Understanding the Form 1099-Misc

The IRS 1099 Misc form needs to be filled out if you have certain, specific types of what is called miscellaneous payments to non-employees, like independent contractors.

Exemption of Trucks From Filing Highway Heavy Use Tax 2290

Heavy Vehicle Use Tax, which is also known as HVUT can be defined as the annual fee taken from heavy vehicles for their transportation on public highways.

2290 IRS Tax Form - Read Out the Concept and Understand the Need

Form 2290 or 2290 IRS tax form or Heavy Vehicle Use Tax are all same and all the terms represent the standard form of Internal Revenue Service (IRS)

The Different Payment Options That Are Available For IRS Form 2290 eFile

Being a truck owner in the USA, it’s a self-responsibility to declare the tax returns for the usage of the heavy vehicle trucks in the highways.

Tuesday, 29 October 2013

What do Nonprofits Need to Know about Nonprofit Tax Form 990n?

As a non-profit organization, you may not have to file and pay any federal taxes, you will have to file an information form with the IRS each year through form 990n. This form allows the IRS to know about your organization and the activities that take place each year. It is important that you learn and understand all you can about these forms.

Source Flickr
What is a Form 990?

This is an information based tax form that tax-exempt organizations are required to file each and every year. When this form is filed, it is then presented to the IRS as a form of an overview of the organization’s activities; it is an in depth financial report that allows the IRS to know that your organization is still within its rights to be considered tax-exempt.

Who has to File a Form 990?

  •        Typically those that are larger nonprofit organizations or those that have gross receipts of $50,000 or more are require to file a Form 990 or 990-EZ
  •      Small nonprofit organizations that have gross receipts of $50,000 or less are required to file a form 990 electronically that are known as a Form 990-N so that they can maintain their tax-exempt status.
  •      Nonprofit Organizations who are tax-exempt according to Sections 501(c), 527, or 4947(a)(1) of the U.S. Taxation Code, and who are not included in the exemptions that are listed below.

What Nonprofit Organizations are exempted from filing a Form 990?

  •     Churches
  •      Subsidiaries of Other Nonprofit Organizations
  •     Nonprofits that not in the System as of Yet
It should be noted that if you are an incorporated nonprofit organization in the state in which you reside but you do not plan on applying to the IRS for an exemption status from the federal income tax you will not have to file a Form 990n.

It must also be noted that if your organization makes claims to be tax-exempt and it has intentions to file with the IRS by the end of the 27th month you are in business for you are required to file a Form 990 or 990-EZ or 990-N whichever is deemed appropriate during the 27 month period you are in business; this is of course to be under the understanding that even though an application has not been submitted to the IRS nor has a determination been received.
  •  Religious School
  • State institutions
You should know that some state institutions are exempted from this because they provide the essential services that people seek.
  •     Government Corporations
There is a lot to understand about and remember of the Form 990. It would be in your best interest to seek professional guidance from a CPA or another tax advisor that can help you to understand what you should know and how to maintain your tax-exempt status. With his or her help, you can ensure that you will always be up to date on the important tasks you need to perform for your nonprofit. 

Call 703-229-0326 or visit http://www.Etax990n.com/ to start filing your form 990n Today!

Thursday, 24 October 2013

The 4868 Tax Form Explained: FAQs Answered

Tax Season, one of the most frustrating and stressful times of the year and for the first time ever, you have to file for an extension but you have no clue what it means or even how to go about doing it; which means even more frustration and stress but there is help for you, right here! Continue reading to learn more about the 4868 Tax Form and how it is considered to be one of the easiest forms you will ever fill out pertaining to your taxes. Official Name for Form 4868

Source Flickr

What is the Goal of this form?

The 4868 form is typically used to apply for a 6 month extension to have more time to complete your taxes and get them filed.

What are the qualifications for an extension?

In order to get an extension for your taxes to be completed and filed, all you really have to do is:
1. Properly estimate your tax liability using the information that is available to you
2.  Enter the total tax liability on line 4 of the 4868 form, and
3.  File the 4868 form by your regular due date of your tax return.

When should an extension be filed?

You must file your 4868 form by April 15th. For those who are fiscal year taxpayers, you are required to file a 4868 form by your regular due date of your tax return.

I will be out of the Country on April 15, what do I do?

While you are out of the country and a US citizen or resident of the US, you are actually allowed up to 2 extra months to file your return as well as to pay any amount that may be due without filing an extension form. In the event of a calendar year return, which is typically in June, you can file a 4868 form; ensure that you have checked the box on line 8 if you need 4 months more to file your tax return.

Take note, if you are out of the country and you a US citizen or resident, you have the option to qualify for a special tax treatment in the event you meet the foreign residence or presence tests that are available.

What does ‘out of the country’ mean?

You are out of the country if:

·        You live outside the United States and Puerto Rico and your main place of work is located outside the United States and Puerto Rico, or

·         You are in military or naval service that is located outside the United States and Puerto Rico.
Take note that if you do qualify as being ‘out of the country’, you are still eligible for the extension even if you found yourself physically present in the United States or Puerto Rico on the usual due date of your return.

What ways can I file for an Extension?

There are 3 ways to place a request for an automatic extension to file a US individual income tax return.

1. You can file Form 4868 electronically by accessing IRS e-file using your home computer or by using a tax professional who uses e-file.

2. You can pay all or part of your estimate of income tax due using a credit card.

3. You can file a paper Form 4868.

Thursday, 17 October 2013

Form 1099 Types and How you can File Online

There are different types of form 1099 available, the most common one is 1099-misc, checkout http://www.Etax1099.com to findout more.

Pay your IRS HVUT Taxes Online and Avoid complications

Pay your IRS HVUT taxes online and Avoid complications by filing your form 2290 tax on-time through Etax2290.com. Penalties on failing to pay your taxes are expensive so do not try to avoid paying your taxes.