Free Tax Tips

Posts Tagged ‘federal’

Express Tax Lane – intro

Question: I need to take a distribution from my 401K. What can I expect as tax & penalty?

I need to take a distribution from my 401K due to a financial emergency (unemployment) and need to understand what i will owe the IRS out of that money. I know there is the 10% penalty (can that be waived if one has had to endure unemployment hardship?) and a tax amount. Is the tax going to be per my individual tax rate for is it a fixed amount?

Answer: The tax is whatever your bracket is including the distribution as income, and sorry but no the penalty can’t be waived.

Rebates causing some tax troubles

Many people look forward to receiving a tax return around this time of the year as a little extra cash to put towards larger purchases or projects. However, some people may get a surprise when they file their tax return this year, and they won’t like what they see.

Question: Does a US citizen, nurse, over 21 who received a 1099 misc have to pay social security?

US citizen, over 21, worked in US and received 1099 misc from company she worked for. Does she have to pay social security?

Answer: Yes. If you are self-employed — which you are if your income is reported on Form 1099-MISC — you must file Form 1040 and attach Schedule C or C-EZ to calculate your net self-employment income. If that net income exceeds $400 you must attach Schedule SE to calculate the self-employment tax. When you’re self-employed you pay both halves of the Social Security and Medicare taxes so the effective tax rate is close to 15% instead of the usual 7.65% that employees pay.

COUNCIL APPROVES AUDIT FUNDS

The Pine Bluff City Council voted unanimously and without discussion at its Monday meeting to allocate $87,104 from undesignated funds to cover the back payroll and independent contractor taxes it owes the Internal Revenue Service from 2007 and 2008.

Question: Listing all guns on tax return? Is this true? Where can I get info?

So I’m a gun owner in fact I own more than a few. Today I recieved this email:

Senate Bill SB-2099 will require us to put on our 2009 1040 federal tax form all guns that you have or own. It will require fingerprints and a tax of $50 per gun.

| This bill was introduced on Feb.. 24, 2009, by the Omama staff. BUT . .. this bill will only become public knowledge 30 days after the new law becomes effective ! This is an amendment to the Internal Revenue Act o f 1986.

Anyone else heard of this? How do you feel bout it?

I for one would like to say its a load of steamy crap and in no way will it control illegal guns, especially when the program targets legal gun owners whom have already registered their guns, paid for them and submitted fingerprints.

Answer: I received an email today for HR 45. This has not been voted on that I could find, it was only introduced. What I would recommend you do is to contact your congressman and let them know your objections. I’ve already sent my emails. This was not a joke, I found it at Thomas.gov

Intuit app lets iPhones prepare US tax returns

Just in time for the dreaded US tax season, financial software powerhouse Intuit is releasing an application that lets iPhones prepare returns.

Aug 7 2009 Mandatory Vaccines this Fall or Felony in a FEMA CAMP Self-Quarantine

Question: How do I calculate mileage on my tax return?

i run a small home biz and this is my first year to file tax as such. i don’t have all the gas receipts properly and even worst i don’t have a mileage log either. as long as i can in some way include reasonable mileage on my tax return i don’t mind even if it could be less than actual miles. so,

1-what’s the current figure for miles deduction provided by irs?

2-how do include that on my return?
p/s
i can pull most of the gas payments from my bank statement except for cash paid ones. would that be considered a legitimate record if i can provide my bank statement for this purpose?

Answer: if you put your gas on a card, u can pull it up by calling the co for a year end run down of everything you bought. Make your mileage log now, maybe your calender could help. Try to rememer what days you went around and pull up the mileage on a computer map….44.5 cents per mile for 2006

Raises approved for city administrator, assistant city administrator

Le Mars City Administrator Scott Langel and Assistant City Administrator Bill Cole will be receiving salary increases effective Jan. 1 for the balance of fiscal year 2010.

Convert your car to BURN WATER !!