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AbbiTheDog posted:*snickers* Eh, Paladine_PSoT may be able to claim a First Time Abate on the related penalties (since you don't need to demonstrate reasonable cause, just request it), but the interest is statutory and cannot be eliminated (only in a rare IRS screw up situation are they allowed to waive the interest).
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Dec 30, 2014 02:50
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Paladine_PSoT posted:Do I have any right to get interest/penalties removed because I was never notified of the adjustment? Same exact thing happened to me except with state government. I immediately paid the original amount and appealed the $400 in fees and penalties. Two years later, I won my appeal!
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Dec 30, 2014 04:36
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Paladine_PSoT posted:I just got a letter from the IRS via certified mail that says "Call immediately to prevent property loss" "Final notice of intent to levy and notice of your right to a hearing". It claims I owe ~800 from my 2011 taxes (from which I got a refund of roughly 1700). I called the number and listened to the detailed explaination and they mentioned that the last thing to happen to my 2011 taxes was an adjustment in march of 2013 of ~300. I never received any notice of this adjustment until this "final notice". Your taxes were probably adjusted because someone reported income to the IRS that wasn't on your return. You can get transcripts from the IRS website for 2011 to see what it was.
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Dec 30, 2014 04:56
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Paladine_PSoT posted:I just got a letter from the IRS via certified mail that says "Call immediately to prevent property loss" "Final notice of intent to levy and notice of your right to a hearing". It claims I owe ~800 from my 2011 taxes (from which I got a refund of roughly 1700). I called the number and listened to the detailed explaination and they mentioned that the last thing to happen to my 2011 taxes was an adjustment in march of 2013 of ~300. I never received any notice of this adjustment until this "final notice".
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Dec 30, 2014 06:25
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ThirdPartyView posted:Eh, Paladine_PSoT may be able to claim a First Time Abate on the related penalties (since you don't need to demonstrate reasonable cause, just request it), but the interest is statutory and cannot be eliminated (only in a rare IRS screw up situation are they allowed to waive the interest). True. But I hate to see the "one and done" abatement done on something small. Not to mention how much is his time worth to chase it down?
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Dec 30, 2014 18:35
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Anyone have any recommendations for alternatives to turbotax? It seems they're going to try and charge me ~$80 this year versus the $15 I paid last year using the app. I've got fairly straightforward circumstances (I don't own anything or have dependents, the most complicated things I've done are cash in stock options and go to school) so its not really a complex return
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Dec 30, 2014 21:00
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This makes me happy: http://www.irs.gov/uac/Newsroom/Tax-Season-Opens-As-Planned-Following-Extenders-Legislation-2014 I was afraid filing season would be delayed again.
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Dec 30, 2014 21:13
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Tomahawk posted:Anyone have any recommendations for alternatives to turbotax? It seems they're going to try and charge me ~$80 this year versus the $15 I paid last year using the app. Go to your local library, get the paperwork, sit down and fill it out for free by hand?
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Dec 30, 2014 22:49
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Tomahawk posted:Anyone have any recommendations for alternatives to turbotax? It seems they're going to try and charge me ~$80 this year versus the $15 I paid last year using the app. I suggest google. http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free
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Dec 31, 2014 00:33
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Admiral101 posted:I suggest google. I'm already aware of what services exist and how search engines work, thanks. I'm asking for recommendations based on personal experiences. Tomahawk fucked around with this message at 02:44 on Dec 31, 2014 |
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Dec 31, 2014 02:37
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Tomahawk posted:I'm already aware of what services exist and how search engines work, thanks. I'm asking for recommendations based on personal experiences. Are you implying that the free tax return services that are recommended by the IRS are going to be somehow inferior to turbotax or any equivalent widely available consumer software? You're not deciding between car manufacturers or computer hardware brands. You're asking how you can cheaply file your simple tax return. The link I provided is exactly what you want and need.
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Dec 31, 2014 04:27
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Admiral101 posted:Are you implying that the free tax return services that are recommended by the IRS are going to be somehow inferior to turbotax or any equivalent widely available consumer software? As someone who does taxes for a living, it cracks me up when people complain about having to pay money for software that some company had to pay money to develop, test, and ensure is correct with the maze that is our tax system.
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Dec 31, 2014 17:52
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edit n/m I think I figured it out
Josh Lyman fucked around with this message at 18:28 on Dec 31, 2014 |
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Dec 31, 2014 18:23
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sullat posted:Your taxes were probably adjusted because someone reported income to the IRS that wasn't on your return. You can get transcripts from the IRS website for 2011 to see what it was. It's just listed as a code 290, no other information on the transcript.
