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Day).
2020 FEDERAL TAX RATES, BRACKETS, & STANDARD The federal tax brackets are broken down into seven (7) taxable income groups, based on your filing status. The tax rates for 2020 are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It’s important to remember that moving up into a higher tax bracket does not mean 2021 FEDERAL INCOME TAX RATES, BRACKETS, & STANDARD 2021 Individual Income Tax Brackets. The federal tax brackets are broken down into seven (7) taxable income groups, based on your filing status. The tax rates for 2021 are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It’s important to remember that moving up into a higher tax bracket does not mean that all of your income will be taxed at the CHECK THE STATUS OF YOUR COVID -19 FEDERAL STIMULUS Federal COVID-Relief: Stimulus Bills. The federal government has passed 3 major stimulus packages as a response to the COVID-19 pandemic. Each of these bills includes a provision for direct payments to individuals, called Economic Impact Payments (EIPs) and more commonly known as stimulus checks. $1,400 STIMULUS CHECKS: THIRD ROUND OF DIRECT PAYMENTS ARE This represents the third round of stimulus payments that the federal government has authorized through major legislation. The first round of stimulus checks was created by the Coronavirus Aid, Relief, and Economic Security Act (a.k.a. CARES Act) in late March 2020. The second round of stimulus checks was authorized by the COVID-Related Tax Relief Act, which was passed in late December 2020. IRS TAX QUESTIONS: HOW TO CONTACT IRS THROUGH EMAIL General Inquiries. Individual taxpayers who need to contact the IRS for general questions have a few options: Tax Assistance: 1-800-829-1040. Tax Assistance for the Hearing Impaired: 1-800-829-4059. Email: irs.gov.website.helpdesk@speedymail.com. Please note that the hearing impaired phone number can only be used by thosewith a TDD machine.
WINDFALLS AND YOUR TAXES You are required to withhold 25 percent of your gambling winnings for Federal income tax if your winnings (minus the wager) exceed $5,000 and are from lotteries, sweepstakes, wagering pools, or other wagering transactions (if your winnings are at least 300 times the amount youwagered).
IRS FRESH START PROGRAM: GUIDE TO THE RS FRESH START On May 21, 2012, the IRS announced the expansion of the “Fresh Start” initiative by offering more flexible terms in its Offer-in-Compromise (OIC) program. The goal is to help a greater number of financially-distressed taxpayers resolve their tax problems more quickly than in the past, as well as to reduce the number of taxliens issued.
W2 FORM: HOW TO GET A COPY OF YOUR W2 ONLINE Use Form 4506 (Request for Copy of Tax Return), but note that there is a $50 fee for each return. If you e-file your taxes online or you didn’t submit your W-2 with your 1040 paper return, you can request a transcript from the IRS. Otherwise, you will have to reach out to your employer or contact the SSA for a copy of your W-2 form. INTERNAL REVENUE SERVICE ONLINE TAX NEWS You can feel confident in the US Tax Center at IRS.com because the information that is exchanged while working on your online tax return is protected against interception and tampering by state of the art encryption technology. Keep your tax records safe. Some tips to STIMULUS CHECK UPDATE IRS Stimulus Payments – Round 1 & Round 2, Plus Third Stimulus Checks The federal government has provided two rounds of stimulus checks for individual Americans so far. Recently, there has been much talk about an anticipated third stimulus check, as the nation prepares for President-elect Biden to take office on January 20th (InaugurationDay).
