The document summarizes the five main sections of a Form 1040 tax return: 1) Entity, which includes name, address, filing status and exemptions, 2) Income and adjustments, 3) Tax, credits and other taxes, 4) Payments and refund/amount owed, and 5) Jurat for signatures. It provides details on what information belongs in each section and considerations for filling them out correctly.
Read about the various tax resolution options available for individual and businesses. One or many of the options are usable depending on the tax issues involved.
IRS Enforced Collection Actions and Alternatives to Enforced Collection.Tax Defense Network
The Internal Revenue Service (IRS) is a powerful and historically unrelenting creditor. The Internal Revenue Code grants the IRS extraordinary powers to enforce tax collection. The IRS has greater collection powers than those possessed by private creditors, which are usually required to obtain a judgment in court before forcibly collecting from a debtor.
Internal Revenue Service and State tax agencies complete Computer Generated Audtis. Read how to address these letters and processes and procedures you need to take when confronted with addressing Computer audits.
These audits are done using documentation received by tax agencies on income supposedly received by taxpayers via W-2s Wage & Salary, Form 1099s Commissions or other income from various sources. These can be paypal receipts, interest income, rental property and for services provided as well. Do not put your head in the sand and ignore correspondence form tax agencies. You need to address these on your own or with tax debt or audit professionals.
Written by: Martha De la chaussee
Tax Resolution Expert
In this issue, ESOP Plan Administrator Kelly Irizarry outlines the small, but highly regulated element of tax reporting as part of the overall ESOP recordkeeping process. We also highlight a few of the ongoing community service projects performed by staff from the Philadelphia office.
Read about the various tax resolution options available for individual and businesses. One or many of the options are usable depending on the tax issues involved.
IRS Enforced Collection Actions and Alternatives to Enforced Collection.Tax Defense Network
The Internal Revenue Service (IRS) is a powerful and historically unrelenting creditor. The Internal Revenue Code grants the IRS extraordinary powers to enforce tax collection. The IRS has greater collection powers than those possessed by private creditors, which are usually required to obtain a judgment in court before forcibly collecting from a debtor.
Internal Revenue Service and State tax agencies complete Computer Generated Audtis. Read how to address these letters and processes and procedures you need to take when confronted with addressing Computer audits.
These audits are done using documentation received by tax agencies on income supposedly received by taxpayers via W-2s Wage & Salary, Form 1099s Commissions or other income from various sources. These can be paypal receipts, interest income, rental property and for services provided as well. Do not put your head in the sand and ignore correspondence form tax agencies. You need to address these on your own or with tax debt or audit professionals.
Written by: Martha De la chaussee
Tax Resolution Expert
In this issue, ESOP Plan Administrator Kelly Irizarry outlines the small, but highly regulated element of tax reporting as part of the overall ESOP recordkeeping process. We also highlight a few of the ongoing community service projects performed by staff from the Philadelphia office.
Tax Lawyer, Sam Brotman on IRS Appeals and Offers in CompromiseSamuel Brotman
In this presentation, tax lawyer, Sam Brotman, discusses IRS appeals and offers in compromise in order to answer questions that taxpayers may have on the subject
In general terms, this is one of the most frequent questions we get from prospective clients. So then, How do you file US tax returns while in Canada?
The first question we need to ask is whether you’re actually required to file US tax returns. Generally speaking, US citizens and Green Card holders are required to file US tax returns regardless of where they live. Therefore Americans living in Canada, whether they’ve recently moved to Canada or have been in the country their entire lives are required to file US tax returns in addition to their regular Canadian tax returns.
Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of the income tax you may have to pay. Here are a few key points to know about taking an early distribution:
Tax Consquences in Divorce in Washington StatePhilip Tsai
Filing status and divorce, tax implications and divorce, division of assets, gains from residence, child support and alimony, dependency exemption, and deductible costs in divorce.
This article on your 2016 tax return and tax planning tips for nonqualified deferred compensation plans is reprinted with permission of myNQDC.com, a respected source of information, content, and tools on nonqualified deferred compensation.
