If you are an independent contractor, you can direct any company you work with to pay the UNA that you control, and it will receive a 1099... it is not required to file, as it is tax exempt. You can update your W9 with your employer to the UNA (using the UNA’s name and EIN number) and your personal tax liability can be eliminated…as you are no longer receiving the income, the UNA is.
As an IRS-designated nonprofit association, It is possible to donate up to 30% of your ADJUSTED GROSS INCOME to your UNA, AFTER the first 5% you donate, which is NOT deductible.
If you are a W-2 wage earner, you would do well to educate yourself about your status as a voluntary "TAXPAYER". Most people have unknowingly entered that system when they first filed and signed the form W-4, confessing under oath and penalties of perjury that you are a "TAXPAYER" and will abide by the rules/codes/statutes, penalties and authority of the IRS. You have "ELECTED" to enter their system. You can submit a "REVOCATION of ELECTION" to correct this mistake. The following are 2 excellent sources to study:
No comments:
Post a Comment