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Sole Proprietorships - Business Taxes - About.com

Estimated Taxes: How to Pay Your Estimated Taxes Quarterly

Learn how to calculate your estimated tax payments. Estimated payments are due at least every quarter. Tips for calculating the right amount of tax, plus ideas on budgeting for your tax payments.

Tax Tips for Freelancers

Tax tips and strategies for freelance professionals and self-employed people. There are special circumstances that apply to freelance writers and other creative professions, so I will highlight what you need to know to prepare your taxes and to avoid IRS investigations.

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Frequently Asked Questions - Keyword: 1099-MISC

Frequently Asked Tax Questions And Answers
Keyword: 1099-MISC

4.3 Interest/Dividends/Other Types of Income: 1099–MISC, Independent Contractors, and Self-employed

I received a Form 1099-MISC instead of a Form W-2. I'm not self-employed, I do not have a business. How do I report this income?

If payment for services you provided is listed in box 7 of Form 1099-MISC (PDF), you are being treated as a self-employed worker, also referred to as an independent contractor. You do not necessarily have to "have a business," but simply perform services as a nonemployee to have your compensation treated this way. The payer has determined that an employer-employee relationship does not exist in your case. That determination is complex, but is essentially made by examining the right to control how, when, and where you perform those services. It is not based on how you are paid, how often you are paid, nor whether you work part-time or full-time. There are three basic areas that are relevant to determine employment status:

* behavioral control,
* financial control, and
* relationship of the parties



DEDUCTIONS HAVE JUST TAKEN ON A WHOLE NEW MEANING.

WE WILL HELP YOU TO TAKE EVERY EXPENSE AGAINST THIS INCOME ALLOWED TO REDUCE THE TAX CONSEQUENCES IT PRODUCES.

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Brother2Brother & Sister2Sister ~ b2bs2s.org

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The TaxMan @ B2BS2S.ORG

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Your Tax and Financial Partner!

We are now offering discounted Tax Prepation services to ALL citizens across the United States of America. There is no need to pay full cost! Not even the Internal Revenue Service (IRS) wants you to be taken advantage of by the corporate tax firms and their schemes that take funds away from the poorest Americans' Earned Income Tax Credits, Child Tax Credits and refunds.

Far too many people merely skip filing altogether. This is usually because of IRS and child support debts. Allowing these problems to mount up has not worked, so we are here to work out the problems and help you to get those past years' returns filed from as far back as 2003. You may be surprised to reduce your debt or even receive a refund when we are done.

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We offer several FREE services including initial phone consultations, community tax seminars, efiling, higher education forms filing and the tax tools available here. Even our Fast Funds Loans offer you an opportunity to save. Check back weekly for changes in links and downloads.

Jump to info:

Credits, Credits, and more Credits!

Host a Tax Seminar for your Peers

Is Getting a Refund just a Bad Habit?

Low-Cost Fees for Services

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Web 2.0

www.b2bs2s.org

Web 2.0 ... The Machine is Us/ing Us

IRS Free File Alliance Participants Portal

Free File

Free File Alliance Companies
Important notes before you begin...

* If the amount is not specified, Free File services are limited to taxpayers with an Adjusted Gross Income of $52,000 or less; or otherwise as noted
* Fees for state tax returns may apply; however, some companies offer free state tax return preparation and e-filing
* For more details about the company's services, access the company's website

Instructions:

1. View the company listings by clicking on the "Browse All Companies!" button, select a company to go to the company website and begin your tax preparation and e-filing
2. Or, If you prefer to let us help you select a company, click on the "Guide Me To A Company!" button for additional assistance

Browse All Companies! Guide Me To A Company!

H Block's TaxCut Free File: Free federal online tax preparation and e-file if your adjusted gross income is $52,000 or less and you are age 50 or under.

EXELTAX® 1040NOW.NET: Free federal online tax preparation and e-file if your adjusted gross income is $52,000 or less and you are age 70 or under and you live in AL, AR, AZ, CA, CO, CT, DC, DE, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NM, NY, OH, OK, OR, PA, RI, SC, UT, VA, VT, WI or WV.

Free1040TaxReturn: Free federal online tax preparation and e-file if your adjusted gross income is $52,000 or less and you are 17 years old to 51 years old.

