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kaishek posted:HR Block or TurboTax. Both free, legit, and much easier to use. Turbotax "Free" will still hit you for $31 for efiling the state return.
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Apr 7, 2011 09:12
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I don't see what's stopping you from using Turbotax, efiling free with your federal, and simply printing out and mailing your state return. e: amusingly the state return fee is lower with my paid version of Turbotax e2: alternately, you could use a friend's copy of Turbotax since they're licensed (IIRC) for 5 free federal efiles.
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Apr 7, 2011 21:17
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My friend told me that he paid $300 to H&R Block for a 30-minute tax return session. Is this representative of rates out there? I've always self-prepared personal returns.
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Apr 11, 2011 20:07
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I'm just going to leave this here: http://www.whitehouse.gov/files/taxreceipt/index.htmlAbbiTheDog posted:No. In fact, it's better, because no matter when you make the withholding it's treated as being paid in all year, as opposed to the estimates, which are date-dependant. Love it. I guess there's a really good tax reason for voluntary over-withholding for December holiday bonuses.
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Apr 15, 2011 19:29
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cheese eats mouse posted:I want to make sure I got this right. Tax stuff is way over my head and I hate dealing with it. I usually just take a standard deduction (dependent status since I started filing) and am done with it. Saying you're a W-9 is both uninformative and doesn't make sense. A W-9 is simply a way for whoever is paying you to formally request your SSN/address/etc. If you owed no taxes last year you can get away with withholding nothing and not having to pay a penalty come next April 15. However, this doesn't mean you won't owe anything--it simply means you won't have penalty+interest heaped on because of safe harbor rules.
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May 24, 2011 21:05
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Karthe posted:Am I correct in assuming that the income tax on an additional $30,000 of income would be less than paying off the entire principal + interest? From a tax perspective, is this a bad idea? And if it did look like I made an extra $30,000 this year, would it get me into trouble next year when my taxable income "drops" back down to my regular salary? You will pay more taxes but income tax rates would have to be over 100% in order for you to pay more than $30,000 of direct income taxes. As long as your withholding is correct, I can't anticipate any problems the year afterwards.
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May 25, 2011 18:50
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Karthe posted:Is there a reliable way of calculating how much more in taxes I'll have to pay on that amount? I guess I could just calculate both federal and state income taxes for my regular salary and (regular salary + $30,000), but is there a better way of doing that? You want to take your marginal tax rate at the federal, state, and local (if applicable) level and multiply it by that number. I imagine it will take you a bracket or two up so you can do a weighted average. In addition, you will owe another 6.2% in medicare and 1.45% in social security, assuming that you haven't maxed out on the former because your compensation is already above ~$106k. However, that is just the direct impact. If you take other tax credits and deductions, they may be limited and/or phased out by your higher adjusted gross income. Disclaimer: I am not a tax professional and this is not tax advice your heart will explode etc
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May 25, 2011 20:04
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Cyrezar posted:Modified Decelerated Cost Appreciation System? The Something Awful Forums > Discussion > Ask / Tell > Business, Finance, and Careers > Section 179 Depreciation Station What do you tax-only guys do in November 2011 for work?
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Nov 9, 2011 23:13
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furushotakeru posted:Same stuff I do the rest of the year Oh. For some reason, I imagined you guys working like dogs for 10 months of the year and loving off after October 15.
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Nov 9, 2011 23:17
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TotallyGreen posted:This is a business taxes question, so sorry if it's not right for this thread. per AbbiTheDog, "Education expenses to train for a new profession are not deductible as business expenses." http://forums.somethingawful.com/showthread.php?threadid=3394641&pagenumber=11&perpage=40#post394578792 e: I may be wrong, see Admiral101's rebuttal below. I am not a tax professional! Mandalay fucked around with this message at 23:05 on Nov 21, 2011 |
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Nov 21, 2011 21:01
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furushotakeru posted:Also note that partners in a partnership/LLC/LLP or employees of an S-Corp that own more than 2% of the company cannot receive tax free education benefits. Does this apply to family members of said 2% S-Corp owner/employees?
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Nov 21, 2011 21:05
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AbbiTheDog posted:*grumbles* Takes my notes out of context....grrrrrr.....*grumbles* My bad. Thanks for setting things straight, Admiral101.
