Tax FAQ
 

If Corporation Have No Business At All How To File Federal Income Tax?

Question by Wajahat A | Posted in United States

If corporation have no calling at all (no income, no salaries, no assets, no employees & etc) should it file federal income tax? and if yes is there any form other then 1120 i need to file ? can i file these forms online ? i tried doing zero on irs position to pay 1120 but the lowest amount it will take is 0.01 ..how do i file zero tax ? thanks

 
 

If Corporation Have No Business At All Should It File Federal Income Tax?

Question by h0mgrts | Posted in United States

If corporation have no traffic at all (no income, no salaries, no assets, no employees & etc) should it file federal income tax? and if yes - what is penalty for sending form 1120 after Apr-15?

Answer: C Brigade are required to file a tax return whether or not they have taxable income unless they are tax exempt. Corp returns are in reality due March 15th, not April 15th.

The minimum penalty for a return that is over 60 days belated is the smaller of the tax due or $100.

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What Is The Minimum Amount Needed To File Federal Income Tax?

Question by melocotone | Posted in United States

I had a bit of a enthusiastic year last year and lived in 2 different states, had 4 different jobs, one of which was a 1000-MISC. The total of everything I earned last year was only $3,333.
Do I necessity to even file taxes? Or should I just file the 1099 and that's it?
Thanks for all the advice! Looks like I needfulness a good accountant. :)

Answer: If you have a 1099 misc (which means it's over $600 by clarity) you will have to file a 1040A with the income listed (minus expenses) on a Sched C. With only $3,333 in income, you could possibly be someone's dependent.

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Mother Is Retired, Receiving Social Security...does She Still File Federal Income Tax Forms?

Question by indigo | Posted in United States

My indulge had to file last year because she had some income besides Social Security. This year, however, she has only received Social Security. Does she still have to file federal income tax forms? She also gets minutest interest off of a CD and savings account.

Answer: If Collective Security is her only income then she does not need to file. However you say she gets "minimal" interest from a CD and savings account. Upon "minimal" please and I can give you an definitive answer. To be absolutely acurate I'd insufficiency to know how much her annual Social Security is as well.

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Can I File Federal Income Tax Return With Almost No Income Last Year?

Question by alex | Posted in United States

I only made about $200 in income last year, but I demand a 2010 tax return in order to apply for financial aid for school. Should I still file a 1040 even though my income was almost nothing?

 

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