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Dec 31, 2014 19:31
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AbbiTheDog posted:As someone who does taxes for a living, it cracks me up when people complain about having to pay money for software that some company had to pay money to develop, test, and ensure is correct with the maze that is our tax system. When did I complain about having to pay? I'm looking for a cheaper alternative to a service that has more than quadrupled in cost since I used it last year.
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Dec 31, 2014 21:03
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Paladine_PSoT posted:It's just listed as a code 290, no other information on the transcript. Contact them on Monday for clarification of that code.
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Dec 31, 2014 23:50
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Tomahawk posted:When did I complain about having to pay? I'm looking for a cheaper alternative to a service that has more than quadrupled in cost since I used it last year. You should check with your bank/broker/other financial institution. Through Vanguard (for example), the most expensive version of TT is $55.
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Jan 1, 2015 11:05
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Tomahawk posted:When did I complain about having to pay? I'm looking for a cheaper alternative to a service that has more than quadrupled in cost since I used it last year. I use TaxAct, it costs like $20, not too bad.
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Jan 2, 2015 03:12
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Turbo tax costs more money based on what you need. If you just have a W-2 and no deductions you can get by with the standard or free version. Once you start adding in itemized deductions, stock sales, rental property, etc TT adds on an additional cost for each additional product you need. You probably paid $15 last year because it was free + $15 for your state return. Now you sold stocks and made too much money so you have to pay for the "I make too much and sold stocks edition". If you have a simple return free fillable forms is pretty cool.
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Jan 5, 2015 19:40
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mcpringles posted:You probably paid $15 last year because it was free + $15 for your state return. Now you sold stocks and made too much money so you have to pay for the "I make too much and sold stocks edition". From what I've seen, people are pissed because either this year or last year they moved all schedule D support into a higher tier version. So someone who has used TurboTax Deluxe for 10 years all of a sudden has to buy Premier, even though they have basically the same tax filing.
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Jan 5, 2015 21:02
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TaxSlayer is good, I switched to it last year and found it preferable to TurboTax Free.
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Jan 6, 2015 00:20
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What's the best software to use for filing for a trust? My family recently setup a trust for which I am trustee, so I need to do the taxes for the trust, and myself? I'm guessing Turbo Tax Home and Business is the best bet?
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Jan 6, 2015 02:54
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lord1234 posted:What's the best software to use for filing for a trust? My family recently setup a trust for which I am trustee, so I need to do the taxes for the trust, and myself? I'm guessing Turbo Tax Home and Business is the best bet? What sort of trust? What are the trust agreement rules with regards to allocation of income for purposes of calculating Distributable Net Income? Simple or Complex trust? Depending on the complexity of the trust, you may need to farm out the preparation work to a CPA or EA with professional tax software (which is a deductible expense for the trust).
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Jan 6, 2015 03:53
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ThirdPartyView posted:What sort of trust? What are the trust agreement rules with regards to allocation of income for purposes of calculating Distributable Net Income? Simple or Complex trust? Depending on the complexity of the trust, you may need to farm out the preparation work to a CPA or EA with professional tax software (which is a deductible expense for the trust). Since I don't know the answer to any of these, I think I will just farm it our irregardless. The trust can pay for it so, it's not that big a deal right? This year was the formative year, so I figure will be the most complex...Next year will be more complex
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Jan 6, 2015 04:35
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lord1234 posted:Since I don't know the answer to any of these, I think I will just farm it our irregardless. The trust can pay for it so, it's not that big a deal right? This year was the formative year, so I figure will be the most complex...Next year will be more complex Make sure you notify the beneficiaries of the trust that they can't file their personal returns until the trust Form 1041 (and subsequent K-1 forms) are done. Note that you, as trustee, need to get your butt in gear and make sure the return gets done so you don't have a bunch of pissed of people emailing you. Also note some trusts have rules about getting checks cut and distributed before 65 days after the end of the year (early March) so get moving!
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Jan 6, 2015 17:51
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lord1234 posted:Since I don't know the answer to any of these, I think I will just farm it our irregardless. The trust can pay for it so, it's not that big a deal right? This year was the formative year, so I figure will be the most complex...Next year will be more complex Sounds like my kind of client! 
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Jan 6, 2015 21:39
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correction, less complex
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Jan 7, 2015 03:11
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There's a guy in A/T who claims to be a professional thief, stealing less than $1,000 a time from big box stores. I'm curious about the tax implications of this but am probably not knowledgeable enough to ask the questions to figure out how well he's covering his rear end w/r/t the IRS. Maybe a couple tax smarties are curious and want to move the conversation forward over there? Here's been the discussion so far: pig slut lisa posted:What kind of federal tax return(s) do you file each year? TheresNoThyme posted:You mention saving money and paying taxes. Do you have an actual plan for how to declare + save your fencing income or are you just winging it by declaring it as like gifts or something that you hope the IRS won't care about? LeoMarr posted:1. I claim 40k a year taxable income as capital gain. pig slut lisa posted:Wait so you fill out a 1040 and the only income you report is on line 13? Do you fill out a Schedule D with that?
