The IRS Deductions Blog

Posts Tagged ‘2008’

Question: what IRS form do i file as a minister?

as a minister i need to file a self employed individual income tax for $25.000, with no deductions, what form do i use? it’s just me and my money i don’t get no forms like 1099 from no one and i don’t pay anyone, i have no kids and im separated, althoug not divorced… need help ASAP
as a minister i need to file a self employed individual income tax for $25.000, with no deductions, what form do i use? it’s just me and my money i don’t get no forms like 1099 from no one and i don’t pay anyone, i have no kids and im separated, althoug not divorced… need help ASAP
and how to i calculate how much ihave to pay? anygood site that can help for free?
why c? it says here it temporary and i have to file another one after my tax year ends, i wanna file for the whole 2007

Answer: If your church gives you a W2, you use Schedule SE for the self-employment tax. And the W2 pay goes on the wages line of the 1040.

If you don’t receive a W2, you use Schedule C and Schedule SE (along with the 1040).

< addition info >
“Why C?”

Schedule C is the form used for someone who runs their own business. Some ministers don’t get a W2 from a church. For example, an evangelist may travel from church to church doing revivals. All of the income (and the associated expenses) from that business get reported on Schedule C. The minister is required to keep track of all the income and expenses, even if they don’t receive any 1099’s.

But if you are paid on W2, the Schedule C does not enter the picture. If you are employed by a church, they are required to give you a W2.

Items on Amazon Right Now for Tax Deductions For Self Employed Individuals:

Company sues Department of Labor over employee classification dispute

A debate over contractors’ classification as employees rather than independent contractors has led one Corpus Christi-based company to file a lawsuit against Hilda Solis, Secretary of Labor for the United States Department of Labor.

Tax Tips & Information : About Self-Employed Federal Income Tax Deductions

Question: what were the medicare premiums in 2009 for both A and B?

I’m preparing 2009 taxes for my father was was deceased in Jan 2010. He had many medical expenses in 2009, so I’m claiming them for deductions. In the grand paperwork shuffle, I cannot seem to find any paperwork denoting the premiums for Medicare part A & B for 2009…anyone know what the monthly or yearly costs were?
…he was not my dependent…I am filing HIS return, not mine. You are correct though that Medicare premiums are NOT allowable deductions…I misread the turbotax prompt.

Answer: Do you mean that he was your dependent in 2009? Are you claiming his medical costs as your out of pocket expenses?

The Medicare premium is deducted from his Social Security check before he receives it. Thats why you don’t see any paperwork. The amount was $96.40 per month and now it is $96.50 per month for one person. He also must have paid the 20 per cent that Medicare does not pay, or he may have had a gap insurance policy. That costs about $150 a month unless he had zero share of cost Medicaid which pays that.

I hope you are correct about using his out of pocket costs as a deduction on your tax return.

Items on Amazon Right Now for Tax Deduction Medical Expenses 2009:

Woman pleads guilty to falsifying tax returns

A woman who was a manager for Jackson Hewitt has pleaded guilty to aiding and assisting in the filing of false returns.

Tax Forms & Deductions : Can I Deduct My Pet’s Medical Expenses on My Taxes?

Question: Help on Schedule A – Itemized Deduction?

How do I get the value to put on Federal Schedule A – Itemized Deduction under taxes You Paid , Line 5 – State and Local Income Taxes? Where can I get the numbers to put there? Is it on my W2 Form? If yes, which boxes in W2 I need to add?
Thanks, I checked on PUBLICATION 17… it says add box 14 17 19. Thanks for confirming this!

Answer: That amount is found on your W-2 under “state income tax” (box 17). If you have local taxes as well (box 19), you add them to your state taxes to get a total.

Items on Amazon Right Now for Federal Income Tax Itemized Deductions:

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The individual artist: Recordkeeping, methods of accounting, income and itemized deductions for federal income tax purposes …

IRS rule change may mean refund

Recently, in a surprise move, the IRS reversed its position regarding the tax reporting of community property income by registered domestic partners.

