Charlotte Attorney's Informative Blog

INDIVIDUAL INCOME TAX FORMS

Individuals are required to file individual tax returns if you meet certain filing requirements. There are three type of individual tax return forms : 1040, 1040EZ, 1040A.

1040

This is the catchall tax form and anyone can file this form even if you qualify to file the other forms. If you can not  file Form 1040EZ or Form 1040A, you will file Form 1040. All types of income, credits, deductions, and taxes can be reported on this form. Additional schedules and forms can be attached to this form for individuals who own businesses (Schedules C) or claim itemized deductions (Schedule A), and certain credits (Earned Income), ect.

1040EZ

You may file a 1040EZ form if:

• Your taxable income is less than $100,000.
• You are under age 65 and are not blind.
• Your filing status is single or married filing jointly.
• You do not claim any dependents.
• You do not claim any adjustments to gross income.
• You do not claim any credits other than the Making Work Pay Credit or Earned Income Credit.

1040A

You may file a 1040 form if:

• You are claiming standard deductions
• Your taxable income is less than $100,000
• Your income is only from:
  • Wages, salaries, tips
  • Interest and ordinary dividends
  • Capital gain distributions
  • Taxable scholarship and fellowship grants
  • Pensions, annuities and IRAs
  • Unemployment compensation
  • Taxable Social Security and railroad retirement benefits
  • Alaska Permanent Fund dividends.
• Your adjustments to income are only from: Educator expenses, IRA deduction, student loan interest deduction, and or Tuition and fees deduction.

Maxwell Law Firm, PLLC represents clients all over the United States on Tax related issues: Garnishments, business start up services, Income Tax Services you may call them at 704-461-1883 or save 25% off our already low fees by your appointment scheduling online

Disclaimer: This post is for information purposes. Nothing in this post should be construed to be providing legal/tax advice and or creating an Attorney-client relationship.

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WHAT IS AN EIN

An EIN or employer identification number is similar to a social security number but it is used by a business owner in lieu of using their individual social security number.

WHAT IS THE PURPOSE OF EIN

Most transfers and income is reported under an identification number. This income is reported to IRS during a tax year as income to the payee. The number is used to track taxable payments income received by  that payee.

WHO NEEDS TO USE AN EIN

You are required to have EIN if any of the following is true:

• If you have employees or contractors or required to withhold taxes
• If you operate an incorporated business (LLC, S-corp, C-Corp, Partnership)
• Nonprofit Organizations
• If you are required to file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms?
• Certain Trusts or Estates

YOU NEED TO CONSULT WITH A TAX PROFESSIONAL 

To avoid confusion, notices, and issues in the problems consult with an Attorney to assist you in setting up your business such as incorporation and provide you with general tax advice.

Maxwell Law Firm, PLLC represents clients all over the United States on Tax related issues: Garnishments, business start up services; Income Tax Services  you may call them at 704-461-1883 or save 25% off our already low fees by your appointment scheduling online.

This post is for information purposes. Nothing in this post should be construed to be providing legal/tax advice and or creating an Attorney-client relationship.

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BY TAX ATTORNEY

Under some circumstances people may not be required to file a Federal Tax Return. But in most cases individuals are required to file a Federal Tax Return annually.

2011 Minimum Income Requirements to File a Federal Income Tax Return

If you are unable to pay to have your return prepared there are low income free filing services available at VITA locations. Our firm offers great fast, affordable services and free e-filing services too our clients.

Maxwell Law Firm, PLLC represents clients all over the United States on Tax related issues: Garnishments, Tax Liens, Tax Collection Defense, Offers in Compromise, Installment Agreements, and  Income Tax Preparation Services  you may call them at 704-461-1883 or save 25% off our already low fees by your appointment scheduling online.

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The state of North Carolina has collected more than $135 million in taxes from confiscated illegal substances since 1990 – about $50 million of it within the past five years.

WHAT IS AN UNAUTHORIZED SUBSTANCE TAX

North Carolina imposes  an excise tax on controlled substances (marijuana, cocaine, etc.), illicit spirituous liquor ("moonshine"), mash and illicit mixed beverages.

HOW DOES NORTH CAROLINA DETERMINE THE RATE OF TAX

They have a chart and scale of tax depending on the type of substance and the amount.

HOW DOES NORTH CAROLINA ENFORCE THIS TAX

Not paying it within 48 hours of acquiring the substances can also mean a 40 percent penalty on the tax due.

