The Small Business Tax Help Blog

Posts Tagged ‘federal tax withholding’

2011, 2012 IRS Federal Capital Gains Tax Law Information

Max Keiser: Hit in The Eye like a Big Pizza Pie! It’s Austerity! 1/2

Question: If money is a form of free speech protected by the Constitution, isn’t withholding payments also protected?

Corporate donations (payments to politicians) are Constitutionally protected without limit, so isn’t not paying bills (the withholding of payments) to corporations or the government also protected as free speech, and as such, could not be penalized by corporations, local, State or Federal government?

Fair trade, I guess – the corporations get the politicians and we get all of their goods and services for free. No more credit card debt, mortgages, or tax bills.
Gray – The ruling states that political donations (payments of money) are free speech not the goods or services they provide. The goods and services fall under Congressional not Constitutional control as Commerce.

Answer: It would sure be an interesting argument to put before the Supremes. Hopefully it would bring about a repeal of that ridiculous decision.

Lorain’s treasurer publishes 2010 report (with video)

LORAIN — Lorain residents have paid more than $4.99 million in city income taxes for the first four months of 2011, according to figures from Treasurer Karen Shawver.

Federal Tax Deductions for Your MOSERS Benefit

Question: free file fillable forms?

My return was rejected (code 0103) because Total Federal Income Tax Withholding shown on tax form must equal the sum of withholding on Other 1099 and AK Dividend, withholding from Schedule K-1, withholding on Form W-2, and W-2G. withholding on any Form 1099-R and withholding on Form W-2G. I had federal withholding from my 1099-G. Where do I enter this withholding so that it matches line 61? I entered my W-2 withholdings on Form W-2 but I don’t see a Form 1099-G.

Answer: If you are as confused as your post you should not be doing a tax return without assistance*

Tips for last-second tax help

You have until Monday, April 18 to file your 2010 tax return, but you’re still waiting to do so. As the time ticks down, here, courtesy of the IRS media office, are some ways to avoid mistakes that could lead to an audit or even penalties and delays in processing:

Lorrie Janatopoulos Post DNT Forum.wmv

Question: Question regarding Federal Withholding and Refund?

Last year my employer withheld about $1000 for Federal Income Tax. However, I also refinanced my house, which I thought would give me a bigger tax break (i.e. greater morgage interest = larger refund). Yet I am finding with TurboTax, no matter how I input the numbers, the max I get back is $1000. Is this correct? My friend, who is married with 2 dependents, says she gets a lot more back then what is withheld from her paycheck. Where am I going wrong? Thanks in advance!

Answer: Deductions and most credits will only take your taxes owed down to zero, which would mean you’d get back everything that was withheld, but not more.

It is possible for some people to get more through something called a refundable credit. The most common of these is the EIC or earned income credit. Eligiblilty for that depends on the number of children. With no children, your income can’t be over around $12,000. With one or more qualifying children, it can be in the $30’s. If you don’t have eligible kids and your friend does, or if your income is over $38K if you do have kids, that would explain the difference – you would not get EIC.

Deadline for tax extensions is Oct. 15

Taxpayers who requested an extension on their 2009 returns have less than 10 days to file with the Internal Revenue Service, according to James C Dupree, IRS Field Media Relations

Basic Explanation of W-4 tax Form : What is the Purpose of a W-4 Tax Form?