posted
I was trying to file for an extension online tonight and I couldn't find a way. Last year I just called in for federal and did something online for state but this year I can't seem to find a way to do either.
Any ideas? I suppose I will have to mail the actual forms?
Posts: 6246 | Registered: Aug 2004
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posted
Seems to me that the online program I used, at the very end after filling it out had an option of attaching the "extension" form 4868. But I don't think there is a way to file form 4868 just on the IRS.gov site online
Posts: 9538 | Registered: Aug 2003
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Apparently the option I used last year, of filing a 4868 by phone, is discontinued this year. It seems that it's included in the other efiling options. So I tried TurboTax and it bombed out a couple of times. I tried going at it from other directions and got a bit further before it bombed out. I tried one of the others and it didn't seem to have an option for filing a 4868. It was taking me step by step through the entire 1040. TurboTax online a third time got me through the process finally, and then they said "okay print this out and mail it in". So I give up! I guess I could have saved a lot of time by just printing the pdf form out and mailing it to begin with, but I kept thinking they wouldn't take a step backwards like that, and make it slower and more difficult than it was last year. I forgot it is the IRS we are talking about. Posts: 6246 | Registered: Aug 2004
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posted
I put them in the mailbox at the post office before the last pickup time that they posted on the mailbox. I hope that did the trick. If not then I guess they were late.
Posts: 6246 | Registered: Aug 2004
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posted
Okay, I have one. Not applicable this year, but I'd like to know NOW so I won't have to worry till next year.
If a person is self-employed, are they supposed to get an employer ID number? I noticed (at least on the form I used) there are two places to fill out "other income" besides your regular job, a form with an employer ID number, or another area where it says NOT to put income from self-employment there. So where DO you put information on money you made, for instance, selling things online or elsewhere?
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You only have to have an employer ID number if you are a corporation or employ other people. An individual running a business in "sole-proprietor" mode can still file their business earnings under their own social security number, using a Schedule C, Schedule SE, etc. You are supposed to pay 4 times a year the estimated amount you owe, but if you have another regular job it's easier just to get them to withhold a bit more than they otherwise would.
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posted
Well, that's scary. You can't just pay once a year? Especially when the income is uneven (such as from online sales) and you have no idea how much you'll make, if anything?
Posts: 91 | Registered: Feb 2006
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You can just pay once a year (provided your income isn't too large), but you effectively pay a penalty for doing so.
Posts: 15770 | Registered: Dec 2001
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Depends on how much they make, doesn't it fugu?
I mean - I used to pay self-employement tax once a year (about $500) at tax time when I did a little free-lance writing on the side. Because I didn't make enough to do the quarterly reporting..
but that's been a few years ago.
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posted
You are supposed to pay estimated taxes quarterly if you're self-employed. However, if you are having enough witheld from your regular job, don't worry about it.
If, though, you find you owe they can exert a penalty for you not filing quarterly. I don't know the limit, I'm sure Boon can tell you or you can brave the IRS website trying to figure it out.
As Tatiana said, you can simply file a Schedule C if you're a sole proprietor. The Employer ID number is only needed if you have employees. For a sole proprietor, the SSN substitutes for the EIN.
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Boon
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quote: If you had a tax liability for 2005, you may have to pay estimated tax for 2006.
General Rule You must pay estimated tax for 2006 if both of the following apply.
You expect to owe at least $1,000 in tax for 2006, after subtracting your withholding and credits.
You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your 2006 tax return, or
100% of the tax shown on your 2005 tax return. Your 2005 tax return must cover all 12 months.
posted
I'm bumping this for you, Boon -- but you probably need to change the title...
My question: My daughter began receiving monthly S.S. benefits last year (because her dad, my ex, went on disability). In addition, she made a little money through work (less than $2000 for the whole year, I'm sure.)
Does she need to file her own tax return? I claim her on mine as a dependent because she is 17.
posted
Thanks for bumping this, and I'll change the title in a minute.
No, she does not need to file, and you do not claim her income on your return. However, if she paid in anything she will want to file a 1040EZ to get her money back.
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May of 2005 my wife (fiance at the time) and I purchased a house. The loan at the time was just in my name. We were not married that year so I was able to take the entire itemized deduction of the interest, and she took her standard deduction. We married in 2006, and from my understanding we now lose her standard deduction. Is this accurate?
Posts: 3134 | Registered: Mar 2005
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quote:Originally posted by Synesthesia: Is there a way to get more of my federal money back? I NEED it. I have big plans!
This year claim 7 exemptions at your job. That will allow you to keep the most you can. Then leave the country at the end of the year and don't come back.
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Boon
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quote:Originally posted by Stephan: May of 2005 my wife (fiance at the time) and I purchased a house. The loan at the time was just in my name. We were not married that year so I was able to take the entire itemized deduction of the interest, and she took her standard deduction. We married in 2006, and from my understanding we now lose her standard deduction. Is this accurate?
