#charity contributions

[productiveandfree]

Different Types Of U.S. Federal Tax Forms

You're not alone if you're confused about what a W-2, W-4, or 1040 is and isn't. Everybody must know the purposes and usage guidelines for each IRS tax form. When filing your taxes, there are numerous forms available. Choosing the correct one the first time is important to avoid an expensive error. (There are, however, some situations when you can make changes to a previous tax return to fix specific mistakes.) 

Some of the more complicated tax forms are ones you might never need, but there are others you'll probably encounter annually.

1. U.S. Individual Tax Return Form 1040

 The most often used IRS tax form for annual tax returns in the United States is Form 1040. Depending on your age, filing status, and gross income, you may need to use this form. This form may be appropriate for you even if you have no taxable income but are qualified for a tax credit or refund. You can also claim several tax credits and costs and itemize deductions.

 A shorter version of this form, Form 1040-EZ, Income Tax Return for Single and Joint Filers Without Dependents, was formerly accessible. However, the IRS no longer utilizes this form, which was eliminated in the 2018 tax year.

2. Wage and Tax Statement, Form W-2

Form W-2 and Form W-4 are sometimes confused. At the end of the year, your employer provides you with Form W-2, which details the total amount of taxes deducted from your paychecks.

Your employer also sends a copy of the Form W-2 to the Social Security Administration, the Internal Revenue Service, and some state taxing agencies. The amounts you report as income and the amounts your employer says they paid you are matched by these taxing authorities. You do not need to file this form with your tax return because your employer delivers it to the IRS, but doing so will help you report your taxable income accurately. 

However, if need be, you may get preprinted Federal tax forms with their respective envelopes from a reputed facility and file them yourself.

3. Employee's Withholding Allowance Certificate, Form W-4  

Form W-4 is not sent to the IRS or filed with your yearly tax return. Instead, you give it to your employer so they can decide how much tax to deduct from your gross salary and send it to the appropriate tax authorities. A worksheet is included with Form W-4 to assist you in calculating the amount. Try the W-4 calculator if you need help figuring out how much tax to deduct from your paycheck based on your objectives.  

If your employment changes, you have to file a new W-4. In the event that your circumstances change—for instance, if you get married or have a child and wish to claim an additional dependent—you can also file a new Form W-4 with your current employer.

4. Form 1040, Schedule A: Itemized Deductions

It's possible that you've heard that you can "deduct" some personal expenses from your gross income to potentially pay less in taxes.   

That is accurate.  

You can itemize your deductions using Schedule A if the total amount of your deductible personal expenses is greater than the IRS standard deduction. 

The seven spending categories on Schedule A include mortgage payments, medical costs, and charity contributions. However, there are strict guidelines for figuring out and claiming these deductions. You may not always be able to deduct the entire amount. 

Additionally, you are not required to finish every line on the program. Just go on to the next category if you don't have any expenses in that one. Complete Form 1040 by adding your entire deduction amount when you're done.

5. Form 1099-INT: Income from Interest 

If banks or other financial organizations pay you a specified amount of interest on your deposits, you might receive a Form 1099-INT from them. You'll often need to file an income tax return and pay tax on the interest. 

You must include all the amounts shown on the form in your return. If the total taxable interest exceeds the $1,500 threshold, Schedule B is usually used to detail the players' names and the interest amount received.

6. Profit or Loss From Business (Sole Proprietorship) Schedule C to Form 1040 

If you work for yourself, you might have to file Schedule C to disclose your company's gross profit or loss. Insurance, travel, business lunches, taxes, office supplies, pay, and other expenditures related to the business are all considered expenses.

7. Non-Employee Compensation Form 1099-NEC

 Typically, Form 1099-NEC is sent to self-employed individuals by every customer who pays them annually. It details the total amount of money received, which you must include on your tax return. This form substitutes the Form W-2 you would receive as an independent contractor or freelancer when employed by a regular employer.  

Self-employed taxpayers used Form 1099-MISC to report non-employee compensation prior to 2020. While it still exists, this form is no longer used to report compensation to non-employees. Instead, other forms of sporadic income like rent, prizes, awards, health and medical payments, and fishing boat revenues are all lumped together under Form 1099-MISC.

In the end!

The IRS may update forms annually, so be sure to utilize the appropriate tax year versions of any forms you must complete. Additionally, keep in mind that your circumstances may vary and that you may need to file more or fewer forms annually, depending on your circumstances.

Pin or save this post for later!

Share in the comments below: Questions go here

[bluegiragi]

honoured to share a preview of the piece I made for the @soapjournalzine in a fic/art collaboration with prettyunhinged - we brought our best and fluffiest A-game on this one!

You can pre-order the zine here (proceeds will be donated to Doctors without Borders).

