The Balance Sheet - Business & Tax Blog

Archive for category Salary

Taxpayers Get More Time to Contribute to IRAs in 2012

Apr 6

Posted by jrjcpa in 1040, 1040A, 8880, Bonus Income, Commissions, Individual Retirement Arrangement, IRA, Retirement, Retirement Savings Contribution Credit, Salary, Savers Credit, Tip Income, Traditional IRA, Wages | Comments off

You have two extra days this year to make contributions to your Individual Retirement Arrangements. That’s because April 15 falls on a weekend and Emancipation Day, a legal holiday in the District of Columbia, will be observed on Monday, April 16. That means the due date for filing your tax return and making contributions to [...]

IRS Has $1 Billion for People Who Have Not Filed a 2008 Income Tax Return

Mar 1

Posted by jrjcpa in 1098, 1099, 5498, Children, Earned Income Credit, EITC, Joint Return, Married, Recovery Rebate Income, Salary, Tax Refund, W-2, Wages | Comments off

WASHINGTON — Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012. The [...]

Taxable or Non-Taxable Income?

Feb 7

Posted by jrjcpa in 1040, Adoption, Barter Income, Cash Rebates, Child Support, Gifts, Inheritance, Life Insurance, Salary, Scholarship, Tip Income, Wages, Welfare, Worker's Compensation | Comments off

Although most income you receive is taxable and must be reported on your federal income tax return, there are some instances when income may not be taxable. The IRS offers the following list of items that do not have to be included as taxable income: Adoption expense reimbursements for qualifying expenses Child support payments Gifts, [...]