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Tax Glossary

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  • Innocent Spouse

    A spouse who unknowingly filed a joint return with their spouse who had reported an understatement of tax due to erroneous items. The unknowing spouse must prove that at the time the tax return was signed he/she did not know, or have reason to know, there was an understatement of tax. Also with the fact and circumstances taken into consideration, it must show that it would be unfair to hold the unknowing (innocent) spouse liable for the understatement of tax. To request innocent spouse relief, the taxpayer must file Form 8857. (See also Equitable Relief and Separation of Liability).

  • Installment Agreement (IA)

    An agreement between the IRS and a taxpayer to allow the taxpayer to pay their delinquent debt over a specified period of time.

  • IRS Form 1040- Individual Income Tax Return

    Those individuals and married couples who are required to file with IRS must complete this return. **Form 1040EZ is for income less than $100,000, interest less than $1,500 and cannot be used if the taxpayer received the advanced earned income credit. Form 1040PC is a paper tax return prepared on a computer using the approved IRS tax preparation software.

  • IRS Form 1065- Return for business partnership income

    Return for partnerships to report income and expenses for the previous tax year.

  • IRS Form 1120- Corporation Income Tax Return

    Return for incorporated businesses to report income and expenses for the previous tax year.

  • IRS Form 940 - Annual Unemployment Tax Return

    Each business reports Federal Unemployment Tax Act (FUTA) tax based on the amount paid to each employee. The tax applies to the first $7000 paid to each employee [Federal base = $7000, State base is different] in a year after subtracting any exempt payments. FUTA tax along with state unemployment systems provides payments of unemployment compensation to workers who have lost their jobs.

  • IRS Form 941- Quarterly tax return/ payments

    Businesses that withhold wages from their employees are required to file 941-Employers Quarterly Federal Tax Return. These are filed each calendar quarter i.e. January thru March, filed April 30; April thru June, filed July 31; July thru September, filed October 31; and October thru December, filed January 31. Any business that pays more than $2500 in net taxes is required to make quarterly deposits to authorized financial institutions. Again, IRS is trying to aid businesses in being compliant with paying their tax.

  • IRS Form W-2

    Employers must provide employees with a statement of how much they earned in wages, tips and other compensation from the previous year in a W-2 form (by January 31 of each year). The form will reflect state and federal taxes, social security, Medicare wages and tips withheld.

  • IRS Form W-4 (Employee's Withholding Allowance Certificate)

    This form, completed by the employee, determines how much of the individuals paycheck is withheld for federal income taxes.

  • Itemized Deductions

    Expenses claimed on an individuals tax return (on Schedule A), that are subtracted from the adjusted gross income to determine taxable income. Examples of itemized deductions include medical expenses, taxes paid (other than federal taxes), interest, charitable contributions, and employee business expenses.

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