Tag Archives: IRS tax forms

5 Tips For Self-Employed Taxpayers

When an individual works for themselves, he or she is considered self-employed for taxes, which means the individual is responsible for paying and filing taxes on a scheduled basis. These individuals will have some advantages and disadvantages at tax time.

Five Tips For Self-Employed Taxpayers

  1. A self-employed individual will have to pay income and self-employment tax. The self-employment tax includes Social Security and Medicare taxes. Normally these taxes are withheld from an individual’s wages, but a self-employed individual will have to pay these taxes by filing a Form 1040 Schedule SE. However, the individual does get to deduct half of
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Paying for College: Student Loan Interest Deduction Explained

Interest on student loans can get overwhelming. Luckily, the IRS allows for the Student Loan Interest Deduction which can be taken by qualified filers. The deduction allows for any paid interest to be deducted from amount of income earned annually and provides a valuable tool to help balance finances for those in the throngs of repayment.

Eligibility

Any loan taken out for the sole intention of covering eligible expenses related to the pursuit of a higher eduction is considered a “qualified” student loan with deductible interest. The elegibility of expeneses includes those for which the Tuition and Fees deduction is … Read the rest

The Pitfalls Of Doing Your Own Taxes

Doing your own taxes might seem like an easy enough thing to pull off. You just get your W-2 form, put in the numbers and you are good to go. However, there can be more to doing your taxes than just simple math, and even that can be hard to do for some people. While it might not be fun to have to pay someone to do your taxes, it can save you a lot of headaches down the line.

You Could Get The Numbers Wrong

Doing your own taxes means inputting your own information. If you have a … Read the rest

Save on Tax Preparation: File Your Own Taxes

Tax preparation can be costly so save money and try doing your taxes yourself. Tax preparation can cause you hundreds especially if you opt for an expedited refund. Filing your taxes yourself is easy with the help of the Internet. Several tax preparers offer online tax services in which you can file your taxes for very little if anything at all. Depending on your income, you may even qualify to file your federal taxes for free.

Where is my W-2?

By the end of each January, employers must mail your W-2 wage information to you if you are a wage … Read the rest

FreeTaxUSA and The Amended Tax Return

As the April deadline approaches and you have already sent your tax return in the mail to the IRS or you have completed a return on the computer, the only way to change the tax return is to file an amended tax return. If you have filed with FreeTaxUSA, you can sign in with your account and correct the return.

The Internal Revenue Service does not let you do an e-file amended return.  Your only choice is to prepare and send back the amended return.

If you completed your original tax return through another source besides FreeTaxUSA, you can … Read the rest

IRS Revokes Nonprofit Tax Exempt Status

The Internal Revenue Service (IRS) has made changes to the nonprofit tax exempt status of agencies that are not for profit in the 445 area who have not filed required tax forms for three consecutive years now. This move has made it impossible for donors to claim deductions on their federal income taxes 2010 for donations given to these organizations.

About 275,000 local agencies all over the country have been affected by this IRS policy move, though according to the federal agency most of these agencies are not operating. A list of the affected agencies is available on the revoked … Read the rest