The IRS Audit Blog

Posts Tagged ‘irs income tax’

Question: Does anyone know if the IRS can dig up my past 2008 Federal Income tax 1040 and send to me?

Somehow I either misplaced it or it wasn’t placed in the packet when AARP tax-aide helped me last tax year. Is it possible that IRS can find a copy of this and fax it to me? I need this form in order to be approved for financing for a homeloan. Urgent message……………thanks

Answer: Yes, use form 4506 for a copy, 4506-T for a free transcript. If you need it fast, go to an IRS service center with proper ID and you should be able to get a transcript from them.

This Week in Credit Card News: Reward Offers, More Fees and Bouncing Debit Cards

Provided by LowCards.com

Printable Income Tax Forms

Question: How do I go about paying quarterly payments for self-employment tax to the IRS? What forms do I need?

I need to know how I go about setting up quarterly self-employment taxes to the IRS? That’s just the 15.3 percent that I have to pay quarterly, correct? I don’t have to worry about income tax and state tax until the end of the year, right?

Answer: You pay quarterly tax on an 1040ES, well, quarterly. It is a payment toward you total income tax.

Different states have their own rules.

PROVISO Community Calendar

The Proviso Herald welcomes items for the Community Calendar as well as for columns including Business Briefs, Campus News, Community Briefs, School Digest and Newsmakers. Items must be received a minimum of 10 days prior to publication; earlier is better. E-mail to oakpark@pioneerlocal.com; fax to (708) 383-3678; or mail to Pioneer Press, 1010 Lake St., Suite 104, Oak …

Self Employment IRS Income Tax Rate Information & Help 2009, 2010.mov

Question: Filing 2008 tax returns in TurboTax?

I’m trying to file my 2008 IRS returns in turbotax. I realize I’m going to pay a penality for filign late. Anyways…. where the heck are the 2008 1040 forms to report my income? In previous years when I went to an accountant he filled out for me a Individual Income Tax Return on a 1040 since i’m self employed. For example my 2006 income was $4,426.00. I paid like $600 to the IRS.

Right now in turbotax I put my income in as $7000 (before a few expenses), but my federal amount due is only like $126.

Where and how do I pay my social security? I thought self employment busnesses have to pay 15% or something for social security. I’m LOST. Please help me. If you have yahoo messenger, IM me at gerry020304.

Answer: Ah, the joys of tax software that ask you questions “Interview Style.”

Somewhere in the interview, the software would start asking you the type of income you had and one of the answers would be “self-employment.”

Rule 1. Always print the tax return before believing you are done.

Rule 2. Read the return and make sure it looks correct before sending it in (either efile or by mail, but not both). If your income is from self-employment, you should see at least a 1040, a schedule C and a schedule SE. The net income from schedule C will go to line 12 of the 1040. The SE tax will go to line 57 and the 1/2 adjustment will go on line 27.

If you have children under the age of 19 (or under 24 if a student), you may also have schedule EIC.

Rule 3. Compare the 2008 return with 2007 to see if the same income has landed in the same places. (Before I use software, I draft the tax return on a blank copy of the form.)

Rule 4, if you have children and/or low income, the Earned Income Credit can change the balance due from the 15.3% SE tax to a refund. For a single person who is between 25 and 65, with $7000 of SE income, you could qualify for a credit of $438. For $7000 net income, the bill would be $989 minus $438 or $551.

If you had expenses, all numbers would change. $5000 of net income would be $706 of SE tax and $354 of EIC (net $352).

Tax-Compare Calculates “My Price” for Tax-Preparation Software to File 2009 Tax Returns

Tax-Compare.com, a leading comparison and review website for online tax software, offers new reviews of 30 different tax products for the 2010 tax filing season. Visitors to the site can easily fill out a form, view Recommended Products and calculate the cost of software for filing federal and state taxes.

Federal Income Tax – Why you should not pay

Question: FAFSA don’t have income tax papers?

Okay, so a couple of the things needed for the FAFSA form are:

*Your 2007 W-2 Forms and other records of money earned
What if I didn’t file a W-2 Form? Do I need to file one ASAP?

*Your (and your spouse´s, if you are married) 2007 Federal Income Tax Return. ( IRS 1040, 1040A, 1040 EZ )
What if I didn’t get one?

*Your 2007 untaxed income records
What if I don’t have them?

*Your current business and investment mortgage information, business and farm records, stock, bond and other investment records

What if I don’t have investment stuff or a business?
So I can only apply after my taxes are done?

Answer: You can estimate your taxes for now in order to meet any state or college deadlines. Then, once you do finalize your taxes, you can make corrections. If you worked last year, you should be receiving w2’s in the next few weeks.

Don’t worry about not having investments. If you don’t have any, your answer would be zero.

(AFX UK Focus) 2010-01-06 19:20 UPDATE 2-UBS client in NJ gets probation for tax evasion

By Jonathan Stempel

Online Tax Return – Fast Tax Refund – Free E-File

Question: U/s 44ab of the Income tax act, do the day traders of shares have to get audit for turnover above 40 lakhs?

There is an article, link http://www.moneycontrol.com/india/news/tax/declare-investments-nowsave-tax-later/03/15/289586 which says it is not necessary, but my CA says I need to audit.

Answer: if u are dealing in shares, buying them, keep for some time and then sell them audit is not required. but if u buy and sell the same day without taking delivery and ur trun over exceeds 40 lakhs and u make a profit audit is required.
In futures and options segment, as there is no delivery of physical shars, an audit is neccessary.
but in both case only when u make profit. .

Audit finds chamber running at a deficit

The Fayetteville-Cumberland County Chamber of Commerce has been losing money for at least the past four years, tax records and a newly released audit show.

Personal Financial Planning Tips : How to Avoid an IRS Income Tax Audit