1040 series
The Form 1040, U.S. Individual Income Tax Return, is the starting form for personal (individual) Federal income tax returns filed with the Internal Revenue Service (IRS) in the United States. The first Form 1040 was published for use for the tax years 1913, 1914, and 1915. Beginning with the tax year 1916, Form 1040 was converted to an annual form (i.e., updated each tax year with the new year printed on the form).[1]
Any full-time resident individual U.S. income taxpayer can use the standard Form 1040 (often referred to as the "long form" to distinguish it from the other 1040 variants). Those with uncomplicated tax situations (for example, no itemized deductions, no capital gain or loss, etc.) may be able to use the simplified Form 1040A (the "short form") or the even simpler Form 1040EZ (the "easy form") instead of Form 1040. Some versions of Form 1040 are colored blue (though not the case when tax return software packages are used).
Income tax returns for individual calendar year taxpayers are due by April 15 of the next year. Should April 15 fall on a Saturday, Sunday, or holiday, the returns are due on the first succeeding day that is not a Saturday, Sunday, or holiday. If Patriots Day (a state holiday in Massachusetts) falls on the Monday in question, then filers in southern New England and some parts of New York State have until Tuesday to file, since the IRS processing center for these areas is located in Andover, Massachusetts. Generally, income tax returns for fiscal year taxpayers (an individual taxpayer may choose a fiscal year other than the calendar year, though this is uncommon) are due on or before the 15th day of the fourth month following the close of the fiscal year (if the 15th falls on a Saturday, Sunday, or holiday, the return must be filed by the next business day).
Form 1040 consists of two full pages not counting attachments. The first page collects information about the taxpayer(s), dependents, income items, and adjustments to income. The second page calculates the allowable deductions and credits, tax due given the income figure, and applies funds already withheld from wages or estimated payments made towards the tax liability.
Wednesday, November 18, 2009
Federal tax forms
The IRS Form 990 is titled "Return of Organization Exempt From Income Tax." It is submitted by tax-exempt organizations and non-profit organizations to provide the Internal Revenue Service with annual financial information. A short version, Form 990-EZ, may be used by organizations with gross receipts of less than $100,000 and total assets of less than $250,000. Another variant, Form 990-PF, is available for private foundation organizations.
The Form 990 provides the public with financial information about a given organization, and is often the only source of such information. It is also used by government agencies to prevent organizations from abusing their tax-exempt status. In June 2007, the IRS released a new Form 990 that requires significant disclosures on governance and boards of directors. These new disclosures are required for all nonprofit filers for the 2009 tax year, with more significant reporting requirements for nonprofits with over $1 million in revenues or $2.5
The Form 990 provides the public with financial information about a given organization, and is often the only source of such information. It is also used by government agencies to prevent organizations from abusing their tax-exempt status. In June 2007, the IRS released a new Form 990 that requires significant disclosures on governance and boards of directors. These new disclosures are required for all nonprofit filers for the 2009 tax year, with more significant reporting requirements for nonprofits with over $1 million in revenues or $2.5
I.R.S. (International Record Syndicate)
I.R.S. (International Record Syndicate) Records was a record label, started in the United States in 1979 by Miles Copeland III along with Jay Boberg and Carl Grasso. Miles was also the manager of Wishbone Ash, The Police, and later, Sting, as well as other bands. I.R.S. was the sister label of Copeland's Illegal Records (UK).
I.R.S. releases were distributed by A&M Records until 1985, by MCA Records until 1990, and finally by EMI (which bought the label in 1994) until the label folded in 1996.
Acts on I.R.S. included R.E.M., The Animals, Wishbone Ash, Marillion (US & Canada only), Karel Fialka Top 10 hit with "Hey Matthew", The English Beat, Nuclear Assault, Human Switchboard, The Cramps, The Go-Go's, The Fleshtones, Oingo Boingo, Squeeze, Suburban Lawns, Over the Rhine, The Buzzcocks, The Alarm, Gary Numan, Wall of Voodoo, General Public, John Cale, Belinda Carlisle, Camper Van Beethoven, Gren, Dread Zeppelin, The Surfing Brides, Show Of hands, with Randell Kirsch, LuAnn Olson and Chris Hickey, Lords of the New Church, Fine Young Cannibals, Black Sabbath and Concrete Blonde. An instrumental-only imprint, I.R.S. No Speak, released albums by Wishbone Ash, Miles' younger brother Stewart Copeland (The Police) and William Orbit. I.R.S. also produced the feature film Shakes the Clown, which starred Bobcat Goldthwait. They released David Lynch and Alan R. Splet's soundtrack to Eraserhead in the 80s.
In 1985, Copeland brokered a deal to switch the label's distributor to MCA Records. Under the agreement, A&M continued to release the label's pre-1985 catalog, much of which still can be found under the A&M banner.
