A Taxpayer Identification
Number (ITIN) is an identification number issued by the Internal Revenue
Service that is only made available for certain nonresident and resident
aliens, their spouses, or dependents who are not eligible to get a Social
Security Number (SSN). It is in the same format of the social security
number with nine digits. Many undocumented taxpayers make the mistake of
given this number to their employers but they should never do this. The
employer is under the obligation to fire them if the employee shows them this Internal Revenue Service issued identification card. This is like
making a confession to their employer that they are indeed working illegally
in the country. In turn if the employer continues their employment, they
would run into trouble with the immigration service.
The Presidential Election
Campaign Fund is set up to help pay for Presidential election campaigns.
This fund gives more financial equality to Presidential candidates who
otherwise would not be able to afford to run for office. This election
campaign fund also reduces the dependence on large contributions from
interest groups. You can contribute $3 for you and $3 for your spouse if you
are married filing Married Filing Jointly. Your tax refund will not be
lowered if you make the Presidential Election Campaign Fund election.
Your direct deposit request will be rejected and
a check will be sent instead if the items in the direct deposit
request form are not completely filled out. If any items are crossed out or
whited-out your direct deposit will be rejected and a check will be sent
instead. If your account in an individual bank account, your financial
institution will not allow a joint refund to your account. It is quite
needless to say that if your bank account is not in your name, your request
for direct deposit would be denied.
A frivolous tax return is one that does not
contain information needed to figure the correct tax or shows a
substantial incorrect tax because you take a frivolous position
or desire to delay or interfere with the tax laws. In addition
to any other penalties, there is a penalty of $5,000 for
filing a frivolous tax return.
There many frivolous tax return
preparation tactics you could take to lower your tax bill, avoid paying
taxes or penalties, or even decide not to file a tax return altogether.
However, you could suffer the consequences of your misguided actions. Many
people or professionals draw from different sources of the law to try to win
their case against the tax agencies. These people may quote court cases to
try to win their case. The Internal Revenue Service is well aware of these
frivolous tax filing tactics. The Internal Revenue Service has come up with
various rules to discourage any frivolous tax practices. Section 6651(a)(2)
and section 6654 are some of these rules that penalize you for participating
in these frivolous tax filing tactics.
Keep a copy of your tax return, worksheets you
used, and records of all items appearing on your tax return
until the statute of limitations runs out for that tax return.
It is better to just keep a copy of your tax returns for longer than the
statute of limitations.
Now with virtual storage it takes less effort and
space to keep copies of tax returns indefinitely. At one point,
you may not
need a copy of your tax returns for Internal Revenue Service purposes, but
you may need them for other purpose such as your medical insurance company.
It is important to note that you will not be able to get a record of your
tax return from the Internal Revenue Service anytime you wish. They follow
their statute of limitation to the dot.
