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Can you file a 1040a tax form with a Schedule C attachment?
If you are filing a 2022 return, there is no longer a form 1040-A or 1040-EZ. You must use form 1040.If you are filing a recent form return 2022 or prior, then you must use form 1040 if filing a schedule C. There’s no place to enter business income on a form 1040-A. Also, right at the top schedule C (2022 version), it says “Attach to Form 1040, 1040NR, or 1041”. No 1040-A or 1040-EZ. It says the same on prior versions as well.
How do I file a tax extension with the IRS for my personal tax return?
Once you file Form 4868 electronically, you will receive an automatic extension of time to file your individual income tax return. IRS extension Form 4868 can be used to apply for an additional six months to file any of the following IRS Forms: 1040, 1040A, 1040-EZ, 1040NR,1040NR-EZ, 1040-PR, or 1040-SS. So what to do after you file Form 4868 electronically.What To Do After You File Form 4868 Electronically?If you use ExpressExtension to file tax extension Form 4868 online, you will receive a confirmation email within 48 hours of submitting. You will also be given the opportunity to pay any taxes due by the original IRS deadline.State Income Tax Extension RequirementsAfter you file tax extension Form 4868, you will need to consider filing a tax extension for your state. State tax extensions vary from state to state, so it is important to check with the IRS before the original deadline.If your state requires a separate tax extension application, you will need to contact your state's tax authorities. Merely call the service number and ask the agent what form is required and when the form must be submitted.Income Tax Payment DeadlineThe automatic six-month tax extension allows you to file your income tax form after the original deadline. However, IRS extension Form 4868 will not extend the time to pay any taxes you may owe. This means if you do not pay your tax balance by April 17, 2022. income tax filing deadline you will be hit with penalties and interest.If you are unable to pay the full amount, it is recommended to give as much as possible. Your penalties and interest amount will be based on the amount you owe and how long it is unpaid. Late payments are 0.5% of the outstanding tax balancer per month. However, this amount will be capped at 25% of the overdue tax.File Tax Extension On TimeTypically, the deadline for filing your federal income taxes is April 15. However, April 15, 2022. falls on a Sunday, and some areas recognize Monday as a holiday. So the tax deadline for filing federal income taxes is Tuesday, April 17, 2018.If your six-month IRS extension is approved, you will have until October 15, 2022. to file your required forms.Reasons for Rejection: Tax Extension Form 2017Even if you file before the deadline, some IRS extension requests may be rejected for the following reasons:MisspellingsIncorrect informationOut-of-date informationInformation does not match address or name in IRS recordsIf you would like to read the full article click here
Would it be feasible to only tax companies (small and large) instead of a personal income tax?
“Would it be feasible to only tax companies (small and large) instead of a personal income tax?”From the standpoint of the government, all that matters is that the government raise enough revenue to fund its operations. The manner in which it does so is not so important.From the standpoint of the economy, the reality that virtually all taxation schemes will favor some sorts of activity and disfavor others, and will have huge effects.It is not possible to simply increase corporate income tax rates so as to allow it to replace the personal income tax. The personal income tax accounts for roughly five times as much revenue as the corporate tax; thus, if we eliminated the personal income tax and increased the corporate tax rates proportionally, the top corporate tax rate would become around 110%, which is absurd. And that’s based on the new 2022 rates, which have yet to be assessed; under the old 2022 rates, the top rate would be in the vicinity of 200%. Clearly, this cannot work.In addition, it would be highly distortive to the economy, grossly disfavoring large traditionally-organized publicly-traded corporations. This is because it would only be business of this type that would be taxed at all; all other business entities would be untaxed at all, except to the extent that they might be owned by a traditionally-organized stock corporation. This is because, at present, the corporate income tax is assessed only only Subchapter C corporations. The vast bulk of businesses—by number if not by revenue or income—in the United States are not organized as Subchapter C corporations. The income of business entities that are not Subchapter C corporations is, in most cases, taxed by passing their income through to their owners (in distributive shares, when there is more than one) and taxing it there. Since most of these organizations are owned by individuals, that means that the business income of these business entities is taxed by the personal income tax code. Thus, a straightforward attempt to simply shift the tax burden from the personal income tax to the corporate income tax would grossly distort the economy by giving certain businesses tax exemption solely on the basis of the manner in which they are organized.In 2022 (the most recent year for which the data is publicly available), US taxpayers reported $7.1 trillion (1040) plus $1.10 trillion (1040A) plus $0.5 trillion (1040EZ) in taxable wages, $0.3 trillion in Schedule C income (income from a sole proprietorship) and $0.7 trillion in Schedule E income (income from Subchapter S corporations and partnerships, as well as royalties and rents). The combination of Schedule C and Schedule E income is a fairly decent first approximation of business income arising from businesses that are not organized as Subchapter C corporations. For 2022. this total was about $1.0 trillion.In 2022. the total income of all corporation that filed any variant of Form 1120, other than passthrough entities, was approximately $1.2 trillion. (Statistics are not yet available for 2022 for this component of US taxation.)What this tells us is that nearly half of all business activity in the US is not subject to the current corporate income tax. Instead, nearly half of taxable business activity is taxed via the personal income tax. Thus, if the goal is to tax businesses generally, clearly the United States would have to institute a business income tax that applies to all business entities and not merely to traditionally-organized corporations.In addition, please note that the total wages in 2022 was about $8.6 trillion. The IRS assessed $1.5 trillion (1040) plus $0.1 trillion (1040A) plus $0.0 trillion (1040EZ) in taxes in 2022 on personal tax returns. In order to get the same $1.6 trillion in revenue from $2.2 trillion in business income requires imposing an average tax rate of about 70%. This would be a ruinously high tax rate. Now, presumably