In 1990, the band Green Day included a mock letter from then-I.R.S. college radio rep Lori Blumenthal in one of their last cassette releases for Lookout Records. The fictional letter expressed IRS' interest in signing the band to the label. A mock reply letter from Lookout, also included in the cassette artwork, deemed I.R.S. a "cheesy" and "washed up" record label.
I.R.S. releases were distributed by A&M Records until 1985, by MCA Records until 1990, and finally by EMI (which bought the label in 1994) until the label folded in 1996.
Acts on I.R.S. included R.E.M., The Animals, Wishbone Ash, Marillion (US & Canada only), Karel Fialka Top 10 hit with "Hey Matthew", The English Beat, Nuclear Assault, Human Switchboard, The Cramps, The Go-Go's, The Fleshtones, Oingo Boingo, Squeeze, Suburban Lawns, Over the Rhine, The Buzzcocks, The Alarm, Gary Numan, Wall of Voodoo, General Public, John Cale, Belinda Carlisle, Camper Van Beethoven, Gren, Dread Zeppelin, The Surfing Brides, Show Of hands, with Randell Kirsch, LuAnn Olson and Chris Hickey, Lords of the New Church, Fine Young Cannibals, Black Sabbath and Concrete Blonde. An instrumental-only imprint, I.R.S. No Speak, released albums by Wishbone Ash, Miles' younger brother Stewart Copeland (The Police) and William Orbit. I.R.S. also produced the feature film Shakes the Clown, which starred Bobcat Goldthwait. They released David Lynch and Alan R. Splet's soundtrack to Eraserhead in the 80s.
In 1985, Copeland brokered a deal to switch the label's distributor to MCA Records. Under the agreement, A&M continued to release the label's pre-1985 catalog, much of which still can be found under the A&M banner.
In 1990, the band Green Day included a mock letter from then-I.R.S. college radio rep Lori Blumenthal in one of their last cassette releases for Lookout Records. The fictional letter expressed IRS' interest in signing the band to the label. A mock reply letter from Lookout, also included in the cassette artwork, deemed I.R.S. a "cheesy" and "washed up" record label.
I.R.S. (International Record Syndicate)
I.R.S. (International Record Syndicate) Records was a record label, started in the United States in 1979 by Miles Copeland III along with Jay Boberg and Carl Grasso. Miles was also the manager of Wishbone Ash, The Police, and later, Sting, as well as other bands. I.R.S. was the sister label of Copeland's Illegal Records (UK).
I.R.S. releases were distributed by A&M Records until 1985, by MCA Records until 1990, and finally by EMI (which bought the label in 1994) until the label folded in 1996.
Acts on I.R.S. included R.E.M., The Animals, Wishbone Ash, Marillion (US & Canada only), Karel Fialka Top 10 hit with "Hey Matthew", The English Beat, Nuclear Assault, Human Switchboard, The Cramps, The Go-Go's, The Fleshtones, Oingo Boingo, Squeeze, Suburban Lawns, Over the Rhine, The Buzzcocks, The Alarm, Gary Numan, Wall of Voodoo, General Public, John Cale, Belinda Carlisle, Camper Van Beethoven, Gren, Dread Zeppelin, The Surfing Brides, Show Of hands, with Randell Kirsch, LuAnn Olson and Chris Hickey, Lords of the New Church, Fine Young Cannibals, Black Sabbath and Concrete Blonde. An instrumental-only imprint, I.R.S. No Speak, released albums by Wishbone Ash, Miles' younger brother Stewart Copeland (The Police) and William Orbit. I.R.S. also produced the feature film Shakes the Clown, which starred Bobcat Goldthwait. They released David Lynch and Alan R. Splet's soundtrack to Eraserhead in the 80s.
In 1985, Copeland brokered a deal to switch the label's distributor to MCA Records. Under the agreement, A&M continued to release the label's pre-1985 catalog, much of which still can be found under the A&M banner.
In 1990, the band Green Day included a mock letter from then-I.R.S. college radio rep Lori Blumenthal in one of their last cassette releases for Lookout Records. The fictional letter expressed IRS' interest in signing the band to the label. A mock reply letter from Lookout, also included in the cassette artwork, deemed I.R.S. a "cheesy" and "washed up" record label.
I.R.S. releases were distributed by A&M Records until 1985, by MCA Records until 1990, and finally by EMI (which bought the label in 1994) until the label folded in 1996.
