Tag Archives: taxes

How to get scannable 1099 forms from the IRS

Do you need a scannable 1099-MISC or similar* tax form from the IRS? *NOTE:  while most tax forms are downloadable, for certain forms the IRS requires a scannable form that must be ordered. Thankfully, the IRS offers a simple service where you can order the forms for free and receive them within ten business days. You can find the order form here: https://www.irs.gov/forms-pubs/order-products It just takes a minute to fill out the order info; then you will get a confirmation like this: After ten business

E-file vs Mailing Taxes – Audit Risk Analysis

E-file vs Paper filing for federal taxes Being a programmer and attorney, e-filing is not an attractive prospect to me: Every year I strive to be as complete and accurate as possible when filing my taxes. However, as a programmer, it is apparent that e-filing makes it immensely easy for the IRS to instantly run validation, algorithms, and analysis on your return with zero human intervention. Once your data is electronically transmitted to the IRS all of your data can be analyzed in

How to maximize my Earned Income Credit [Self Employed]

Here is some very helpful info if you are self employed with (or without) chilren and you want to know the maximum credit you may receive: How Is My Earned Income Credit Calculated? TurboTax can calculate this for you automatically. The amount of your earned income credit depends on: – Your income (both your wages & total income are part of the calculation) – How many qualifying children you have: none, one, two or three. To receive the maximum credit

Treasury Direct 1099-B

Recently TreasuryDirect has been posting 1099-B forms in their online tax documents for TIPS holders. These forms can be a bit perplexing for people that never sell their TIPS but rather just hold on to them until maturity. Specifically, TreasuryDirect neglects to include the majority of the information the IRS requests. I have been putting together some notes on how to properly file the 1099-B’s, but for now here are some other resources on the topic: Treasury Direct 1099-Bhttp://www.bogleheads.org/forum/viewtopic.php?f=2&t=90716Treasury Direct

Tax notes

https://ttlc.intuit.com/questions/2231912-need-help-regarding-cost-basis-for-a-1099-s-proceeds-from-real-estate-sale-city-reported-their-purchase-of-an-18-easement-to-extend-sewer-main-down-the-driveway-of-my-rental-property-to-irs-using-a-1099-s https://ttlc.intuit.com/questions/1772542-received-a-1099-s-for-road-right-of-way-permanent-easement-and-2-temporary-easements-how-should-i-enter-this https://ttlc.intuit.com/questions/2211264-i-have-a-1099-s-this-is-for-the-sale-of-land-right-of-way-to-a-utility-company http://www.portal.msue.msu.edu/objects/content_revision/download.cfm/revision_id.582335/workspace_id.580668/Oil%20&%20Gas%20Income%20Tax%20Consideration%20for%20Farm%20&%20Forest%20Lands.pdf/ http://www.aicpa.org/Publications/TaxAdviser/2014/march/Pages/Kebodeaux_mar2014.aspx  

Use Thunderbird to find online transactions for Quicken

Tax time approaches. Thus around the Hodges household we are catching up on our Quicken data entry. We track every cent we spend and anything that can make that process easier/faster is appreciated 🙂 That is one reason why I like Thunderbird so much, it makes it very simple to find emails that contain online transaction info (invoices, receipts, etc.) Here is the basic process: #1 Download the latest transaction info using Quicken This will give us a list of transactions