Free Tax Tips

Posts Tagged ‘IRS’

Question: What are our Politicians doing to us?

Tax his coffin,
Tax his grave,
Tax the sod in which he lays.
Put these words upon his tomb,
“Taxes drove me to my doom!”

And when he’s gone,
We won’t relax,
We’ll still be after the inheritance TAX

Accounts Receivable Tax
Building Permit Tax
CDL License Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Perm it Tax
Gasoline Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges (tax on top of tax),
IRS Penalties (tax on top of tax),
Liquor Tax,
Luxury Tax,
Marriage License Tax,
Medicare Tax,
Property Tax,
Real Estate Tax,
Service charge taxes,
Social Security Tax,
Road Usage Tax (Truckers),
Sales Taxes,
Recreational Veh icle Tax,
School Tax,
State Income Tax,
State Unemployment Tax (SUTA),
Telephone Federal Excise Tax,
Telephone Federal Universal Service Fe e Tax,
Telephone Federal, State an

Answer: We keep sending these people to office without taking the time to go and vote someone else in. These elected officials know that we as a group, wont take the time to make our voice heard.

If 70% would pick up the phone, or send a letter to their elected officals, tell them ” What you expect from them”, it would get some attention. You might have to follow it up by voting that person out and getting someone else into office.

We kicked England out many years ago for their taxing policy, maybe we need to revisit the Boston Tea Party.

What is the Marriage Penalty in the Home Buyer Tax 3 Credit?

Question: We did a subcontracting job for a company, and now that we are finished, they want us to fill out an I-9?

They never mentioned anything about it before the work was completed, and now that money is due, they say that it has to be filled out, and it takes three days to go through, before we can be paid, ofcourse. Ive read the form, and it has that it has to be done within three days of beginning work. Are they allowed to ask for it now, when the work is completed? Some of my guys only have tax ids’ and wont be able to fill out the forms. Basically, in the years we have been doing this, not one company required it, because when i go to file taxes, they claim as their own subs, using 1099s’ so therefore, they are not my employees. Help please! No rude comments.

Answer: Tell the company that it was your understanding that you were working as contractors (selfemployed) I-9 is for employees, if the company files this, they will have to pay employers share of SS and Medicare (6.53%) in addition to what they pay you. The correct form for you to fill out and give them is W-9, they can use that to report your job to the IRS. I think the company just made a mistake here.

October 15 IRS Tax Extension Deadline Looming TaxMasters Prepares Small Business Owners With 6-Week Tax Plan

Understanding many sole proprietors are under the gun to follow up on the extensions they filed this past April 15, TaxMasters, Inc. , the IRS tax relief company and a leading provider of tax representation services, is sharing the ultimate 6-week plan designed to walk small businesses through the steps they need to meet the IRS’ October 15 deadline.

How to Organize Your Tax Papers

July 7 Biz Minute

Question: Will A Mortgage Company Refinance Me For Tax Lien?

I was hospitalized 4 years ago and had to have a major surgery with a much longer recovery than I ever anticipated. I live alone, I dropped many of my responsibilities, it all fell by the wayside and actually it is only the last year I’m beginning to catch up. I didn’t file that year and I received an IRS letter recently with calculated penalties and interest of a little over $30k. On top of that I have outstanding uncollected hospital bills of about $30k. I have a home I inherited free and clear that is valued around 120k. My question is: Can I find a mortgage company that will deal with me though I have terrible credit and never had a mortgage? What kind of loan amount would be available? And what would likely be the interest range/terms for someone like me? Thing is, I don’t want to lose my house right when I’m just beginning to pull my life back together. thanks in advance for your thoughts.

Answer: The tax lien is your worst enemy right now. Now that you own this home they could seize it and auction it to pay your back taxes. You need to contact the IRS and setup a plan to repay this debt and stick to it before they take your home. They can and do seize property (just ask willie nelson) and it is only a matter of time before they find out about this property. I doubt any lenders will touch this until the lien is gone. If they were to loan you money they would be at risk of loosing their collateral to the IRS. If your home goes to auction your chances of getting the homes value would be greatly reduced, especially in this market.

You can reset Social Security

Q: I started collecting Social Security benefits when I turned 62. I wasn’t working at the time and needed the income. I am now 64 and working again. I don’t need the Social Security income right now and wish I had never signed up. Is there anything I can do? A: Yes. But don’t wait.

April Showers and Penalties and Interest Will Apply Video

Reasons for Early Self-Audit

Section 409A applies to nonqualified deferred compensation, as that term is very broadly defined by the tax code and IRS regulations. The requirements imposed by section 409A are complex, and penalties for noncompliance are often severe.

Deferred Compensation: The Perfect Sale