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CitizenTax.com: Free federal online tax preparation and e-file if your adjusted gross income is $52,000 or less, and you are age 50 or under, and live in AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WI or WV.

Liberty Tax Online: Free federal online tax preparation and e-file if your adjusted gross income is $52,000 or less and you are age 20 through 57 years old. This program is also available in spanish. Form 1040EZT available.

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FileYourTaxes.com: Free federal online tax preparation and e-file if your adjusted gross income is $52,000 or less and you live in AL, AR, AZ, CA, CO, DC, DE, GA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MO, MS, NC, NE, NJ, NY, OH, OK, OR, PA, VA, WI or you are age 18 and under and live in any state.

efiletaxreturns.net: Free federal online tax preparation and e-file if your adjusted gross income is $52,000 or less and you live in AL, AR, AZ, CA, CO, DC, DE, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MT, NC, NE, NJ, NM, NY, OH, OK, OR, SC, VA, VT, WI, or WV.

123Easytaxfiling: Free federal online tax preparation and e-file if your adjusted gross income is $52,000 or less and you live in AL, AR, AZ, CA, CO, CT, GA, IA, IL, IN, LA, MA, MD, MI, MN, MO, NC, NE, NJ, NY, OH, OK, OR, PA, SC, VA, WI, WV. Extensions e-filed for free.

FreeTaxUSA.com: Free federal online tax prep and e-file if your adjusted gross income is $52,000 or less and you live in AL, AZ, CA, CO, CT, GA, IA, ID, IL, IN, KS, KY, LA, MD, MI, MO, MS, NC, NE, NJ, NY, OH, OK, OR, PA, SC, UT, VA, or WV.

TurboTax® Freedom Edition: Free federal online tax preparation and e-file if your adjusted gross income is $28,500 or less or you are eligible to receive the Earned Income Credit, or you are Active Duty Military with a military W-2 and your adjusted gross income is less than $52,000. Extensions e-filed for free. Form 1040EZ-T offered.

TAX$IMPLE.com: Free federal online tax preparation and e-file if your adjusted gross income is $52,000 or less and you live in AL, AZ, CA, CO, CT, GA, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, NC, NJ, NY, OH, OK, PA, SC, TN, VA, WI.

Online Tax Pros: Free federal online tax preparation and e-file if your adjusted gross income is between $12,000 and $52,000. This program is also available in Spanish.

Average1040.com: Free federal online tax preparation and e-file if your adjusted gross income is $52,000 or less and you live in AZ, GA, IL, MI, NC, OH, or PA.

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The Debt Trap

Wherver you live, whoever you are, and whatever you do for a living...Pay Yourself First.

Timing is everything. Patience is a virtue. Cliches were once profundities.

Tax Topics - Topic 152 Refunds – How Long They Should Take

Topic 152 - Refunds – How Long They Should Take

If you file a complete and accurate tax return and you are due a refund, your refund will be issued within six weeks from the date we receive your return. If you filed electronically, refund checks will be issued within three weeks after the acknowledgment date. Refunds from amended returns will be issued within 8–12 weeks. Injured spouse claims can take longer, depending on the circumstances. Refer to Topic 203 for more information concerning Injured Spouse Claims.

To check the progress of your current year refund, go to www.irs.gov "Where's My Refund" or call the Refund Hotline at (800) 829–1954. Please allow 4 weeks after you mail your return before calling this automated system. When you call, you will need to provide your Social Security number, your filing status, and the exact whole dollar amount of the refund shown on your return.

There are several reasons for delayed refunds. An address change after filing the return, a name listed on the tax return that does not match with the name on the Social Security Records, failure to either sign the return or include necessary attachments such as Form W-2 (PDF) or schedules, and detected math errors, are some of the situations that may result in an additional 8–week delay in receiving your refund. Refer to Topic 157 for information concerning how to notify the IRS of an address change. Refer to Topic 303 for a checklist of common errors when preparing your tax return, and for additional items that may delay the processing of your return.

If you receive a refund to which you are not entitled, or one for an amount that is more than you expected, do not cash the check until you receive a notice explaining the difference. Follow the instructions on the notice.

On the other hand, if you receive a refund for a smaller amount than you expected, you may cash the check, and, if it is determined that you should have received more, you will later receive a check for the difference.