You, as a legally married couple, have a choice. You can either file MFJ (Married Filing Joint) or MFS (Married Filing Separate).
If you file MFJ, you'll combine your income and exemptions on one 1040, and either take the standard deduction for MFJ ($10,300 for 2006) or itemize your deductions.
If you file MFS, you'll each keep your own income and exemptions separate on two 1040s, and you can either BOTH take the standard deduction ($5,150 for MFS, same as Single, in 2006) or BOTH itemize.
quote: If you and your spouse file separate returns and one of you itemizes deductions, the other spouse will have a standard deduction of zero. Therefore, the other spouse should also itemize deductions.
You may be able to claim itemized deductions on a separate return for certain expenses that you paid separately or jointly with your spouse. Deductible expenses that are paid out of separate funds, such as medical expenses, are deductible by the spouse who pays them. If these expenses are paid from community funds, the deduction may depend on whether or not you live in a community property state. In a community property state, the deduction is, generally, divided equally between you and your spouse. For more information refer to Publication 504, Divorced or Separated Individuals; and Publication 555, Community Property.
There are other dedutions you can't take if you file MFS though, and it's almost always better to file MFS.
So, technically, yes, you're correct. But on the other hand, the standard deduction for MFJ is double that of the single rate, so...
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Boon
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quote:Originally posted by Synesthesia: Is there a way to get more of my federal money back? I NEED it. I have big plans!
You know I'd love to help you, Syn, but without your numbers there's not much I can tell you, other than this: probably not, unless something has changed from last year. If you don't have your W-2 available yet, can you take a look at the last pay stubs you have for 2006 from any job(s) you had? You can estimate how much your refund will be from those, though you can't file until you actually have the forms.
If you'd like help with the estimating, or anything else, feel free to email me, or call if you still have my number.
quote:Originally posted by Synesthesia: Is there a way to get more of my federal money back? I NEED it. I have big plans!
This year claim 7 exemptions at your job. That will allow you to keep the most you can. Then leave the country at the end of the year and don't come back.
Is that one of those love it or leave it remarks?
I am a bit too shy to call, but I'm still concerned about how to get more money in my pocket. I also wish I was married and had a house NOW.
Posts: 9942 | Registered: Mar 2003
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posted
I just got married this December, and my husband and I will be filling jointly for immigration purposes (we need to convince INS it's not a green-card marriage, and this is one step). He's an Indian citizen, I'm a US citizen. I imagine my part of the taxes will be pretty simple, since I'm still a student and have only earned about five thousand dollars this year. However, he's an independent contractor to an IT company, and there's the whole not-a-citizen thing, so I have a feeling his will be rather complicated.
Should we try to do it ourselves, or go to a company to do it? We can't have any mistakes, since INS will be looking it over.
Posts: 2409 | Registered: Sep 2003
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Boon
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quote:Originally posted by Synesthesia: . . . I am a bit too shy to call, but I'm still concerned about how to get more money in my pocket. I also wish I was married and had a house NOW.
That's okay. If you'd rather email or chat, I can do that too. Let me know.
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Boon
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quote:Originally posted by Jhai: I just got married this December, and my husband and I will be filling jointly for immigration purposes (we need to convince INS it's not a green-card marriage, and this is one step). He's an Indian citizen, I'm a US citizen. I imagine my part of the taxes will be pretty simple, since I'm still a student and have only earned about five thousand dollars this year. However, he's an independent contractor to an IT company, and there's the whole not-a-citizen thing, so I have a feeling his will be rather complicated.
Should we try to do it ourselves, or go to a company to do it? We can't have any mistakes, since INS will be looking it over.
It really depends on what you feel the most comfortable with. The independent contractor thing is a much bigger issue than the not-a-citizen thing.
In general, tax prep companies employ warm bodies. Very few of the people are knowledgable about anything other than your basic, EIC, standard deduction, W-2's, low- to middle-income family return. Some are very knowledgable, some are accountants, and some are just there to pay off some holiday credit cards. It's really a crapshoot.
If I were you, I'd either try to do them myself (I'll be happy to help you) or take them to a CPA. Nothing against the tax prep companies for regular returns, but they probably won't be any better than just doing it yourself. Otherwise, you're taking a chance on getting someone who *says* they know what they're doing, but may not.
One question, does he have an ITIN? He'll need one to file, so if he doesn't already have one, he'll need to get one ASAP.
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I had a friend, a fine arts student (nice guy, but could barely add), who got a job working for H & R Block during tax time. He received a couple of hours training before he was set to work preparing tax returns. Lovely.
Personally, I would never bother with a company like H & R Block. You could do as good a job or better yourself most likely.
