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I'm now open for business on SA Mart /shameless plug.
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Jan 22, 2012 08:32
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Okay so I intended to file both years' tax returns separately, and seeing as I didn't yet have my 1099-DIV from Edward Jones for 2011, I decided to do 2010 first as I knew I could just look 2010's 1099-DIV up on the Edward Jones website. I had sent TaxSlayer.com an email asking them the same question I asked you guys (before I was referred to this thread). I just got the reply back and they said this:quote:The 2010 program is available for access through our prior year programs ($9.95 access fee applies). To access the prior year program, you will log into your account and select "Start a New Tax Return" next to the 2010 Tax Year. You will then select "Edit Return" to access the 2010 program. An Interview Wizard is available to aid you in completing your return. At this time the IRS is no longer accepting returns by electronic filing for the 2010 season. All 2010 returns must be printed and filed by mail. Well this is a problem since the IRS just acknowledged the receipt of and accepted my 2010 return, I'm assuming they thought it was my 2011 return. Did I gently caress up? Or will I be good just going through TaxSlayer's program again and filing for 2011? Do I need to call the IRS and get this fixed?
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Jan 22, 2012 21:30
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life is killing me posted:Okay so I intended to file both years' tax returns separately, and seeing as I didn't yet have my 1099-DIV from Edward Jones for 2011, I decided to do 2010 first as I knew I could just look 2010's 1099-DIV up on the Edward Jones website. I had sent TaxSlayer.com an email asking them the same question I asked you guys (before I was referred to this thread). I just got the reply back and they said this: You will need to file a paper 2010 return and also a paper amendment for 2011 now. The IRS won't be able to stop the return you just filed from being processed. If there was a refund due for the return you just efiled they will issue it like normal, and this will be reflected on your amendment.
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Jan 22, 2012 22:53
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furushotakeru posted:You will need to file a paper 2010 return and also a paper amendment for 2011 now. The IRS won't be able to stop the return you just filed from being processed. If there was a refund due for the return you just efiled they will issue it like normal, and this will be reflected on your amendment. Since I've already hosed it up, would you recommend I just get a tax service to do this? Does this also mean I won't be able to e-file for 2011?
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Jan 22, 2012 23:52
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life is killing me posted:Since I've already hosed it up, would you recommend I just get a tax service to do this? Does this also mean I won't be able to e-file for 2011? An amendment can be done using Turbo Tax and such but whether you feel like trying it on your own isup to you. You won't be able to efile the amendment, you have to paper file it.
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Jan 23, 2012 00:24
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I think my husband's getting screwed bigtime on his taxes by his employer and I have no idea what we should do about it. Basically, he's been working for this company since August 11th, as what they described to be self employed / a contract worker. During the interview process (I'd interviewed for it too but didn't get it) it was explained as something like temp-to-hire, and that people may be hired/dropped as the workflow dictates. So a couple days ago they give him his tax information and I ask my mom about it, because last time I filed taxes for myself it was a different situation. They'd given him a 1099-MISC and looking at the instructions, none of it seemed to apply to him. Googling more information on how to file as self-employed leads to the realization that he's not self-employed, he's a Legit Employee according to the IRS and his company hasn't withheld any social security / medicare taxes or paid anything else out to the government on his behalf. I am really loving stuck on what to do, I'm afraid if he brings it up he might get fired when they realize their fuckup. There are maybe three or four other employees who are probably also affected, it's a really small branch office (consisting of like three rooms) of a company based in another city. We're moving into a new apartment next month and he's also a permanent resident, I don't want him to suddenly be jobless or hosed on his citizenship.. do I try to help him file with what was given to him, or should he ask his boss about this, or what the hell?
