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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... for might be less of a reality than you thought. Consider what your tax write off would be if you owned your own home...
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