2011 IRS Top Ten Tax Tips

[Clove]

IRS TAX TIP 2011-01, January 03, 2011
It’s that time of the year again. The income tax filing season has begun and important tax documents should be arriving in the mail. Even though your return is not due until April, getting an early start will make filing easier. Here are the Internal Revenue Service’s top 10 tips that will help your tax filing process run smoother than ever this year.

1. Start gathering your records Round up any documents or forms you’ll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you’re claiming on your return.

2. Be on the lookout W-2s and 1099s will be coming soon; you’ll need these to file your tax return.

3. Use Free File Let Free File do the hard work for you with brand-name tax software or online fillable forms. It's available exclusively at http://www.irs.gov. Everyone can find an option to prepare their tax return and e-file it for free. If you made $58,000 or less, you qualify for free tax software that is offered through a private-public partnership with manufacturers. If you made more or are comfortable preparing your own tax return, there's Free File Fillable Forms, the electronic versions of IRS paper forms. Visit www.irs.gov/freefile to review your options.

4. Try IRS e-file After 21 years, IRS e-file has become the safe, easy and most common way to file a tax return. Last year, 70 percent of taxpayers - 99 million people - used IRS e-file. Starting in 2011, many tax preparers will be required to use e-file and will explain your filing options to you. This is your chance to give it a try. IRS e-file is approaching 1 billion returns processed safely and securely. If you owe taxes, you have payment options to file immediately and pay by the tax deadline. Best of all, combine e-file with direct deposit and you get your refund in as few as 10 days.

5. Consider other filing options There are many different options for filing your tax return.You can prepare it yourself or go to a tax preparer.You may be eligible for free face-to-face help at an IRS office or volunteer site.Give yourself time to weigh all the different options and find the one that best suits your needs.

6. Consider Direct Deposit If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than waiting for a paper check.

7. Visit the IRS website again and again The official IRS website is a great place to find everything you’ll need to file your tax return: forms, publications, tips, answers to frequently asked questions and updates on tax law changes.

8. Remember this number: 17 Check out IRS Publication 17, Your Federal Income Tax on the IRS website. It’s a comprehensive collection of information for taxpayers highlighting everything you’ll need to know when filing your return.

9. Review! Review! Review! Don’t rush. We all make mistakes when we rush. Mistakes will slow down the processing of your return. Be sure to double-check all the Social Security Numbers and math calculations on your return as these are the most common errors made by taxpayers.

10. Don’t panic! If you run into a problem, remember the IRS is here to help. Try http://www.irs.gov or call toll-free at 800-829-1040.
11. Never falsely report income- it has no statute of limitation.

[Cephalopod]

11. Never falsely report income- it has no statute of limitation.

What about falsely reporting profit?

[msconstrew]

What about falsely reporting profit?

The government actually prefers it!

[Clove]

What about falsely reporting profit?


The government actually prefers it!You can falsely report profit because that's not income. Just ask PB, he'll also tell you how to claim time as a charitable expense.

[Parkbandit]

Hey, tell us again how you are a business owner Clove?

Or is this about density again?

[Clove]

Hey, tell us again how you are a business owner Clove?

Or is this about density again?Tell us again how you can't spend a profit, but you can spend income?

[Drew]

If you're a drug lord file your source of income as "fifth amendment" while declaring the amount. Then they can't Al Capone your ass.

[Parkbandit]

Tell us again how you can't spend a profit, but you can spend income?

What's the difference between actually owning a company and having a share of stock?

Oh, to you they are exactly the same.

[WRoss]

ACORN taught me that if I'm a pimp, it's better to have underage girls because I can file them as dependents.



What's the difference between actually owning a company and having a share of stock?

Oh, to you they are exactly the same.

so I own Coke, Southern Company, McDonalds, and Google? FUCK YEAH!!!!

[Cephalopod]

http://knowyourmeme.com/system/icons/1253/original/everything_went_better_than_expected.jpg

[Parkbandit]

so I own Coke, Southern Company, McDonalds, and Google? FUCK YEAH!!!!