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Jan 23, 2012 14:07
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quote:I think my husband's getting screwed bigtime on his taxes by his employer and I have no idea what we should do about it. It's not a company fuckup. The company is doing it intentionally. Company's hire people as "independent contractors" in order to avoid paying the employer share of payroll taxes (which means the employee/contractor will pay them). It also allows them to essentially fire him whenever. From a tax perspective, your husband will be filing this income on a Schedule C. He will have the opportunity to deduct mileage and any other expenses he personally incurred for his work there, as well the employer portion of payroll taxes he'll have to pay (which is 7.65% of his earnings. This will reduce the pain of having to pay both the employee and employer portions of self employment tax. This shouldn't have been a surprise. Did you two not notice that there were no withholdings being done throughout the year? This isn't exactly something that creeps up on you. As for remedies for this...the employee vs independent contractor enforcement is something that is rapidly being stepped up in recent years. If your husband is being treated as an employee (works at their office, with their equipment, and is supervised by their employees) then it is very much illegal for them to be treating him as an independent contractor.
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Jan 23, 2012 14:55
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The reason I think it's a fuckup and not intentional is because the previous bookkeeper was completely inept (they apparently only recently replaced her because she was the company owner's daughter.) My thought was that, in her ignorance, she set this system up for the new satellite office and nobody thought to question it. I really don't know though, that's all speculation! My excuse for not knowing what to look out for is that I've only had to file taxes for myself once, and I had help with it. I figured his would be different somehow because of being "self-employed" but I didn't know what that entailed, I just expected them to know what they were doing and not pull some weird bullshit. In his defense, he's English and this is the first job he's had since he's moved here. He had no problems with his previous taxes in England. I can't think of any personal expenses he could deduct, he walks to and from work and I pack his lunches, that's pretty much it  He's definitely being treated completely like a regular employee though, it's a full-time data entry job where he comes into the office and transcribes documents all day. He's been given at least one employee review also, from what I've read that doesn't happen to contractors? The rest of the people in the office consist of his boss, two or three other "self-employees", and a sales guy who might be an actual contractor(?). Should he bring this up with his boss / the other employees? My main concern is that the company owner will decide the satellite office is too much of a clusterfuck if this is pointed out to her, and just dissolve it. Would they have any recourse if this happened, or even qualify for unemployment?
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Jan 23, 2012 16:10
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Admiral101 posted:He will have the opportunity to deduct mileage and any other expenses he personally incurred for his work there, Commuting miles are not deductible. They need to read up on rev. ruling 99-7 to make sure their facts fit making those miles deductible if they can.
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Jan 23, 2012 17:38
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quote:The rest of the people in the office consist of his boss, two or three other "self-employees", and a sales guy who might be an actual contractor(?). Should he bring this up with his boss / the other employees? My main concern is that the company owner will decide the satellite office is too much of a clusterfuck if this is pointed out to her, and just dissolve it. Would they have any recourse if this happened, or even qualify for unemployment? You're edging more into the legal aspect of this, which is outside the scope of this thread. Every time I've seen the 1099 issue crop up, however, it's been due to an employer being cheap as opposed to incompetent. Absolute best case scenario is that you may be able to talk the employer to cover the employer portion of the self employment taxes (which is the aforementioned 7.65% of his gross wages). You're still going to be on the hook for the employee side of self employment tax, not to mention your income taxes, which I'm guessing haven't been withheld. What he should do is dependent on your husband's relationship with his boss, and the atmosphere of the company. He should start looking for a new employer regardless, however. quote:Commuting miles are not deductible. They need to read up on rev. ruling 99-7 to make sure their facts fit making those miles deductible if they can. I should have been more specific.
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Jan 23, 2012 19:36
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I am working overseas as a civilian contractor (not exactly, I am a W4 employee of the company, but the name "contractor" sticks) and I intend to spend 330 days out of the US to qualify for the ~$90k tax deduction. My question is, I landed in country Nov. 30 of last year, and expect to be here until around Nov of this year, as I understand it I just have to be out for 330 days in any 365 period, but how do I manage my taxes for this past year (2011) considering most of my December salary (around $11,000) should be tax free, as of sometime later this year? Do I just file normally now, and then do something to get that $3k back on my 2012 return? or is there some special voodoo I need to do? Because it is really pretty hard to get a hold of chickens to sacrifice here.
