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Tip of the Day Refinance Your Mortgage if You Can Cut At Least One Point

Refinance Your Mortgage if You Can Cut At Least One Point - Refinancing a mortgage only makes good sense if you are going to save more than 1% on the...

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Tax Form Instructions

The United States income tax system uses Form W-2, Wage and Tax Statement documentation as an information return to report wages paid to employees and the taxes that should've been withheld from them. These forms also report FICA taxes to the Social Security Administration. The relevant amounts on the W-2's are than reported back to the IRS.

Employers are responsible for completing a W-2 for each employee to whom they pay a salary even if it falls under another form of compensation due to that particular employment relationship. The employer must distribute each employee's W-2 on or before January 31st of the calendar year.

If an employee works in more than one state, most employers will have to print multiple W-2 sheets to report the pay divided between each state it was earned in. Unfortunately, some employers, when faced with an employee that lives in one state while working in another, will print a W-2 that attributes the whole gross wage twice as in once for each state. This causes the income to be taxed twice on a state return.

On filling out a 1040 tax form, the instructions are provided on each form and they have supplied a simple equation which allows you to find the factors necessary and to total them thereby helping the government to quickly figure out what you owe in taxes. Use the label you are provided on your form to stick on the front of your envelope to ease the process. Simply cross out and print corrections to any incorrect information on this label. You can avoid this by filing online, which is easier for many individuals.

The 1040EZ is a form designated specifically for tax payers that have minimal information to give. They have no dependents, do not own a house and are not attending school. This form is streamlined for easy use.

As with any form in relation to taxes that you prepare double check for accuracy. If you are filing online, you will have the opportunity to review your information before you submit it. Submit your information by mail or online. If you file online, print the records when you are told to print. Save these for next year's return.

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Definition of the Day Survivorship Bias

Survivorship Bias In many cases, a company that has made it through a rough patch in its existence will be penalized in any reports that come out because of survivorship bias. These reports will not show that other companies have gone out of business during the...

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