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Tax Preparation Aids
Your Federal Income Tax - IRS Publication 17 is now electronic
Goodwill Donation Valuation Guide
To Convert Foreign Currencies
IRS Filing Requirements for Small Non Profits - e-Postcard
Your Federal Income Tax - IRS Publication 17 is now electronic
Goodwill Donation Valuation Guide
To Convert Foreign Currencies
IRS Filing Requirements for Small Non Profits - e-Postcard
Starting a Business
To apply for an Mississippi Business License
To apply for an Employer Identification Number
So You Think You Want to Go Into Business for Yourself?
To apply for an Mississippi Business License
To apply for an Employer Identification Number
So You Think You Want to Go Into Business for Yourself?
Business Owners
To request tax ID from Sub Contractor (Form W-9)
Business vs. Hobby
Independent Contractor vs Employee
To request tax ID from Sub Contractor (Form W-9)
Business vs. Hobby
Independent Contractor vs Employee
Employers
To apply for an Employer Identification Number
To request tax ID from Employee (Form W-4)
To file Form W-2 with Social Security Administration (free)
To INS Employment Eligibility Verification Form I-9 (available in Spanish)
To EFTPS - Electronic Federal Tax Payment System
To apply for an Employer Identification Number
To request tax ID from Employee (Form W-4)
To file Form W-2 with Social Security Administration (free)
To INS Employment Eligibility Verification Form I-9 (available in Spanish)
To EFTPS - Electronic Federal Tax Payment System
CAUTION: Beware of the Earned Income Credit and Head of Household Trap!
If you are filing for the Earned Income Credit and Head of Household then you should be aware of the interplay between the two. Further, understand that the Head of Household filing status is now susceptible to the new penalty for the improper claiming of said filing status. The $500 penalty for each failure to meet your due diligence requirements for Earned Income Credit, Child Tax Credit, or head of household filing status. The penalty for returns filed after 2018 is $520 per failure.
CAUTION: Beware of the Common Dependent Trap!
If you have dependents whom you intend to claim who are also filing tax returns, THEY CANNOT CLAIM THEMSELVES AS EXEMPTIONS. If they claim themselves, then YOU cannot claim them on YOUR tax return.
This will also affect your eligibility to take the education deduction. Please coordinate with your teenager and college students before they file their own returns.
CAUTION: Are You Undervaluing Your Non-Cash Donations?
We've observed that many of our clients undervalue their non-cash donations to Granny's Attic, The Thrift Shop on San Juan Island, The Exchange on Orcas and other similar charities.
When you drop off your non-cash items, do make a dated list of what you drop off (4 pairs pants good condition) and have the recipient sign the list. (If you're using a drop-off bin, staple a dated list with a self-addressed stamped envelope to your donation bag, keep a backup copy for yourself.)
To assign values to non cash donated items go to, Goodwill Industries Valuation Donation Guide. If you have an unusual item that you are donating (pool table, car, boat, horse), you will want to try to value it yourself and include the value on the signed receipt. A good place to get an approximate valuation is an on-line sale site like eBay or Craigs List. See also IRS Pub 561, Determining the Value of Donated Properties. Contact us for more information.
All items donated must be in "good used" condition in order to be deductible and you must have a receipt.
CAUTION: IRS Guidelines for Charitable Donations
The IRS requires that taxpayers have records for all cash charitable contributions. You need to have either a bank record of the transaction (cancelled check or account statement) or a written statement from the charity documenting the contribution amount and date donated. This means, you cannot deduct the $1.50 in change you give to the Salvation Army. We suggest that you always use checks instead of cash or credit card when making charitable contributions that you wish to deduct.
If you are filing for the Earned Income Credit and Head of Household then you should be aware of the interplay between the two. Further, understand that the Head of Household filing status is now susceptible to the new penalty for the improper claiming of said filing status. The $500 penalty for each failure to meet your due diligence requirements for Earned Income Credit, Child Tax Credit, or head of household filing status. The penalty for returns filed after 2018 is $520 per failure.
CAUTION: Beware of the Common Dependent Trap!
If you have dependents whom you intend to claim who are also filing tax returns, THEY CANNOT CLAIM THEMSELVES AS EXEMPTIONS. If they claim themselves, then YOU cannot claim them on YOUR tax return.
This will also affect your eligibility to take the education deduction. Please coordinate with your teenager and college students before they file their own returns.
CAUTION: Are You Undervaluing Your Non-Cash Donations?
We've observed that many of our clients undervalue their non-cash donations to Granny's Attic, The Thrift Shop on San Juan Island, The Exchange on Orcas and other similar charities.
When you drop off your non-cash items, do make a dated list of what you drop off (4 pairs pants good condition) and have the recipient sign the list. (If you're using a drop-off bin, staple a dated list with a self-addressed stamped envelope to your donation bag, keep a backup copy for yourself.)
To assign values to non cash donated items go to, Goodwill Industries Valuation Donation Guide. If you have an unusual item that you are donating (pool table, car, boat, horse), you will want to try to value it yourself and include the value on the signed receipt. A good place to get an approximate valuation is an on-line sale site like eBay or Craigs List. See also IRS Pub 561, Determining the Value of Donated Properties. Contact us for more information.
All items donated must be in "good used" condition in order to be deductible and you must have a receipt.
CAUTION: IRS Guidelines for Charitable Donations
The IRS requires that taxpayers have records for all cash charitable contributions. You need to have either a bank record of the transaction (cancelled check or account statement) or a written statement from the charity documenting the contribution amount and date donated. This means, you cannot deduct the $1.50 in change you give to the Salvation Army. We suggest that you always use checks instead of cash or credit card when making charitable contributions that you wish to deduct.