if individuals were no longer taxed on wages, they would accept lower wages for the same work, which would increase pre-tax profitability and thus increase corporate incomes, but estimating this effect is more work than I can be bothered to do right now. I still doubt that it would allow an average business income tax rate below 50%.Such high business income tax rates would be distortive. It’s likely that businesses would take even more steps to minimize taxable income than they currently do, with the current tax rates (21% currently, 39.6% prior to the 2022 tax slash bill). The degree to which they are successful will reduce federal revenues that much more, forcing the federal government to adopt even higher tax rates in order to maintain revenue parity.My conclusion, which you are free to accept or reject, is that, in order to balance the budget, Congress would have no choice but to assess a business receipts tax, an excise tax on wages paid, or a general trade tax (either a sales tax or a value added tax). Business receipts taxation places excessive tax burden on businesses that have high operating or capital costs; a BRT would be the end of American manufacturing unless very carefully structured, and the structuring required to prevent this complicates administration and invites fraud. And both an excise tax on wages (which is really the same as an income tax, just applied indirectly) and general trade taxes will have a disproportionate impact on lower income earners. It’s much easier to structure personal income taxes to provide progressive taxation than it is to do so with these other forms of tax, which is why the US has a progressive income tax and not one of these other forms.Note that before the US had a progressive income tax, it raised most of its revenue from a combination of a wide range of import tariffs and a bevy of domestic excise taxes. These placed a disproportionate burden on the poor, and also made it hard for US producers to find international markets for their products because of retaliatory tariffs. The income tax was introduced to allow the US to reduce its tariff rates, in the hope that other countries would relax their retaliatory tariffs so that American producers could sell their wares internationally. Basically, the income tax (combined with “irrational exuberance”) is what allowed America to explode into the Roaring Twenties, because it made it possible to tear down the restrictive wall of past US tariff policy.
In 2022. I filed a 1040A instead of a 1040NR. This year while filing my tax, I came to know that it was wrong the previous year. Should I file a 1040X & correct it before I file for this year? Does this have consequences on my visa processing?
Here is what I would do if I were in your shoes.I would get forms and instructions for the form 1040NR for 2022. Use the information supporting your 1040A filing in 2022 to create a correct return. I suspect this may result in additional tax liability. Be sure that you pay the balance due on the 1040NR less your payments and withholdings from the 1040A. Make copies of everything including the 1040A you filed in error.Then, you need to do a cover letter that you send with the 1040NR and the copies of everything which explains in reasonable detail what happened, including your concerns about visa status.My experience with the IRS is if you are working in good faith, explain things in a cover letter with adequate documentation, you should be good.Then be sure to use 1040NR for your 2022 filing.Good Luck, and thank you for adding value to America.
If a wife does not have any income for 2022 but her husband did before he was arrested, can she file taxes jointly with his W2s while he is incarcerated?
She does not have to file jointly, as one answer said. However, filing may produce a refund, and she certainly could file jointly. However, she should visit her husband, and have him sign the return. Joint returns require both spouses signatures unless one has a power of attorney for the other, or one can’t sign because of disease or injury. If she thinks she might owe money on a joint filing, she could file a married filing single tax return. However, the law on that can be complicated, and will be different depending on whether they live in a community property state, and the income is considered community property income.
How do I find my 2022 AGI for my taxes?
You can find your 2022 AGI:In TurboTax Online or the mobile app under Your tax returns & documentsOn your originally-filed 2022 tax return, form 1040 (Line 37), 1040A (Line 21), 1040EZ (Line 4), 1040NR (Line 36), Form 1040X (Line 1, column A)By ordering at transcript of copy of your return on the IRS Get Transcript site or buying a full copy of your return by following the instructionsThe IRS requires your AGI for identity verification (unless you didn't file 2022 taxes; in that case enter 0 as your AGI) when e-filing, but as long as you transfer last year's taxes over to your 2022 tax return, we'll also transfer your 2022 AGI behind the scenes.If your 2022 AGI didn't transfer, you might be in the wrong account.Where to find your 2022 AGI in TurboTax Online/MobileMake sure you’re signed in to your TurboTax account.Select Tax Home from the left menu.Scroll down to Your Tax Return And Document and select 2017.Select View adjusted gross Income (AGI).Tallystack
What should I do If I've been working for a few jobs and never claimed "exempt" on my W-4? I've made under $6,300 for each job. Is all that money just lost from my paychecks?
“Exempt” on a W4 means the employer withholds no income taxes, but that's no always a good wayto go and you could end up owing at the end of the year. Based on your income, you might indeed be “exempt” from one job but with multiple jobs…You have to add all incomes together and all taxes withheld to determine your total income for that tax year and total taxes withheld. You can round the cents off - up or down - doesn't really make a big difference.Per your example, $6,300 or less at several jobs, after standard deductions on the 1040 or 1040A form might not result in any taxes due, and I imagine that could be the case because enough was withheld from each job.Now I may be wrong here, but I believe the 2022 tax rate for up to $9,325 in wages is 10% and then the tax rate for up to $37,950 in wages is 15%. But that's before your personal exemption of $6,350.Your taxes withheld aren't lost. You have to file a reurn to get a refund. I can pretty much guess you will get a refund if you file a return.You can use an on-line tax service to do your return (Turbo Tax, Free Tax USA, etc.)…they really aren't hard to use…or use a private tax preparer/tax preparing service (H&R Block, Jackson-Hewitt, etc.).I'm not recommending any service - just throwing out a few names and a Google search will give you loads more. The IRS offers efile as a free service if you can file Form 1040EZ. Most on-line services are free for federal returns but charge a bit for state returns. It's worth it to me!
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