2020 FEDERAL TAX RATES, BRACKETS, & STANDARD The federal tax brackets are broken down into seven (7) taxable income groups, based on your filing status. The tax rates for 2020 are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It’s important to remember that moving up into a higher tax bracket does not mean 2021 FEDERAL INCOME TAX RATES, BRACKETS, & STANDARD 2021 Individual Income Tax Brackets. The federal tax brackets are broken down into seven (7) taxable income groups, based on your filing status. The tax rates for 2021 are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It’s important to remember that moving up into a higher tax bracket does not mean that all of your income will be taxed at the CHECK THE STATUS OF YOUR COVID -19 FEDERAL STIMULUS Federal COVID-Relief: Stimulus Bills. The federal government has passed 3 major stimulus packages as a response to the COVID-19 pandemic. Each of these bills includes a provision for direct payments to individuals, called Economic Impact Payments (EIPs) and more commonly known as stimulus checks. $1,400 STIMULUS CHECKS: THIRD ROUND OF DIRECT PAYMENTS ARE This represents the third round of stimulus payments that the federal government has authorized through major legislation. The first round of stimulus checks was created by the Coronavirus Aid, Relief, and Economic Security Act (a.k.a. CARES Act) in late March 2020. The second round of stimulus checks was authorized by the COVID-Related Tax Relief Act, which was passed in late December 2020. IRS TAX QUESTIONS: HOW TO CONTACT IRS THROUGH EMAIL General Inquiries. Individual taxpayers who need to contact the IRS for general questions have a few options: Tax Assistance: 1-800-829-1040. Tax Assistance for the Hearing Impaired: 1-800-829-4059. Email: irs.gov.website.helpdesk@speedymail.com. Please note that the hearing impaired phone number can only be used by thosewith a TDD machine.
WINDFALLS AND YOUR TAXES You are required to withhold 25 percent of your gambling winnings for Federal income tax if your winnings (minus the wager) exceed $5,000 and are from lotteries, sweepstakes, wagering pools, or other wagering transactions (if your winnings are at least 300 times the amount youwagered).
IRS FRESH START PROGRAM: GUIDE TO THE RS FRESH START On May 21, 2012, the IRS announced the expansion of the “Fresh Start” initiative by offering more flexible terms in its Offer-in-Compromise (OIC) program. The goal is to help a greater number of financially-distressed taxpayers resolve their tax problems more quickly than in the past, as well as to reduce the number of taxliens issued.
W2 FORM: HOW TO GET A COPY OF YOUR W2 ONLINE Use Form 4506 (Request for Copy of Tax Return), but note that there is a $50 fee for each return. If you e-file your taxes online or you didn’t submit your W-2 with your 1040 paper return, you can request a transcript from the IRS. Otherwise, you will have to reach out to your employer or contact the SSA for a copy of your W-2 form. INTERNAL REVENUE SERVICE ONLINE TAX NEWS You can feel confident in the US Tax Center at IRS.com because the information that is exchanged while working on your online tax return is protected against interception and tampering by state of the art encryption technology. Keep your tax records safe. Some tips to STIMULUS CHECK UPDATE IRS Stimulus Payments – Round 1 & Round 2, Plus Third Stimulus Checks The federal government has provided two rounds of stimulus checks for individual Americans so far. Recently, there has been much talk about an anticipated third stimulus check, as the nation prepares for President-elect Biden to take office on January 20th (InaugurationDay).
WINDFALLS AND YOUR TAXES You are required to withhold 25 percent of your gambling winnings for Federal income tax if your winnings (minus the wager) exceed $5,000 and are from lotteries, sweepstakes, wagering pools, or other wagering transactions (if your winnings are at least 300 times the amount youwagered).