Are requirements for tax prep companies any higher in the US than Canada?
At any rate, this is basically just to confirm that when Boon says it's a crapshoot as far as getting anyone who actually knows anything, she's telling The Truth.
Posts: 8355 | Registered: Apr 2003
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Boon
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quote:Originally posted by quidscribis: I had a friend, a fine arts student (nice guy, but could barely add), who got a job working for H & R Block during tax time. He received a couple of hours training before he was set to work preparing tax returns. Lovely.
Personally, I would never bother with a company like H & R Block. You could do as good a job or better yourself most likely.
Are requirements for tax prep companies any higher in the US than Canada?
At any rate, this is basically just to confirm that when Boon says it's a crapshoot as far as getting anyone who actually knows anything, she's telling The Truth.
That happens a lot. When I was an office manager for one of the national companies, we had some employees who took the class (6 weeks, twice a week, for 2 hours) offered by the company. They passed the class, but still couldn't answer basic questions about anything.
We also had a couple of employees that I hired in late January. I hired them because I put them in front of the computer and they finished the same course in 2 days and then could answer any question I asked them about the material. They got a lot more hours than the ones who'd taken the class, even though I was being pushed by management to work the others more. Guess I'm just stubborn, but I wanted people I could trust not to screw up simple returns in the office while I was gone. Sue me.
No, there are no laws regarding training tax prep employees, as long as they don't try to say they are accountants. They're not.
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Mack! I know. I'll sign on just for you in a little while. Right now I'm on the crappy computer so I can lay on the heating pad. Lower back ouch.
Call the IRS. They'll tell you the status of last year's return at no cost. You'll need both SSN's and possibly dates of birth, address, or other identifying information before they'll tell you anything, but they *will* answer that question over the phone, and it won't cost you a dime.
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Boon...I e-filed today, and it went fairly smooth. No real weird issues, but I don't remember if we filed last year or not.
I don't want to ask in case we didn't.
I remember it being a wash because Jenni's job didn't take enough out.
So...how much does sending in a snail mail signature slow down the return process? I should be getting a fair return deposited...
Posts: 15082 | Registered: Jul 2001
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Boon
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1. Expect your refund in...oh, 2-4 weeks for direct deposit, 4-6 weeks for them to mail you a check. Actually...keep reading...
2. Don't worry about whether or not you filed last year. As long as you don't owe them a boatload of money, the penalties and interest should be very low. And if THEY owe YOU, there are no penalties at all. (But if you don't file and claim your refund within 3 years, you don't get it!) So, if I were you, I'd wait until I got this year's refund, and then call them up.
DON'T, whatever you do, just ignore or forget about last year's taxes. You DO have to file them.
Oh yeah, and sometimes, if they figure you owe them a lot, they'll make up a return for your file if you don't do it. Then, they'll just keep your refund to pay your "back tax debt." So if you don't get your refund, or their website says your refund is "delayed," it may be worth calling them up anyway.
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It is deposited, which is a lot faster....I got my state taxes back two years ago within 10 days.
Just wondering....I didn't have a pin #, or last years AGI, so I have to mail the signature form in. I wasn't sure how much that would slow the return down. Posts: 15082 | Registered: Jul 2001
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For the last two or three years I've gone through the family accountant, who does all the taxes in my family. My return isn't that big, I usually have to pay like $50 to the state and then I get like $300 back from the Fed. I make about $12K a year (part time job for a college student) and I claim one (exemption?) so I get back more on my monthly checks.
I don't have any deductions that I know of. I'm a college student, and I think I might have paid something like $100 in education related interest on various loans during 2006.
Is it simple enough to save myself the $50 our accountant charges to just do it myself? Online maybe?
I'm also wondering how it works with how I claim myself as a dependent. I live with my mother and commute to school, and until this year she has claimed me as a dependent, but we agreed that this year I would claim myself. How does that affect my taxes?
Posts: 21898 | Registered: Nov 2004
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Boon
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quote:Originally posted by Kwea: I wasn't sure how much that would slow the return down.
quote:Originally posted by Lyrhawn: Should I just do my own taxes?
For the last two or three years I've gone through the family accountant, who does all the taxes in my family. My return isn't that big, I usually have to pay like $50 to the state and then I get like $300 back from the Fed. I make about $12K a year (part time job for a college student) and I claim one (exemption?) so I get back on my monthly checks.
I don't have any deductions that I know of. I'm a college student, and I think I might have paid something like $100 in education related interest on various loans during 2006.
Is it simple enough to save myself the $50 our accountant charges to just do it myself? Online maybe?
You can e-file for free, fill out a 1040EZ, or call me up and I'll tell you what numbers to put where...all free options.
Yours is an extremely simple return, and doesn't take the accountant more than 10-15 minutes to do. It's really easy.
