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Tax Information for Employees

1040 Central
1040 Central has been updated for the last few weeks of Filing Season 2014.

Tax Withholding
The federal income tax is a pay-as-you-go tax. There are two ways to pay as you go. If you are an employee, your employer probably withholds income tax from your pay. The amount withheld is paid to the IRS in your name. Estimated tax is used to pay not only income tax, but self-employment tax and alternative minimum tax as well.

IRS Withholding Calculator
This easy-to-use calculator can help you figure your Federal income tax withholding so your employer can withhold the correct amount from your pay. This is particularly helpful if you've had too much or too little withheld in the past, your situation has changed, or you are starting a new job.

EITC Home Page--It’s easier than ever to find out if you qualify for EITC
If you worked but earned less than $51,567 during 2013, you may qualify for EITC. The Earned Income Tax Credit, sometimes called EIC is a tax credit to help you keep more of what you earned. You must file a return and claim the credit to receive it. Find out more about EITC and links to helpful tools and resources.

Employee Business Expenses
Tax Tip 2012-54, March 20, 2012

Tip Income
Information regarding the taxability of tip income, employee and employer reporting responsibilities, and the Tip Rate Determination Agreement (TRDA) program.

Determination of Worker Status
Firms and workers file 0811 Form SS-8 (PDF) to request a determination of the status of a worker for purposes of federal employment taxes.

Page Last Reviewed or Updated: 27-Mar-2014

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Military com 1. Military com   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. Military com This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. Military com Tax records are not the only type of records you need to keep for your farming business. Military com You should also keep records that measure your farm's financial performance. Military com This publication only discusses tax records. Military com The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. Military com For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. Military com ffsc. Military com org. Military com For more information, contact Countryside Marketing, Inc. Military com in the following manner. Military com Call 262-253-6902. Military com Send a fax to 262-253-6903. Military com Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. Military com , #287 Menomonee Falls, WI 53051. Military com Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. Military com Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. Military com Recordkeeping will help you do the following. Military com Monitor the progress of your farming business. Military com   You need records to monitor the progress of your farming business. Military com Records can show whether your business is improving, which items are selling, or what changes you need to make. Military com Records can help you make better decisions that may increase the likelihood of business success. Military com Prepare your financial statements. Military com   You need records to prepare accurate financial statements. Military com These include income (profit and loss) statements and balance sheets. Military com These statements can help you in dealing with your bank or creditors and help you to manage your farm business. Military com Identify source of receipts. Military com   You will receive money or property from many sources. Military com Your records can identify the source of your receipts. Military com You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. Military com Keep track of deductible expenses. Military com   You may forget expenses when you prepare your tax return unless you record them when they occur. Military com Prepare your tax returns. Military com   You need records to prepare your tax return. Military com For example, your records must support the income, expenses, and credits you report. Military com Generally, these are the same records you use to monitor your farming business and prepare your financial statements. Military com Support items reported on tax returns. Military com   You must keep your business records available at all times for inspection by the IRS. Military com If the IRS examines any of your tax returns, you may be asked to explain the items reported. Military com A complete set of records will speed up the examination. Military com Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. Military com You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. Military com You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. Military com See  chapter 2. Military com If you are in more than one business, you should keep a complete and separate set of records for each business. Military com A corporation should keep minutes of board of directors' meetings. Military com Your recordkeeping system should include a summary of your business transactions. Military com This summary is ordinarily made in accounting journals and ledgers. Military com For example, they must show your gross income, as well as your deductions and credits. Military com In addition, you must keep supporting documents. Military com Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. Military com These documents contain the information you need to record in your journals and ledgers. Military com It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. Military com Keep them in an orderly fashion and in a safe place. Military com For instance, organize them by year and type of income or expense. Military com Electronic records. Military com   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. Military com When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. Military com An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. Military com The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. Military com All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Military com Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. Military com The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. Military com You still have the responsibility of retaining any other books and records that are required to be retained. Military com The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. Military com This test is not considered an examination and the results must be shared with you. Military com If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. Military com If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. Military com For details on electronic storage system requirements, see Rev. Military com Proc. Military com 97-22. Military com You can find Rev. Military com Proc. Military com 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. Military com irs. Military com gov/pub/irs-irbs/irb97-13. Military com pdf. Military com Travel, transportation, entertainment, and gift expenses. Military com   Specific recordkeeping rules apply to these expenses. Military com For more information, see Publication 463. Military com Employment taxes. Military com   There are specific employment tax records you must keep. Military com For a list, see Publication 51 (Circular A). Military com Excise taxes. Military com   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. Military com Assets. Military com   Assets are the property, such as machinery and equipment, you own and use in your business. Military com You must keep records to verify certain information about your business assets. Military com You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. Military com Your records should show all the following. Military com When and how you acquired the asset. Military com Purchase price. Military com Cost of any improvements. Military com Section 179 deduction taken. Military com Deductions taken for depreciation. Military com Deductions taken for casualty losses, such as losses resulting from fires or storms. Military com How you used the asset. Military com When and how you disposed of the asset. Military com Selling price. Military com Expenses of sale. Military com   The following are examples of records that may show this information. Military com Purchase and sales invoices. Military com Real estate closing statements. Military com Canceled checks. Military com Bank statements. Military com Financial account statements as proof of payment. Military com   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. Military com These include account statements prepared for the financial institution by a third party. Military com These account statements must be legible. Military com The following table lists acceptable account statements. Military com IF payment is by. Military com . Military com . Military com THEN the statement must show the. Military com . Military com . Military com Check Check number. Military com Amount. Military com Payee's name. Military com Date the check amount was posted to the account by the financial institution. Military com Electronic funds  transfer Amount transferred. Military com Payee's name. Military com Date the transfer was posted to the account by the financial institution. Military com Credit card Amount charged. Military com Payee's name. Military com Transaction date. Military com    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. Military com You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. Military com Tax returns. Military com   Keep copies of your filed tax returns. Military com They help in preparing future tax returns and making computations if you file an amended return. Military com Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. Military com How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Military com Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. Military com A period of limitations is the period of time after which no legal action can be brought. Military com Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. Military com However, certain records must be kept for a longer period of time, as discussed below. Military com Employment taxes. Military com   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. Military com Assets. Military com   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. Military com You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. Military com   You may need to keep records relating to the basis of property longer than the period of limitation. Military com Keep those records as long as they are important in figuring the basis of the original or replacement property. Military com Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. Military com For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. Military com For more information on basis, see chapter 6. Military com Records for nontax purposes. Military com   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. Military com For example, your insurance company or creditors may require you to keep them longer than the IRS does. Military com Prev  Up  Next   Home   More Online Publications