A document published by the Internal Revenue Service (IRS) that provides guidance on how people claimed as dependents should compile and file tax information. IRS Publication 929 outlines the filing requirements for individuals considered dependents, including how to calculate the dependent's standard deduction and any applicable exemptions. It also includes information on how investment income should be reported for children, regardless of whether those children are claimed as dependents. While children are the most commonly recognized type of dependent, the aged and disabled also fall into that category. Dependents are likely to have to file a tax return if they have unearned income above $950 or earned income above $5,700. The standard deduction for a dependent is the lesser of $950 or the regular standard deduction of $5,700.
A document published by the Internal Revenue Service (IRS) that provides information for individuals who employ a household employee. Examples of household employees include maids, nannies, yard workers, drivers and caretakers. Employers of household employees may have to pay state and federal employment taxes, including Social Security, Medicare and unemployment. The IRS indicates that a household worker is considered an employee if that individual is told what work is to be done, and how it should be done. If the worker meets those standards then he or she is considered an employee, even if not employed full-time or hired from an agency, and even if that employee is not paid on a standard schedule. It is unlawful to employ someone if he or she is not legally authorized to work in the United States. When hiring a household employee, the taxpayer must complete Form I-9 from the U.S. Citizenship and Immigration Services.
A document published by the Internal Revenue Service (IRS) that provides information on how taxpayers who use their home for business purposes can calculate and claim deductions. IRS Publication 587 outlines the type of expenses that can be deducted, how to calculate the deductions, what to do if a home used for business purposes is sold, how to deduct furniture costs and what sort of records to keep. Properties open to business use can include homes, apartments, condos and other living areas but does not include hotels or inns. In order to qualify for any deduction a portion of the property must be used exclusively for business purposes. Expenses such as mortgage interest or real estate taxes typically do not qualify.
A document published by the Internal Revenue Service (IRS) that provides information for tax filers with investments in U.S.-guided territories and possessions. IRS Publication 570 outlines the requirements for being considered a resident of a U.S. possession and the rules for determining the source of income. Bona fide residents of a possession may be required to fill out a U.S. tax return, a possession tax return or both. United States possessions include Puerto Rico, American Samoa, the Commonwealth of the Northern Mariana Islands (CNMI), Guam and the U.S. Virgin Islands. Tax filers looking to receive tax benefits afforded to residents of a U.S. possession must prove that they are a bona fide resident of that possession during for the entire tax year. This can be accomplished by not having a home outside of the possession, by having more of a connection to the possession than to the United States or a foreign country, or by meeting the presence test.
A document published by the Internal Revenue Service (IRS) that provides information on the tax treatment of mutual funds and money market funds. IRS Publication 564 outlines how filers are to report distributions from dividends (both reinvested and ordinary), how to track the cost basis for mutual fund shares and how to identify which shares are sold, and how to report gains and losses when shares are sold or exchanged. Distributions received from a mutual fund can include an ordinary dividend, capital gain, qualified dividend or a exempt-interest dividend. Rules in IRS Publication 564 do not apply to mutual funds held in a qualified retirement plan, such as 401(k), or an Individual Retirement Account (IRA). Dividends and mutual fund shares in retirement accounts typically grow tax-free until distributions begin.
A document published by the Internal Revenue Service (IRS) that provides taxpayers with information on how to determine the fair market value (FMV) or appraisal value for property donated to a qualified organization. Taxpayers can donate a wide variety of property, including used clothing, art, real estate, securities, patents and business inventory. Certain donated items, such as pieces of art, may be valued higher than others and allow the taxpayer to claim a much higher deduction than usual. These items may carry extra reporting requirements, such as photographs and a qualified appraisal letter. Determining the fair market value of an item or piece of property can be difficult because there is no single (or simple) way in which it is set. A good indicator of the fair market value is the price the item or property fetches when sold by the organization the donor gave it to. Another method is to compare the price of the item to the sales price of a similar item. IRS Publication 561 does not provide donors with information on how to determine the amount of a donation that can be deducted, what records the donor should keep or how to substantiate the appraisal claim. More information on those matters are available in IRS Publication 526, Charitable Contributions.
A document published by the Internal Revenue Service (IRS) that provides guidance to persons responsible for the estate of a deceased individual. IRS Publication 559 outlines the necessary steps to completing a tax return for the deceased, how any remaining tax obligations are to be paid for, and the general duties of the personal representative of the estate. The document also lists the necessary forms that must be filled out and their corresponding deadlines. Survivors, including widows and widowers, estates and beneficiaries may be responsible for the tax liabilities of the deceased, but they also receive tax benefits. Qualifying widows and widowers who file a joint return the year of the death may qualify for a special tax rate for up to two years. If the deceased was due income, that income may be treated as Income in Respect of a Decedent (IRD).
A document published by the Internal Revenue Service (IRS) that details the rules and regulations that have to be followed by an organization in order to obtain tax-exempt status. IRS Publication 557 provides guidance as to required forms and documents, the appeals process if tax-exempt status is not approved and causes of a revocation of exempt status. Organizations granted status have certain filing requirements and disclosures that have to be provided to persons who donate funds. The publication also provides information about organizations falling under section 501(c)(3). IRS Publication 557 doesn't cover all organizations that may seek tax-exempt status. Some organizations, such as employee-funded pensions, teachers' retirement funds and mutual insurance companies are covered in other documents published by the IRS. The publication provides a reference chart that details what section of the Internal Revenue Code an organization might fall under when qualifying for tax-exempt status, and the forms that must be filled out in order to apply.
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