Stephen Baldwin Arrested State Income Tax Evasion

by Kenneth Hoffman in , , ,

The NY Daily News is reporting that actor Stephen Baldwin has been arrested and charged with state income tax evasion.

Read about it in the Daily News.

Failing to file your tax return and pay your taxes can and does lead to a criminal conviction. Contact me immediately if you have not filed your federal or state taxes. Don't end up with your mug shot in the local newspaper.

Kenneth Hoffman counsels Entrepreneurs, Professionals and Select Individuals in taking control of their taxes, and businesses. Discover how I can help you overcome your tax and business challenges. To start the conversation or to become a client, call Kenneth Hoffman at (954) 591-8290 Monday - Friday between 8:30 a.m. to 1:00 p.m. for a no cost consultation, or drop me a note.

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What to Do If You Are Missing a W-2 or an Inaccurate W-2

by Kenneth Hoffman in , ,

Make sure you have all the needed documents, including all your Forms W-2, before you file your 2011 tax return. You should receive an IRS Form W-2, Wage and Tax Statement, from each of your employers. Employers have until Jan. 31, 2012 to issue your 2011 Form W-2 earnings statement.

If you haven’t received your W-2, follow these four steps:

1. Contact your employer  If you have not received your W-2, contact your employer to inquire if and when the W-2 was mailed.  If it was mailed, it may have been returned to the employer because of an incorrect or incomplete address.  After contacting the employer, allow a reasonable amount of time for them to resend or issue the W-2.

2. Contact the IRS  If you do not receive your W-2 by Feb. 14, contact the IRS for assistance at 800-829-1040. When you call, you must provide your name, address, Social Security number, phone number and have the following information:

•  Employer’s name, address and phone number

•  Dates of employment

•  An estimate of the wages you earned, the federal income tax withheld, and when you worked for that employer during 2011. The estimate should be based on year-to-date information from your final pay stub or leave-and-earnings statement, if possible.

3. File your return  You still must file your tax return or request an extension to file by April 17, 2012, even if you do not receive your Form W-2. If you have not received your Form W-2 in time to file your return by the due date, and have completed steps 1 and 2, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement. Attach Form 4852 to the return, estimating income and withholding taxes as accurately as possible.  There may be a delay in any refund due while the information is verified.

4. File a Form 1040X  On occasion, you may receive your missing W-2 after you file your return using Form 4852, and the information may be different from what you reported on your return. If this happens, you must amend your return by filing a Form 1040X, Amended U.S. Individual Income Tax Return.

If you have any questions about this topic, tax law changes, business tips, or how to become a client, please call us at 954-591-8290 or use our Contact form. 


New Business Tax Forms for 2011

by Kenneth Hoffman in , ,

New info on forms, Schedule C, 1120, 1120S, and 1065 and the new Form 1125-A.

You may need to file a new form with your 2011 business tax return. Form 1125-A, Cost of Goods Sold must be attached if you have inventory. The form is identical to the Schedule A used for many years on From 1120S, 1120C, 1120, and 1065.

In addition, there's a new question to answer on business forms. You'll have to check a box as to whether or not you made any payments that would require you to file Form 1099. A follow-up question asks if you did or will file all required Forms 1099. Don't forget, you're signing the tax return under penalties of perjury.

Filing Status - What You Need To Know

by Kenneth Hoffman in

Your federal tax filing status is based on your marital and family situation. It is an important factor in determining your standard deduction and your correct amount of tax, and whether you must file a return.

Your marital status on the last day of the year determines your status for the entire year. If more than one filing status applies to you, you may choose the one that gives you the lowest tax obligation.

There are five filing status options:

  • Single. Generally, if you are unmarried, divorced, or legally separated according to your state law, and you do not qualify for another filing status, your filing status is Single.
  • Married Filing Jointly. If you are married, you and your spouse may file a joint return. If your spouse died during the year and you did not remarry, you may still file a joint return with that spouse for the year of death. This is the last year for which you may file a joint return with that spouse.
  • Married Filing Separately. Married taxpayers may elect to file separate returns.
  • Head of Household. Generally, you must be unmarried and paid more than half the cost of maintaining a home for you and a qualifying person for more than half a year.
  • Qualifying Widow(er) with Dependent Child. You may be able to file as a qualifying widow or widower for the two years following the year your spouse died. To do this, you must meet all four of the following tests:
  1. You were entitled to file a joint return with your spouse for the year he or she died. It does not matter whether you actually filed a joint return.
  2. You did not remarry in the two years following the year your spouse died.
  3. You have a child, stepchild, or adopted child (a foster child does not meet this requirement) for whom you can claim a dependency exemption.
  4. You paid more than half the cost of maintaining a household that was the main home for you and that child, for the whole year.
  5. After the two years following the year in which your spouse died, you may qualify for head of household status.

We can definitely help you determine which filing status is best for your situation. Just call us up or send an email.