Tax Forms

4868

"Application for Automatic Extension of Time To File U.S. Individual Income Tax Return" -used to request an extension of time to file a federal income tax return for an individual -completed with individual or married couple's name(s), address, social security numbers, estimate of total tax liability for the year, total payments already made, remaining amount due, and amount being paid

NJ-Reg

"Business Registration Application" -filed for a new business, moved previously registered business to a new location, amended application for an existing business, an additional location of an existing registered business, applying for a Business Registration Certificate, Withholding for Employee(s) residing in NJ (not doing business or employing in NJ)

Schedule D:

"Capital Gains Losses" -used to report/compute capital gains and losses incurred during the tax year

W-4

"Employee's Withholding Allowance Certificate" -used by employers to determine the correct amount of tax withholding to deduct from employees' wages -not mailed to the IRS, but rather retained by the employer

9465

"Installment Agreement Request" -used to request a monthly installment plan if taxpayer cannot pay the full amount he or she owes shown on his or her tax return

1099-int

"Interest Income" -issued by all payers of interest income to investors at year's end

Schedule B

"Interest and Ordinary Dividends" -enumerates interest and/or dividend income, and is required if either interest or dividends received during the tax year exceed $1,500 from all sources or if the filer had certain foreign accounts

Schedule A

"Itemized Deductions" -itemizes allowable deductions against income; -if you itemize, you can deduct a part of your medical and dental expenses and reimbursed employee business expenses, amounts paid for certain taxes, interest, contributions, miscellaneous expenses, certain casualty and theft losses

1099-misc

"Miscellaneous Income" -reports the year-end summary of all non-employee compensation -covers miscellaneous income (rent, royalties, self employment and independent contractor income, crop insurance proceeds)

NJ-927

"NJ Income Tax - Reporting and Remitting" -all employers are required to file Form NJ-927 for each quarter, regardless of the amount of tax due -used to report NJ gross income tax withheld as well as contributions for unemployment insurance, healthcare subsidy, workforce development, disability insurance, and family leave insurance

2848

"Power of Attorney and Declaration of Representative" -allows a taxpayer to identify another individual as representative for them before the IRS -gives a 3rd party the authority to sign documents requesting additional time to assess the tax obligation, as well as agree to tax adjustment -the representative must be authorized to practice in front of the IRS (attorneys, CPAs, and enrolled agents)

Schedule C

"Profit or Loss from Business" -used to report income and expenses related to self-employment, and is used by sole proprietors

Schedule E:

"Supplemental Income and Loss" -used to report income and expenses arising from the rental of real estate, royalties, partnerships, S Corporations, estates, trusts, and residual interests in REMICS

EFTPS-IRS

"The Electronic Federal Tax Payment System" -a system for paying federal taxes electronically using the Internet

1120 S:

"U.S. Income Tax Return for an S Corporation" -used by S corporations for tax returns

1065

"U.S. Return of Partnership Income" -used by partnership for tax returns

W-2

"Wage and Tax Statement" -used to report wages paid to employees and the taxes withheld from them -employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship -used to report FICA taxes to the Social Security Administration

1040

-annual income tax return

Schedule K-1 (1065):

-used by a partner in a partnership to state his or her own share of profits, losses, deductions, and credits ascribed to him or her. -Since a partnership does not pay taxes directly and the tax liability is passed through to each partner, Schedule K-1 is not filed with the IRS; the partner keeps it for his or her own records

1120 C Corps

-used by corporations for tax returns

SS-4:

-used to apply for an Employer Identification Number (EIN) -EIN: 9 digit number assigned to employers, sole proprietors, corporations, partnerships, estates, and trusts for tax filing and reporting purposes

7004

-used to request an automatic extension of time to file certain business income tax, information, and other returns

NJ Film and Digital Media Tax Credit Program:

NJIT conducted a comprehensive review of the program to determine its economic impact and to provide recommendations. NJIT's review determined that the legislative intent of the program is to cost effectively create high wage and high quality jobs in NJ and stimulate new infrastructure and create predictable new revenue streams to the state. The report concluded that the existing program is estimated to generate and maintain significant employment in NJ while "breaking even" on the program costs to the State The Center on Budget and Policy Priorities released a report State Film Subsidies: not Much Bang for Too Many Bucks concluded state film subsidies are costly to states and generous to movie producers. It found that subsidies fail to produce promised benefits because the highest paying jobs usually go to talent brought in from other states. Jobs for in state residents are usually part time and low paying. It also found that supporters of subsidies rely on flawed studies.