Taxes
- Thread starter Zehnpai
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Blazin
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We talking state or federal taxes? You many avoid penalty if this is the first year you are making estimated payments. I have been paying estimated taxes for many years on self employment income and have gotten away with not following payment dates numerous times. I don't know rules of TX but for Federal each you have to pay 100% or 110% of the prior years tax liability you will not be penalized even if you failed to make your estimated payments. So if you have other withholding and this is the first year you are really going to have additional income that wasn't subject to withholding then as long as your withholding this year matches 100% of your total tax last year then you won't be penalized.
That is why I mention the "first year" because now for 2017 if you end up making the additional tax payment for taxes due you must now pay that amount in 2017 or be penalized.
lastly, in my experience (this is not how it is written but rather in my experience how it plays out) As long as you don't end up owing and make the payment within the tax period you won't end up paying a penalty. You can go ahead and look at the work sheets and see that the penalty sections won't apply unless a payment is due otherwise it's going to simply calculate that owe no additional taxes.
I just made an estimated tax payment today and it's not even near a due date, i ignore the quarters all the time. The issue seems to be is that the IRS doesn't know when during the year you incurred the liability and they WANT you to pay it as it accumulates but they is likely to be no issue unless you keep coming up short.
The issue with the info on the site is likely related to if you set it up as an individual or business. Some self employed people when setting up their eftps account mistakenly register as a business even though their taxes flow to their individual return. (Individual 1040 ES)
tldr if your total withholding is for 2016 is 100-110% (depending on AGI) of last years total you are not going to be penalized. Go ahead and make the entire years payments now.
Hekotat
FoH nuclear response team
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We just pay Federal in Texas, hopefully I'm okay.
I let legalzoom handle it all to make sure I didn't fuck anything up, I'm sure it's something stupid. Hopefully I can get through to them next week. I just wish they would have gave me a packet that said something like "Things you need to know as a new buisness owner.", it would have been more helpful.
I let legalzoom handle it all to make sure I didn't fuck anything up, I'm sure it's something stupid. Hopefully I can get through to them next week. I just wish they would have gave me a packet that said something like "Things you need to know as a new buisness owner.", it would have been more helpful.
Blazin
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You can just pay by check irs site will have the address i believe based on where you live. Check just needs your soc sec #s and 1040-ES 2016 on it. You can fill out a simple 1040-ES form on their site and mail it with that.
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Thread necro because I don't like making new ones.
What options do I have filing for free if I have a relatively simple tax situation? House, student loan debts, car payments, family, that sort of stuff. The method I usually use(cracked TurboTax) no longer seems viable. It seems Intuit has dropped filing state taxes for free(or heavily restricted it?), thus the pirates won't even put in the requisite effort. If paying for TurboTax to then pay for filing state just to square up with the government, then so be it, but I'm hoping there's some other option.
What options do I have filing for free if I have a relatively simple tax situation? House, student loan debts, car payments, family, that sort of stuff. The method I usually use(cracked TurboTax) no longer seems viable. It seems Intuit has dropped filing state taxes for free(or heavily restricted it?), thus the pirates won't even put in the requisite effort. If paying for TurboTax to then pay for filing state just to square up with the government, then so be it, but I'm hoping there's some other option.
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I mean, you can always just fill out your 1040 yourself and e-file it for free, which is always free. If your tax situation is simple it might take you longer to click through the turbotax screens than just doing your return yourself.
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If you don't have a lot of itemized deductions and your income is basically W-2, they can calculate the right amounts anyway and anything you do is trivial. The chances of getting audited with standard deduction and W-2 income is 0.0% ... I'd let it fly.
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Sludig
Silver Baronet of the Realm
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Daidraco
Golden Baronet of the Realm
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A friend of mine was deployed a few months ago and Ive been watching after his rental property. Ive essentially become the land lord/property manager for the people in this apartment complex and take in all the monthly rent through cash app, money orders/checks or just straight cash. Then take 10% out of it and deposit the rest into his account. This week, the communal dryer bit the dust and his cards kept getting declined since he's purchasing from over seas. So he cash apped the money to me and I'll purchase the dryer for the place when it clears. Basic Coin Dryer for 1100 after taxes.
Ive been keeping all the receipts, but Im getting a bit concerned over how taxes are going to treat all of this next year. Any suggestions would be appreciated.
Ive been keeping all the receipts, but Im getting a bit concerned over how taxes are going to treat all of this next year. Any suggestions would be appreciated.
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This is new territory since the cash apps like PayPal, venmo, etc are supposed to send 1099s and it could potentially be income. I'd keep copies of receipts showing that money you took in from cash apps was spent on items your friend is claiming as business expenses. The 10% skim you're taking *is* income for you, though. You probably can't hide that. He will have to 1099 you for that (or eat it, I guess).
From your description, you are mixing your personal credit with his business (floating transactions for him). It might be ok but you'll need good docs. He needs an accountant for his business and you need to be a party to that since youre both managing and mixing in your money. My opinion only. Get a cpa.
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My dumbass state tax board just sent me a letter demanding an additional $9k because they "couldn't verify" the amount of state withholding on my last return. Of course, the amount I claimed is exactly the sum of the reported amount on two W-2's plus a 1099. The number they say they can verify is no discernible combination of anything at all on my return. This is going to put me 6-0 against state and federal tax agencies. Fucking morons.
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Shocking development! After (politely) explaining to the tax board that they were incompetent, a "new investigation" has revealed that my $9k outstanding bill is actually a $300 refund! 6-0, confirmed.
I bet they do this to people because a non-zero percentage don't bother to fight and just pay. Motherfuckers....
I bet they do this to people because a non-zero percentage don't bother to fight and just pay. Motherfuckers....
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TJT
Mr. Poopybutthole
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This year my etrade account became subject to a backup tax withholding thing on dividends.
I did not receive any notice or anything about this so I am unclear the cause of it. I don't have super complicated returns and just do it all on turbo tax every year with the documents they provide. I am guessing I missed a box or some shit?
I did not receive any notice or anything about this so I am unclear the cause of it. I don't have super complicated returns and just do it all on turbo tax every year with the documents they provide. I am guessing I missed a box or some shit?
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You can call the IRS and ask why, they usually do that because you failed to report some income that they were reported. From what you're saying it's not intentional on your part, but thats how it happens. They can also be wrong so if you call and get them to explain it maybe you can resolve it.