10.1.08 Senate debate of the financial credit rescue bill legislation.

When the month of April rolls around most of America is preparing their income tax returns. Each year all individuals who made an income are required to report that income to federal and state governments by filing an income tax return.

Taxpayers must file two separate income tax returns. One income tax return goes to the federal government and the other goes to the state government that a particular taxpayer resides in. The majority of taxpaying Americans are able to fill out a Form 1040A: U.S. Individual Income Tax Return. Individuals that do not have any children or other qualifying dependents are able to file a federal 1040EZ form. This form is also referred to as the Income Tax Return for Single and Joint Filers With No Dependents. The 1040EZ is basically a shorter version of the 1040A form; however, taxpayers must meet certain requirements before filing a 1040EZ form.

The majority of taxpayers will have the federal income tax forms they need mailed to their home. The option to have federal income tax forms mailed to a taxpayer is given on the previous year’s tax forms. Taxpayers who do not wish to receive federal income tax forms but do need them can get the forms from a number of sources. Many paper forms are available for pickup at many local post offices, banks, and libraries. Taxpayers can also visit the website of the Internal Revenue Service (IRS) which is found at http://www.irs.gov. The Internal Revenue Service has a collection of federal income tax forms that can be downloaded and printed. http://www.taxhelpdirectory.com/federalincometax/

When a taxpayer reports their income earned to their state government they will also have to fill out a state tax return form. Each state has their own income tax return forms. The form numbers will all be different because they vary from state to state; however, some forms will have the same heading. It is not uncommon for a state income tax form to be known as the Resident Income Tax Return. As with federal income tax returns, the majority of states have a long income tax return form and a short one. Taxpayers who are able to fill out and file a short state income tax return are encouraged to do so because it saves many taxpayers a large amount of tax preparation time. As with most federal income tax forms, state tax return individuals are likely to have a packet of state income tax forms mailed directly to their home. It is also possible for taxpayers to find their state tax forms at their local post office, financial institution, or library.

In addition to the traditional taxpaying individual, there are others who have to report and possibly pay an income tax. All businesses and estate properties of an individual who has passed on are subject to an income tax. A small business owner or the executor of an estate property will have to file different federal and state income tax forms than the traditional taxpayer. These forms can be obtained at the same places where standard federal and state forms are available.

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Government Has Pursued 70-Year-Old For 15 Years, But His Financial Gurus Say Back Taxes On Pay He Never Received By JOHN METAXAS, CBS 2 HD News NEW YORK (CBS) ― The government wants him to pay — on money he says he never received. On Monday night a Brooklyn man said the state tax department is ruining his life. The 70-year-old grandfather of 10 has a colossal tax problem and it’s getting bigger. “The New York State tax authority has made my life a total miserable disaster for all these years,” Joseph Villano said. It started in Brooklyn, where Villano’s company installed 11 elevators at a government building in the early 1990s. The trouble is he said the $400000 he stood to collect from the job evaporated when the general contractor overseeing the job ran into trouble — its assets seized by the government. But that hasn’t stopped New York State from claiming that he still owes hundreds of thousands in back taxes — and he said they’ve hounded him for it for 15 years. “The New York State Department of Taxation and Finance has been relentless. They’ve garnished his wages, levied his bank account and seized his car,” attorney tax practitioner Bradley Dorin said. And just Monday afternoon there was another shocker. “I got this notice in the mail, only the total now is at $2.174 million. So the number gets bigger every time I get this,” Villano said. “This is an outrageous abuse,” tax practitioner David Selig said. Villano’s tax team said the state has already gotten its …

Denise Gallant created this video for the band Suburban Lawns in 1980. Originally on 3/4 inch,the video was recently recaptured and touched up. For a Hi Rez version, contact info@video4dvd.com

November 14, 2008 Domestic Committee meeting with Kashkari Treasury Department Use of Government Assistance Funds Neel Kashkari