What To Do If You Have Not Received A Form W-2

Although employers are required to furnish your Form W-2 by January 31, 2009, sometimes circumstances prevent this from happening. Nonetheless, you still must file your tax return on time, even if you do not receive your W-2. There are ways in which you can substitute the W-2 form in order to meet the tax filing deadline. For more information about what to do if you haven’t received your Form W-2, read this C.P.A. Insight.

Big Refund or Big Tax Bill?

In a sneaky attempt to avoid FICA, Social Security and Medicare payroll taxes, some S corporation owners and officers pay themselves artificially low salaries. The IRS is catching on and is paying very close attention to the salaries and corporate distributions S corporations pay out. For more information on how the IRS categorizes officers of S corps, read this C.P.A. Insight.

Pay Your Taxes Electronically

They say paying your federal taxes is the hard part. Actually, the U.S. Department of Treasury has made it pretty easy by providing taxpayers a free service called Electronic Federal Tax Payment System so that you can pay your tax bill 24 hours a day, seven days a week by phone or by Internet. For more information on how the process works, read this C.P.A. Insight.

Alternative Minimum Tax (AMT)

As if calculating your taxes were not difficult enough, many middle-income families now have to recalculate their taxes to determine if they must pay the alternative minimum tax. For a brief overview of what deductions may have to be included in income according to AMT rules, and some of the deductions that may put you in the AMT bracket, read this C.P.A. Insight.