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Jan 23, 2012 21:37
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ReverendCode posted:I am working overseas as a civilian contractor (not exactly, I am a W4 employee of the company, but the name "contractor" sticks) and I intend to spend 330 days out of the US to qualify for the ~$90k tax deduction. You will extend your return and then file a form 2350, Extension for Taxpayers Abroad. On that form you will explain to the IRS that you need additional time to file in order to meet the 330 day test, then you will file once you meet that test. Any balance due on the return is still payable by 4/15 and you will be assessed late payment penalties and interest if you pay after that date, even if you file the extensions.
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Jan 23, 2012 22:17
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ReverendCode posted:I am working overseas as a civilian contractor (not exactly, I am a W4 employee of the company, but the name "contractor" sticks) and I intend to spend 330 days out of the US to qualify for the ~$90k tax deduction. Question on P2P lending (LendingClub). I have about $1k in $25 loans to individuals though LendingClub.com. I've earned something like $40 since I started in November. LendingClub will send out 1099-OID forms for any loans which netted >$10 in interest for the year but doesn't send out 1099-OIDs for loans generating <$10. I know that despite not being issued 1099-OIDs, I still need to pay taxes on this income. Do I put it in Schedule B? Also, will I need to fill out my own 1099-OID forms for the loans or can I just add the 40 bux to the total income and call it good?
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Jan 23, 2012 23:29
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NancyPants posted:I'm using Turbo Tax and it doesn't seem correct, but I'm also looking at the paper forms and I'm totally lost. First question: That is not even remotely how that works. You don't get a refund, dollar for dollar, of student loan interest paid - if you pay $500 in interest, the government does not cut you a check for $500. Student loan interest is deductible from your income as an above-the-line deduction. So the credit you get will be amount of student loan interest paid times your tax rate (i.e., if you paid $100 in interest and are taxed at 15%, then you'll save 15$ in taxes by excluding $100 from your income).
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Jan 24, 2012 00:26
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I just got my W2 for the main job I had last year. However, I started another job on December 24, 2011. I didn't receive my first paycheck until a week into January though. Do I have to wait until I receive the W2 for my second job (if I even get one) before I can file my taxes? Or is it because I got paid in January, the income doesn't count until the next return? Thanks
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Jan 24, 2012 01:57
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Meta Ridley posted:I just got my W2 for the main job I had last year. However, I started another job on December 24, 2011. I didn't receive my first paycheck until a week into January though. I believe you will get a W-2 for 2011 because that is when the income was earned.
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Jan 24, 2012 05:07
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furushotakeru posted:I believe you will get a W-2 for 2011 because that is when the income was earned.
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Jan 24, 2012 06:26
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MiTEG posted:I think most payroll systems are cash basis by default. Our payroll for the pay period December 16-31 went out on January 10th and we didn't include it on the 2011 W-2's. I've seen it go both ways so it is best to either ask the employer or wait another week to see if a W-2 arrives.
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Jan 24, 2012 07:11
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furushotakeru posted:You will extend your return and then file a form 2350, Extension for Taxpayers Abroad. On that form you will explain to the IRS that you need additional time to file in order to meet the 330 day test, then you will file once you meet that test. Wow, that was a faster and clearer answer than i probably would have gotten from a CPA that I was paying money for. You guys are awesome. It is just odd going from making at most $25k or (for the last year and a half) being unemployed and living off savings to suddenly making over 100k and having no bills and suddenly trying to learn enough about investing to do something useful with the money.
