레이블이 Typical Tax Write Off인 게시물을 표시합니다. 모든 게시물 표시
레이블이 Typical Tax Write Off인 게시물을 표시합니다. 모든 게시물 표시

2013년 11월 29일 금요일

About 'what is considered a tax write off'|...He might jump off and nail you up...Eight Dec. 8, 1971 An English interviewer...inevitable trend is often ...the legal Mafia writes the laws...drool on the lid. What are you...







About 'what is considered a tax write off'|...He might jump off and nail you up...Eight Dec. 8, 1971 An English interviewer...inevitable trend is often ...the legal Mafia writes the laws...drool on the lid. What are you...








Federal               income               taxes               are               collected               on               a               system               which               is               based               on               an               individual's               ability               to               pay.

Each               time               income               is               earned,               the               ability               to               pay               taxes               on               that               portion               of               income               is               realized.

This               "pay               as               you               go"               arrangement               collects               a               share               of               tax,               which               is               then               set               aside.

Both               wage               earning               employees               and               self-employed               individuals               have               a               responsibility               to               ensure               that               appropriate               amounts               of               tax               are               being               withheld.

How               much               should               be               withheld               each               pay               period               and               how               is               this               calculated?

What               happens               if               I               don't               have               enough               taken               out               of               my               pay?

For               those               who               are               self               employed,               is               there               guidance               available               on               how               to               estimate               my               tax               obligation?
               The               IRS               has               a               number               of               resources               available               to               taxpayers               that               assist               in               making               these               determinations.

Publication               919,How               Do               I               Adjust               My               Tax               Withholding,               and               Publication               505,               Tax               Withholding               and               Estimated               Tax,               are               both               excellent               resources.

Additionally,               the               IRS               has               set               up               an               interactive               Withholding               Calculator               on               their               web               site.

This               calculator               will               help               clarify               if               the               amounts               withheld               from               one's               pay               are               suitable,               based               on               their               circumstances.

In               order               to               use               the               calculator,               you               will               need               to               have               a               copy               of               a               recent               pay               statement               as               well               as               your               most               recent               tax               return.
               Wage-Earning               Taxpayers
               As               a               wage               earning               taxpayer,               your               employer               has               a               responsibility               to               make               sure               that               the               amounts               you               have               requested               to               be               withheld               from               your               pay               are               submitted               to               the               IRS               in               a               timely               manner.

Depending               on               the               size               of               your               employer,               these               payments               are               sent               to               the               IRS               on               a               monthly               or               semiweekly               deposit               schedule.

The               amounts               sent               are               held               in               trust,               under               an               account               established               by               your               employer's               Identification               Number               (EIN).
               These               amounts               include               federal               income               tax,               as               well               as               both               the               employer's               and               employee's               portion               of               social               security               and               Medicare               taxes.

State               tax               withholding               is               handled               separately.

Amounts               sent               in               are               not               housed               under               any               type               of               account               related               to               each               employee's               name               or               Social               Security               Number,               do               not               earn               interest,               and               should               not               be               viewed               as               money               available               for               investment               or               in               the               capacity               of               a               "savings               account."
               When               your               annual               tax               return               is               filed,               then               the               IRS               matches               up               and               applies               the               monies               withheld               to               what               is               shown               in               Box               2               of               your               Form               W-2,               as               well               as               to               what               is               claimed               on               your               tax               return.

If               for               some               reason               these               funds               are               not               available,               the               IRS               will               compensate               the               employee               and               honor               the               amount               that               should               have               been               withheld,               and               then               pursue               repayment               with               the               employer               only.
               Each               employee               is               asked               to               fill               out               a               Form               W-4,               Employee's               Withholding               Allowance               Certificate,               when               they               begin               a               new               job.

If               you               are               not               asked               to               complete               one,               you               may               want               to               clarify               if               you               are               being               hired               as               an               employee               or               a               contractor.

Contract               income               is               not               subject               to               withholding;               instead               of               a               W-2               you               will               receive               a               1099-MISC               that               represents               the               gross               pay               you               have               earned.