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Nov 21, 2011 23:21
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so uh it would be a good idea to file my small biz's 1099-miscs today huh 
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Feb 1, 2012 03:33
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Well, this is the first tax return I've seen that contributes to the Presidential Election Campaign Fund: http://www.forbes.com/sites/kellyphillipserb/2012/04/13/president-obama-and-vice-president-biden-release-2011-tax-returns/
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Apr 14, 2012 03:02
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What do you guys do when a last-minute filer walks in today?
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Apr 17, 2012 17:42
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Chef Bromden posted:I filed an extension for 2010 because I tried to do my taxes myself and I am an idiot. I'd had 0 witholdings, and probably only made 30k between my two jobs (both in NY), but the way I was calculating it it seemed I owed an additional $500. This seemed wrong to me, so I filed an extension, and sent in a check for what I calculated I owed, which I thought was a gross overpayment. I planned on going to a CPA, having them take a look and getting everything straightened out. Never did that, now I got a "CP59" from the IRS saying that I need to file. Is this something a CPA should handle, or should I find a tax attorney? Am I going to face any penalties, even though the government has had the money for 12 months now? You filed an extension for Tax Year 2010 in April 2011 but did not actually put your 1040 return paperwork by October 2011? I'm sure an EA like furushotakeru can help you, so no, you don't need a tax attorney.
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Apr 17, 2012 19:07
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Do Canadians need to file if they're in the US earning US income? I did my gf's US taxes (she's Canadian but lives in Los Angeles) and never bothered to check 
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Apr 26, 2012 23:09
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I am amazed that goons read this thread and decide to forgo furushotakeru's tax prep service in favor of their local H&R Block.
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May 2, 2012 18:41
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In fairness, Turbotax does the same thing with state e-filing and (god forbid) extra states. The actual software package was like $40 "with a free state" but purchasing another state and efiling two state returns is like $100 on top of that $40. e: and since that's paid directly to Intuit through the software program, that's 100% profit for them minus cc processing fees--just like DLC for games, no sharing with retailers!
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May 2, 2012 23:22
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An article with an admittedly sensationalist title about the home mortgage deduction vs education deductions: http://www.forbes.com/sites/kellyphillipserb/2012/05/09/why-does-congress-love-houses-more-than-students/
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May 9, 2012 21:42
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tolerabletariff posted:my parents are pulling at least mid-400's together I don't get it
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Jun 4, 2012 17:06
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AbbiTheDog posted:Hey, those private schools are expensive! And no student aid! I barely have enough to make payments on my BMW and the wife's lexus. You are my hero. e: content time I noticed that there are vast swaths of Enterprise Zones in Los Angeles that provide for, among other things, "Up to $37,440 over a 5-year period per each qualified employee can be claimed by an Enterprise Zone business as a tax credit. An employee can qualify under any one of 13 different categories." http://cdd.lacity.org/bus_statecred.html Do these kinds of schemes typically exclude small two-person LLCs? My gf lives in one of said zones so I wonder if she could start a small architectural consulting biz on the side and claim some credits.
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Jun 5, 2012 18:48
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We have a mutual friend who's been unemployed for a while, and there seems to be no shortage of underemployed recent grads, but I agree with your assessment. Thanks for indulging me! e: though this seems like it would be good for a food truck biz
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Jun 5, 2012 21:12
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entris posted:I think the main problem with these sort of "hiring" credits is that they are really only useful for established businesses. Most new businesses fail in the first year or two, and many businesses take a few years to really get out of the red - so a tax credit, while useful, isn't that valuable because such businesses usually don't have much taxable income to offset. In an ideal world, I'd hope that redevelopment zones encourage residents to start their own mom and pop businesses in some kind of self-bootstrapping action for the blighted region. But I guess that's (1) hard to do and (2) easily exploitable.
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Jun 5, 2012 22:13
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Nah, you're still out of touch if you think grossing 400k is "middle-of-the-road" and "doesn't get you particularly far". And I'm saying that as someone whose high school was the basis of "The O.C." I imagine that Pops has something better to do with his time than use Turbotax. The opportunity cost must be staggering.