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Jan 24, 2012 07:37
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I have an S-Corp and at the end of December our accountant tells us an amount to pay under 941 in EFTPS. We put this under 4Q 2011. For some reason this never went through properly. I logged into my EFTPS and noticed that the initial payment says "Settled" and then shows another for "Return". It's the first time we've used a savings account for this transaction. I did not realize the money wasn't taken out because it's a savings account we strictly use for keeping our taxes set aside and I never log in. Never have had a problem making a payment and assumed everything went through. So I'm wondering if we are royally screwed here. Our accountant seemed to imply the deadline was the end of December, but looking online I see conflicting information (some say the 15th, some say end of January). A 10% would really suck and I'm not even sure if it's completely our own fault (our financial information is completely valid). Does anyone have the actual deadline for this and whether there would be any way to avoid a penalty?
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Jan 24, 2012 15:31
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The due date of your deposit is either the next day, two weeks, the following month by the 15th, or at the end of the quarter, depending on how much your deposit is for. If you resubmit the payment as soon as possible you can apply for relief from the late deposit penalty on the basis that you made a good faith effort to make your deposit on time and had the funds available, and are not sure why it didn't go through. If you have a history of compliance they might waive it this one time, but might not as well.
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Jan 24, 2012 17:54
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I was thinking about selling short stories on Amazon but here in L.A. the city tax process is kind of a mess. I see that I would have to register as a business even though this is just a side gig that at best might make me $50 in a year. In addition you have to pay a minimum tax that one of their clerks said would be $150 a year, but she couldn't tell me what category a writer would be in so I could fill out the tax certificate request form. Their website also doesn't list a category for any creative profession but does mention an exemption for creative people is possible after you get your form. You're supposed to make regular estimated tax payments but there's no schedule listed and frankly I have no idea how I would estimate sales for something so paltry. Then it made me wonder if state and federal taxes also require becoming a business to do this, along with all the requisite tax crap that goes along with it. I was thinking it would just be a 1099 thing where the book sellers report my income, I put it on my usual tax form and away I go.
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Jan 24, 2012 21:02
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Dick Trauma posted:I was thinking about selling short stories on Amazon but here in L.A. the city tax process is kind of a mess. I see that I would have to register as a business even though this is just a side gig that at best might make me $50 in a year. In addition you have to pay a minimum tax that one of their clerks said would be $150 a year, but she couldn't tell me what category a writer would be in so I could fill out the tax certificate request form. Their website also doesn't list a category for any creative profession but does mention an exemption for creative people is possible after you get your form. Where do you see that you would be required to pay a city tax as a business? Where did you get that info?
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Jan 24, 2012 21:05
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entris posted:Where do you see that you would be required to pay a city tax as a business? Where did you get that info? http://finance.lacity.org/content/BusinessTaxInformationFAQ.htm
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Jan 24, 2012 21:08
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Dick Trauma posted:http://finance.lacity.org/content/BusinessTaxInformationFAQ.htm See http://finance.lacity.org/content/SmallBusinessExemptionFAQ.htm and http://finance.lacity.org/content/EntertainmentCreativeTalentFAQ.htm You don't have to pay any business tax, but you will have to register with the city. Hahahaha California has rules for everything, even its cities have municipal codes bigger than some states'. Ridiculous. I will never ever live in California. as for federal taxes: any income you make will be reported on Schedule C of your 1040. It's pretty simple.