The North Carolina Department of Revenue gets the money by seizing bank accounts, garnishing wages or auctioning off personal assets, such as cars, boats, motorcycles, electronics and jewelry.

The statute is not clear as to whether a conviction is required and I am sure more litigation will have to occur for the law to either be ruled unconstitutional or to define exactly whether a conviction on the underlying drug possession charge will be necessary.

Maxwell Law Firm, PLLC represents clients all over the United States on Tax related issues: Garnishments, Tax Liens, Tax Collection Defense, Offers in Compromise, Installment Agreements, and  Income Tax Services  you may call them at 704-461-1883 or save 25% off our already low fees by your appointment scheduling online.

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Many times clients come in my office and and ask me if they transfer their 401K to their spouse in a divorce, what the tax implications are says Tax Attorney Victorianne C. Maxwell of Maxwell Law Firm, PLLC.

WITHDRAWAL FROM THE 401K

Generally, distributions received before age 59 1/2 are subject to an early distribution penalty of 10% additional tax and regular income taxes. There are no exceptions that waive either the penalty or exemption the withdrawal from the transferor’s income. (See IRS topic 558).

RECEIPT OF THE FUNDS FROM  A 401K

Any transfer of property to a spouse or former spouse on which gain or loss is not recognized is treated by the recipient as a gift and is not considered a sale or exchange.  A transfer of property is incident to a divorce if the transfer occurs within 1 year after the date on which the marriage ends, or if the transfer is related to the ending of the marriage. (See publication 550). What this means is that the recipient will receive the proceeds of the withdrawal tax free.

Before making a transfer or receiving property from your spouse you should consult with a licensed tax professional.

Maxwell Law Firm, represents clients all over the United States on Tax related issues: Wage Garnishments, Tax Liens, Tax Collection Defense, Offers in Compromise, Installment Agreements, and  Income Tax Services.

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TAX DEFENSE ATTORNEY

MISSION

Our Goal is to help you solve your tax problem. More often than not we are able to alleviate our client’s IRS problems.

SERVICES OFFERED

We discuss your matter with IRS on your behalf and deal with telephone and mail correspondence, until the matter is resolved. We offer the professional tax help and advice for reasonable fees.

Some of our areas of expertise include:

• IRS Bank Levies
• IRS Tax Liens
• IRS Audits
• Settling Back Taxes
• Discharging Old Taxes
• Tax Attorney Services
• Offer in Compromise
• Delinquent Tax Returns
• IRS Payment Plans
• Payroll Tax Problems (941)
• Investment Fraud Representation
• Innocent Spouse
• Tax Preparation (including Filing old returns)

Why should I hire an Attorney

If you fail to communicate with the IRS, you are more likely to face tax lien, seizure of your tax refunds, attachments of your checking accounts, and wage garnishment. IRS is authorized to put lien on your personal and real property, WITHOUT A COURT ORDER. Even if there is delay in paying taxes from your side, you tax attorney will assist you in communicating with the IRS and get rid of any tax liens and provide you with a solution to resolve those issues.

Why should you hire us

We have been assisting debtors with tax issues since 2008. We take the time to evaluate your unique situation and determine the best line of defense . In certain cases you could end up paying less than half of the overall debt or nothing at all! Our firm also assists clients with filing for bankruptcy and certain tax debt can be discharged in bankruptcy.

Locations & Appointments

Maxwell Law Firm, represents clients all over the United States on Tax related issues: Wage Garnishments, Tax Liens, Tax Collection Defense, Offers in Compromise, Installment Agreements, and Income Tax Services for both IRS and the state of North Carolina collections. We have offices in Charlotte and Concord, North Carolina. Our two offices offer clients the convenience of meeting face-to-face with an attorney without having to travel far and take time away from their live. You may call 704-461-1883 or save 25% on the bankruptcy fees by scheduling your appointment online. PLEASE NOTE TELEPHONE CONSULTATIONS ARE AVAILABLE. To schedule a consultation, call 704-780-1100 or save 25% off the services by scheduling your appointment online here http://maxwelllegal.com/consultations.html. TELEPHONE CONSULTATIONS ARE AVAILABLE.

