Author Topic: any accountants out there that i can ask a question?  (Read 66459 times)

Offline raf

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any accountants out there that i can ask a question?
« on: December 15, 2013, 07:19:29 PM »
either respond (so i can pm you) or pm me
thanks

Offline lunatic

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Re: any accountants out there that i can ask a question?
« Reply #1 on: December 15, 2013, 07:44:44 PM »
I will try to answer

Online churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #2 on: December 15, 2013, 08:59:41 PM »
either respond (so i can pm you) or pm me
thanks
Is it private?

Offline aryeh1

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Re: any accountants out there that i can ask a question?
« Reply #3 on: December 29, 2013, 09:31:16 AM »
Irs sent me a letter that i owe about $3000 from a tax return (1040) a few years ago .  They say that I left out a 1099 for about $2000 ( wife work never sent it to us) and education credit wasn't accepted as box 2 was blank,  it only shows what the school billled but not what was paid.  I used turbo tax to file taxes.

Their cheshbon was that I owe tax on the 1099, + owe back education credit,  owe self employment tax, interest, and earned income credit is much less.

They say i could fax a corrected education form (1098 ).  Do i need to go to accountant or I should just send the corrected form?
Is there anything else to send them to reduce amount owed?
« Last Edit: December 29, 2013, 10:07:16 AM by aryeh1 »

Online churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #4 on: December 29, 2013, 09:59:05 AM »

If turbo tax didnt work properly then fight with them... get a refund/credit etc

Offline aryeh1

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Re: any accountants out there that i can ask a question?
« Reply #5 on: December 29, 2013, 10:07:43 AM »
If turbo tax didnt work properly then fight with them... get a refund/credit etc
Never really paid for turbo tax

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #6 on: December 29, 2013, 11:41:36 AM »
To your real question.
Send in the corrected education form.

Had you correctly filed the additional income on the missing 1099, most of what they are charging you would have been paid then.  So your loss is the disappointment/ negative surprise of the higher tax bill. and the fines and interest.  Try pleading that you never got the 1099, so you aren't liable for the fees and interest.   I had success once with misfiled numbers, that they didn't charge the fee only the interest.

BTW: I use TurboTax.  They misfiled the numbers I mentioned above.  BUT: they only put the number you tell them into the correct place in the forms.  Sometimes (my case) you misunderstand which numbers go where, or put it in 2 places or such.  I can't imagine TT is responsible for that.

Offline Adlebo

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Re: any accountants out there that i can ask a question?
« Reply #7 on: December 29, 2013, 12:03:28 PM »
A question for an accountant: I have a corporation (P.C). I'm considering leasing a car vs. buying. What's better for tax deduction purposes? I heard that buying a car is also deductible due to the "depreciation" which I'm not sure exactly how that works. But then I hear that for a business it's better to lease because you can deduct more. What's true? (This is not to start the whole leasing vs. buying debate. This is strictly a tax deduction question!)

Online churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #8 on: December 29, 2013, 12:25:28 PM »
A question for an accountant: I have a corporation (P.C). I'm considering leasing a car vs. buying. What's better for tax deduction purposes? I heard that buying a car is also deductible due to the "depreciation" which I'm not sure exactly how that works. But then I hear that for a business it's better to lease because you can deduct more. What's true? (This is not to start the whole leasing vs. buying debate. This is strictly a tax deduction question!)
If you buy you can take a S179 deduction on a passenger vehicle up to approx 12k. Then you have bonus and regular depreciation. (Do it b4 1/1/14 if you need!)
For leasing you deduct most of the lease payments over time. There is an exclusion amount.

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #9 on: December 29, 2013, 12:56:58 PM »
Question: I get paid with a 1099 (just for tax purposes since i live in Israel)
I filed as a 1040 for the past 4 years with Turbo tax
How bad is this and if I change to file as a 1099 will it raise suspicions?
?

Online churnbabychurn

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Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #11 on: December 29, 2013, 01:02:41 PM »
Irs sent me a letter that i owe about $3000 from a tax return (1040) a few years ago .  They say that I left out a 1099 for about $2000 ( wife work never sent it to us) and education credit wasn't accepted as box 2 was blank,  it only shows what the school billled but not what was paid.  I used turbo tax to file taxes.

Their cheshbon was that I owe tax on the 1099, + owe back education credit,  owe self employment tax, interest, and earned income credit is much less.

They say i could fax a corrected education form (1098 ).  Do i need to go to accountant or I should just send the corrected form?
Is there anything else to send them to reduce amount owed?

Please state what type of 1099 and what type of eduction credit you are talking about.

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #12 on: December 29, 2013, 01:05:29 PM »
To your real question.
Send in the corrected education form.

Had you correctly filed the additional income on the missing 1099, most of what they are charging you would have been paid then.  So your loss is the disappointment/ negative surprise of the higher tax bill. and the fines and interest. Try pleading that you never got the 1099, so you aren't liable for the fees and interest.   I had success once with misfiled numbers, that they didn't charge the fee only the interest.

+1
Penalties are pretty easily waived, however interest is almost impossible.

Online churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #13 on: December 29, 2013, 01:06:12 PM »
Please state what type of 1099 and what type of eduction credit you are talking about.
It sounds like a student loan interest deduction, as in form 1098E.

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #14 on: December 29, 2013, 01:12:26 PM »
It sounds like a student loan interest deduction, as in form 1098E.

To me it sounds like its the American Opportunity Credit he is dealing with but I am not going guess.