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I'm about to make a lot of people angry other CPAs may hate me for this but I'm about to give away our IRS trade secrets every day taxpayers paid thousands of dollars to CPAs attorneys and enrolled agents to help them with IRS tax problems more often than not with a basic understanding of how the IRS handles the filing and paying of taxes people can solve their own IRS problems so click the link below and download my free ebook with exact instructions that will never find elsewhere no matter how much money you pay for professional representation this ebook is filled with techniques from my many years of experiences showing you a road map to get you through the system click on it now or you can listen to more of what I have to say I'm Joe Mastriano CPA and after 30 years and thousands of tax cases I know the IRS business like the back of my hand and I'm so angry that things have gotten so bad in this country that the IRS has beefed up audits and collections people are outraged that the

FAQ

  • What form does a J1 visa student who worked over the summer need to fill out to get a tax refund from the US government?

    You need form 1040NR (or 1040NR-EZ) and form 8843.See Publication 519 (2014), U.S. Tax Guide for Aliens   for some help as well as Page on irs.gov. You may have to file a nonresident state tax return as well but that depends on your state.Be careful when using web-based software (such as TurboTax) because not all of them support nonresident forms.

  • Forming an LLC for a web design business in Illinois. What are the taxes that I have to pay?

    Hi, keep in mind you do not have to incorporate your LLC in Illinois, there are other states that offer advantages tax wiseBest State to Incorporatethis is what I found though on Illinois taxes for LLC'sIllinois: Taxes on Business IncomeCorporations Are Subject to Corporate Income TaxAll C corporations are required to pay an annual corporate tax of 7 percent on the amount of income that the corporation reports to the IRS. In addition, Illinois assesses a personal property tax replacement income tax based on net income. The rate is 2.5 percent for corporations and 1.5 percent for S corporations and all other business entities, even if they are not corporations.S Corporation Income Is Taxed on Shareholders' ReturnsIf you meet the federal tax law requirements to operate as an S corporation, the IRS allows your business to "pass through" its income to the shareholders. This means that your business will not pay any federal corporate level income tax. However, you'll have to claim your entire share of the business income on your personal federal income tax return even if you did not take any money out of the business.Illinois extends this favorable tax treatment to state corporate income tax liability, but only with respect to the 7 percent corporate income tax. The income your S corporation makes will still be subject to a 1.5 percent personal property replacement tax.Partnership Income Is Passed Through to Partners' ReturnsIf you operate your business as a partnership, you will be subject to a 1.5 percent personal property replacement tax on your partnership's net income.LLC Taxation Is Based Upon Federal ClassificationIllinois law recognizes businesses operating as limited liability companies (LLCs). As an LLC, your business will be treated, for tax purposes, exactly like a partnership. Accordingly, your LLC's net income will be subject to a 1.5 percent personal property replacement tax. However, if you have elected to have the LLC treated as a corporation for federal tax purposes, it will be treated as a corporation by the state of Illinois.

  • Can you pay to have your refund rushed but paid out of your tax return when filling?

    Neither the IRS nor, as far as I know, any US state with a state income tax, has any sort of program that allows you to pay extra to have your return processed expeditiously. All returns are processed in the order received (more or less), and the IRS provides no guarantees on when your refund will be issued, if indeed ever.If you pay a tax preparer to prepare your return, the preparer may offer you to pay a fee to receive your refund “faster”. This is what is called a “refund anticipation loan”: the preparer is offering to give you a short-term loan, similar to a payday loan, in exchange for you handing over your tax return to them. They will deduct fees and interest up front.Refund anticipation loans are almost always a bad deal for the consumer; there are often large fees on such loans and the interest rates can exceed 100% APR. This is an abusive form of predatory lending. Many states have laws that attempt to curtail such practices, but preparers violate these laws on a depressingly frequent basis. State Attorneys General and other consumer financial advocates regularly warn consumers against refund anticipation loans. See, for example, Illinois Attorney General - Refund Anticipation Loans:The busy tax season often brings a wide variety of scams aimed at defrauding consumers of their hard-earned tax refunds. Attorney General Madigan is warning consumers to be wary of refund anticipation products that promise a faster refund. Tax preparers pitch a variety of these products – tax refund anticipation loans, checks or debit cards – as a way to receive a tax refund instantly. In reality, they are short-term loans that often saddle consumers with high interest rates and fees that are deducted from their tax refund.It’s Your Refund—Here’s How to Keep More of It!You probably do not need a tax refund loan. If you file your tax return electronically, you can get your refund very quickly—in approximately two to three weeks—without getting a loan. You can find an organization willing to help you prepare and file your taxes for free by calling the Center for Economic Progress at 312-252-0280 or visiting this website for resources near you: http://irs.treasury.gov/freetaxp....You can find IRS policies regarding refund anticipation loans here: Tax Refund Related ProductsMy advice is to simply file the return. If you file early enough, you’ll get your refund faster than you probably expected. It’s not worth the cost and added risk of a refund anticipation loan to get a smaller tax refund a few weeks sooner.