WHERE CAN I PICK UP IRS TAX FORMS NEAR ME? Simply head to their website and fill out the form to get your 1040 or whichever income tax forms you need in the mail within 7-10 business days. Or, if you prefer, simply print your required income tax forms out on your home computer. Tax Office. The last resort. If you simply can’t find the income tax forms you need anywhere else then head MY FEDERAL TAX REFUND WAS STOLEN: WHAT DO I DO? Call the 1-800 number above so you can file for a replacement check. You’ll need all the information above, Social Security Number and exact amount of the refund, to do this. Generally, you must wait 28 days from the date the IRS mailed your check to file a claim. If it’s obvious your check has been stolen, lost, or destroyed, thendon’t
STATE INCOME TAX VS. FEDERAL INCOME TAX Believe it or not, there are 7 states that impose no income tax. They are: Wyoming, Washington, Texas, South Dakota, Nevada, Florida, and Alaska. Along with this, Tennessee and New Hampshire only impose tax on income from dividends and interest. State income taxes are due every year, usually by April 15th (similar to federal income tax WHO NEEDS TO FILL OUT IRS TAX FORM W-8? Who needs to fill out IRS tax form W-8? Form W-8 is used filled out by non-resident aliens who do work and/or make income in the U.S. or foreign business entities who make income in the U.S. If you’re a legal citizen of the United States, at no point will you have to worry about filling out the W-8 tax forms. REPORTING HEALTH CARE COVERAGE ON YOUR 1040 TAX RETURN The New Schedule 4 (Form 1040) The IRS has released a draft version of Schedule 4 (Form 1040), which is titled “Other Taxes.”. If you cannot check the box for “Full-year health care coverage or exempt” on the front of Form 1040, you will need to report your individual shared responsibility payment amount on Line 61 of Schedule4.
IRS TAX FORMS > WHO FILLS OUT A W-9? Freelancers are required to fill out W-9 income tax forms. Another group that uses the W-9 income tax forms to report information to clients is consultants. Consultants come in and advise a company on public relations, cost cutting, or personnel training, among other things. If you’ve consulted with a company, you are required to fillout W-9
WHAT IS MODIFIED ADJUSTED GROSS INCOME? Modified Adjusted Gross Income (MAGI) can qualify you for a number of credits, benefits, and exclusions, which makes it important to calculate for tax purposes. Your MAGI is used to determine your eligibility for various Federal tax benefits — including education tax breaks, the adoption tax credit, the retirement savingscontribution credit
INTERNAL REVENUE SERVICE ONLINE TAX NEWS You can feel confident in the US Tax Center at IRS.com because the information that is exchanged while working on your online tax return is protected against interception and tampering by state of the art encryption technology. Keep your tax records safe. Some tips to STIMULUS CHECK UPDATE IRS Stimulus Payments – Round 1 & Round 2, Plus Third Stimulus Checks The federal government has provided two rounds of stimulus checks for individual Americans so far. Recently, there has been much talk about an anticipated third stimulus check, as the nation prepares for President-elect Biden to take office on January 20th (InaugurationDay).
2020 FEDERAL TAX RATES, BRACKETS, & STANDARD The federal tax brackets are broken down into seven (7) taxable income groups, based on your filing status. The tax rates for 2020 are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It’s important to remember that moving up into a higher tax bracket does not mean 2021 FEDERAL INCOME TAX RATES, BRACKETS, & STANDARD 2021 Individual Income Tax Brackets. The federal tax brackets are broken down into seven (7) taxable income groups, based on your filing status. The tax rates for 2021 are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It’s important to remember that moving up into a higher tax bracket does not mean that all of your income will be taxed at the CHECK THE STATUS OF YOUR COVID -19 FEDERAL STIMULUS Federal COVID-Relief: Stimulus Bills. The federal government has passed 3 major stimulus packages as a response to the COVID-19 pandemic. Each of these bills includes a provision for direct payments to individuals, called Economic Impact Payments (EIPs) and more commonly known as stimulus checks. $1,400 STIMULUS CHECKS: THIRD ROUND OF DIRECT PAYMENTS ARE This represents the third round of stimulus payments that the federal government has authorized through major legislation. The first round of stimulus checks was created by the Coronavirus Aid, Relief, and Economic Security Act (a.k.a. CARES Act) in late March 2020. The second round of stimulus checks was authorized by the COVID-Related Tax Relief Act, which was passed in late December 2020. IRS TAX QUESTIONS: HOW TO CONTACT IRS THROUGH EMAIL General Inquiries. Individual taxpayers who need to contact the IRS for general questions have a few options: Tax Assistance: 1-800-829-1040. Tax Assistance for the Hearing Impaired: 1-800-829-4059. Email: irs.gov.website.helpdesk@speedymail.com. Please note that the hearing impaired phone number can only be used by thosewith a TDD machine.
