Personal Taxes

Income tax represent .396% or more of the total revenues collected. It is the largest revenue generator for the federal government.

Yes. www.taxpenalty.com

The amount of expenses in excess of any state agency reimbursements for caring for a foster child in your home is deductible as a chariable itemized deduction on IRS Schedule A.

If you are under full retirement age for the entire year, SSA deducts $1 from your benefit payments for every $2 you earn above the annual limit. For 2012, that limit is $14,640 ($14,160 in 2011).
In the year you reach full retirement age, SSA deducts $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age. If you will reach full retirement age in 2012, the limit on your earnings for the months before full retirement age is$38,880 ($37,680 in 2011).
(If you were born in 1945 or 1946, your full retirement age is 66 years.). Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

Federal and state agencies refer to the IRS the names and social security numbers of taxpayers who are behind in their support payments, taxes, and loans. Your federal tax refund may not be refunded to you if you are delinquent in child support payments or you have a past due federal debt such as a student loan. Your refund may be used to pay other debts you owe.

If you use a dwelling as a home and rent it for fewer than 15 days during the year you should not report any of the rental income and do not deduct any expenses as rental expenses on IRS Schedule E. You may deduct the mortgage interest and property taxes on IRS Schedule A.

Per the IRs requirements, certain employers must allocate tips if the percentage of tips reported by employees falls below a required minimum percentage of gross sales.
To allocate tips means to assign an additional amount as tip income to each employee whose reported tips are below the required percentage. All tips you receive are taxable.
If you do not have adequate records for your actual tips, you must include the allocated tips shown on your Form W-2 as additional tip income on your tax return Form 1040 line 7.

When you complete Power of Attorney and Declaration of Representative Form 2848, you must enter the type of tax, the tax form number, and the year or period(s) for which the power is granted for. You can list returns for any number of specified years or periods that have already ended and returns for years or periods that will end no later than three years from the date the form is signed. A general reference to "all years," "all periods," or "all taxes" is not allowable. Form 2848 will be returned to you for correction if you use these general references.