Author Topic: any accountants out there that i can ask a question?  (Read 490553 times)

Offline sam2015

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Re: any accountants out there that i can ask a question?
« Reply #1320 on: April 03, 2017, 02:22:33 PM »
My mistake.
But each return has 1 deduction.
Each person, has one exemption - even if they share a return with someone else.

Thanks for the reply. Do I have to pay 'self-employed tax' if I am not making enough to pay Federal tax?

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #1321 on: April 03, 2017, 02:25:08 PM »
Thanks for the reply. Do I have to pay 'self-employed tax' if I am not making enough to pay Federal tax?
'self-employed tax' is dependent on pay structure - not amount you make. 
If you're an independent contractor and get a 1099 or something - check with an account and or someone.  You're responsible to pay it.If you get paid on a W-2, you're a regular wage earner and your boss should have already taken off these taxes.         
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Re: any accountants out there that i can ask a question?
« Reply #1322 on: April 03, 2017, 03:22:34 PM »
Thanks for the reply. Do I have to pay 'self-employed tax' if I am not making enough to pay Federal tax?
Yes, if you are self-employed (get paid on a 1099) or report your income otherwise on a schedule C.

Just like a wage earner (paid on a W-2) would have to pay FICA (social security and Medicare) regardless of how much money they earn, a self employed individual is subject to self-employment tax.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #1323 on: April 03, 2017, 07:41:20 PM »
Just like a wage earner (paid on a W-2) would have to pay FICA (social security and Medicare) regardless of how
LITTLE  money they earn, a self employed individual is subject to self-employment tax.
ftfy
For the most part it only goes one way.
« Last Edit: April 03, 2017, 07:45:34 PM by yitzf »

Offline Oceanblue

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Re: any accountants out there that i can ask a question?
« Reply #1324 on: April 04, 2017, 01:30:31 AM »
I'm looking for a new accountant (since I've moved to a new state) and I've never had to shop for an accountant before. Any good recommendations on what to look out for, questions to ask, red flags, etc? TIA!

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Re: any accountants out there that i can ask a question?
« Reply #1325 on: April 04, 2017, 09:12:40 PM »
ftfy
For the most part it only goes one way.
I stand corrected. Was just using a common expression for "any amount" and was not חש לדייק.
I've been waiting over 5 years with bated breath for someone to say that!
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Re: any accountants out there that i can ask a question?
« Reply #1326 on: April 04, 2017, 09:14:29 PM »
I'm looking for a new accountant (since I've moved to a new state) and I've never had to shop for an accountant before. Any good recommendations on what to look out for, questions to ask, red flags, etc? TIA!
With the state you may get some recommendations.
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Re: any accountants out there that i can ask a question?
« Reply #1327 on: April 04, 2017, 09:18:06 PM »
With the state you may get some recommendations.
Last I checked Seattle was in WA.
I've been waiting over 5 years with bated breath for someone to say that!
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Re: any accountants out there that i can ask a question?
« Reply #1328 on: April 04, 2017, 09:21:14 PM »
Last I checked Seattle was in WA.
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Offline emak

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Re: any accountants out there that i can ask a question?
« Reply #1329 on: April 05, 2017, 11:24:57 AM »
When do I have to do my taxes by? Already paid taxes off my income and I just need to file to get returns.

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Re: any accountants out there that i can ask a question?
« Reply #1330 on: April 05, 2017, 11:48:15 AM »
When do I have to do my taxes by? Already paid taxes off my income and I just need to file to get returns.
File an extension by April 18 and you have plenty of time. They will be more than happy to hold your money for you.
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Offline meraki1990

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Re: any accountants out there that i can ask a question?
« Reply #1331 on: April 05, 2017, 12:01:06 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..

Offline Blazer

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Re: any accountants out there that i can ask a question?
« Reply #1332 on: April 05, 2017, 12:02:36 PM »
When do I have to do my taxes by? Already paid taxes off my income and I just need to file to get returns.
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.

Offline emak

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Re: any accountants out there that i can ask a question?
« Reply #1333 on: April 05, 2017, 12:04:19 PM »
File an extension by April 18 and you have plenty of time.
Thanks. How do I do that?

Offline Blazer

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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 »

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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.