WINDFALLS AND YOUR TAXES You are required to withhold 25 percent of your gambling winnings for Federal income tax if your winnings (minus the wager) exceed $5,000 and are from lotteries, sweepstakes, wagering pools, or other wagering transactions (if your winnings are at least 300 times the amount youwagered).
IRS FRESH START PROGRAM: GUIDE TO THE RS FRESH START On May 21, 2012, the IRS announced the expansion of the “Fresh Start” initiative by offering more flexible terms in its Offer-in-Compromise (OIC) program. The goal is to help a greater number of financially-distressed taxpayers resolve their tax problems more quickly than in the past, as well as to reduce the number of taxliens issued.
W2 FORM: HOW TO GET A COPY OF YOUR W2 ONLINE Use Form 4506 (Request for Copy of Tax Return), but note that there is a $50 fee for each return. If you e-file your taxes online or you didn’t submit your W-2 with your 1040 paper return, you can request a transcript from the IRS. Otherwise, you will have to reach out to your employer or contact the SSA for a copy of your W-2 form. INTERNAL REVENUE SERVICE ONLINE TAX NEWS You can feel confident in the US Tax Center at IRS.com because the information that is exchanged while working on your online tax return is protected against interception and tampering by state of the art encryption technology. Keep your tax records safe. Some tips to STIMULUS CHECK UPDATE IRS Stimulus Payments – Round 1 & Round 2, Plus Third Stimulus Checks The federal government has provided two rounds of stimulus checks for individual Americans so far. Recently, there has been much talk about an anticipated third stimulus check, as the nation prepares for President-elect Biden to take office on January 20th (InaugurationDay).
2020 FEDERAL TAX RATES, BRACKETS, & STANDARD The federal tax brackets are broken down into seven (7) taxable income groups, based on your filing status. The tax rates for 2020 are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It’s important to remember that moving up into a higher tax bracket does not mean 2021 FEDERAL INCOME TAX RATES, BRACKETS, & STANDARD 2021 Individual Income Tax Brackets. The federal tax brackets are broken down into seven (7) taxable income groups, based on your filing status. The tax rates for 2021 are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. It’s important to remember that moving up into a higher tax bracket does not mean that all of your income will be taxed at the CHECK THE STATUS OF YOUR COVID -19 FEDERAL STIMULUS Federal COVID-Relief: Stimulus Bills. The federal government has passed 3 major stimulus packages as a response to the COVID-19 pandemic. Each of these bills includes a provision for direct payments to individuals, called Economic Impact Payments (EIPs) and more commonly known as stimulus checks. $1,400 STIMULUS CHECKS: THIRD ROUND OF DIRECT PAYMENTS ARE This represents the third round of stimulus payments that the federal government has authorized through major legislation. The first round of stimulus checks was created by the Coronavirus Aid, Relief, and Economic Security Act (a.k.a. CARES Act) in late March 2020. The second round of stimulus checks was authorized by the COVID-Related Tax Relief Act, which was passed in late December 2020. IRS TAX QUESTIONS: HOW TO CONTACT IRS THROUGH EMAIL General Inquiries. Individual taxpayers who need to contact the IRS for general questions have a few options: Tax Assistance: 1-800-829-1040. Tax Assistance for the Hearing Impaired: 1-800-829-4059. Email: irs.gov.website.helpdesk@speedymail.com. Please note that the hearing impaired phone number can only be used by thosewith a TDD machine.
WINDFALLS AND YOUR TAXES You are required to withhold 25 percent of your gambling winnings for Federal income tax if your winnings (minus the wager) exceed $5,000 and are from lotteries, sweepstakes, wagering pools, or other wagering transactions (if your winnings are at least 300 times the amount youwagered).
