to a full one-third. So, if youre...
- Income Tax Season
The tax season for most all individual tax payers falls during January, February, and March each year. Its the time of year that most citizens look forward to receiving a refund or they dread because...
- How The Gift Tax Works
Each year millions of Americans give a gift to other individuals that they know. Gifts can be considered anything from a new vehicle, to a trip, to a piece of land. A gift tax is a tax that is imposed...
- Tax Fraud Attorneys
Tax fraud is a white collar crime involving offenses like tax evasion, non filing of tax returns, non declaration of income and assets, misrepresentation of conditions for exemption, forgery, and any other...
- Tax Fraud
What is tax fraud, and how does our government control it? Thats a really big question to answer, so lets break it apart and answer it in two different paragraphs. Tax fraud is the intentional avoidance...
- The History of the Internal Revenue Service
Do you ever wonder, how a country that revolted because of the unfair taxation of tea, came to be under the tight control of the Internal Revenue System? It seems kind of ironic, doesnt it, that the very...
- Taxability of Social Security Benefits
The IRS determines whether your Social Security benefits are taxable by looking at your total income and marital status. Form SSA-1099, which Social Security recipients should receive by January 31, shows...
- A Big Tax Loophole Just Got Bigger
Believe it or not, there are ways to convert taxable incomeinto non-taxable income, without any fear of an IRS audit.Heres one of my favorites. Its been part of our belovedtax code for over 30 years,...
- Low-Tax States Have Stronger Economies
A new study of state tax burdens ound that low-tax states outperform the higher tax states in employment, personal income and population.The report, entitled "High Taxes Lower Economic Performance," was...
- Tax Preparation Software
Web-based tax preparation services have a few advantages over their desktop counterparts for certain categories of users. So, if you have avoided doing your taxes online until now, you should start considering...
- How to Save Taxes with an S Corporation
How to Save Taxes with an S CorporationEver wondered why so many small businesses--more than 3,000,000 at last count--operate as an S corporation? Simple. An S corporation saves business owners big taxes...
- Thinking of using Dubai as an offshore jurisdiction?
Think Again! Read below for a comparison.This is an interesting jurisdiction. In Dubai there are no taxes of any sort one has to contend with, so there is no tax filing and no tax audits, etc. Most offshore...
- The Internal Revenue Service
Do you ever wonder, how a country that revolted because of the unfair taxation of tea, came to be under the tight control of the Internal Revenue System? It seems kind of ironic, doesnt it, that the very...
- Identity Theft - Impacting Your Taxes?
If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes.Identity TheftGenerally, thieves steal your personal...
- IPA Reveals CPA Firm Trends, Record Growth
Sept 12, 2006 — The nations 100 largest public accounting firms saw fees grow a record-breaking 16.5 percent for fiscal year 2005-2006, and all 100 experienced positive growth, according to a new report....
- Do You Need Life Insurance
It can be very difficult to decide if you need life insurance. Life insurance can be an extremely onerous financial commitment and investment, and it will also last for a considerable period of time, so...
- Family Limited Partnership Overview, Part II
Income Tax BenefitsFLPs also provide a number of valuable income tax benefits to the partners. Among these benefits are the following:* Allows pass through of items of income, expense, credit and deduction...
- Understanding Basic Tax Terms
If your like many, you dont always understand what people are talking about when it comes to Taxes. Its important to know the main tax terminology, especially when tax season comes around. Knowing the...
- Tax Tips for IT Consultants and Contractors
I live and work, quite literally, down the road from the main Microsoft campus. No surprise, then, that Im commonly asked by freelance consultants for the best ways that these self-employed independent...
- What is a Dependent?
Other than fitting the description of a constant liability, what other qualifying attributes must one have, to be classed as a dependent, and how do you determine this for tax purposes? The following paragraphs...
- Tax Evasion
What is tax evasion, and how does our government control it? Thats a really big question to answer, so lets break it apart and answer it in two different paragraphs. Tax evasion is the intentional avoidance...
- How To Prepare Your Income Tax Return
The first step in your income tax preparation is to work out your total income. A persons total income includes many kinds of receipts such as wages, interest, alimony, lottery winnings and many more....
- Getting a Tax Credit for Your Kids
As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids.Getting a Tax Credit for Your KidsWith...
- Refund Anticipation Loans -- More Harm than Help
If someone offered to give you a loan for $2100 at interest rates of up to 222 percent youd probably laugh at them and walk away; but, this spring, 1 in 10 Americans will do just that: for the privilege...
- Failure To Pay Employment Taxes - Penalties
As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade. PenaltiesIf you have employees, you absolutely must deduct and withhold various...
- Tax Invoice
A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.You...
- W-2s
There has never been a more welcomed term in the adult taxpayers life, than the invention of the W-2 and January 31st; lets take a moment to examine the W-2, and what it really means to the average taxpayer....
- Highlights of IRS List of 2005 Tax Scams
Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted...
- IRS Audit - A True Story
Who does not fear an IRS audit? We all do. We all fear the face to face, exhausting, unpredictable and time consuming interaction with the Internal Revenue Services agent.We all have that scary feeling...
- Know A Tax Cheat? Get Paid To Tell The IRS
According to the IRS, taxpayers underpay their taxes by some $300 billion. If you know someone that is contributing to that deficit, the IRS may be willing to pay you up to $10 million for the information...
- Earnings From Abroad and Taxes
With the every expanding global economy, many people receive earnings from foreign entities. Unfortunately, the federal government wants you to pay taxes on it. Taxes on Your Earnings From AbroadThe federal...
- New for 2006, the Roth 401k Plan
One of the new tax strategies available in 2006 is the Roth 401k. A taxpayer may place up to $15,000 ($20,000 if age 50 or older) in a Roth 401k instead of a regular 401k plan in 2006. The 401k plan needs...
- Do You Need Life Insurance
It can be very difficult to decide if you need life insurance. Life insurance can be an extremely onerous financial commitment and investment, and it will also last for a considerable period of time, so...
| | |