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Kelly Phillips Erb

On Thursday, Senate Majority Leader Harry Reid announced that there will likely be a government shutdown effective Friday at midnight. In response to the deadline, the U.S. Office of Personnel Management has posted information on its website indicating that federal employees whose salaries are funded through annual appropriations won’t be able to work and will be furloughed, unless their duties qualify under the law as "excepted" to continue to work during periods of lapsed appropriations. That means approximately 800,000 government workers will be asked to stay home until the budget crisis is resolved. And yes, that includes those government workers at the Internal Revenue Service.
Don’t get too excited, though. The IRS Commissioner, Doug Schulman, has announced that a government shutdown will not affect the due date for federal income tax returns. Tax Day is still April 18, 2011.
Even though the due date remains the same, there will be some noticeable changes if the government does shut down. Chief among them: There will be a delay in processing paper returns, which are those returns taxpayers mail through the U.S. Postal Service or have submitted using a private delivery service. A delay in processing will likely mean that there will be a significant lag in your refund if you submit a paper return this year or if your return must be processed manually because you are claiming a first-time homebuyer’s credit or the newly refundable adoption credit.
Fortunately, most taxpayers have already submitted their tax returns. As of March 25, the IRS reported receipt of 82,760,000 individual returns; total receipts are expected to hover around 140,000,000. About one-third of all individual tax returns for the year will be mailed between now and Tax Day, April 18. Most of those taxpayers won’t be seeking a refund, however. Statistically, taxpayers expecting to receive a tax refund file early in the season; those taxpayers expecting to pay a tax bill tend to put it off toward the end of the season. That is proving true this year since, according to IRS data, approximately 85% of taxpayers who have already filed received a refund.
While delayed tax refunds may be cause for concern for some taxpayers, others are getting a reprieve. With nonessential workers on furlough, audits and collections activities are likely to slow down.
Of course, these actions are all dependent on an actual government shutdown. How likely is that to happen? Consider this: The fiscal year is 189 days old and Congress has yet to pass a budget. Instead, Congress has passed six — yes, six — short-term spending bills. The first proposed budget was submitted by President Obama last year, an amazing 431 days ago. There has been no real movement since. Nobody knows for certain what will happen next … but don’t be surprised to see a "Closed" sign on the IRS doors next week.

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FREE E-FILING SERVICES FOR FEDERAL AND STATE RETURNS

For a list of our services see:

http://maxwelllegal.com/taxpreparation.html

&

For more information:

http://maxwelllegal.com/2010%20Income%20Tax.pdf

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Thu Mar 10, 2011 2:11pm EST

* Q3 EPS $0.19 vs loss of $9.75/shr last year

* Shares sink 42 pct to life low (Rewrites paragraph 2, adds timeline, factbox)

By Brenton Cordeiro and Jochelle Mendonca

BANGALORE, March 10 (Reuters) – Jackson Hewitt Tax Service Inc said it is working with its lenders on a restructuring plan that may include a pre-packaged bankruptcy, sending the second-biggest U.S. tax preparer’s shares down 42 percent to a life low.

The recent clampdown by the U.S. government on refund anticipation loans (RALs), offered by tax preparers and funded by various banks, would take away debt-laden Jackson Hewitt’s most profitable product, making it tougher for the company to reverse the loss of clients.

Banking regulators like the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency consider the loans — which are repaid by the borrowers’ annual tax refund — risky and have asked banks to stop funding them.

Republic Bancorp , which funds the loans for Jackson Hewitt, is suing the government, claiming FDIC hasn’t developed a clear set of standards for these loans.

The bank wants the government to await the outcome of another proceeding evaluating the safety of its loans — that could come within the next three months.

A win for Republic Bancorp may be Jackson Hewitt’s best bet.

Jackson Hewitt’s credit agreements include covenants that require it to have full funding for its RAL program.

In December, the company got its lenders to waive the full funding covenant but with the very existence of the loans being threatened, further waivers seem unlikely.

In a regulatory filing, the company said it expects an agreement with its lenders on the restructuring by April 29.

Jackson Hewitt, which had $362.3 million in outstanding debt under the credit agreement as on Jan. 31, has to pay about $25 million by July 15 besides mandatory payments of $30 million on April 30 and the remaining balance on maturity on Oct. 6.

But the company is left with less than $5 million in cash and cash equivalents, according to a regulatory filing.

Traditional tax preparers such as H&R Block Inc and Jackson Hewitt have also been losing market share to Intuit Inc’s TurboTax, as more people move to "do-it-yourself" models.

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