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Jan 24, 2012 21:18
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Thanks for plugging this thread, I've been thinking about taxes a lot the last few weeks. Basically, I'm trying to figure out if I have enough knowledge to file my own taxes, or if I should hire a professional. I own my own, very small, business. I have a reseller's permit for California, but haven't had any finished product orders from CA, so I haven't had to charge sales tax to any customers. My real questions lie in personal income tax. I've got all my resources for the Board of Equalization and those don't need to be filed until June so I'm not particularly concerned. Since I'm a seamstress, part of my business is creating finished products that I then sell (sales tax applicable, if in CA), but a large amount of my current work is alterations and giving others sewing lessons. Basically, what is my responsibility for record keeping? I sell out of my own house, but don't really think the single room I use is enough space to justify trying to write off the rent on it. I have kept every receipt for goods I've bought, as well as business assets I've purchased. For payments though, it's less concrete. I've got paypal records for larger purchases, as well as some check copies through my bank account, but a chunk of how I've been paid is being handed $20. Should I be providing them with a receipt, and keeping a copy for myself? I'm probably just paranoid because I hear of how often small businesses are audited, but I just want to see if I'm okay as long as I keep records of my income, or if I need a more detailed sales record. The IRS is probably thrilled that I'm even claiming the income, instead of pretending all cash sales don't exist. The tax issues I'm curious about basically are- I've been doing a work for myself, but it's not really formally a business, so it's income is my income. Since I'm not being given a 1099 or a W2, are the taxes all that complicated, or should I go to a professional? I've always filed my taxes, and am even registered as a volunteer for low-income tax preparation with the IRS, so I've got lots of experience with your basic tax questions. I've just never done self-employed taxes. Any advice? entris posted:Hahahaha California has rules for everything, even its cities have municipal codes bigger than some states'. Ridiculous. I will never ever live in California.
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Jan 24, 2012 21:22
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entris posted:See http://finance.lacity.org/content/SmallBusinessExemptionFAQ.htm and http://finance.lacity.org/content/EntertainmentCreativeTalentFAQ.htm I sent them an email asking about category codes, but there's no info on how to request the creative exemption, or even the new business exemption. Guess I'll just muddle my way through it. I just don't want to be stuck with an instant $150 tax for something that's a tiny side-job.
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Jan 24, 2012 21:29
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Dick Trauma posted:I sent them an email asking about category codes, but there's no info on how to request the creative exemption, or even the new business exemption. Guess I'll just muddle my way through it. I just don't want to be stuck with an instant $150 tax for something that's a tiny side-job. Well I think it's pretty clear that you are exempt from paying the tax, you just have to get a business registration certificate. Here is the list of NAICS codes: http://finance.lacity.org/form/NAICSCODES.pdf My bet is you want 711510 - Independent artists, writers, and performers. Attach a cover letter saying "Dear Office of Finance, enclosed is my business application. I am requesting exemption under LAMC Section 21.29(b) because my business is writing short fanfic stories about furry Harry Potter and his pal, gay Darth Vader." or something to that effect. entris fucked around with this message at 23:47 on Jan 24, 2012 |
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Jan 24, 2012 23:45
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I got a 2011 W-2 in the mail today for a company I haven't worked for since 2010. My wages fields are all zero; the only thing that's not blank is the X in Retirement plan on line 13. Why did I get this? Do I need to enter it in on my 1040?
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Jan 25, 2012 00:48
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entris posted:... because my business is writing short fanfic stories about furry Harry Potter and his pal, gay Darth Vader." How did you know? 
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Jan 25, 2012 00:51
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stubblyhead posted:I got a 2011 W-2 in the mail today for a company I haven't worked for since 2010. My wages fields are all zero; the only thing that's not blank is the X in Retirement plan on line 13. Why did I get this? Do I need to enter it in on my 1040? Enter what? If everything is zeroes there is nothing to enter. I would ignore it.
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Jan 25, 2012 01:15
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Question...my current state of residency is a little...up in the air. I've been living in New Jersey since July. However, my current residence is an extended stay motel, largely because  and the DMV won't let me update my residency to New Jersey because...it's a motel. Do I file my taxes as a new jersey resident, or as a south dakota resident? My license still say south dakota, I have no bills (no, seriously, I don't. Everything is either a deduction from my paycheck through work - like my health insurance or covered through the motel. Cell phone is the same family plan I've been on for the last 6 years, that I give mom $50 a month for to cover my share.) Outside of my rent and grocery reciepts there is nothing to prove that I'm living here. So...where do I file as? The state won't actually let me claim residency so I'm thinking...not new jersey, but on the other hand, I am living here and using things like infrastructure or whatever that comes out of state income taxes.
