A document published by the Internal Revenue Service that provides the employers of agricultural workers with guidance on how to comply with tax withholdings. Farm employers are sometimes required to register with the U.S. Department of Labor, and are not allowed to label farm employees as independent contractors. Agricultural employers are to report each individual employee's Social Security, Medicare and federal income taxes on Form 943, and Federal Unemployment Tax (FUTA) on Form 940. Both forms are due by January 31. Most farm workers pay Social Security and other federal taxes, just like non-agricultural employees. Foreign agricultural workers in the United States with H-2A visas are exempt from Social Security and Medicare taxes. Payments made to foreign workers are not considered wages and thus do not have income taxes withheld, but are reported on Form 1099-MISC and still are taxed. More information about taxes for agricultural workers can be found in Publication 225 (Farmer's Tax Guide). Employers of non-agricultural workers should refer to Publication 15 (Employer's Tax Guide), Publication 15-A (Employer's Supplemental Tax Guide) and Publication 15-B (Tax Guide to Fringe Benefits).
A document published by the Internal Revenue Service that provides the dates on which tax forms and tax payments are due. IRS Publication 509 covers due dates for both individual taxpayers and employers, as well as which other IRS documents should be examined for further information. The IRS divides the 12-month calendar into quarters and requires some tax payments (for example, estimated individual taxes) to be made each quarter. While most important tax dates are covered in the document, due dates for certain tax types, such as estate, gift and trust taxes, are not included. Additionally, due dates for excise taxes are not provided, but rather can be found in IRS Publication 510: Excise Taxes.
A document published by the Internal Revenue Service (IRS) that outlines the tax rules applying to the sale of a home. For this document, "home" specifically relates to a principal residence where the taxpayer lives most of the time. Taxpayers may be eligible to exclude all or part of the gain from the sale of a principal residence from income. In order to exclude gains the homeowner must meet both an ownership test and a use test. The ownership test requires that an individual has owned the home for at least two of the last five years; the use test requires that an individual has lived in the home as a primary residence for two of the past five years. Gains that cannot be excluded are taxable; losses on the sale of a home cannot be deducted. Because taxes related to homeownership are a politically sensitive subject, taxpayers should pay close attention to IRS Publication 523 because it may change more frequently than other IRS publications. Members of the armed forces, the disabled and persons displaced due to home destruction or condemnation may be excepted from ownership and use rules.
A document published by the Internal Revenue Service (IRS) that provides guidance to individuals who have more deductions than income in a given tax year. If the total deductions a taxpayer claims are greater than that taxpayer's income for the year, the taxpayer is said to have a net operating loss (NOL). The NOL loss is typically caused by deductions related to business expenses, casualty or theft, moving expenses, rental property expenses or expenses related to being an employee. To determine if there is a NOL, individual taxpayers should first complete their tax return. A negative number appearing in line 41 (in form 1040) or line 38 (in form 1040NR) may mean that there is a NOL. Taxpayers then must determine if the NOL is carryfoward, carryback or is to be used in the current tax year. IRS Publication 536 does not cover bankruptcies or losses incurred by partnerships or S Corporations, though individual partners or S corporation shareholders can use the income or deductions from their personal shares in order to calculate their individual NOL.
A document published by the Internal Revenue Service (IRS) that provides guidance on what types of business expenses are and are not deductible. IRS Publication 535 covers the rules for deducting business expenses, and outlines the most common items taxpayers deduct. In order to be deductible, a business expense must be considered both ordinary and necessary. "Ordinary" expenses are ones that are common in a particular industry, and "necessary" expenses are those that are helpful to conducting business. Cost of goods expenses, personal expenses and capital expenses are distinguished from business expenses, meaning that deducting costs from receipts in order to determine profits precludes those costs from also being deducted as a business expense. Capital expenses have to be capitalized rather than deducted. The IRS publishes a number of documents that provide additional information on business expenses: Publication 334 (Tax Guide for Small Business), Publication 463 (Travel, Entertainment, Gift and Car Expenses), Publication 525 (Taxable and Nontaxable Income), Publication 529 (Miscellaneous Deductions) and Publication 587 (Business Use of Your Home). Certain types of business expenses, such as capital expenses, are treated differently than ordinary and necessary expenses. These will likely require the taxpayer to use different tax forms. The accounting method employed by the taxpayer determines when expenses can be deducted.
A document published by the Internal Revenue Service (IRS) that details how employees who have received tips as part of their compensation are to report that income for tax purposes. All tips received are subject to federal income tax, regardless of whether they are received directly from an employer or through a tip-sharing arrangement with other employees. Tips should be reported to the employer every month if more than $20 in tips have been received. Employees should use Form 4070A when reporting tips to an employer, which they can receive by requesting IRS Publication 1244 from the IRS or their employer. Publication 1244 contains a year's supply of Form 4070A. Rules for tip income reporting are different than rules concerning reporting for bonuses and gambling.
A document published by the Internal Revenue Service (IRS) that details how tax filers should treat costs relating to owning a home, including closing costs, mortgage interest, real estate taxes and repairs. IRS Publication 530 outlines which home-related items can and cannot be deducted on the tax return, and what items a taxpayer should keep track of in order to set the cost basis of the property. Some expenses, such as depreciation, closing costs, forfeited down payments and insurance, cannot be deducted. Taxpayers must fill out Schedule A of Form 1040 in order to itemize home-related expenses. Itemizing deductions in this way means that the standard deduction cannot be claimed. To claim a mortgage interest credit Form 8396 (Mortgage Interest Credit) has to be used, and Form 5405 (First-Time Homebuyer Credit and Repayment of the Credit) for credits relating to the purchase of a new home.
A document published by the Internal Revenue Service (IRS) detailing miscellaneous expenses that can be reported as itemized deductions on Schedule A of Form 1040 or Form 1040NR. The deduction is calculated by subtracting 2% of the adjusted gross income (AGI) from the total amount of expenses listed, though some items are excluded from this limit, with this subtraction coming after any other deduction limit. Expenses can be claimed if they are considered ordinary and necessary in a particular line of business. Taxpayers must keep receipts, checks, account statements or other physical records in order to prove expenses. More information about recordkeeping is available in IRS Publication 552 (Recordkeeping for Individuals). Miscellaneous deductions are often those that are not reimbursed by employers but are still incurred by employees. Some items which may seem ordinary and necessary may actually be considered personal expenses by the IRS, and thus not subject to a tax deduction.
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