Author Topic: any accountants out there that i can ask a question?  (Read 58585 times)

Offline aygart

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You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1336 on: April 05, 2017, 04:17:43 PM »
Ugh, I think I made a mistake.

Added all 1099 INTs but I remembered that I also had a bonus from Santander last year.. no 1099 so I had forgotten about it.

Do I file a 1040X to get this sorted out? I already filed my taxes a while ago..
Such a tzadik wow

Offline David R

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Re: any accountants out there that i can ask a question?
« Reply #1337 on: April 19, 2017, 09:12:02 PM »
If all your taxes are paid in reality you have 3 years and you don't really have to file an extension. But I would suggest that you file an extension since it's very easy to do anyways.
I think if you filed the extension, you then have three years to claim the refund from the date that the extension extended your deadline to. So instead of having until April 18, 2020, you get until October 16, 2020.
Ugh, I think I made a mistake.

Added all 1099 INTs but I remembered that I also had a bonus from Santander last year.. no 1099 so I had forgotten about it.

Do I file a 1040X to get this sorted out? I already filed my taxes a while ago..
If Santander actually prepared the form for you (they should have if they paid you $10 or more and had your correct SSN) but you didn't receive it for some reason, you'll find it on the Wage and Income Transcript that you can request from the IRS. If it is not there, you might just want to skip the 1040X.
« Last Edit: April 19, 2017, 09:20:08 PM by David R »

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1338 on: April 20, 2017, 04:27:18 AM »
I think if you filed the extension, you then have three years to claim the refund from the date that the extension extended your deadline to. So instead of having until April 18, 2020, you get until October 16, 2020.
Good point about the extended deadline. Just one minor (possibly major though) detail. The dates in 2020 are April 15 and October 15. In that year neither of those come out on weekends or legal holidays.

Offline David R

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Re: any accountants out there that i can ask a question?
« Reply #1339 on: April 20, 2017, 09:47:32 AM »
Good point about the extended deadline. Just one minor (possibly major though) detail. The dates in 2020 are April 15 and October 15. In that year neither of those come out on weekends or legal holidays.
I got the info from https://ttlc.intuit.com/questions/1900882-what-if-i-miss-the-april-18-2017-filing-deadline and assumed Intuit knows what they're talking about, that it's exactly three years from the due date. However, this page from IRS shows the deadline for claiming a 2013 refund was April 18, 2017 even though tax day was April 15, 2014.

Offline Marko Rubio

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Re: any accountants out there that i can ask a question?
« Reply #1340 on: April 27, 2017, 02:39:22 PM »
general speaking, whats more ideal and better to open for someone selling on amazon a c corporation or a llc?

TIA
Do u have any different idea for a signature?

Offline Bh101

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Re: any accountants out there that i can ask a question?
« Reply #1341 on: April 27, 2017, 02:40:51 PM »
general speaking whats more ideal and better to open for someone selling on amazon a c corporation or a llc?

TIA

With the limited info you provided i would advise LLC

Offline Marko Rubio

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Re: any accountants out there that i can ask a question?
« Reply #1342 on: April 27, 2017, 02:46:47 PM »
With the limited info you provided i would advise LLC
thanks for your reply,
what info do u need to give me a more specific answer if u dont mind?
Do u have any different idea for a signature?

Offline Bh101

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Re: any accountants out there that i can ask a question?
« Reply #1343 on: April 27, 2017, 02:53:23 PM »
thanks for your reply,
what info do u need to give me a more specific answer if u dont mind?
well, nothing that i would ask over here . to properly structure yourseld you should call you accountant

Online ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #1344 on: April 27, 2017, 04:28:04 PM »
general speaking, whats more ideal and better to open for someone selling on amazon a c corporation or a llc?

TIA
There are considerations beyond tax considerations on what type of business structure to set up.

I once spoke to someone who was selling on Amazon and was afraid of product liability. His FIL was an attorney, and told him that in many cases the "corporate veil" can be pierced. I gave him some suggestions on how to structure his business, and no less importantly on how to set up his accounting, which if followed correctly would enhance his corporate veil, as the first thing attorneys will look for (and judges might agree) if trying to pierce a corporate veil, is the owner not properly honoring the business structure.

There are certain pre-tax expenses that one might only be able to take in a C-Corp and not in any other structure.

An S-corp might be another structure to consider, possibly getting some profits free of FICA.

There are also local tax considerations.

Offline Bukboy

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Re: any accountants out there that i can ask a question?
« Reply #1345 on: April 27, 2017, 04:39:05 PM »
general speaking, whats more ideal and better to open for someone selling on amazon a c corporation or a llc?

TIA
My accountant advised me to go with a C corp and that's what i did (Yes i'm selling on amazon) 

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1346 on: April 27, 2017, 07:08:23 PM »
My accountant advised me to go with a C corp and that's what i did (Yes i'm selling on amazon)
But why?

Offline ADG

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Re: any accountants out there that i can ask a question?
« Reply #1347 on: June 14, 2017, 12:11:31 PM »
If I create a ROth IRA - how does the bank verify whether the funds were taxed or not? could I just deposit cash in the account?

Thanks

Offline ywoosh

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Re: any accountants out there that i can ask a question?
« Reply #1348 on: June 14, 2017, 12:57:22 PM »
But why?

Because it will make his accountant the most money...

Offline ywoosh

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Re: any accountants out there that i can ask a question?
« Reply #1349 on: June 14, 2017, 12:59:05 PM »
If I create a ROth IRA - how does the bank verify whether the funds were taxed or not? could I just deposit cash in the account?

Thanks

Is the bank the custodian?