The IRS Audit Blog

Posts Tagged ‘youtube’

How to deal with new Schedule M

Most taxpayers must complete a new form this season, called Schedule M, and file it with their federal income tax returns. It’s where many seniors will account for the $250 economic stimulus payment they received last year from Social Security. It’s also where many workers will deal with a new federal tax credit – the Making Work Pay credit. Following are answers to some questions you may have:

Economic Stimulus Payments Still Available

Local Middle School Teacher Returns from Haiti

Local middle school teacher Dave Stewart recently returned from Haiti and shared his experiences with his students and colleagues.

IRS Shell Game

Question: I do online selling services for a company outside the US. How do i file my taxes?

1. i know i need to do the Form C(business expense net profit so on)
2. I know i need to file 1040 base on the net profit/loss from Form C
3. I know i need to fill SE form for self employment

My question is.

How do i file on the taxes that the majority of the income I get from these online sells will go back to another company because it is their transaction not mine. therefore I need to deduct these amounts on my Form C. Problem is, its very hard for me to get a legite transaction form from them. The only proof I have is the bank transaction transfer from my account to the company’s account. Is this enough info for me to file my taxes so that IRS wont freak out? Let me point out that the shipping is done outside US, therefore I have to tariffs to worry about. And, most of the customers are foreign located. The only thing I do, is provide a service where I sell their things online. SOrt of like the middlemen over the interenet. thanks dawg

Answer: WELL NORMALY YOU WOULD RECEIVED A 1099 MISC FORM BUT SINCE ITS A FOREIGN COMPANY I HIGHLY DOUBT IT. WELL NE WAYS FILE YOUR INCOME TAX ON SCHEDULE SE, 1040, AND SCHEDULE C AS YOU WOULD NORMALLY DO AND IF YOU DO HAVE ANY QUALIFYING BUSINESS EXPENSES THEN INCLUDE THEM ON SCHEDULE C REMEMBER TO PUT YOUR OCCUPATION AS SALES PERSON VERY IMPORTANT. NOW IF YOU DO GET AUDITED JUST SHOW THEM WHAT EVER PROOF YOU COULD POSSIBLY SEND THEM AS LONG AS YOU DO THE RIGHT THING IN A TIMELY MATTER THE IRS WOULD PROBABLY UNDERSTAND AND COMPROMISE JUST MAKE SURE TO PROVIDE WHAT EVER INFO RELATED TO THE COMPANY AND THERE PAYING TRANSACTIONS YOU MIGHT HAVE. ALSO KEEP MIND MAYBE U SHOULDNT BE CONDUCTING BUSINESS WITH THIS COMPANY SO BE VERY CARE FULL DO YOUR RESEARCH. REMEMBER THAT IF YOU GET YOUR TAXES FILED WITH A PROFESIONAL YOUR GONNA NEED A NOTARIZED LETTER STATING YOUR NAME AND BUSINESS TRANSACTIONS . IF YOU HAVE ANY MORE QUESTIONS EMAIL ME @ G.TAXCONSULTANT@YAHOO.COM

IRS Tax Tips for 2010 Filing Season – #8

Ten Tax Topics for Taxpayers with Tots and Teens

IRS Employment Audit Help

IRS Lien Procedures Ineffective, Harm Taxpayers, Report Says

Jan. 6 (Bloomberg) — IRS agents are relying too heavily on property liens to collect delinquent taxes, harming financially struggling Americans and circumventing taxpayer protections ordered by Congress in 1998, a report says.

Defense hints Feds wanted Brown dead (IRS, income tax)

DeMarrais: It’s getting harder to find tax forms

The Internal Revenue Service has aggressively promoted electronic filing of tax returns, correctly pointing out they are easier, faster and more accurate than paper returns.

3 Masonic Lodge over Jerusalem — Texe Marrs NWO