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Jun 7, 2012 19:48
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This tax planning article made me roll my eyes once or twice: http://www.forbes.com/sites/kellyphillipserb/2012/06/06/15-ways-to-turn-your-bucket-list-into-a-tax-deduction/quote:5. Win a race (or run a marathon). If you run a race just for fun—and you win—you must report your winnings as “other income” on your federal Form 1040. Luckily, you can also claim related running expenses as “miscellaneous itemized deductions” on your Schedule A. These could include entry fees, running shoes and any other expenses that are directly related to running. Keep in mind that your deductions are limited to the amount of your winnings and you can’t carry excess deductions forward or backward.
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Jun 7, 2012 21:15
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Is it a good idea to ask my income tax preparer to review this "2012-13 UNSECURED PROPERTY TAX" bill I received from the County? Looks like a tax of ~$150 on ~$15k of property (type: BB1 BUSINESS ASSESSMENTS), so I'm not sure whether it's even worth their time to scrutinize because it's a relatively small amount.
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Aug 14, 2012 00:39
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furushotakeru posted:Probably not. At least around here the assessor doesn't share his assessment formulas so I wouldn't know what to look for. Plus, around 1% sounds about right. Yeah, it doesn't quite line up with the Business Property Statement filed earlier this year but I'll just trust the County on this one. Thanks!
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Aug 14, 2012 00:56
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Why the gently caress does efiling extensions cost more than a stamp? Because online has to be easier to process than snail mail..
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Aug 14, 2012 10:09
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Was today a big workday for you guys with the corp extended TY2011 deadline and all?
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Sep 18, 2012 04:39
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If you really want a refund you could mail a check to the IRS (google 1040-ES) and then they will refund back the amount after April 15 2014!
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Apr 17, 2013 00:57
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Are you supposed to indicate anywhere on the 1040 that you're a nonresident alien living in the US on a work visa? I didn't see any check boxes.
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Apr 18, 2013 18:43
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PatMarshall posted:Well, if your living in the US on a work visa you're probably a resident alien, not a nonresident. Here's a useful publication: http://www.irs.gov/taxtopics/tc851.html. If you really are non-resident, you would file 1040NR (but you're probably not). If you have a work visa, you should qualify to get a SSN, just visit your local social security office: http://www.ssa.gov/pubs/EN-05-10096.pdf. I was actually asking on behalf of a friend who has a work visa but not a green card--you know, a TN visa which is not unlike an H-1B. It's sorted but thanks!
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Apr 20, 2013 01:58
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I don't see how that's strange at all. The client paid her and "she counted the income in her taxes." (per your post) The 1099-MISC that the client (should have already) sent her is simply a formal way of telling the IRS what income was there. If you think that people can't get 1099-MISCs, you and her are misinformed. If she already "counted the income in her taxes" what difference does it make when she gets a 1099? On the other hand, you need to report the income you received whether you get a 1099 or not. It's true that the IRS will have a tougher time finding this income without a 1099 from her to you, but I'm just telling you what I believe is lawful. Amending is probably your best course of action and I have trouble believing that any tax program worth its salt won't help you amend. (though Intuit has pushed out some buggy pieces of poo poo in recent years)
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May 3, 2013 22:24
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1099-MISC freelance contractor income is separate from your W-2 income if this is not part of your day job. When I did my taxes this year in Intuit's desktop product, I think it asked me if I made side income during the interview. I don't know what you mean by "she didn't count my portion of the work" because you did say earlier "she counted the income in her taxes." If you mean that she counted only some of the income on her taxes, and specifically excluded the amount she paid you, I imagine that she just needs to increase the amount on her Schedule C and deduct the amount she paid you. If she is freelancing and subcontracting to other people without filing a proper Schedule C, then 
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May 3, 2013 23:04
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PoorUser posted:That really sucks because while they provide most of my support hence their claiming me as a dependent (I live with them, eat their food, etc.) I am paying for my own school and would like that deduction. I suspect that they are saving a lot more money with that deduction than you would if you took it, assuming they make significantly more money than you.
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May 26, 2013 07:11
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As an employer, I didn't know you could even opt out of Social Security and Medicare on the W-4 form. fake edit: ADP definitely does not like this idea 
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Jun 5, 2013 17:53
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Federal and state income taxes are separate from SS and Medicare--are you sure you're not conflating them?
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Jun 5, 2013 18:18
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You'll get your $16 back if you file properly. I've seen ADP bug me to do bonus payments at higher marginal tax rates so maybe this is related (or not).
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Jun 6, 2013 17:47
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