Acts on I.R.S. included R.E.M., The Animals, Wishbone Ash, Marillion (US & Canada only), Karel Fialka Top 10 hit with "Hey Matthew", The English Beat, Nuclear Assault, Human Switchboard, The Cramps, The Go-Go's, The Fleshtones, Oingo Boingo, Squeeze, Suburban Lawns, Over the Rhine, The Buzzcocks, The Alarm, Gary Numan, Wall of Voodoo, General Public, John Cale, Belinda Carlisle, Camper Van Beethoven, Gren, Dread Zeppelin, The Surfing Brides, Show Of hands, with Randell Kirsch, LuAnn Olson and Chris Hickey, Lords of the New Church, Fine Young Cannibals, Black Sabbath and Concrete Blonde. An instrumental-only imprint, I.R.S. No Speak, released albums by Wishbone Ash, Miles' younger brother Stewart Copeland (The Police) and William Orbit. I.R.S. also produced the feature film Shakes the Clown, which starred Bobcat Goldthwait. They released David Lynch and Alan R. Splet's soundtrack to Eraserhead in the 80s.
In 1985, Copeland brokered a deal to switch the label's distributor to MCA Records. Under the agreement, A&M continued to release the label's pre-1985 catalog, much of which still can be found under the A&M banner.
In 1990, the band Green Day included a mock letter from then-I.R.S. college radio rep Lori Blumenthal in one of their last cassette releases for Lookout Records. The fictional letter expressed IRS' interest in signing the band to the label. A mock reply letter from Lookout, also included in the cassette artwork, deemed I.R.S. a "cheesy" and "washed up" record label.
The Inland Revenue
The Inland Revenue was, until April 2005, a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, petroleum revenue tax and stamp duty. More recently, the Inland Revenue also administered the Tax Credits schemes [1], whereby monies, such as Working Tax Credit (WTC) and Child Tax Credit (CTC), are paid by the Government into a recipient's bank account or as part of their wages. The Inland Revenue was also responsible for the payment of child benefit.
The Inland Revenue was merged with HM Customs and Excise to form a new department, HM Revenue and Customs, with effect from 18 April 2005. [2] The former Inland Revenue is thus now part of HM Revenue and Customs, but it is still the name by which the tax gathering department of government is commonly known by British people and is often referred to as "the Tax Man".
The Inland Revenue was merged with HM Customs and Excise to form a new department, HM Revenue and Customs, with effect from 18 April 2005. [2] The former Inland Revenue is thus now part of HM Revenue and Customs, but it is still the name by which the tax gathering department of government is commonly known by British people and is often referred to as "the Tax Man".
Changes that might affect your tax code
You must keep us informed of any change in your circumstances, for example if:
* you get married, form a civil partnership, or separate and either of you were born before 6 April 1935
* you start to receive a second (or third or more) income
* the amount of untaxed income you get increases or reduces
If you don't let us know you could end up paying the wrong amount of tax.
If we change your tax code, you should receive a PAYE Coding Notice from your Tax Office. Keep all notice of coding letters for reference in case you have any questions or need to check you are paying the right amount of tax.
* you get married, form a civil partnership, or separate and either of you were born before 6 April 1935
* you start to receive a second (or third or more) income
* the amount of untaxed income you get increases or reduces
If you don't let us know you could end up paying the wrong amount of tax.
If we change your tax code, you should receive a PAYE Coding Notice from your Tax Office. Keep all notice of coding letters for reference in case you have any questions or need to check you are paying the right amount of tax.
Where to find your tax code
If you're employed or between jobs
You'll find your tax code on your P45 (given to you by your employer when you stop working for them). This is why it's very important to give this to your new employer when you change jobs.
If you've lost your P45 and want to find out your tax code contact your Tax Office and give them your National Insurance number and tax reference number.
You'll also find your tax code on your 'PAYE Coding Notice' sent to you by your Tax Office usually before the start of each tax year. (It may also be sent to you at other times if something has changed - for example, if you’ve started receiving a new source of income or a new company benefit or your entitlement to age-related or other allowances has changed.)
Contact your Tax Office
You'll find your tax code on your P45 (given to you by your employer when you stop working for them). This is why it's very important to give this to your new employer when you change jobs.
If you've lost your P45 and want to find out your tax code contact your Tax Office and give them your National Insurance number and tax reference number.
You'll also find your tax code on your 'PAYE Coding Notice' sent to you by your Tax Office usually before the start of each tax year. (It may also be sent to you at other times if something has changed - for example, if you’ve started receiving a new source of income or a new company benefit or your entitlement to age-related or other allowances has changed.)
Contact your Tax Office
How tax codes are worked out
Step one
Your tax allowances are added up. (In most cases this will just be your Personal Allowance and any Blind Person's Allowance. However in some cases it may include certain job expenses.)
Step two
Income you've not paid tax on (for example untaxed interest or part-time earnings) and any taxable employment benefits are added up.