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Jan 7, 2015 14:36
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pig slut lisa posted:There's a guy in A/T who claims to be a professional thief, stealing less than $1,000 a time from big box stores. I'm curious about the tax implications of this but am probably not knowledgeable enough to ask the questions to figure out how well he's covering his rear end w/r/t the IRS. Maybe a couple tax smarties are curious and want to move the conversation forward over there? It's not capital gains, it would be self-employment income (since he's in the trade or business of selling stolen goods). He could fill out a schedule C or just drop it in as "other income" on the front of his 1040 and charge himself self-employment taxes. The tax law is clear, he would need to pickup the income from the sale of this, but some of his expenses might be disallowed. He could claim things like auto miles, cell phones, office in home, etc. if he would like.
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Jan 7, 2015 17:35
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Thought this might be the right place to post this. I have been working at my company for the past 2 years. I am wondering if this is normal or not, since I never noticed before. Should be employee contributed health care premiums be pre or post tax? Currently they are taxed, and this could have large implications on taxable income.
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Jan 8, 2015 02:41
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DholmbladRU posted:Thought this might be the right place to post this. I have been working at my company for the past 2 years. I am wondering if this is normal or not, since I never noticed before. Should be employee contributed health care premiums be pre or post tax? Currently they are taxed, and this could have large implications on taxable income. They are only pre tax if your employer has a section 125 plan for the business. The costs are usually more than made up for in saved payroll taxes so it's rare that a business with more than a couple employees doesn't have one though.
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Jan 8, 2015 05:29
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furushotakeru posted:They are only pre tax if your employer has a section 125 plan for the business. The costs are usually more than made up for in saved payroll taxes so it's rare that a business with more than a couple employees doesn't have one though. So if my employee contributed premiums are taxed, can this be deducted? I ask because this year I had a good deal of other medical expenses, so if there is a threshold it may have pushed me over it.
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Jan 8, 2015 15:58
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I made a couple thousand bucks selling stuff on eBay this year. Less than $12k, though, and most of it's still sitting in my PayPal balance. Do I have to declare that income? If so, does that mean I get to deduct everything I spent on shipping costs and buying envelopes and boxes and poo poo like that?
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Jan 8, 2015 21:47
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DholmbladRU posted:So if my employee contributed premiums are taxed, can this be deducted? I ask because this year I had a good deal of other medical expenses, so if there is a threshold it may have pushed me over it. Yes, premiums paid with after tax money are included as medical expenses on schedule A
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Jan 8, 2015 23:07
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CapnAndy posted:I made a couple thousand bucks selling stuff on eBay this year. Less than $12k, though, and most of it's still sitting in my PayPal balance. Do I have to declare that income? If so, does that mean I get to deduct everything I spent on shipping costs and buying envelopes and boxes and poo poo like that? Sounds like enough volume to be reportable as business income to me, in which case yes you would deduct your operating expenses including merchandise, shipping, eBay and PayPal fees, etc.
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Jan 8, 2015 23:10
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furushotakeru posted:Sounds like enough volume to be reportable as business income to me, in which case yes you would deduct your operating expenses including merchandise, shipping, eBay and PayPal fees, etc. You also need to know the cost of goods sold for the stuff sold.
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Jan 9, 2015 01:55
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furushotakeru posted:Yes, premiums paid with after tax money are included as medical expenses on schedule A Dang I need to have paid 10% of my income in medical expenses in order to be able to deduct. Thats a ton..
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Jan 9, 2015 03:23
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DholmbladRU posted:Dang I need to have paid 10% of my income in medical expenses in order to be able to deduct. Thats a ton.. Not only do you have to meet that threshold to deduct at all, you can also only deduct the PORTION of the expenses that is over the 10% 
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Jan 9, 2015 12:56
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flowinprose posted:Not only do you have to meet that threshold to deduct at all, you can also only deduct the PORTION of the expenses that is over the 10% And it (plus your other deductible expenses) has to be over the standard deduction as well. Seems like they really don't want people deducting medical expenses any more.
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Jan 9, 2015 14:57
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Droo posted:From what I've seen, people are pissed because either this year or last year they moved all schedule D support into a higher tier version. So someone who has used TurboTax Deluxe for 10 years all of a sudden has to buy Premier, even though they have basically the same tax filing. Along those lines, have the number of CP2000 notices for capital gains gone down now? It used to be that if you forgot to include a stock sale, they would assume the purchase price was $0 and the sales price was 100% gain, which tended to create ludicrous tax liabilities. Now they know the purchase price, so they don't need to go after people with a net loss or where the fund price is fixed.
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Jan 9, 2015 17:14
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