If you'd like my phone number, send me an email. (That goes for anyone needing help.)
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This year I will have H and R look at my taxes. I have a coupon. I better not forget it. Usually I do my taxes myself, and the first time I let someone else do it, but I really just want MORE MONEY SOMEHOW! Because I am an idiot and I know I'll buy another pocket watch.
Posts: 9942 | Registered: Mar 2003
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quote:Originally posted by Lyrhawn: Should I just do my own taxes?
For the last two or three years I've gone through the family accountant, who does all the taxes in my family. My return isn't that big, I usually have to pay like $50 to the state and then I get like $300 back from the Fed. I make about $12K a year (part time job for a college student) and I claim one (exemption?) so I get back on my monthly checks.
I don't have any deductions that I know of. I'm a college student, and I think I might have paid something like $100 in education related interest on various loans during 2006.
Is it simple enough to save myself the $50 our accountant charges to just do it myself? Online maybe?
You can e-file for free, fill out a 1040EZ, or call me up and I'll tell you what numbers to put where...all free options.
Yours is an extremely simple return, and doesn't take the accountant more than 10-15 minutes to do. It's really easy.
If you'd like my phone number, send me an email. (That goes for anyone needing help.)
Thanks, I guess I just needed the reassurance, I AM going to do my own this year. And when it comes time (should be soon, I've already gotten all my tax stuff from the school, just waiting for my W-2 from work), you'll probably be getting an email from me asking for help.
One other question, ahead of time, do I get any sort of deduction or something for tuition I've paid out of pocket?
I appreciate the help Boon Posts: 21898 | Registered: Nov 2004
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Boon
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quote:Originally posted by Lyrhawn: I'm also wondering how it works with how I claim myself as a dependent. I live with my mother and commute to school, and until this year she has claimed me as a dependent, but we agreed that this year I would claim myself. How does that affect my taxes?
Snuck one in there on me.
You'll have about $3500 in taxable income, instead of $6800 or so(lowering your tax liability from about $680 to about $350). Also, if you're old enough and meet the other requirements, you may be eligible for EIC, in which case you'll need to file a 1040A (still simple, though).
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I'm 22. I have no idea what the rest of that means.
Claiming myself instead of being dependent on someone else lowers the amount of my income that CAN be taxed down to $3500? Is that how it works? Does the $350 figure you mention mean that that's how much I should have to pay in yearly taxes (seems kinda low for that)? And the EIC is the Earned Income Credit right? How does that work?
Posts: 21898 | Registered: Nov 2004
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I'm definitely going to owe taxes this year, unless something miraculous occurs in the calculations. I worked for about 5 months as a consultant, and since my future was uncertain, I didn't bother trying to estimate income and pay those quarterly reports. So I'll happily pay whatever the booklet and formulas tell me to.
But until I get the report from my "customer", I can't actually do anything. (It's in the mail, I'm told.)
The good news is, I got my W-2s from my other employers and this is the last one I'm waiting on.
(Oh, and thanks for being here, Boon; I appreciate reading all the advice you post for everyone.)
Posts: 1813 | Registered: Apr 2001
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Boon
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quote:Originally posted by Lyrhawn: One other question, ahead of time, do I get any sort of deduction or something for tuition I've paid out of pocket?
You do, and, once again, it's easy. Just enter the amount on the 1099T you get from the college on the appropriate line.
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Boon
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quote:Originally posted by Lyrhawn: I'm 22. I have no idea what the rest of that means.
Claiming myself instead of being dependent on someone else lowers the amount of my income that CAN be taxed down to $3500? Is that how it works? Does the $350 figure you mention mean that that's how much I should have to pay in yearly taxes (seems kinda low for that)? And the EIC is the Earned Income Credit right? How does that work?
Yes, yes, yes, yes, and you're not old enough. Still want to know?
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Boon
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quote:Originally posted by Tstorm: I'm definitely going to owe taxes this year, unless something miraculous occurs in the calculations. I worked for about 5 months as a consultant, and since my future was uncertain, I didn't bother trying to estimate income and pay those quarterly reports. So I'll happily pay whatever the booklet and formulas tell me to.
But until I get the report from my "customer", I can't actually do anything. (It's in the mail, I'm told.)
The good news is, I got my W-2s from my other employers and this is the last one I'm waiting on.
(Oh, and thanks for being here, Boon; I appreciate reading all the advice you post for everyone.)
When you get it, feel free to ask for help if you'd like. (Please? Sounds like a fun return.)
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Boon
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Syn, I don't want you to think I'm ignoring you, I just didn't see a question in your post.
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cool. I Just want to know how to get as much money as possible, because I am on the cover of stupid magazine.
Posts: 9942 | Registered: Mar 2003
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