If you did not receive a notice and you have questions about the amount of your refund, wait two weeks after receiving the refund, then call 1–800–829–1040.

The IRS assists taxpayers in obtaining replacement checks for refunds that are verified as lost or stolen.

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The TaxMan's Most Frequently Asked Question about the "Long Distance Tax Refund"

Telephone Tax Refund Questions and Answers

How did the government come up with the standard amounts?

The standard amount is based on actual telephone usage data, and the amount applicable to a family or other household reflects taxes paid on long-distance or bundled service by similarly sized families or households. Using this amount may be the easiest way for taxpayers to request their refund and avoid gathering months of old phone records.

Telephone industry and IRS data were used to determine the refundable standard amounts. The data showed that spending on long distance correlated directly with the number of persons in a household; therefore, a scaled refund structure was selected based on the number of exemptions a taxpayer is eligible to claim on their 2006 tax return.

What forms do I file to request the refund?

For many individual taxpayers who want to take the standard amount, there are no additional forms to file, and you only need to fill out one additional line on your regular income-tax return.

Individuals choosing the standard amount can simply fill in the amount on their regular income-tax return:

* Form 1040, Line 71;
* Form 1040A, Line 42;
* Form 1040EZ, Line 9;
* Form 1040NR, Line 69; or
* Form 1040NR-EZ, Line 21.

People who don’t need to file a return can use a new, simple form ( Form 1040EZ-T) to choose the standard amount.

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Where in Sam Hell is My Refund is more like it around Oakland... Be prepared when you check in with the IRS.

Get Refund Status

Refund Status
Get Refund Status
Please enter your Social Security Number, your Filing Status and the amount as shown on your tax return.
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Social Security Number
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Please enter Social Security Number here. - - Please enter the first three digits of your Social Security Number. Please enter the second two digits of your Social Security Number. Please enter the last four digits of your Social Security Number.

Filing Status
Please select the Filing Status
shown on your tax return.
Please select a Filing Status here. Single
Married-Filing Joint Return
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shown on your tax return. Providing the exact whole dollar
amount is essential to receiving the correct response.
Submit Button Please select this button to continue getting your Refund Status.
Please enter Refund Amount here. $ Please enter Refund Amount here.

Note: For security reasons, we recommend that you close your browser after you have finished accessing your refund status.

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For the Home-owner who is in doubt. Be sure yours is a qualified home first.

Publication 936 (2006), Home Mortgage Interest Deduction

Qualified Home

For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.

The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Otherwise, it is considered personal interest and is not deductible.
Main home. You can have only one main home at any one time. This is the home where you ordinarily live most of the time.

Second home. A second home is a home that you choose to treat as your second home.

Second home not rented out. If you have a second home that you do not hold out for rent or resale to others at any time during the year, you can treat it as a qualified home. You do not have to use the home during the year.

Second home rented out. If you have a second home and rent it out part of the year, you also must use it as a home during the year for it to be a qualified home. You must use this home more than 14 days or more than 10% of the number of days during the year that the home is rented at a fair rental, whichever is longer. If you do not use the home long enough, it is considered rental property and not a second home. For information on residential rental property, see Publication 527.

More than one second home. If you have more than one second home, you can treat only one as the qualified second home during any year. However, you can change the home you treat as a second home during the year in the following situations.

*

If you get a new home during the year, you can choose to treat the new home as your second home as of the day you buy it.
*

If your main home no longer qualifies as your main home, you can choose to treat it as your second home as of the day you stop using it as your main home.
*

If your second home is sold during the year or becomes your main home, you can choose a new second home as of the day you sell the old one or begin using it as your main home.

Divided use of your home. The only part of your home that is considered a qualified home is the part you use for residential living. If you use part of your home for other than residential living, such as a home office, you must allocate the use of your home. You must then divide both the cost and fair market value of your home between the part that is a qualified home and the part that is not. Dividing the cost may affect the amount of your home acquisition debt, which is limited to the cost of your home plus the cost of any improvements. (See Home Acquisition Debt in Part II.) Dividing the fair market value may affect your home equity debt limit, also explained in Part II.

Renting out part of home. If you rent out part of a qualified home to another person (tenant), you can treat the rented part as being used by you for residential living only if all of the following conditions apply.

