Hey. Guess what time it is?
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Hey. Guess what time it is?
Attachment 5289
Mike Mike Mike Mike Mike. Guess what day it is?
https://youtube.com/watch?v=G2s0RPrdB_8
That's right. It's LAWFUL MONEY TAX SEASON.
At least for those of us presumed to have federal income. Employers are required to send Form W-2s (reports of Federal Reserve Income) to employees and have them postmarked by today, January 31st.
Four out of five doctors* surveyed recommend lawful money for their patients who pay taxes.
The IRS Is Now Processing Lawful Money Returns for 2018
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Nice spoof!!
I usually start LAWFUL MONEY TAX SEASON by gathering together all the annual info reports received for the year. These are the presumptions of federal income and often arrive in the mail with "IMPORTANT TAX INFORMATION ENCLOSED" on the envelope. Examples include:
Form W-2, Employer's Wage & Tax Statement
Form 1095-B, Health Coverage
Form 1098, Mortgage Interest Statement
Form 1099-DIV, Dividends and Distributions
Form 1099-INT, Interest Income
Form 1099-K, Payment Card and Third Party Network Transactions
Form 1099-MISC, Miscellaneous Income
Form 1099-R, Distributions From Pensions, Annuities, Retirement, etc.
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My, that is quite the pile of presumption you have there. I may not even have to file this year.
Good point. The IRS.gov site has a Do I Need To File questionnaire where you can find out if you're required to file. Generally, a single filer with less than $12,000 in gross income is not required to file. Or less than $24,000 for married filing jointly.
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But what is gross income? Our experience indicates it is federal income; Federal Reserve income. You may want to tally up all the presumptions of federal income from those info reports to see if you're required to file. They're typically found in Box 1 of the Form W-2, or Box 7 of the Form 1099-MISC.
Even if not required to file you may want to anyway. For example, to obtain a refund of FITW (Box 2 - Federal Income Tax Withheld).
Standard disclaimer: Nothing I say is legal or tax advice.