New Form for Employees Misclassified as Independent Contracts

IRS Form 8919, Uncollected Social Security and Medicare Tax on Wages, may be used if you were an employee and your employer did not withhold your share these taxes and you meet certain criteria. These taxes will then be credited to

Tagged with: , , ,
Posted in Back Taxes Owed, Employee Business Expense, Employment Tax, Estimated Taxes, FICA, Social Security, Social Security Tax, Tax Filing Status, Tax Guidance & Preparation

Child and Dependent Care: IRS Publication 503

If you paid someone to care for a child under age 13 or a qualifying spouse or dependent so you could work or look for work, you may be able to reduce your tax by claiming the Child and Dependent

Tagged with: , ,
Posted in Adoption, Child Tax, Children, Dependent

Are you eligible for tax credits?

A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable – taxes could be reduced to the point that a taxpayer would receive a refund rather than owing any taxes. Taxpayers should consider their eligibility for the

Tagged with:
Posted in Tax Credit

Flipping Houses – reporting requirements

If you actively in an ongoing capacity buy property to fix up and resell even if you are doing it aside from your regular voacation you are"flipping" real estate and as such not eligible to treat those properties as capital

Tagged with:
Posted in Rental Real Estate

The easist way for investment ‘traders’ to report transaction gains and losses to the IRS

According to the instructions for Schedule D (page 6), instead of entering the details of each transaction separately on Schedule D or D-1, you can attach a statement containing all of the same information as Schedules D and D-1 as

Tagged with:
Posted in Capital Gain, Capital Loss, Cash Transaction, IRS Examination, Stock Options, Tax Guidance & Preparation

Who is a qualifying relative for tax credit purposes?

For someone to be a qualifying relative, four tests must be met: The person cannot be a qualifying child of another person. The person must either live with the taxpayer for the entire year or be a relative. The person’s

Tagged with:
Posted in Adoption, Child Tax, Children

Should YOU File a tax return?

You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. For example, a married couple both under age 65 generally is

Tagged with:
Posted in Tax Credit, Tax Guidance & Preparation

What are the Options for Tax Filing Status?

Your federal tax filing status is based on your marital and family situation. It is an important factor in determining whether you must file a return, your standard deduction and your correct amount of tax. Your marital status on the last

Tagged with: ,
Posted in Tax Filing Status

How to report violations of tax law

The IRS has outlined in Notice 2008-04, ways informants can report violations of the tax law and possibly claim a reward based on the amount of additional tax, penalties and interest that is owed. The IRS' Whistleblower Office will make

Tagged with: ,
Posted in Tax Fraud, Tax Relief, Tax Whistle Blower, Uncategorized

IRS and States to Share Employment Tax Examination Results

Officials from the Internal Revenue Service and more than two dozen state workforce agencies announced they have entered into agreements to share the results of employment tax examinations. The agreements, part of the Questionable Employment Tax Practice (QETP) initiative, provide

Tagged with: ,
Posted in Employment Tax, IRS Audit, IRS Enforcement, IRS Examination, IRS Transcript, Self Employ, Small Business, Social Security Tax, Sole Proprietor, Tax Guidance & Preparation
Subscribe via Email

Follow me on Twitter
QuickBooks Advanced Certified ProAdvisors Online

QuickBooks Certified ProAdvisor - QuickBooks Online Advanced Certification