*

The rented part of your home is used by the tenant primarily for residential living.
*

The rented part of your home is not a self-contained residential unit having separate sleeping, cooking, and toilet facilities.
*

You do not rent (directly or by sublease) the same or different parts of your home to more than two tenants at any time during the tax year. If two persons (and dependents of either) share the same sleeping quarters, they are treated as one tenant.

Office in home. If you have an office in your home that you use in your business, see Publication 587, Business Use of Your Home. It explains how to figure your deduction for the business use of your home, which includes the business part of your home mortgage interest.

Home under construction. You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it is ready for occupancy.

The 24-month period can start any time on or after the day construction begins.

Home destroyed. You may be able to continue treating your home as a qualified home even after it is destroyed in a fire, storm, tornado, earthquake, or other casualty. This means you can continue to deduct the interest you pay on your home mortgage, subject to the limits described in this publication.

You can continue treating a destroyed home as a qualified home if, within a reasonable period of time after the home is destroyed, you:

*

Rebuild the destroyed home and move into it, or
*

Sell the land on which the home was located.

This rule applies to your main home and to a second home that you treat as a qualified home.

Time-sharing arrangements. You can treat a home you own under a time-sharing plan as a qualified home if it meets all the requirements. A time-sharing plan is an arrangement between two or more people that limits each person's interest in the home or right to use it to a certain part of the year.

Rental of time-share. If you rent out your time-share, it qualifies as a second home only if you also use it as a home during the year. See Second home rented out, earlier, for the use requirement. To know whether you meet that requirement, count your days of use and rental of the home only during the time you have a right to use it or to receive any benefits from the rental of it.

Married taxpayers. If you are married and file a joint return, your qualified home(s) can be owned either jointly or by only one spouse.

Separate returns. If you are married filing separately and you and your spouse own more than one home, you can each take into account only one home as a qualified home. However, if you both consent in writing, then one spouse can take both the main home and a second home into account.

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Married Taxpayers with Children be aware...

Qualifying Child of More Than One Taxpayer

Internal Revenue Service United States Department of the Treasury

Qualifying Child of More Than One Taxpayer

Sometimes a child meets the rules to be a qualifying child of more than one taxpayer. However, only one taxpayer can treat that child as a qualifying child for:

* The EITC,
* The dependency exemption,
* The child tax credit,
* Head of household filing status,
* The exclusion from income for dependent care benefits, and
* The credit for the child and dependent care expenses.

You can choose which person will claim the benefits including the EITC. If you and someone else have the same qualifying child, you and the other person(s) can decide which of you, if otherwise eligible, will claim the benefits including the EITC, using that qualifying child. If more than one person claims the EITC and any of the other tax benefits listed above using the same child, the tie-breaker rules below apply. If the other person is your spouse and you file a joint return, these rules do not apply. These rules also do not apply if the other person is your child's other parent from whom you are divorced or separated and to whom you gave (or intend to give) the right to claim the child as a dependent by signing a written declaration that you will not claim the child as a dependent for 2006. For information for divorced and separated parents, see Publication 501.

Tie-Breaker Rule: When More Than One Person Uses the Same Child

Caution: This tie-breaker rule does not apply if the rules for divorced or separated parents applies or if the other person is your spouse and you and your spouse file a joint return.
IF more than one person claims any of the benefits above, using the same child and... THEN
Only one of the persons is the child's parent Only the parent can treat the child as a qualifying child.
Two of the persons are the child's parent, and they do not file a joint return together. Only the parent with whom the child lived the longest during the year can treat the child as a qualifying child.
Two of the persons are the child's parent, the child lived with each parent the same amount of time during the year, and the parents do not file a joint return together. Only the parent with the highest adjusted gross income (AGI) can treat the child as a qualifying child.
None of the persons are the child's parent. Only the person with the highest AGI can treat the child as a qualifying child.

If another person claims the benefits including the EITC using this child. If your qualifying child is treated under these rules as the qualifying child of another person for 2006, you cannot take the EITC using this qualifying child. You may be able to take the EITC using a different qualifying child, but you cannot take the EITC for people who do not have a qualifying child. If you do not have another qualifying child, you cannot take the EITC.

Rules for Divorced or Separated Parents

Please refer to Publication 501 for further information or definition.


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