Step three
The total amount of income you've not paid any tax on (called 'deductions') is taken away from the total amount of tax allowances. The amount you are left with is the total of tax-free income you are allowed in a tax year.
Step four
Broadly speaking, to arrive at your tax code the amount of tax-free income you are left with is divided by 10 and added to the letter which fits your circumstances.
For example, the tax code 117L means:
* you are entitled to the basic Personal Allowance
* £1,170 must be taken away from your total taxable income and you pay tax on what's left
The tax code spreads your tax-free amount equally over the year so that you get about the same take-home pay or pension each week or month.
Find out more about tax allowances and reliefs
Your tax allowances are added up. (In most cases this will just be your Personal Allowance and any Blind Person's Allowance. However in some cases it may include certain job expenses.)
Step two
Income you've not paid tax on (for example untaxed interest or part-time earnings) and any taxable employment benefits are added up.
Step three
The total amount of income you've not paid any tax on (called 'deductions') is taken away from the total amount of tax allowances. The amount you are left with is the total of tax-free income you are allowed in a tax year.
Step four
Broadly speaking, to arrive at your tax code the amount of tax-free income you are left with is divided by 10 and added to the letter which fits your circumstances.
For example, the tax code 117L means:
* you are entitled to the basic Personal Allowance
* £1,170 must be taken away from your total taxable income and you pay tax on what's left
The tax code spreads your tax-free amount equally over the year so that you get about the same take-home pay or pension each week or month.
Find out more about tax allowances and reliefs
Tax free Personal allowances
Tax codes followed by the letter L represent the size of tax free personal allowance on earnings. This is the total amount of money, per year, one can earn tax free. The number attached to them represents tax free earnings divided by 10. In the tax year 2009/2010 the standard tax free allowance on income is £6475, which means the standard code, and the emergency tax code is 647L. Persons over 65 and 75 have an increased personal allowance.
Tax free Personal allowances can only be taken once across earnings. A second job or a job with a pension is taxed at a basic rate of 20%, or the tax allowance can be split across both sources of income.
Other tax codes can represent a basic rate of tax which doesn’t include a tax allowance (BR), all income taxed at the higher rate (D0), an exemption from paying tax (NT) or an amount of taxable allowance to be added from other sources of income (K).
Tax free Personal allowances can only be taken once across earnings. A second job or a job with a pension is taxed at a basic rate of 20%, or the tax allowance can be split across both sources of income.
Other tax codes can represent a basic rate of tax which doesn’t include a tax allowance (BR), all income taxed at the higher rate (D0), an exemption from paying tax (NT) or an amount of taxable allowance to be added from other sources of income (K).
Tax code (PAYE)
In the UK, every person paid under the PAYE scheme is allocated a tax code by HM Revenue and Customs. This is in the form of a number followed by a letter or letters, or a letter followed by numbers. This code describes to employers how much tax to deduct from an employee. The code is normally based on information provided to HMRC by the taxpayer or their employer. Tax codes are usually adjusted once a year to take into account any changes made in the National Budget, but can be altered more often if someone has paid too much or too little tax the previous tax year.
Tax codes are passed between periods of employment by a P45 which is generated when a person leaves a job. If a P45 is mislaid or not supplied at the end of a period of employment, a P46 can be filled out in order to determine which tax code is applicable to a person. Between submitting a P46 and receiving the correct tax code from the Inland Revenue, an employer can apply the emergency tax code on a week 1 basis. In this case, tax will be calculated as if the employee is working in the first week of the tax year, and all previous earnings are ignored.
At the end of each tax year employers are required to send out a P60 which documents the total earnings and tax a person has paid within that tax year.
Tax codes are passed between periods of employment by a P45 which is generated when a person leaves a job. If a P45 is mislaid or not supplied at the end of a period of employment, a P46 can be filled out in order to determine which tax code is applicable to a person. Between submitting a P46 and receiving the correct tax code from the Inland Revenue, an employer can apply the emergency tax code on a week 1 basis. In this case, tax will be calculated as if the employee is working in the first week of the tax year, and all previous earnings are ignored.
At the end of each tax year employers are required to send out a P60 which documents the total earnings and tax a person has paid within that tax year.
Tax law
Tax code" redirects here. For the term as used in the United Kingdom PAYE system, see Tax code (PAYE).
Tax law is the codified system of laws that describes government levies on economic transactions, commonly called taxes.
Tax law is the codified system of laws that describes government levies on economic transactions, commonly called taxes.
The Internal Revenue Service (IRS)
The Internal Revenue Service (IRS) is the United States federal government agency that collects taxes and enforces the internal revenue laws. It is an agency within the U.S. Department of the Treasury and is responsible for interpretation and application of Federal tax law.[1] The official U.S. Treasury regulations provide (in part):
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