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Jan 25, 2012 02:59
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AA is for Quitters posted:Question...my current state of residency is a little...up in the air. I've been living in New Jersey since July. However, my current residence is an extended stay motel, largely because You are a part year NJ resident for tax purposes and will owe NJ income taxes on the income you earned in NJ and not on any income you earned before you moved to NJ.
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Jan 25, 2012 03:45
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I closed on a house on December 29. Am I able to deduct anything? The two things that I think I could possibly deduct are daily interest charges I paid at closing and an upfront mortgage insurance premium. All the examples I find online talk about interest/mortgage insurance paid throughout the year, so I'm not sure if paying these at closing counts in the same way. It looks like those would be spelled out on a form 1098, but I don't know if I should be expecting one.
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Jan 25, 2012 05:42
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Choose Deth posted:I closed on a house on December 29. Am I able to deduct anything? The two things that I think I could possibly deduct are daily interest charges I paid at closing and an upfront mortgage insurance premium. All the examples I find online talk about interest/mortgage insurance paid throughout the year, so I'm not sure if paying these at closing counts in the same way. It looks like those would be spelled out on a form 1098, but I don't know if I should be expecting one. You should receive a 1098 detailing any interest, PMI, points, etc. paid before the end of 2011.
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Jan 25, 2012 05:46
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quote:I closed on a house on December 29. Am I able to deduct anything? The two things that I think I could possibly deduct are daily interest charges I paid at closing and an upfront mortgage insurance premium. All the examples I find online talk about interest/mortgage insurance paid throughout the year, so I'm not sure if paying these at closing counts in the same way. It looks like those would be spelled out on a form 1098, but I don't know if I should be expecting one. In addition to what furu said: Check your settlement sheet for real estate taxes you may have paid at closing.
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Jan 25, 2012 05:54
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Dragyn posted:I think I know the answer, but I was hoping maybe the tax gurus here might have some further insight. It actually looks like you can deduct the interest that you paid on the loan even if it was taken out in your parent's names, I was incorrect before when I said that you could not. http://www.irs.gov/faqs/faq/0,,id=199724,00.html
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Jan 25, 2012 06:36
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I'm in a bit of a situation as far as my dependency status. I lived with my parents until August, but then they moved to Nevada, and I have been completely supporting myself since then. In the first three months of the year, I was on Unemployment Insurance, until I got a job in March. During the first eight months of the year that I was living with my mom, I bought most of my own food (or at least half, even if I'm being generous), and paid for school and transportation myself. For this reason, and since I supported myself completely for the last four months, I believe I provided over half of my own support for the whole year. However, I know my parents won't see it this way. I know they will claim me as a dependent on their taxes. So my question is: what will happen if I claim myself independent, but my parents claim me as a dependent? Most of the deductions and credits are worded such that you cannot "be claimed as a dependent by another taxpayer." If I claim independent, and get credits and deductions, will the IRS tell me to give it back once my parents claim me? Or will they tell my parents to give back the money they got for claiming me?
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Jan 25, 2012 07:22
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Cosmopolitan posted:I'm in a bit of a situation as far as my dependency status. I lived with my parents until August, but then they moved to Nevada, and I have been completely supporting myself since then. In the first three months of the year, I was on Unemployment Insurance, until I got a job in March. During the first eight months of the year that I was living with my mom, I bought most of my own food (or at least half, even if I'm being conservative), and paid for school and transportation myself. For this reason, and since I supported myself completely for the last four months, I believe I provided over half of my own support for the whole year. If you've been working since march you have probably made more than $3700 in 2011 and won't qualify as their dependent unless you are 26 or younger and a full time student. In reality though whoever files first will probably get the benefit and it won't be worth the trouble to contest it.
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Jan 25, 2012 07:25
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furushotakeru posted:If you've been working since march you have probably made more than $3700 in 2011 and won't qualify as their dependent unless you are 26 or younger and a full time student. I am 21 and a full-time student, but I've made well over $3700.
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Jan 25, 2012 07:32
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