Taxes / Tax return questions
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Ameraves
New title pending...
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Not a question just a complaint. I finished all our taxes on February 1st and was ready to e-file them. However, and this happened last year too, the IRS has my wife's information incorrect in their system. So when I attempt to file it online it gets rejected almost immediately because the information I am submitting for my wife and what the IRS have on file doesn't match. So my wife goes down to the Social Security office to try and figure out what the problem is. It turns out after we got married and she changed her name, they keyed in her birthday wrong. She spends a couple hours there just getting that fixed, and they say it is all updated.
Been trying for the last few days to submit and it is still being rejected. We can file through the mail and it goes through with no problems, but I would prefer to e-file and get my return direct deposited. For the first time I can recall in my adult life that I have my taxes done early, and I can't get them submitted. Oh well, just felt like bitching!
Been trying for the last few days to submit and it is still being rejected. We can file through the mail and it goes through with no problems, but I would prefer to e-file and get my return direct deposited. For the first time I can recall in my adult life that I have my taxes done early, and I can't get them submitted. Oh well, just felt like bitching!
Falstaff
Ahn'Qiraj Raider
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I have a problem like that every year filing my state return in Illinois. Illinois requires you to get a unique PIN (other states may do this too, I have no idea) by providing your SSN and one of four other identifiers. For some reason they always ask for my wife's and not mine, and the website is either always down or they have no record of any of my wife's information so I always have to call and do it. Just a stupid inconvenience but it sums up the incompetence of Illinois.
Taxes were easy to do this year but I'm with OneofOne... this is probably the last year I bother paying some company to file my state return when its easy to do it on my own for free.
Taxes were easy to do this year but I'm with OneofOne... this is probably the last year I bother paying some company to file my state return when its easy to do it on my own for free.
Noodleface
A Mod Real Quick
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Dumb question most likely. I don't have anything crazy going on, so I always turbotax myself (get a W-2, some student loan interest crap, health insurance forms because I live in MA). I leased a car on December 30th, do leased cars get added anywhere in or will I be ok?
McCheese
SW: Sean, CW: Crone, GW: Wizardhawk
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Random tax question:
Is it normal to get a refund from government but owe money to state? For the last few years this has happened to me and I'm wondering if maybe I incorrectly filled out one of my state tax forms so I'm not getting as much withheld as I should.
Is it normal to get a refund from government but owe money to state? For the last few years this has happened to me and I'm wondering if maybe I incorrectly filled out one of my state tax forms so I'm not getting as much withheld as I should.
Cutlery
Kill All the White People
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Depends on the state. MN has retardedly high state taxes, there were a few years we paid the state with the federal refund.
OneofOne
Silver Baronet of the Realm
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Unless you own a business, or are claiming it as an employee expense, it has nothing to do with anything.
Noodleface
A Mod Real Quick
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This happens to me every year because my state eliminated most of the deductions that I itemize on my federal return. Mortgage interest deduction, primarily.
Springbok
Karen
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Just got an e-mail from accountant stating my return was being delayed due to a "form 4562 depreciation deduction".... My accountant is a giant piece of over charging shit so I just replied "let me know when it goes through"... but is this something to cause concern? I owe the tax man around $80k this year, but have written a TON of shit down and can't really afford to get audited. Cheers.
McCheese
SW: Sean, CW: Crone, GW: Wizardhawk
- 6,920
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I've got pretty basic taxes (W2 and education credit, I'm getting a refund) and I was also notified that mine will have delayed processing. Apparently if you have any of:
Form 8863: Education Credits (American Opportunity and Lifetime Learning credits)
Form 4562: Depreciation and Amortization
Form 8396: Mortgage Interest Credit
Form 8582: Passive Activity Loss Limitations
They won't start processing your return till mid February at the earliest. So nothing to worry about. It seems to be a standard, across-the-board thing.
Springbok
Karen
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Ya, cheers for this. Was talking with my business partner about it this morning - seems to affect everyones returns, not just small businesses... Was a littttttle sketched out last night though!
So I'm new to small business taxes. I've got some questions.
What are some deductions I should be aware of?
Right now I'm doing mileage deduction. But when you can't deduct for commuting to and from work. It seems like it won't have that large of an impact. I've been saving all receipts from building my store etc. What's the best way to use those? I've heard about submitting it all and carrying over a debt etc?
When it comes to livestock, are deaths a write off? Of all the fish stores I know, none of them besides petco/petsmart keep track of deaths. I'm assuming I need to find a tax accountant that deals with farms etc that'll be able to help me with livestock deaths?
How do I find a good tax accountant? I've tried asking my insurance agents, other businesses I know etc. None of them seems to be thrilled they have the best tax accountant. They all say they do their job...
What are some deductions I should be aware of?
Right now I'm doing mileage deduction. But when you can't deduct for commuting to and from work. It seems like it won't have that large of an impact. I've been saving all receipts from building my store etc. What's the best way to use those? I've heard about submitting it all and carrying over a debt etc?