Tax Lawyer, Sam Brotman on IRS Appeals and Offers in CompromiseSamuel Brotman
In this presentation, tax lawyer, Sam Brotman, discusses IRS appeals and offers in compromise in order to answer questions that taxpayers may have on the subject
In general terms, this is one of the most frequent questions we get from prospective clients. So then, How do you file US tax returns while in Canada?
The first question we need to ask is whether you’re actually required to file US tax returns. Generally speaking, US citizens and Green Card holders are required to file US tax returns regardless of where they live. Therefore Americans living in Canada, whether they’ve recently moved to Canada or have been in the country their entire lives are required to file US tax returns in addition to their regular Canadian tax returns.
Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of the income tax you may have to pay. Here are a few key points to know about taking an early distribution:
Tax Consquences in Divorce in Washington StatePhilip Tsai
Filing status and divorce, tax implications and divorce, division of assets, gains from residence, child support and alimony, dependency exemption, and deductible costs in divorce.
This article on your 2016 tax return and tax planning tips for nonqualified deferred compensation plans is reprinted with permission of myNQDC.com, a respected source of information, content, and tools on nonqualified deferred compensation.
PIDE TU CATÁLOGO DE ORIFLAME II► 23% de descuento en todos tus pedidos de ORIFLAME. Consigue tu código de descuento rellenando el siguiente FORMULARIO sin compromiso
http://www.lacosmeticadeelyn.com/descuento-en-oriflame/
Si tienes algún problema con el registro, escríbeme a info@lacosmeticadeelyn.com para que te ayude
Os recuerdo que me podéis seguir también en Facebook y en Twitter:
http://www.facebook.com/lacosmeticadeelyn
http://twitter.com/ElynOriflame
Elige qué te interesa, las 3 opciones son combinables:
OPCIÓN A – Compra para tu consumo con un 23% de descuento mínimo. Calidad a precios económicos
OPCIÓN B – Consigue unos Ingesos Extra vendiendo nuestros cosméticos por catálogo. Yo te facilito el material necesario
OPCIÓN C – Trabaja desde casa. Crea tu propio equipo y sigue mis pasos.
Visita mi web:
http://www.lacosmeticadeelyn.com
Hacerte Cliente VIP de Oriflame no te compromete a nada.
Sólo tendrás beneficios, promociones y descuentos!!
Mira nuestro catálogo:
http://www.lacosmeticadeelyn.com/catalogo.pdf
Eight Issues to watch out for as-blog-ppt.pptxEnrolled Agent
Tax season comes with stress, and one could make mistakes. Some of these errors could be simple, but they can cost you a lot- you may lose out on a larger refund, incur interest and penalties, or an audit could show up! To prevent situations like this, you should avoid errors on your tax returns.
How to check Income Tax Refund status | MyTaxCafe Help GuideMyTaxCafe
Learn how to check the income tax refund status at the government of India income tax site. Understand the meaning of each type of refund status and what action you need to take for it.
There are several ways to solve your irs tax troubles, and your tax lawyer can help you decide which solution is best for you.
http://www.irstaxreliefsettlement.com
Overdue Tax Return – ATO Tax Lodgement Advice.pptxtaxlyai
An overdue tax return simply means you haven’t submitted your tax paperwork by the deadline set by the government. Think of it like a deadline for a task—except this task involves organizing your financial information and sending it to the tax office. Originally published at https://taxly.ai/tax-returns/overdue-tax-return/
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
3. Section 1: The Entity
This section includes the
following:
• Primary taxpayer name
• Secondary taxpayer
name (if married)
• Address
• Social security number
(SSN)
• Household circumstances
or filing status
4. Filing Status
There are five filing statuses. Single, Married Filing
Joint, Married Filing Separate, Head of Household and
Qualifying Widower.
Exemptions
List the names, SSNs, and relationship of the
individuals are entered in this section of the return.
Considerations
An incorrect or missing SSN can increase the
taxpayer’s tax, reduce the refund, or delay the
refund.
You must understand the five filing statuses in order
to correctly choose the one that gives you the lowest
tax.
5. Exemptions - Reduces the amount of the
your taxable income.
You may also elect to have $3 applied to the
Presidential Election Campaign Fund. This
election does not change the amount of a
refund.
