Federal Taxes

More in Federal Taxes

How Are 1099-R Forms Coded for Roth Conversions?

u must pay taxes on a conversion to a Roth retirement plan if the funds you converted were originally set in a pre-tax retirement plan, and you must report the conversion on your tax return. You’ll receive an Internal Revenue Service Form 1099-R from your IRA custodian, ...

401(k) Rules for Income Tax Deductions

401(k) account can provide tax benefits to business owners and employees. It allows employees to contribute to their retirement, with matching contributions from employers. Employees have contributions deducted from their taxable income, reducing their current tax liability. ...

What Is the 6,000-Pound Vehicle Tax Deduction?

e 6,000-pound vehicle tax deduction refers to Section 179 of the IRS tax code enacted by various Stimulus Acts. It is one of the few tax incentives that work in the favor of small businesses, as of 2012. Typically, equipment purchased by a business can be expensed as ...

How to Adjust Capital Gains for an Alternative Minimum Tax

e Alternative Minimum Tax, called AMT, is a parallel income tax system that was originally designed to stop a small number of high-income taxpayers from using creative deductions to avoid paying any taxes. It works by eliminating most itemized deductions and by replacing them ...

The Advantages of Paying Estimated Taxes

all prefer to pay later rather than earlier, especially if the money is going to the taxman. However, many filers are obligated to make estimated tax payments before the April 15 deadline. It's an unpleasant surprise to find out in the spring that not only do you owe a big tax ...

How to Amend Your Tax Return to Add Alimony

imony is taxed differently than child support. It's important to understand the difference when you are filing income tax returns. Alimony is taxable as ordinary income to the recipient, but money paid as alimony is not subject to income tax on the part of the payer. For ...

Are Attorney Fees for Social Security Benefits Deductible?

you are appealing a Social Security disability claim, or are involved in Social Security litigation, you can hire an attorney to represent you. An experienced attorney can get appeals filed on time, speak on your behalf to the agency and appear at a Social Security hearing, if ...

How to Avoid Trust Fund Penalties With the IRS

ployers must withhold income tax, Social Security and Medicare taxes from their employees' paychecks. The money is held in trust until the employers pay it to the U.S. Treasury Department. Employees rely on their employers to remit those funds on time, which is why they are ...

What Does Backup Withholding Mean?

en you get your paycheck, money's already taken out for taxes. However, that's not the case for all income. Some sources of income, like interest or dividends, aren't typically hit with tax withholding. However, in certain cases, the Internal Revenue Service might subject your ...

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