When it comes to livestock, are deaths a write off? Of all the fish stores I know, none of them besides petco/petsmart keep track of deaths. I'm assuming I need to find a tax accountant that deals with farms etc that'll be able to help me with livestock deaths?
How do I find a good tax accountant? I've tried asking my insurance agents, other businesses I know etc. None of them seems to be thrilled they have the best tax accountant. They all say they do their job...
Okey, did them today with an accountant around here with great yelp reviews (120 reviews with almost 5 stars). I couldn't e-file IRS but I was able to file California.
All good I'm getting almost 6k back. So I guess I should change my W-4?
All good I'm getting almost 6k back. So I guess I should change my W-4?
You can't. Non-resident aliens are limited to 1 deduction on federal tax withholdings no matter what.
Cutlery
Kill All the White People
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The government thanks you for it's interest free 6k loan over the course of the last year however.You can't. Non-resident aliens are limited to 1 deduction on federal tax withholdings no matter what.
Springbok
Karen
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I've never found one - gone through 3 seperate ones (2 specifically for Oil & Gas) in 2 years. Accountants are fucking imbeciles (for the most part!). For me, I've written down practically EVERYTHING I've spent money on this year "for work". Cell phone bills, cable bills, that new Eames chair? Ya its for work. New desktop? Sure, I work on it. New phone? Work. Gas? Mileage? Lunches? Dinners? Hotel rooms in Austin for a Bachelor Party? Business. Etc. I tried to get away with everything I could (and everything my idiot accountant said I could). Its been accepted - but can still be audited at any time I think. I've been told that 1st year small businesses have a higher chance at being audited, but I'm not sure how true that is. I've never been - knock on wood.
For a business track all your expenses. you use your car for work and nonwork, figure your work milage etc. bought a new computer for work, business expense, bought a desk, paper, pens, etc track it all
for me, i use turbo tax, since i use it every year, it takes ~30 minutes to enter the new data and file. install new version, fire it up, import last years taxes edit w-2's, edit interest, mortgage, realestate taxes that i have already on record, just fill in the new $ amount. click review, go back since it rounds everything to nearest dollar and my daycare costs were split in half -since it was an even dollar amount split i put it all in as 1377.5 and it errored on the rounding so i had to make one of the kids 1377 and the other 1378 to make it balance out, click state, edit in the state information not asked for federal (health insurance mostly) click review, click file on both, done.
i Live in MA, i did my taxes Feb 1 and filed around midnight that evening while working on it while playing WoW (did work while on flight paths-was leveling my panda monk and he could not fly at the time). married 3 kids, childcare costs mortgage etc-normal deductions- nothing outrageous.
state accepted the return monday the 4th the refund was direct deposited to my account the 6th
federal accepted the return saturday the 2nd refund was direct deposted to my account feb 11th
last year state took the same amount but the federal took 3 weeks
for me, i use turbo tax, since i use it every year, it takes ~30 minutes to enter the new data and file. install new version, fire it up, import last years taxes edit w-2's, edit interest, mortgage, realestate taxes that i have already on record, just fill in the new $ amount. click review, go back since it rounds everything to nearest dollar and my daycare costs were split in half -since it was an even dollar amount split i put it all in as 1377.5 and it errored on the rounding so i had to make one of the kids 1377 and the other 1378 to make it balance out, click state, edit in the state information not asked for federal (health insurance mostly) click review, click file on both, done.
i Live in MA, i did my taxes Feb 1 and filed around midnight that evening while working on it while playing WoW (did work while on flight paths-was leveling my panda monk and he could not fly at the time). married 3 kids, childcare costs mortgage etc-normal deductions- nothing outrageous.
state accepted the return monday the 4th the refund was direct deposited to my account the 6th
federal accepted the return saturday the 2nd refund was direct deposted to my account feb 11th
last year state took the same amount but the federal took 3 weeks
OneofOne
Silver Baronet of the Realm
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That about sums it up. I'm (still) trying to pound this into my wife's head, as she has a side business but keeps horrible records at times. Every single penny you pay out in service of your business - keep the receipt and log the transaction somewhere. Hell even just making an ultra basic spreadsheet that is nothing more than "2/14/13 $53.32 printer paper" is more than most small business (I see) do. Don't be one of those guys with $100k in sales, that walks in with a lined sheet of paper that says:
Material $x
Sub-contractors $y
Gas $z
Tools $v
Really? What did you pay for your business license, your contractor's license, your website, your billing materials, your bridge tolls, your cell phone, and on and on and on. And yes, this really does happen.
I'll probably keep saying this until I'm blue in the face, but, accountants? They are not tax professionals by default. Taxes cover a tiny fraction of what they are required to know. Go see an Enrolled Agent, who is required to know nothing BUT taxes. The two aren't mutually exclusive (heck I know a CPA/EA/Tax Attorney - but you pay for all those titles haha) but they aren't the same thing. Ask other businesses around you who they use. Then call up and say you'd like to make an appointment with their EA. "We don't have one" just means go to the next name on your list.
re: turbo tax and the rest
It's a tool you can use when you know what you are doing and have no questions or are super awesome with Google. If this isn't you, well, thanks for keeping us in business during the off season!