  • What percent of people don't have the intelligence to fill out tax forms?

    Recent statistics that I've seen indicate that about 66% of electronically filed returns are filed by paid preparers.  This doesn't necessarily mean that these filers don't have the intelligence but it does indicate that they have a level of discomfort and anxiety and prefer the solace of having a paid preparer fill out and transmit the forms. It all depends on the level of complexity of the form.  For the young wage earner living at home with his or her parents, who is able to operate a computer and can operate simple tax return software, I would think that 80% should be intelligent enough to fill out tax forms.  Especially because the software is designed to prompt and assist (and check the arithmetic).One of America's most respected jurists, Judge Learned Hand, offers a more thoughtful observation on the law of taxation: ‘In my own case the words of such an act as the Income Tax ... merely dance before my eyes in a meaningless procession; cross-reference to cross-reference, exception upon exception—couched in abstract terms that offer no handle to seize hold of—leave in my mind only a confused sense of some vitally important, but successfully concealed, purport, which it is my duty to extract, but which is within my power, if at all, only after the most inordinate expenditure of time. I know that these monsters are the result of fabulous industry and ingenuity, plugging up this hole and casting out that net, against all possible evasion; yet at times I cannot help recalling a saying of William James about certain passages of Hegal [sic]: that they were no doubt written with a passion of rationality; but that one cannot help wondering whether to the reader they have any significance save that the words are strung together with syntactical correctness.’ Ruth Realty Co. v. Horn, 222 Or. 290, 353 P.2d 524, 526 n. 2 (Or. 1960) (citing 57 Yale L.J. 167, 169 (1947)), overruled on other grounds by Parr v. DOR, 276 Or. 113, 553 P.2d 1051 (Or. 1976). The Humorist Dave Barry had this observation "The IRS is working hard to develop a tax form so scary that merely reading it will cause the ordinary taxpayer's brain to explode.” His candidate for the best effort so far is Schedule J Form 1118 "Separate Limitation Loss Allocations and Other Adjustments Necessary to Determine Numerators of Limitations fraction, Year end Recharacterization Balance and Overall Foreign Loss Account Balances"And don’t forget this observation from Albert Einstein “The hardest thing to understand in the world is the income tax. “  So if Al had trouble understanding taxes, I don't see how a mere mortal has any chance.

  • Why is the alternative minimum tax form of 6251 so onerous to fill out?

    To make things simpler, ironically.The purpose of the AMT is to ensure that the uber rich pay at least a minimum amount of taxes, but has since morphed into something that hits the upper middle classes*. It does that by having fewer tax brackets, fewer allowed deductions and a higher standard deduction. What you owe is whatever causes you to pay more taxes.However, this needs to be done in addition to the traditional tax calculation. So you need to take your calculations of your various income measures, and put back in various deductions that are disallowed under AMT rules. Or have to be recalculated. It’s a pain.Either someone decided that this was easier than having a completely separate tax form to calculate your AMt tax or someone lobbied to have mor complicated taxes so you’d go to one of the tax places or download tax software.*With the Trump tax changes, AMT affects fewer people.

  • How do you fill out an income tax form for a director of a company in India?

    There are no special provisions for a director of a company. He should file the return on the basis of his income . If he is just earning salary ten ITR-1.~Sayantan Sen Gupta~

  • How long does it take to get a refund of wrongly withheld Social Security taxes and Medicare taxes from IRS after the filing of form 843?

    I have seen it take up to 2 years to get a refund processed, but you can contact the IRS to check on the status.  I would not start at the taxpayer advocate office as they will not help you until you have tried the normal IRS channels first. Start with Contact Your Local IRS Office

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