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Cheap tax software 10. Cheap tax software   Employees of Foreign Governments and International Organizations Table of Contents Exemption Under Tax Treaty Exemption Under U. Cheap tax software S. Cheap tax software Tax LawCertification. Cheap tax software Employees of foreign governments (including foreign municipalities) have two ways to get exemption of their governmental wages from U. Cheap tax software S. Cheap tax software income tax: By a provision in a tax treaty or consular convention between the United States and their country, or By meeting the requirements of U. Cheap tax software S. Cheap tax software tax law. Cheap tax software Employees of international organizations can exempt their wages either by a provision, if one exists, in the international agreement creating the international organization, or by meeting the requirements of U. Cheap tax software S. Cheap tax software tax law. Cheap tax software The exemption discussed in this chapter applies only to pay received for services performed for a foreign government or international organization. Cheap tax software Other U. Cheap tax software S. Cheap tax software income received by persons who qualify for this exemption may be fully taxable or given favorable treatment under an applicable tax treaty provision. Cheap tax software The proper treatment of this kind of income (interest, dividends, etc. Cheap tax software ) is discussed earlier in this publication. Cheap tax software Exemption Under Tax Treaty If you are from a country that has a tax treaty with the United States, you should first look at the treaty to see if there is a provision that exempts your income. Cheap tax software The income of U. Cheap tax software S. Cheap tax software citizens and resident aliens working for foreign governments usually is not exempt. Cheap tax software However, in a few instances, the income of a U. Cheap tax software S. Cheap tax software citizen with dual citizenship may qualify. Cheap tax software Often the exemption is limited to the income of persons who also are nationals of the foreign country involved. Cheap tax software Exemption Under U. Cheap tax software S. Cheap tax software Tax Law Employees of foreign governments who do not qualify under a tax treaty provision and employees of international organizations may qualify for exemption by meeting the following requirements of U. Cheap tax software S. Cheap tax software tax law. Cheap tax software The exemption under U. Cheap tax software S. Cheap tax software tax law applies only to current employees and not to former employees. Cheap tax software Pensions received by former employees living in the United States do not qualify for the exemption discussed here. Cheap tax software Employees of foreign governments. Cheap tax software   If you are not a U. Cheap tax software S. Cheap tax software citizen, or if you are a U. Cheap tax software S. Cheap tax software citizen but also a citizen of the Philippines, and you work for a foreign government in the United States, your foreign government salary is exempt from U. Cheap tax software S. Cheap tax software tax if you perform services similar to those performed by U. Cheap tax software S. Cheap tax software government employees in that foreign country and that foreign government grants an equivalent exemption to U. Cheap tax software S. Cheap tax software government employees. Cheap tax software Certification. Cheap tax software   To qualify for the exemption under U. Cheap tax software S. Cheap tax software tax law, either the Department of State must certify that you perform services similar to those performed by employees of the government of the United States in foreign countries and that your foreign government employer grants an equivalent exemption to U. Cheap tax software S. Cheap tax software government employees performing similar services in its country or you must establish those facts. Cheap tax software However, see Aliens who keep immigrant status , later, for a special rule that may affect your qualifying for this exemption. Cheap tax software Employees of international organizations. Cheap tax software   If you work for an international organization in the United States and you are not a U. Cheap tax software S. Cheap tax software citizen (or you are a U. Cheap tax software S. Cheap tax software citizen but are also a citizen of the Philippines), your salary from that organization is exempt from U. Cheap tax software S. Cheap tax software tax. Cheap tax software However, see Aliens who keep immigrant status , later, for a special rule that may affect your qualifying for this exemption. Cheap tax software   An international organization is an organization designated by the President of the United States through Executive Order to qualify for the privileges, exemptions, and immunities provided in the International Organizations Immunities Act. Cheap tax software   You should find out if you have been made known to, and have been accepted by, the Secretary of State as an officer or an employee of that organization, or if you have been designated by the Secretary of State, before formal notification and acceptance, as a prospective officer or employee. Cheap tax software   If you are claiming exemption, you should know the number of the Executive Order covering the international organization and should have some written evidence of your acceptance or designation by the Secretary of State. Cheap tax software   The exemption is denied when, because the Secretary of State determines your presence in the United States is no longer desirable, you leave the United States (or after a reasonable time allowed for leaving the United States). Cheap tax software The exemption is also denied when a foreign country does not allow similar exemptions to U. Cheap tax software S. Cheap tax software citizens. Cheap tax software Then the Secretary of State can withdraw the privileges, exemptions, and immunities from the nationals of that foreign country. Cheap tax software Aliens who keep immigrant status. Cheap tax software   If you file the waiver provided by section 247(b) of the Immigration and Nationality Act (USCIS Form I-508) to keep your immigrant status (green card), you no longer qualify for the exemption from U. Cheap tax software S. Cheap tax software tax under U. Cheap tax software S. Cheap tax software tax law from the date of filing the waiver with the Attorney General. Cheap tax software   However, you do not lose the exemption if you file the waiver, and meet either of the following conditions. Cheap tax software You are exempt from U. Cheap tax software S. Cheap tax software tax under an income tax treaty, consular agreement, or international agreement between the United States and your foreign government employer. Cheap tax software You work for an international organization and the international organization agreement creating the international organization provides that alien employees are exempt from U. Cheap tax software S. Cheap tax software income tax. Cheap tax software Two international organizations that have such a provision are the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (World Bank). Cheap tax software . Cheap tax software   For more information about a specific foreign country or international organization, send an email to embassy@irs. Cheap tax software gov. 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Filing and Paying Your Business Taxes

Paying

Electronic Payment Options 
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Filing

Electronic Filing Options for Business and Self-Employed Taxpayers
There are electronic filing options available for many of the taxes and forms that small businesses are required to file, such as excise and employment taxes, Forms 1120, 7004, 1041 and various information returns.

