Showing posts with label spanish. Show all posts
Showing posts with label spanish. Show all posts

Monday, August 11, 2014

IRS Summertime Tax Tip 2014-17: Use IRS Online Tools to Get Year-Round Tax Help

IRS Summertime Tax Tip 2014-17: Use IRS Online Tools to Get Year-Round Tax Help

The I.R.S. (Internal Revenue Service) often gets a bad rap, and all we hear are horror stories of how the IRS has targeted Right-Wing groups for audits, and other scary stories. It would be helpful if U.S. Taxpayers realized that the IRS is basically the clearing house/administrative branch of the U.S. Treasury.

Rules are made, and tax law changes come via the Senate and House of Representatives. All of this is policed and monitored by the United States Treasury Department. That is the reason why U.S. Taxpayers must wait for the Congress to complete it's job, in completing tax law changes, before the IRS can open the "gates" for the acceptance of tax returns for the previous tax year. 

2014 taxes will be prepared and filed in 2015 - There are some entities who have different times when their "fiscal year" stops and starts. An example is that the State of Arkansas.gov, has a fiscal tax year starting in July, and ending in June. Many business owners end up filing extensions, changing their tax filing years some.

Again, lately all I have heard about the IRS in the news has been how their investigations have focused on GOP / Tea Party participants. Here are some facts that media does not tell: 
  1. 90% of the Tea Party / GOP members who have been "targeted" by the Department of Justice (D.O.J. the police force of Federal Agencies), has been due to their own A). Arrogance and Ignorance, and B). The violators of 501(c)3 non-profits, have been foolish enough to call in the press, and use social media to trumpet their violations, as some sort of victory. 
  2. When an organization decides to register themselves as an entity with the IRS, they have choices: Sole Proprietor, Corporation, Non-Profit, Charitable Non-Profit, etc.. As a charitable non-profit, an entity would be given a pass on paying taxes, because they are set up as a CHARITY, who is not POLITICKING. If their organization wants to push a political agenda, as a focus, and deride charity, they are not eligible for a tax break from our society. 

Here is what the IRS has to say about churches and religious organizations: IRS; PDF - Churches & Religious Organizations

A new easier form: 1023-EZ - IRS ASL Videos - YouTube

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I said all of that above, to say this; the IRS is made up of a wide variety of people from all walks of life. There was a time during the 1970 -1980's, when the IRS's authority and over-reach were stopped, and the agency became more "taxpayer friendly."

The Internal Revenue Service, has many avenues for the help and assistance to taxpayers. The Summer Tax Tip announced by the IRS today if full of links to help from the IRS. 

IRS Free File Fillable Forms and Free File is one benefit offered through the IRS website. It is possible for a taxpayer to go directly to companies offering tax software, I think it is more legitimate going through the IRS Website. 

Withholding Calculator: This is important for those who may be over withholding, or worse, under-withholding on their income tax. 

Help Yourself: In Spanish:

There are many other ways to get taxpayer assistance through the IRS. Stay informed. 





Monday, July 21, 2014

IRS Summertime Tax Tip 2014-08: Top Ten Tax Facts if You Sell Your Home

IRS Summertime Tax Tip 2014-08: Top Ten Tax Facts if You Sell Your Home

Remember, that if your tax situation is complicated, it is advisable to get professional taxpayer assistance. Make sure the person doing your tax return is certified, and is in good standing. Unfortunately the tax payer is responsible for his / her tax return, even if the person doing it, erred. 

Getting ready to sell your home, or have you already done so in tax year 2014? The following are some tips that you may want to know come tax time.
  • Capital Gains Taxes - A capital gain happens when a taxpayer sells something for more than they paid for it. 
    1. Exceptions to Capital Gains Taxes on the Sale of the taxpayers Primary residence:
        a. Must have used as primary residence at least 2 out of the 5 years before the sale.

        b. The gain of $250,000.00 or less can be excluded for tax purposes. ($500,000) for MFJ [Married 

Filing Jointly] returns. 

The $250G/$500G is not the Sale Price, but the Gain gotten over and above the original purchase price.

Publication 523, from the I.R.S. gives the special qualifications and rules for those selling their homes. Included are special rules for some persons with Disabilities and Service Persons.

"Selling Your Home" - YouTube - IRS Videos

Many may not realize the I.R.S. has information in multiple languages: In Espanol:

"Venta de Su Casa" - YouTube - IRS Videos

and...

ASL: Selling Your Home (Captions & Audio) - YouTube - IRS Videos

Having said all of that, more good news, if your Gain is Not Taxable, you may not be required to report the sale to the I.R.S.

Other news: If the taxpayer decides not to take the exemption, or if any part of the sale is a gain, they may be required to claim it on their taxes. Here is a link to "Questions and Answers on the Net Investment Income Tax."
  • First Time Homebuyer Credit - Exception(s): There may be special rules regarding the sale of that home. Check Publication 523, to find out what they are.
Important note about the Premium Tax Credit. If you receive advance payment of the Premium Tax Credit in 2014 it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace. You should also notify the Marketplace when you move out of the area covered by your current Marketplace plan. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.
Reporting Changes To The Marketplace As They Happen: Pub 5152: English
Reporting Changes To The Marketplace As They Happen: Pub 5152: Spanish 

Selling Your Home - Podcast: English
Selling Your Home - Podcast: Spanish

Premium Tax Credit - Podcast: English
Premium Tax Credit - Podcast: Spanish