Beriso Tusse: Paying Estimated Taxes

Interest income received by a cash basis taxpayer is generally reported in the tax year it is received.

Stanton Delaplane once joked about the IRS, saying he heard it had suggested a simplified tax form with only one question: How much money did you make last year? The IRS response was, "Mail it in"." Thank goodness, our taxes haven 't gotten quite that bad. It is true though, that the majority of Americans, most of us included, have to bite the

The worst thing I think America ever did is putting way too many taxes on the poor. One of my reasons is that the poor can’t afford a lot of things with taxes and if the poor buy something they also have to pay taxes, which will make everything more Expensive. My Second reason is that the government should make a rule for taxes based on the person's income. My Third reason is that because of the taxes the poor are getting poorer and the rich are getting richer. Those are my three reasons for why taxes on the poor is the worst thing America did.

Household employers are not required to pay FICA taxes on cash payments of less than $1,800 paid to any household employee in a calendar year.

Under 26 USC § 121, gains on the sale for married taxpayers filing jointly would be excluded up to $500,000 (or $250,000 each for married filing separately) given the residence was owned and occupied as a principal residence for two out of the last five years.

An individual taxpayer can avoid the penalty for underpayment if the payments of the estimated tax is at least as large as any one of the following:

If we have requested that you provide your taxpayer information, and you have failed to provide it to this point, we are required, by law, to withhold a portion of your earnings, at a rate of 28 percent, to be

I believe if Stan owes Form 941 taxes for March, his dues date would be no later than April 15. But if he is making a monthly payment he should be paying his taxes before time.

A Health Savings Account (HSA) plan requires a high-deductible medical insurance policy, which means that the premiums on the policy will be less than for a low-deductible policy. The contributions to the HSA are deductible for AGI, which reduces the nondeductible amount of itemized deductions subject to certain limitations, and the taxpayer does not have to itemize to obtain the deduction. The HSA distributions pay for the deductible medical expenses and they are not included in gross income. Also, the income earned on the HSA is not included in gross income if it is used to pay medical expenses not covered by the high-deductible plan.

The current income tax system is inherently complex. The guide provided to citizens to fill out their 1040 taxes has 288 pages of instructions. (IRS, 2014) The US tax code is too complicated. What is the average American to do? The answer is that most Americans turn to outside preparers or tax preparation software to figure

In his article “Owe The IRS Money? Here Are Your Options,” Matthew Frankel discusses your options if you have unpaid taxes. The extended tax deadline is October 15th and many people may have unpaid taxes, even if an individual filed an extension the tax was still due on April 18th so it is better to pay sooner rather than later since interest and penalties are charged retroactively starting when they were due. One option if you are unable to pay the full amount of taxes is to apply for additional time up to 120 days, if the 120 days is not long enough another option is to apply for an installment plan. Finally, you have the options of asking the IRS to delay collection of your tax debt, or, if you are able to prove your inability to pay the

Federal taxes is a longer process. House and Senate budget committees come together to decide a budget resolution. The article states that in the year 2013 the government

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Assistance: Are they going to be available when you need them? You are going to be facing a lot of troubles while late tax filing. Check clearly if the website has these signs like “Available for 24/7”. You need tax software that is always going to be there to solve your queries. You need to see are they available on phone anytime of the day or night. You can check their website if they have a question asking box. There you can ask your question and you will get a reply very

We’ve done a lot of exercises on how to figure income tax for individuals, partnerships, and businesses. Like for example for partnerships, Spouses who own a qualified entity in