IRS FRESH START PROGRAM: GUIDE TO THE RS FRESH START On May 21, 2012, the IRS announced the expansion of the “Fresh Start” initiative by offering more flexible terms in its Offer-in-Compromise (OIC) program. The goal is to help a greater number of financially-distressed taxpayers resolve their tax problems more quickly than in the past, as well as to reduce the number of taxliens issued.
W2 FORM: HOW TO GET A COPY OF YOUR W2 ONLINE Use Form 4506 (Request for Copy of Tax Return), but note that there is a $50 fee for each return. If you e-file your taxes online or you didn’t submit your W-2 with your 1040 paper return, you can request a transcript from the IRS. Otherwise, you will have to reach out to your employer or contact the SSA for a copy of your W-2 form. INTERNAL REVENUE SERVICE ONLINE TAX NEWS You can feel confident in the US Tax Center at IRS.com because the information that is exchanged while working on your online tax return is protected against interception and tampering by state of the art encryption technology. Keep your tax records safe. Some tips to STIMULUS CHECK UPDATE IRS Stimulus Payments – Round 1 & Round 2, Plus Third Stimulus Checks The federal government has provided two rounds of stimulus checks for individual Americans so far. Recently, there has been much talk about an anticipated third stimulus check, as the nation prepares for President-elect Biden to take office on January 20th (InaugurationDay).
WINDFALLS AND YOUR TAXES You are required to withhold 25 percent of your gambling winnings for Federal income tax if your winnings (minus the wager) exceed $5,000 and are from lotteries, sweepstakes, wagering pools, or other wagering transactions (if your winnings are at least 300 times the amount youwagered).
WHERE CAN I PICK UP IRS TAX FORMS NEAR ME? Simply head to their website and fill out the form to get your 1040 or whichever income tax forms you need in the mail within 7-10 business days. Or, if you prefer, simply print your required income tax forms out on your home computer. Tax Office. The last resort. If you simply can’t find the income tax forms you need anywhere else then head MY FEDERAL TAX REFUND WAS STOLEN: WHAT DO I DO? Call the 1-800 number above so you can file for a replacement check. You’ll need all the information above, Social Security Number and exact amount of the refund, to do this. Generally, you must wait 28 days from the date the IRS mailed your check to file a claim. If it’s obvious your check has been stolen, lost, or destroyed, thendon’t
STATE INCOME TAX VS. FEDERAL INCOME TAX Believe it or not, there are 7 states that impose no income tax. They are: Wyoming, Washington, Texas, South Dakota, Nevada, Florida, and Alaska. Along with this, Tennessee and New Hampshire only impose tax on income from dividends and interest. State income taxes are due every year, usually by April 15th (similar to federal income tax WHO NEEDS TO FILL OUT IRS TAX FORM W-8? Who needs to fill out IRS tax form W-8? Form W-8 is used filled out by non-resident aliens who do work and/or make income in the U.S. or foreign business entities who make income in the U.S. If you’re a legal citizen of the United States, at no point will you have to worry about filling out the W-8 tax forms. REPORTING HEALTH CARE COVERAGE ON YOUR 1040 TAX RETURN The New Schedule 4 (Form 1040) The IRS has released a draft version of Schedule 4 (Form 1040), which is titled “Other Taxes.”. If you cannot check the box for “Full-year health care coverage or exempt” on the front of Form 1040, you will need to report your individual shared responsibility payment amount on Line 61 of Schedule4.
IRS TAX FORMS > WHO FILLS OUT A W-9? Freelancers are required to fill out W-9 income tax forms. Another group that uses the W-9 income tax forms to report information to clients is consultants. Consultants come in and advise a company on public relations, cost cutting, or personnel training, among other things. If you’ve consulted with a company, you are required to fillout W-9
WHAT IS MODIFIED ADJUSTED GROSS INCOME? Modified Adjusted Gross Income (MAGI) can qualify you for a number of credits, benefits, and exclusions, which makes it important to calculate for tax purposes. Your MAGI is used to determine your eligibility for various Federal tax benefits — including education tax breaks, the adoption tax credit, the retirement savingscontribution credit
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