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Regarding Taxes, Accounting and Payroll
What paperwork should I bring to my tax interview?
PERSONAL INFORMATION FOR EACH FAMILY MEMBER:
Date of Birth
Social Security Card /ITIN/ATIN
Last Year’s Tax Return
Valid Driver’s License
INCOME AND TAX INFORMATION:
Interest (1099-INT or substitute)
Dividend Slips (1099-DIV or substitute)
Stock Sales (1099-B or Broker Statement)
Self-Employment Income and Expenses
Sale of a Personal Residence
Rental Income and Expenses
Sale of any Business Assets
Gambling or Lottery Winnings (W-2G for some winnings)
State Income Tax Refund (1099-G)
Pension Income (1099-R)
Estimated Taxes Paid
Social Security or Railroad Retirement (SSA-1099 or RRB-1099)
IRA or 401(k) Distribution (1099-R)
Unemployment Compensation (1099-G)
Miscellaneous Income (1099-MISC)
Real Estate or Personal Property Taxes
Charitable Contributions (cash and non-cash)
Employee Business Expenses
Traditional IRA Contributions
Higher Education Expenses
Student Loan Interest
Child Care Provider/Address and Employer, Identification Number (EIN) or Social Security Number (SSN)
Retirement Savings Contributions Credit
Is there a penalty for filing my taxes after the deadline?
Yes, you can opt to pay your tax liability through an installment plan. In addition to paying taxes through an installment payment plan, there may be other options such as the Offer in Com-promise (OIC). Under an OIC agreement, the IRS may agree to settle the taxpayer’s liability for less than the full amount of taxes owed. The IRS is not likely to approve an OIC if there’s evi-dence that the taxpayer could pay the full amount through an installment payment plan or an-other method. A taxpayer can request consideration for an OIC by filling out Form 656, Offer in Compromise, or Form 656L, Offer in Compromise (Doubt as to Liability), and mail the application package to the IRS.
What documents should I receive from my employer?
The forms to prove employment may vary depending on individual situations. For most, an em-ployer will provide a W-2 form. The self-employed (i.e. independent contractors, product sales representatives such as Mary Kay, etc.) should receive a 1099-MISC from the company.
What documents do I need if I am unemployed?
If you received unemployment benefits from your state over the past year, you must claim that as income and, therefore, pay taxes on those benefits. The unemployment agency should provide you with a 1099-G form, which explains the amount of benefits you drew during the past year. The Internal Revenue Service (IRS) receives a copy as well and will tax you at the appropriate rate in your tax bracket. Not everyone owes. If you worked a portion of the past year, chances are you paid payroll taxes and may earn a refund if those deductions were overpaid.
What documents do I need if I am self-employed?
You will need to file a Schedule C using IRS Form 1040. Depending on your type of business and where you conduct business, there may be other forms you will need. You may also need to make quarterly estimated payments by filing Form 1040-ES, Estimated Tax for Individuals.
What documents do I need if I am divorced
Taking necessary steps before tax time will make things easier once you file your taxes for the first time after a divorce. Change your W-4 through your employer so taxes will be withheld at the correct rates. Also, if you (or a family member) changed your name, file Form SS-5 with the Social Security Administration to ensure there aren’t any complications with the IRS.
Am I taxed on money that I inherit from a loved one?
Generally, property received as an inheritance is not included in your income. However, if property you receive this way later produces income such as interest, dividends, or rents, the income is taxable to you.
Do I need to report work-study income if I am a full-time student?
Yes, any money which you received as a result of work is taxable income and must be reported on your tax return. Attach your W-2 showing your earnings and your taxes withheld to your tax return.
Why should I file my taxes electronically?
The main reason for filing taxes electronically (e-filing) is to get your refund faster. Twenty-four hours after sending your tax return, the IRS will send you a confirmation of receipt or a rejection notice. Generally, e-filing is safer and faster than filing on paper.
How can I check the status of my refund?
The 'Where’s My Refund' tool on the IRS website provides the most up-to-date information regarding the status of your refund. This tool is updated every 24 hours.
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