More               on               that               later.
               There               are               other               times               when               a               review               of               your               W-4               should               be               considered.

If               the               end               result               of               your               tax               return               shows               a               very               large               refund               based               on               your               withholdings               only,               then               you               may               elect               to               change               your               W-4               so               that               you               have               a               greater               amount               of               take               home               pay.

Conversely,               if               your               tax               return               demonstrates               a               large               or               unmanageable               tax               balance,               then               you               will               need               to               adjust               your               withholding               to               prevent               escalating               annual               tax               balances.
               Form               W-4
               The               Form               W-4               is               set               up               to               grant               various               allowances,               or               exemptions               to               tax.

A               higher               number               claimed               on               the               W-4               equates               to               a               greater               amount               exempt               from               tax               withholding.

A               taxpayer               is               allowed               to               enter               one               exemption               on               the               W-4               for               each               of               the               following               circumstances:
               If               no               one               can               claim               you               as               a               dependent.

You               are               single               with               one               job               or               married               with               only               one               spouse               working.

You               also               get               another               exemption               for               your               spouse.

Each               of               your               dependents               represents               another               exemption.

If               you               are               eligible               to               file               Head               of               Household,               claim               a               certain               amount               of               Child               and               Dependent               Care               Expenses,               or               take               the               Child               Tax               Credit,               you               can               take               up               to               three               more               exemptions.

As               you               can               see,               a               typical               middle               income               family               with               dependent               children               may               have               a               number               of               approved               allowances.
               However,               it               is               important               to               remember               that               these               amounts               are               not               compulsory.

An               individual               may               be               allowed               to               take               a               certain               number               of               exemptions,               but               this               does               not               mean               that               they               should.

Remember,               a               greater               allowance               declaration               may               yield               a               tax               balance               come               the               end               of               the               filing               year.
               A               "zero"               entry               on               Line               5               of               the               W-4               will               tell               your               employer               to               withhold               the               maximum               amount,               based               on               your               annual               salary               and               tax               bracket.

In               addition,               if               you               are               married,               you               can               choose               to               be               withheld               at               a               single               rate               by               checking               this               option               on               Line               3.

If               you               find               that               this               still               is               not               enough,               you               can               use               Line               6               to               write               in               a               dollar               amount               that               you               would               like               to               have               withheld               each               pay               period,               over               and               above               your               existing               allowances.
               So               how               much               is               too               much,               and               how               much               it               too               little?

Each               taxpayer's               circumstance               is               different,               and               no               one               answer               will               apply               to               everyone.
               Some               choose               to               have               more               withheld               each               pay               period               because               they               know               they               are               eligible               for               various               pre-tax               and               post-tax               refundable               credits               that               will               offset               any               tax               liability.
               Child               and               Dependent               Care               Expenses,               certain               Education               Credits,               the               Child               Tax               Credit               and               the               Form               5695               Residential               Energy               Credit               are               all               popular               examples               of               pre-tax               credits;               they               reduce               your               taxable               income               but               do               not               generate               a               refund               on               their               own               merit.

Post-tax               credits               include               the               Earned               Income               Credit,               the               new               Making               Work               Pay               Credit               and               the               First-Time               Homebuyer               Credit.

These               credits               reduce               your               tax               due               dollar               for               dollar               and               will               grant               a               refund               once               your               tax               has               been               reduced               to               zero.

If               you               are               eligible               for               the               above               credits,               you               may               elect               to               take               home               more               in               your               pocket               each               pay               period.
               If               you               are               not               sure               how               much               is               the               appropriate               amount               to               have               withheld,               use               the               worksheets               in               Publication               919,               the               online               IRS               Withholding               Calculator,               or               contact               the               IRS               directly               for               assistance               at               1-800-829-1040.

One               of               their               customer               service               reps               will               be               happy               to               walk               you               through               the               steps.
               If               you               realize               that               you               are               not               having               enough               taken               out,               make               sure               you               adjust               your               W-4               immediately.

