Tax & Reporting

Tax & Reporting

Charitable Contributions

Qualified charitable organizations include non­ profit groups that are religious, charitable, edu­cational, scientific, or literary in purpose, or that work to prevent cruelty to children or animals. Examples of Qualified and Nonqualified Organizations Qualified Churches, mosques, temples, synagogues. Boy and Girl Scouts, Boys· and Girls Clubs of America, Red Cross, Goodwill, Salvation Army, United Way.
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Estimated Taxes

The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive in­ come during the year.There are two ways to pay as you go, either by employer withholding or estimated tax payments.
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Filing Status

Single A taxpayer is unmarried in 2015 if: The taxpayer has never married, The taxpayer was legally separated, accord­ing to state law, under a decree of divorce or separate maintenance. The taxpayer's spouse died before January 1, 2015, and the taxpayer did not remarry in 2015.
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How to prepare for an Unemployment Hearing

The Texas Workforce Commission (TWC) Appeal Tribunal Hearing is the employer's best opportunity to prove that it should win an unemployment case. This is particularly important in cases where the employer discharged the former employee who filed a claim for unemployment benefits (claimant), since it is the employer's burden to prove that the employee was discharged for misconduct connected with work. If the employer does not provide the best evidence possible, the employer faces the possibility of being charged for the unemployment benefits paid to the claimant.
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Identity Theft and your Taxes

Identity Theft and Your Taxes Your identity and money can be stolen in a tax related scam via email ("phishing"), fax, phone, or letters. Some recent examples of identity theft scams are: Refund scam. A bogus email, claiming to come from the IRS, tells you that you are eligible to receive a tax refund for a given amount if you just follow the instructions in the email
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Same Sex Married Couples

On June 26, 2013, the U.S. Supreme Court ruled that Section 3 of the Defense of Marriage Act (DOMA) is unconstitutional because it violates the principles of equal protection (Windsor, U.S. Supreme Court, June 26, 2013).The IRS has now issued guidance on the effect of the Windsor de­cision and how the IRS interprets the sections of the Internal Revenue Code that refer to a taxpayers marital status. Specifically, Revenue Ruling 2013-17 deals with the following issues for federal tax purposes as a result of the Wind­sor decision:
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Self-Employment Tax

Who Pays Self-Employment Tax Taxpayers pay self-employment (SE) tax when net earn­ ings from self-employment are $400 or more. A taxpayer is self-employed if he or she carries on a trade or busi­ness as a sole proprietor (including farmers) or as a gen­eral partner in a partnership. A trade or business gener­ally is an activity carried on for a livelihood or in good faith to make a profit. Facts and circumstances deter­mine whether or not an activity is a trade or business.
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Tax Payers Who Receive IRS Notice

Tips for Taxpayers Who Receive an IRS Notice Receiving a notice from the Internal Revenue Service is usually no cause for alarm. Every year the IRS sends millions of letters and notices to taxpayers .-In the event one shows up in the mailbox, here are ten things you should know. 1) Don't panic. Many of these letters can be dealt with very simply.
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Tax Scams – Protect Yourself

Tax Scams- Protect Yourself There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax sea­son and target virtually everyone. Stay alert to the ways criminals pose as the IRS to trick you out of your money or personal information.
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Vehicle Business Usage

Vehicles- Business Use Under certain circumstances a taxpayer can claim a de­duction for using their vehicle for business purposes. If you use your car for business purposes, you ordinarily can deduct car expenses using either the standard mile­age rate or actual expenses. Use of a vehicle qualifies as business use under all of the following.
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Withholding Filling out W-4

Form W-4, Employee's Withholding Allowance Certificate Starting a new job can be exciting, but it can also be stressful. One of the documents you're likely to see on your first day of work is IRS Form W-4, which tells your employer how much income tax to withhold from your paycheck so you don't owe a bundle when you file your tax return. The form has complicated instructions in small print, several worksheets, and can be intimidating at first glance.
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