Employer Identification Number
An Employer Identification Number (EIN), also known as a federal tax identification number, is used to identify tax reports to the IRS.

Business Taxes
The form of business you operate determines what taxes you must pay and how you pay them.

Estimated Taxes
Federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay as you go: withholding and estimated taxes.

Employment Taxes for Small Businesses
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold Federal income tax withholding, social security and Medicare taxes, and Federal Unemployment Tax Act (FUTA) taxes.

Self-Employment Taxes
The self-employment tax is a social security and Medicare tax for individuals who work for themselves.

Reporting Information Returns
Your business may be required to file information returns to report certain types of payments made during the year.

e-File Form 940, 941 or 944 for Small Businesses
Learn your options for e-filing form 940, 941 or 944 for Small Businesses.

Filing Past Due Tax Returns
Before you decide not to file your tax return on time or not pay all of your taxes when they are due, consider this.

Reporting Payments to Independent Contractors
If you pay independent contractors, you may have to file Form 1099-MISC, Miscellaneous Income, to report payments for services performed for your trade or business.

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Page Last Reviewed or Updated: 21-Mar-2014

The Cheap Tax Software

Cheap tax software 10. Cheap tax software   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. Cheap tax software Eligible educational institution. Cheap tax software Dependent for whom you claim an exemption. Cheap tax software MAGI when using Form 1040A. Cheap tax software MAGI when using Form 1040. Cheap tax software Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. Cheap tax software S. Cheap tax software savings bonds. Cheap tax software If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. Cheap tax software However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. Cheap tax software Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. Cheap tax software S. Cheap tax software savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. Cheap tax software You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. Cheap tax software Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. Cheap tax software Your filing status is not married filing separately. Cheap tax software Qualified U. Cheap tax software S. Cheap tax software savings bonds. Cheap tax software   A qualified U. Cheap tax software S. Cheap tax software savings bond is a series EE bond issued after 1989 or a series I bond. Cheap tax software The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). Cheap tax software   The owner must be at least 24 years old before the bond's issue date. Cheap tax software The issue date is printed on the front of the savings bond. Cheap tax software    The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). Cheap tax software Qualified education expenses. Cheap tax software   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. Cheap tax software Tuition and fees required to enroll at or attend an eligible educational institution. Cheap tax software Qualified education expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Cheap tax software Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). Cheap tax software Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). Cheap tax software Adjusted qualified education expenses. Cheap tax software   You must reduce your qualified education expenses by all of the following tax-free benefits. Cheap tax software Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). Cheap tax software Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). Cheap tax software Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). Cheap tax software Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). Cheap tax software Any expenses used in figuring the American opportunity and lifetime learning credits. Cheap tax software See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. Cheap tax software Eligible educational institution. Cheap tax software   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Cheap tax software S. Cheap tax software Department of Education. Cheap tax software It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Cheap tax software The educational institution should be able to tell you if it is an eligible educational institution. Cheap tax software   Certain educational institutions located outside the United States also participate in the U. Cheap tax software S. Cheap tax software Department of Education's Federal Student Aid (FSA) programs. Cheap tax software Dependent for whom you claim an exemption. Cheap tax software   You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. Cheap tax software Modified adjusted gross income (MAGI). Cheap tax software   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. Cheap tax software However, as discussed below, there may be other modifications. Cheap tax software MAGI when using Form 1040A. Cheap tax software   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). Cheap tax software MAGI when using Form 1040. Cheap tax software   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. Cheap tax software    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. Cheap tax software If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. Cheap tax software Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. Cheap tax software Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). Cheap tax software    Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. Cheap tax software Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. Cheap tax software See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. Cheap tax software Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. Cheap tax software However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. Cheap tax software To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. Cheap tax software The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. Cheap tax software The denominator (bottom part) of the fraction is the total proceeds you received during the year. Cheap tax software Example. Cheap tax software In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. Cheap tax software S. Cheap tax software savings bond. Cheap tax software They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. Cheap tax software In 2013, they paid $7,650 of their daughter's college tuition. Cheap tax software They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. Cheap tax software Their MAGI for 2013 was $80,000. Cheap tax software   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. Cheap tax software They must pay tax on the remaining $450 ($3,000 − $2,550) interest. Cheap tax software Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. Cheap tax software Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. Cheap tax software Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. Cheap tax software Attach Form 8815 to your tax return. Cheap tax software Prev  Up  Next   Home   More Online Publications