JAG REVAMPS DESIGN

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If you must amend a return, The IRS wants you to know....

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Top Ten Facts about Amended Returns Taxpayers who need to make a change or adjustment on a return they already filed can do so by filing an amended return. Here are the top 10 things every taxpayer should know about amending your federal tax return. 1. Taxpayers needing to amend their return use Form 1040X, Amended U.S. Individual Income Tax Return. 2. Taxpayers can use Form 1040X to correct previously filed Forms 1040, 1040A or 1040EZ. The 1040X can also be used to correct a return filed electronically. 3. Taxpayers should file an amended return if they discover any of the following items were reported incorrectly: filing status, dependents, total income, deductions or credits. 4. Generally, you do not need to file an amended return for math errors as the IRS will be ale to make the correction for you. 5. You also do not usually need to file an amended return because you forgot to include forms – such as W-2s or schedules – when you filed; the IRS normally requests thos...
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Employee Business Expenses

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If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses. The IRS has put together the following facts to help you determine which expenses may be deducted as an employee business expense. Expenses that qualify for an itemized deduction include: Business travel away from home Business use of car Business meals and entertainment Travel Use of your home Education Supplies Tools Miscellaneous expenses You must keep records to prove the business expenses you deduct. For general information on recordkeeping, see IRS Publication 552, Recordkeeping for Individuals available on the IRS website , http://www.irs.gov , or by calling 800-829-3676 . If your employer reimburses you under an accountable plan, you do not include the payments in your gross income, and you may not deduct any of the reimbursed amounts. ...
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WHAT INCOME IS TAXABLE

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With so much clout as to what can be reported as income, preparing your tax returns can be a tedious task. The IRS can help you with this issue. I usually tell my clients that EVERYTHING IS TAXABLE until proven otherwise. What Income is Taxable? While most income you receive is generally considered taxable, there are some situations when certain types of income are partially taxed or not taxed at all. Some common examples of items that are not included in your income are: Adoption Expense Reimbursements for qualifying expenses Child support payments Gifts, bequests and inheritances Workers' compensation benefits Meals and Lodging for the convenience of your employer Compensatory Damages awarded for physical injury or physical sickness Welfare Benefits Cash Rebates from a dealer or manufacturer Economic Stimulus Payment received in 2008 Some income may be taxable under certain circumstance, but not taxable in other situations. Examples of items that may or may not be included in you...
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