6. Section 2: Income Section
This section consists of:
• Income
• Adjustments to income
• Adjusted gross income
A critical component of
completing your return is
distinguishing between taxable
and nontaxable income, and
knowing where to report the
different types of income on
Form 1040.
The Total Income received minus
the Adjustments to Income
equals the Adjusted Gross
Income or AGI.
7. Considerations
Gross income is all income received in the
form of money, goods, property, and services
that are not exempt from tax. It includes
income from sources outside the United
States, even if the income can be excluded
once it is reported.
Incorrect computations and failure to report
“all income” are common filing errors.
8. Section 3: Tax and Credits
This section will calculate your taxable
income and tax based on the:
• Your standard or itemized deductions
• Number of exemptions claimed
Alternative Minimum Tax (AMT) .
Credits
These credits (must meet eligibility
requirements) may reduce your tax by
taking the credits listed in this section.
If the total of the credits exceeds the tax
amount, the overage is not refunded to
you. Thus, these tax credits are referred
to as nonrefundable credits.
9. Considerations
You are required to retain records used to
prepare your return. You should keep these
records and a copy of your return until the
statute period for the return has expired (three
years from the date you filed your return).
Some credits, such as Earned Income Credit (EIC)
and Additional Child Tax Credit, are not listed in
this section because they are refundable credits
and are included in the payments section.
10. Section 4: Payments
This section is where you report payments
and refundable credits.
Refundable credits reduce the total tax
liability and will result in a refund if the
payments exceed the total tax. The Earned
Income Credit and Additional Child Tax
Credit are refundable credits.
The most common prepaid payment is
federal income tax withheld from Form W-
2, Wage and Income Statement.
Refunds
When the total payments are more than the
total tax, you are due a refund. This is
figured and claimed in the Refund section.
Amount You Owe
When the tax amount exceeds payments, you
have a balance due. This is calculated and
entered in the section entitled Amount You
Owe. This section also includes the estimated
tax penalty.
11. Considerations
Certain credits and payments can only be listed
on Form 1040.
Refund options
Direct Deposit information into checking or
savings accounts, savings bond purchases, and
split refunds.
Estimated tax payment information (when
applicable).
Balance due
There are several payment options that you have
when you owe an amount.
12. Section 5: Jurat
This section is the final step in the return
preparation process.
Third Party Designee
You can give the IRS permission to discuss
your return with someone else (a third
party). The Third Party Designee can be
anyone including a friend, family member
or another person.
Signature
By signing your return, you declare that the
information reported (including attached
schedules and statements) is
true, accurate, and complete. Both you and
your spouse must sign a Married Filing
Jointly return.
Paid Preparer
Paid preparers are required to identify
themselves at the bottom of the return. For
VITA/TCE, the Site Identification Number
(SIDN) will appear in this section.
13. Considerations
Third Party Designee and Paid Preparer
For VITA/TCE program purposes, this section will
contain the VITA/TCE Site Identification Number
(SIDN). You should ensure that the returns they
prepare contain their site’s correct SIDN. The
volunteer preparer cannot be the third party
designee.
Missing signature(s)
Failing to sign the return is a common error made by
taxpayers. When the IRS receives an unsigned
return, processing is suspended and a letter is issued
to the taxpayer requesting a signature. Processing
continues when you furnish the signature to the IRS.
14. Summary
There are 5 Sections on a Tax Return (Form
1040) that you should be familiar with before
preparing your return:
Section 1 – Entity its where your
name, address, SSN, Filing Status and
Exemptions
Section 2 – Income where you report all your
income from all sources and Adjustments to
Income which reduce your total income.
15. Section 3 – Tax & Credit + Other taxes
Section 4 – Payments – Refund/amount owed.
Section 5- Jurat – Signatures section of the
Form 1040.
Once you learn about the 5 sections stated
above you are ready to prepare your own tax
return. You can perform research or find
additional information at www.irs.gov and all
forms and instructions are available online.
There are also free file sites available on the
website above for those that quaify.
16. For additional information you can contact:
Carmen I. Velazquez, Enrolled Agent
Cell: 321-439-3739
Visit my website: www.civelazquezea.com
We can assist you with return preparation for you
personally or your business.
You can also send an email to:
civelazquez@gmail.com
January 2013
PowerPoint #2