Author Topic: any accountants out there that i can ask a question?  (Read 273837 times)

Offline george

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Re: any accountants out there that i can ask a question?
« Reply #180 on: April 04, 2014, 12:44:04 AM »
Im not following the conversation,  but how can their processing fee possibly be less than $3.95?

That would be less than 1%.
You probably know more about this than I do, but I can imagine a world where CVS pays less than 1%. It baffles me to think that they have been accepting CC for so long and they pay more to process it than they earn from the fee. How stupid are (were) they?

And what about GC's with a $4.95 fee? Thousands of stores accept CC. They're all taking a loss? Can't be.

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #181 on: April 04, 2014, 04:10:10 AM »
Thanks. From reading up online about it, I also found that line 21 makes sense for the cash and sch. C for the 1099-misc.

No.
Your particular situation is what dictates if it goes on Schedule, C, C-EZ, E or line 21 on 1040. It doesnít matter if itís cash or not. 
Airlines sending me "We're in this together" emails.

Bruh, where were you when my suitcase weighed it 51.50 pounds?

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #182 on: April 04, 2014, 04:14:23 AM »
My wife has been working for the whole 2013 year in the u.s. I got married to her at the end of 2013 and I just received my green card a week ago BH
How does it work with the tax return? 1. Is it true we can wait till I get my SSN# to do if even though its past April 15th? 2. How does it work with the tax return do get a full tax return for 2 ppl even though we just got married?


If you got married before 12/31 then you can file a joint tax return. File an extension and if you need to pay make sure you pay before April 15.
Airlines sending me "We're in this together" emails.

Bruh, where were you when my suitcase weighed it 51.50 pounds?

Offline dudi

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Re: any accountants out there that i can ask a question?
« Reply #183 on: April 04, 2014, 08:15:45 AM »

If you got married before 12/31 then you can file a joint tax return. File an extension and if you need to pay make sure you pay before April 15.
tnx for answering me.
The accountant we r using keeps insisting that we don't have to file an extension since its personal and we don't have to pay is that not true?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #184 on: April 04, 2014, 08:31:13 AM »
tnx for answering me.
The accountant we r using keeps insisting that we don't have to file an extension since its personal and we don't have to pay is that not true?
if your income is more than 20k you have to file a return. Not sure if there is a penalty for not filing an extension if zero tax was due though...

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #185 on: April 04, 2014, 08:44:53 AM »
if your income is more than 20k you have to file a return. Not sure if there is a penalty for not filing an extension if zero tax was due though...
source? And I know what ur cheshbon is. Its incorrect.

Offline dudi

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Re: any accountants out there that i can ask a question?
« Reply #186 on: April 04, 2014, 08:49:25 AM »
source? And I know what ur cheshbon is. Its incorrect.
so I do need to file it before the 15th?

Offline Menachem613

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Re: any accountants out there that i can ask a question?
« Reply #187 on: April 04, 2014, 09:00:27 AM »

if your income is more than 20k you have to file a return. Not sure if there is a penalty for not filing an extension if zero tax was due though...

IIRC the penalty calculation is dependent upon the tax due.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #188 on: April 04, 2014, 10:15:44 AM »
IIRC the penalty calculation is dependent upon the tax due.
+1

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #189 on: April 04, 2014, 10:15:58 AM »
source? And I know what ur cheshbon is. Its incorrect.
-1

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #190 on: April 04, 2014, 10:31:51 AM »
-1
? Hell also want to file a return bec they will forsure have a refund.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #191 on: April 04, 2014, 10:35:25 AM »
? Hell also want to file a return bec they will forsure have a refund.
The discussion was about filing an extension.

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #192 on: April 04, 2014, 06:15:42 PM »
If you have not tax due ie you're getting a refund, you don't actually need to file for an extension. (Extension to File Your Taxes)
But make sure you're due a refund, or you'll get socked with fines and interest.

Offline dudi

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Re: any accountants out there that i can ask a question?
« Reply #193 on: April 04, 2014, 06:26:03 PM »
If you have not tax due ie you're getting a refund, you don't actually need to file for an extension. (Extension to File Your Taxes)
But make sure you're due a refund, or you'll get socked with fines and interest.
how would I make sure?
« Last Edit: April 04, 2014, 06:31:14 PM by dudi »

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #194 on: April 05, 2014, 08:48:36 PM »
how would I make sure?
Unfortunately, the only way to be sure you've paid all taxes due, is to do a rough run of your tax return.
Or you can do a very rough run of the numbers and file an extension and pay in enough to cover any imaginary shortfall.  Then you'll get it as a refund when you actually file. 
The extension is only an extension to file.  You have to pay in all owed taxes anyway. 

When I was a young couple, the withholding on my check always netted me a refund, so I got lazy about filing on time.

Offline dudi

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Re: any accountants out there that i can ask a question?
« Reply #195 on: April 05, 2014, 09:11:56 PM »
Unfortunately, the only way to be sure you've paid all taxes due, is to do a rough run of your tax return.
Or you can do a very rough run of the numbers and file an extension and pay in enough to cover any imaginary shortfall.  Then you'll get it as a refund when you actually file. 
The extension is only an extension to file.  You have to pay in all owed taxes anyway. 

When I was a young couple, the withholding on my check always netted me a refund, so I got lazy about filing on time.
I didn't get it. But I will ask in a different way.
If the taxes go out straight from work does that mean that I don't owe anything or does it go by the bank income?

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #196 on: April 05, 2014, 09:32:36 PM »
I didn't get it. But I will ask in a different way.
If the taxes go out straight from work does that mean that I don't owe anything or does it go by the bank income?

When your work takes out taxes that is a rough estimation of what you will owe. Depending on whether they took off too much or too little for your actual tax situation you will either owe money or are due a refund.

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #197 on: April 06, 2014, 12:52:47 AM »
When your work takes out taxes that is a rough estimation of what you will owe. Depending on whether they took off too much or too little for your actual tax situation you will either owe money or are due a refund.
+1
And if your estimate is too close to call, you can send in more money before April 15, to be sure to go over.

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #198 on: April 06, 2014, 09:04:23 PM »
Doing my tax returns. Got married mid year, and one or more of us switched states.  Finally understand why I bill so much.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #199 on: April 06, 2014, 09:38:31 PM »
Doing my tax returns. Got married mid year, and one or more of us switched states.  Finally understand why I bill so much.
Married as of 12/31 counts. Multi state is a pain but not that bad for individuals.

 You bill a lot cuz you are a lawyer. CPA's who are arguably just as, if not more qualified to prepare returns don't bill nearly as much as lawyers, they simply don't have the chutzpa!  :P