You do!

Hey, since you are the owner of Coke, could you get me a couple of the old Cornelius kegs for my beer making? That would be awesome!

[Jace Solo]

ACORN taught me that if I'm a pimp, it's better to have underage girls because I can file them as dependents.




so I own Coke, Southern Company, McDonalds, and Google? FUCK YEAH!!!!



All of this is a win!

[Clove]

What's the difference between actually owning a company and having a share of stock?

Oh, to you they are exactly the same.I get it. So nobody actually owns publicly held corporations.

Is that like how you can spend income but not profits?

[Drew]

Is that like how you can spend income but not profits?

I don't know the original thing you are quoting, but you keep saying this and it's true. You can't spend profits in a business. If you do they weren't profits, they were income. Even if they were originally called profit and then spent later because of need, they were never profits, just mislabeled.

[Parkbandit]

I don't know the original thing you are quoting, but you keep saying this and it's true. You can't spend profits in a business. If you do they weren't profits, they were income. Even if they were originally called profit and then spent later because of need, they were never profits, just mislabeled.

:rofl:

Good luck Drew... we've been down this road a million times.

[Parkbandit]

I get it. So nobody actually owns publicly held corporations.

Is that like how you can spend income but not profits?

Hey, I'm just trying to get some free kegs from the owner of Coke. If he can't get them for me, no one can!

[Clove]

I don't know the original thing you are quoting, but you keep saying this and it's true. You can't spend profits in a business. If you do they weren't profits, they were income. Even if they were originally called profit and then spent later because of need, they were never profits, just mislabeled.Profits, Income, Earnings and Gains are interchangeable terms from an accounting and tax perspective. A business may file a Profit and Loss statement, an Income Statement, or an Earnings Statement because they are the same statement. You cannot spend a profit in the same period it is earned but you most certainly can and do spend them. Your profits are your income.

What PB is attempting to say is akin to saying "LOLOLOLOLOLOL you can't spend your tax refund because a refund is money you get back!!!11!!!1 You RTARD!!!11!!"
:rofl:

Good luck Drew... we've been down this road a million times.Actually we haven't since you still refuse to elaborate on the difference between a Profit and an Income statement.
Hey, I'm just trying to get some free kegs from the owner of Coke. If he can't get them for me, no one can!Right. I'm saying any fool can own a company so it doesn't necessarily give you any business savvy. You're saying you can't own a public company. Thanks for proving my point.

[Parkbandit]

.Right. I'm saying any fool can own a company so it doesn't necessarily give you any business savvy. You're saying you can't own a public company. Thanks for proving my point.

No one ever made a statement that owning a company gave you any special powers. That would be stupid. Equally stupid would be to suggest that you are a business owner because you own a stock in a publicly traded company.. something you actually did.

But hey, I'm glad you are back because these forums missed your brand of stupid. Keep posting, I'm bored today.

[Parkbandit]

Profits, Income, Earnings and Gains are interchangeable terms from an accounting and tax perspective. A business may file a Profit and Loss statement, an Income Statement, or an Earnings Statement because they are the same statement. You cannot spend a profit in the same period it is earned but you most certainly can and do spend them. Your profits are your income.

What PB is attempting to say is akin to saying "LOLOLOLOLOLOL you can't spend your tax refund because a refund is money you get back!!!11!!!1 You RTARD!!!11!!"

Actually, I 100% agree with what Drew posted and have posted as such before.

But it's more fun to watch you dig your heels in and defend a really stupid position.

So please, please, please.. continue.

[Keller]

What's the difference between actually owning a company and having a share of stock?

Oh, to you they are exactly the same.

I might have missed the conversation you're alluding to, but what was the argument?

Were you trying to argue that owning stock is not the same as owning a company?

[Clove]

Actually, I 100% agree with what Drew posted and have posted as such before.

But it's more fun to watch you dig your heels in and defend a really stupid position.

So please, please, please.. continue.Oh I know you agree with him. You're both wrong, unfortunately. Drew (just as you had) tried to make a distinction between income and profit. There is none. It's fun watching you repeatedly dig your heels in. Just make sure you explain to the IRS why you report your income and not your profits- see how they like your definitions.