[in-your-walls]

Link to my friend Emilio’s campaign (@emiliosandozsequence)

Some verified campaigns that have reached out to me: Bilal Abed Rabou (@bilalassadabedrou), Tahseen Alkhazendar (@tahseenkhazen), Nadaa (@nedaapalestine), Musab (@musababed), Mohamed Mikki (@mohamed-mikki), Osama Basil (@osama-basil-ps / @lets-help-osama), Ola (@olagaza), Yousef Hussein (@adham-89), Waseem Abusafi (@waseem4gaza), Nour Alanqar (@noor-family), Fidaa (@fidaa-family2), Abdelrahman (@anqar), Mahmoud Helles (@hillesmahmoud)

Unvetted but likely legit (will be accepting donations to these): Osama Al-Anqar (@osama-family), Ahmed (@save-ahmed-family1), Ehab Ayyad (@ehabayyad23)

(The blog listed in the photo is my creations blog but you can reach out to me on here too.)

[proudfreakmetarusonikku]

sometimes I’m reminded that this website forgets that there are in fact people who do not in fact have tons of disposable income lying about

[adimouze]

*

[thegreatestthingnever]

Aaaaa it arrived the day after getting my resonator 😭😭😭😭

[casual-eumetazoa]

The job search is sucking the soul out of me. I've started looking into various online gigs/work from home opportunities and it is a sea of slop that I'm drowning in. It pisses me off so much because like, I know I have valuable skills, I have two degrees, I speak three languages, and even after burnout I still have a decently functioning brain. I just have no idea how to apply any of it to a paid job -_-

I literally need like. 500$ a month to survive. That's it. I'd be fine doing 20 hours a week at minimum wage of my country. I just cannot find anything suitable for myself. I still have time to find something but jesus christ, it is exhausting.

[ivan-fyodorovich-k]

“What compels people to risk their lives to leave their homes for Europe and ignore offers for help that they fear will send them back to the place they just left” is not the same question as “why did rich person take stupid risk for tourism”

[sailorsleepymoon]

insane how people can give heartfelt and logical reasoning as to why you should donate to Palestinians and give resources and how tos and show like just how disturbing the conditions people are living in are and get crickets and then a YouTuber can just auction a bunch of shit he already owns and raise almost 20k in a few hours

[kafus]

instead of getting the cool gamedev autism, i got the functional systems of presenting information and calculators autism

[lizzie-gains]

I interrupt my regular programing to ask for some help for one of my closest friends. I've been helping her out when I can but I definitely can't afford to cover all her medical and living costs.

She has multiple things going on health wise, including:

Endometriosis that has spread unto bowels, kidney, liver, lungs

Chronic nerve degeneration and chronic pain

Ruptured ACL + damage to PCL and MCL

Brainstem cyst

Breast lump (soon to be surgically removed)

Plus chronic mental health concerns

She has high ongoing medical costs and due to her poor health as well as frequent hospital admissions she is unable to have regular income. It's also been surprisingly difficult to access disability payments. I worry so much about her, as this is taking such a constant toll on her due to stress, and being unable to afford basic needs such as food or medication.

Obviously, please don't give if you are unable to for your own finances, but if you are able to help out we would really appreciate it. Feel free to share this around also if you are able.

[mbavyuri]

would it be worth it to sign up offering mbav for a fic charity auction?

[classicintp]

One of the people I allow to live with me isn't allergic to peanuts but will break out into acne clusters for two weeks if he eats any so I frequently have big 3.5lb buckets of Planters brand Mixed Nuts with all of the brazils, almonds, cashews, hazelnuts and pecans removed and let me tell you 27 oz by weight of peanuts is ballsy for your "less than 50% peanuts!" claim

[pyreflydust]

Also because people feel the need to defend him with "but he donated to lgbt+ charities!" I would love to remind people that a good chunk of that charity work wouldn't need to be done if we could stop having so many fucking politicians who hate us.

Watch your ugly animatronic movie and play your ugly animatronic games if you feel it's that important to you but don't fucking dare defend this shit.

Wait… did FNAF profits go to anti-gay legislation?!

Scott Cawthon, the creator of Five Nights at Freddy's, is very open about being a pro-life conservative and has donated significant amounts of money to republican politicians, including Donald Trump. This has been publicly available info for a while now. Despite saying that he would "step away" from his role in the games after this was brought to light in 2021, he still owns the IP and is profiting from all media associated with the franchise to this day.

[midnightrabbiinspired]

United Soulmates - Relationship Flow for Chanukah and beyond by Eli Goldsmith - Joy of Living in Chaos etc... Even in London…

United Soulmates – by Eli Goldsmith – Joy of Living in Chaos, Flood of Truth, Love & Kindness, Hardest of Tests, Even in London… United Souls – Section 2 by Eli Goldsmith – A Journey towards Real Unification Everyway Continued – Healthy Happy Chanukah 2025 5785 Blessings All – Check out all the Parts especially 43 for the Intro… The Latest Flow –…