If               the               amount               that               you               end               up               owing               is               too               great               to               pay               off               in               full,               send               in               your               tax               return,               on               time               to               avoid               a               Failure               to               Pay               Penalty,               along               with               Form               9465,               Installment               Agreement               Request.

If               you               fail               to               change               your               W-4               after               you               have               been               advised               to               do               so,               or               if               you               owe               for               multiple               years               due               to               consistent               under-withholding,               the               IRS               may               issue               your               employer               a               mandate               to               withhold               your               pay               at               the               highest               rate.
               Self               Employed               Taxpayers
               For               those               that               are               self-employed,               knowing               the               correct               amount               of               your               tax               obligation               and               understanding               how               to               withhold               amounts               from               your               income               is               in               many               ways               more               challenging               than               a               wage               earning               employee.

It               is               your               responsibility               to               recognize               the               amounts               that               should               be               withheld               and               sent               to               the               IRS.
               An               estimation               of               your               tax               and               making               a               voluntary               payment               to               the               IRS               is               generally               the               method               used               by               those               who               are               self               employed.

Estimated               tax               payments               are               used               to               cover               your               federal               income               tax,               as               well               as               your               Self-Employment               Tax,               which               includes               the               social               security               and               Medicare               portion               of               your               income.
               Page               17               of               the               Publication               505               (January               2010               revision)               sets               out               the               rule               that               should               be               followed               when               a               determination               is               being               made               regarding               the               need               to               make               estimated               tax               payments.
               In               most               cases,               you               must               pay               estimated               tax               if               both               of               the               following               apply:
               You               expect               to               owe               at               least               $1,000               in               tax               for               the               current               year,               after               subtracting               your               withholding               and               refundable               credits.

You               expect               your               withholding               and               refundable               credits               to               be               less               than               the               smaller               of:               (a)               90%               of               the               tax               to               be               shown               on               your               current               tax               return,               or               (b)               100%               of               the               tax               shown               on               your               previous               year               return.

In               other               words,               if               you               know               that               your               self-employment               income               is               going               to               generate               a               tax               due               of               at               least               $1,000               (your               net               income               need               only               be               about               $9,000               to               reach               this               threshold),               and               any               withholdings               from               other               income               sources               or               eligible               credits               won't               cover               at               least               the               majority               of               your               tax,               you               should               make               estimated               tax               payments.
               Estimated               tax               payments               are               paid               in               via               four               periodic               payments.

Income               earned               from               January               to               the               end               of               March               is               paid               in               by               April               15th.

April               1st               to               May               31st               income               is               paid               in               by               June               15th.

June               to               the               end               of               August               has               a               September               15th               due               date               and               September               to               the               year               end               must               be               paid               in               by               January               15th               of               the               following               calendar               year.
               There               are               a               number               of               ways               to               make               your               estimated               tax               payments,               but               the               two               most               popular               ways               are               pay               online               electronically               by               enrolling               yourself               in               the               Federal               Tax               Payment               System,               or               by               making               a               check               or               money               order               payment               using               a               Form               1040-ES               payment               voucher.
               Similar               to               a               wage-earning               employee,               the               amount               to               send               in               is               going               to               be               based               on               your               income               levels               and               the               tax               bracket               you               are               in.

Some               simply               choose               to               set               aside               approximately               20%               to               35%               of               their               net               self-employment               income               for               the               specified               period.

For               a               more               detailed               determination,               see               page               19               of               Publication               505               under               the               subheading               How               to               Figure               Estimated               Tax,               and               use               the               worksheet               on               page               20.
               Good               diligence               is               needed               to               set               aside               the               correct               portion               of               tax.

It               may               be               persuasive               to               use               the               funds               earmarked               for               taxes               on               other               expenses,               thinking               you               will               be               able               to               make               it               up               later               in               the               year.

Oftentimes,               these               good               intentions               are               countermanded               by               other               factors,               leaving               the               self-employed               taxpayer               with               a               hefty               bill               come               tax               time.

Failure               to               make               estimated               tax               payments               may               also               produce               a               penalty,               on               top               of               any               tax,               interest               and               any               other               applicable               penalty               charges.






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