[Cephalopod]

I feel so proud having derailed this thread.

[Clove]

I feel so proud having derailed this thread.Nothing really to derail. Just a PSA.

[WRoss]

I couldn't get you a keg, so I got you a Coke Mirror.



http://i807.photobucket.com/albums/yy356/wross_photo/Savannah/savannah09020.jpg

[Parkbandit]

I couldn't get you a keg, so I got you a Coke Mirror.



WTF? I don't need a mirror, I need some corney kegs. 6 to be precise.

You own Coke, it should be nothing to send me 6 kegs. Make it happen.

[WRoss]

WTF? I don't need a mirror, I need some corney kegs. 6 to be precise.

You own Coke, it should be nothing to send me 6 kegs. Make it happen.

You are black, so you should be drinking RC cola anyways.

[Parkbandit]

You are black, so you should be drinking RC cola anyways.

I'm making beer... but I'll make some Colt 45 if you get me those kegs.

[Clove]

WTF? I don't need a mirror, I need some corney kegs. 6 to be precise.

You own Coke, it should be nothing to send me 6 kegs. Make it happen.Don't you know PB? Nobody owns Coke, because stockholders don't own corporations.

[Parkbandit]

Don't you know PB? Nobody owns Coke, because stockholders don't own corporations.

http://forum.gsplayers.com/showpost.php?p=1219408&postcount=18

[EasternBrand]

If you are a shareholder in a public company, you are an owner of the company. That doesn't mean you're Director of Operations or Chairman of the Board.

[Parkbandit]

If you are a shareholder in a public company, you are an owner of the company. That doesn't mean you're Director of Operations or Chairman of the Board.

I know.. owning stock in a company is exactly the same as being the owner of the company.

Exactly the same.

[Fallen]

Wouldn't a more accurate term for someone who holds stock in a company be stockholder, rather than owner?

[EasternBrand]

I know.. owning stock in a company is exactly the same as being the owner of the company.

Exactly the same.

Owning stock isn't like being an owner of the company, it IS being an owner of the company. Look, I get your point. At least, I think I do. You're thinking of the owner as the guy in the big office, making all the decisions and reaping the profits or suffering the losses. But the fact is, you do not need to make business decisions to be a business owner. Even in a company with 2 owners, where one guy capitalized the entire company, but the other guy runs the show from top to bottom. They're both owners, even if the first guy doesn't know a lick about business, won all his money in the state lottery, and spends 24/7 drinking booze from coconuts in the South Pacific.

Edit: I wasn't following this argument until the statement that owning stock wasn't like owning a company, so on reflection I'm absolutely certain that I've missed a key part of this debate. I thought it was about how you need some level of business acumen to be a successful business owner, but maybe that's not the case after all. Maybe it makes sense in the overall argument, but without context, the statement that "owning stock is not like owning a company" is completely senseless.

[EasternBrand]

Wouldn't a more accurate term for someone who holds stock in a company be stockholder, rather than owner?

Yes, because strictly speaking when you talk about stock you are talking about a specific type of corporate entity. Saying "owner" when you mean "stockholder" does sound strange, but it's not wrong.

When you buy stock, you are purchasing equity in the company. The problem is that PB's definition of "owner" of a business is apparently not "one who owns equity in the business," which means that he has a different definition of owner than just about everyone else in the world of business.

[Keller]

Wouldn't a more accurate term for someone who holds stock in a company be stockholder, rather than owner?

If stockholders don't own the company, who does?

[Keller]

If you are a shareholder in a public company, you are an owner of the company. That doesn't mean you're Director of Operations or Chairman of the Board.

The distinction between an owner and a manager is lost on some people.

[Warriorbird]

http://www.99perfume.com/image/PR011M.jpg

Oh yeahhh.

[Bobmuhthol]

I know.. owning stock in a company is exactly the same as being the owner of the company.

Exactly the same.