TaxPlus – Tax Information By Subject

Question: Frank is a resident of a state that imposes a tax on income. The following information pertaining to Frank’s?

state income taxes is available:
State income taxes withheld in 2009$3,000
Refund received in 2009 of 2008tax300
Assessment paid in 2009 of 2006 tax800

Assuming he elects to deduct state and local income taxes, what amount should Weber use as state and local income taxes in calculating Itemized Deductions for his 2009 Federal income tax return?
a.$2,700
b.$3,000
c.$3,500
d.$3,800
e.None of the above
Would the correct answer be (b).

Answer: The answer is d. He can use the 2009 state income taxes they withheld of $3000 as an itemized deduction, and he can take the $800 he paid for 2006 state taxes as an itemized deduction also!
the $300 state refund he got for 2008 has to be reported as income, on other income!

Items on Amazon Right Now for 2009 Federal Tax Itemized Deductions:

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Jackson Hewitt® Shares Tax Tips on Preparing for Hurricanes, Tornados and Other Severe Weather

According to The Federal Emergency Management Agency , there have already been 49 disasters declared thus far in 2010,* with several months still remaining in the year.  With annual hurricane, wildfire and tornado seasons underway and flood season just beginning, Jackson Hewitt Tax Service® shares tips for taxpayers living in areas prone to severe weather â to help them understand what steps …

The New 2009 Tax Deduction for Car Buyers

Every single small and home-based business owner can easily save thousands of dollars each year in tax savings alone. “You have got to be cRaZy not to have one” says me.

Congress passed legislation that allows HUGE tax savings to encourage your success. They’ll even let you take Tax Deductions on losses from your home-based business, year after year, as long as you are actively and legitimately pursuing to make a profit.

Individuals who run a part-time or full-time home-based business qualify for a greater range of tax deductions than any other category of taxpayer! Even the super-rich can’t get the tax savings that YOU can get, simply by managing a home business that in all actuality may only take a small amount of your time to run. You could be saving yourself a lot of cabbage!

Did you know that in most cases the majority of wealthy individuals, along with the “rich and famous,” pay less than 15% in taxes, while the “average North American” pays upwards of 50% in Federal, State and Social Security Taxes? (This infuriates me!)

However, did you know that 70% of the job growth is coming from small businesses? Yeah that’s right! People are starting to catch on and the home-based business, industry has never seen such highs! People are really starting to take advantage of these tax savings and that’s always fantastic to see! Power to the people!

For the most part people, just like yourself are overpaying their taxes by thousands of dollars, or more, every year, and they don’t even realize it! Get this, the average tax payer actually believes that getting a refund from the IRS is a good thing!

The fact of the matter is, if you are getting a refund every year you are actually giving Uncle Sam an interest-free loan. Yep! He gets to keep your hard earned money (tax refund) throughout the year and can use it for whatever the legislators feels fit to do with it. This is money you could be putting back in YOUR own pocket to help YOU build and grow YOUR own home-based business! These are YOUR tax savings people, wake up! Stop complaining and do something about it!

I’m sorry…I’m screaming at the computer now, I’m just trying to get my point across here, actually NO, I’m not sorry. Can you tell I’m passionate about this? I’m not an overly religious person but this quote just seems fitting. “God Helps Those Who Help Themselves”

In order to ensure that you don’t miss some large tax deductions that could save you a great deal of money, it is wise to consult with an income tax professional so that you don’t miss any of commonly missed tax deductions.

Go get what is rightfully yours….Tax Savings!

Items on Amazon Right Now for 2008 Tax Itemized Deductions:

Charities benefit from end-of-year giving

A constant stream of cars and SUVs approached the loading dock at the back of the Goodwill store in Annapolis early yesterday afternoon, and employees were gearing up for even greater numbers today.

TaxPlus – Tax Information By Subject