No single person owns any public company so no one would even argue that being an owner is the same as being the owner. You're very proud that you are making a correct argument but it's also entirely irrelevant. The fact is that every common shareholder is an owner and has voting rights, and all owners of the company are owners because they have those rights.

And all of us can own a company or dissolve it simply by saying so. I just dissolved my existing company so I can create Bobmuhthol is Great, which I now do business under.


P.S. I just dissolved Bobmuhthol is Great and re-established my previous business.

[Bobmuhthol]

And profits are a subset of income. All dollars entering the entity are income; some of those dollars might be profits. To say that profits are not income is fucking asinine. If you want to be Mr. Semantics, sure, not all income is profit, but that really depends on the definition.

[Jorddyn]

Since we're arguing semantics.

In purely accounting terms:

Revenue (which many people call "income", but is really not correct) = Sales

Profit and Loss = Earnings = Income

PB is trying to say you can spend "Revenue" but you can't spend "Profits", which I suppose is maybe correct-ish. If I spend my profits on a distribution to the owners, it is still profit. If I spend my profits purchasing non-depreciable assets, it is still profit. If I spend my profit on hookers and blow, it's no longer profit.

WTF is the point of this discussion anyhow? I believe Clove was trying to say file your taxes, do it timely, do it correctly, and don't falsify because they can come back on you 50 years later (though it's unlikely).

Oh, and seriously - e-file with direct deposit.

ETA: Just because you're not the ONLY owner doesn't mean you're not AN owner. My company has 42 owners. They can't just walk in and take whatever they want, but I guarantee you they will laugh in your face if you tell them they don't own the company.

[Delias]

On many ships, but not all, the captain and the owner are the same. Many ships are owned by one (or many in conjunction) and yet captained by another who in no way owns the vessel upon which he sails. I hope this nautical analogy has cleared things up.

[4a6c1]

And he shipped the shipperyest and the captain was captaining captainry and they vesseled my trestle and I was all like ayyyyyoooo anoooology

[Clove]

The distinction between an owner and a manager is lost on some people.
QFT

Since we're arguing semantics.

In purely accounting terms:

Revenue (which many people call "income", but is really not correct) = Sales

Profit and Loss = Earnings = IncomePB you've been told by two accountants and a tax lawyer that profits and income are the same


PB is trying to say you can spend "Revenue" but you can't spend "Profits", which I suppose is maybe correct-ish. If I spend my profits on a distribution to the owners, it is still profit. If I spend my profits purchasing non-depreciable assets, it is still profit. If I spend my profit on hookers and blow, it's no longer profit.

WTF is the point of this discussion anyhow? I believe Clove was trying to say file your taxes, do it timely, do it correctly, and don't falsify because they can come back on you 50 years later (though it's unlikely).

Oh, and seriously - e-file with direct deposit.

ETA: Just because you're not the ONLY owner doesn't mean you're not AN owner. My company has 42 owners. They can't just walk in and take whatever they want, but I guarantee you they will laugh in your face if you tell them they don't own the company.I was just putting up a PSA, though I like to take time to goad PB over this issue as much as possible since he always digs his heels in.

Originally, I remarked that BP would use as much of its profits to pay as little as possible for Gulf restoration as late as possible. PB invoked his classic Poison Well fallacy to make a non-point as he frequently does. It went something like this:

LOLOLOLOLOL you can't spend a profit because a profit is the net of your expenses!!!11!!!

As I've pointed out this is as retarded as saying you can't spend a refund. Well, no you can't spend it as you're receiving it and from a bookkeeping perspective you can't spend a profit in the same period it's reported but you can (and do) spend profits as retained earnings in successive periods. There is nothing semantically invalid about the statement "spend your profits".

I asked PB what he did with his profits if he couldn't spend them. He claimed he spent his income not his profits. I couldn't get him to understand that earnings, gains, profits and income were all the same term, and still can't.

[Parkbandit]

Now you are just being "childish".

[Revial]

Uh...I'm pretty sure profit IS my income.

Anyways, carry on.

[Clove]

Now you are just being "childish".Apology accepted.