Author Topic: any accountants out there that i can ask a question?  (Read 490469 times)

Offline elit

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Re: any accountants out there that i can ask a question?
« Reply #940 on: April 10, 2016, 04:49:09 PM »
u hope not to which?
To having to do quarterlys

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #941 on: April 10, 2016, 07:38:16 PM »
To having to do quarterlys
it is usually a good sign.

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #942 on: April 11, 2016, 02:44:03 PM »
Does anyone know if there is a obligation of paying quarterlies following a year where one owed more then $1,500 on a federal return or is it just a piece of advice?
BUMP

Offline churnbabychurn

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Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #944 on: April 12, 2016, 12:17:20 AM »
Lmgtfy?

https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Estimated-Taxes--How-to-Determine-What-to-Pay-and-When/INF12007.html
the question is can I make one payment by the last. Quarter once I know my income or i will have to pay a penalty?  If yes to penalty. How much?

Offline Blazer

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Re: any accountants out there that i can ask a question?
« Reply #945 on: April 12, 2016, 12:54:17 AM »
A wife works 10 months a year and not during the summer, can she use amounts paid for camp in the summer ( when she doesn't work) for child care for form 2441.

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #946 on: April 12, 2016, 01:20:42 AM »
the question is can I make one payment by the last. Quarter once I know my income or i will have to pay a penalty?  If yes to penalty. How much?
I was under the impression that as long as a specific amount was in before DEC 31, you're ok.  The amount is XX??% of the tax you paid last year, unless this year's tax is less.  That percentage might be 85%, but I may be totally wrong.
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Offline hachover

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Re: any accountants out there that i can ask a question?
« Reply #947 on: April 12, 2016, 11:19:29 AM »
A wife works 10 months a year and not during the summer, can she use amounts paid for camp in the summer ( when she doesn't work) for child care for form 2441.

Pretty sure the answer is no, but read the form yourself and decide. The credit is for childcare expenses paid so that the parent can go to work. Is anyone going to catch you? Probably no. But it's not legit.

Quote
The care was provided so you (and your spouse if filing jointly) could work or look for work.
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline Blazer

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Re: any accountants out there that i can ask a question?
« Reply #948 on: April 12, 2016, 11:48:03 AM »
Pretty sure the answer is no, but read the form yourself and decide. The credit is for childcare expenses paid so that the parent can go to work. Is anyone going to catch you? Probably no. But it's not legit.

I hear what you are saying, I saw that in the instructions. My only issue is that if you take vacation you don't have to reduce your child care by those days. I think this might also be similar, your vacation is the summer in order to work the 10 months.
Let me know if you agree.

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #949 on: April 12, 2016, 11:58:14 AM »
I hear what you are saying, I saw that in the instructions. My only issue is that if you take vacation you don't have to reduce your child care by those days. I think this might also be similar, your vacation is the summer in order to work the 10 months.
Let me know if you agree.

https://www.irs.gov/publications/p503/ar02.html
Quote
Work for part of year.
If you work or actively look for work during only part of the period covered by the expenses, then you must figure your expenses for each day. For example, if you work all year and pay care expenses of $250 a month ($3,000 for the year), all the expenses are work related. However, if you work or look for work for only 2 months and 15 days during the year and pay expenses of $250 a month, your work-related expenses are limited to $625 (2½ months × $250).

Temporary absence from work.
You do not have to figure your expenses for each day during a short, temporary absence from work, such as for vacation or a minor illness, if you have to pay for care anyway. Instead, you can figure your credit including the expenses you paid for the period of absence.
An absence of 2 weeks or less is a short, temporary absence. An absence of more than 2 weeks may be considered a short, temporary absence, depending on the circumstances.

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #950 on: April 12, 2016, 12:03:01 PM »
Quote
Part-time work.
If you work part-time, you generally must figure your expenses for each day. However, if you have to pay for care weekly, monthly, or in another way that includes both days worked and days not worked, you can figure your credit including the expenses you paid for days you did not work. Any day when you work at least 1 hour is a day of work.

Example 1.

You work 3 days a week. While you work, your 6-year-old child attends a dependent care center, which complies with all state and local regulations. You can pay the center $150 for any 3 days a week or $250 for 5 days a week. Your child attends the center 5 days a week. Your work-related expenses are limited to $150 a week.

Example 2.

The facts are the same as in Example 1 except the center does not offer a 3-day option. The entire $250 weekly fee may be a work-related expense.

If you have genuine work related obligations during the summer you might still qualify.

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #951 on: April 12, 2016, 04:59:23 PM »
I was under the impression that as long as a specific amount was in before DEC 31, you're ok.  The amount is XX??% of the tax you paid last year, unless this year's tax is less.  That percentage might be 85%, but I may be totally wrong.
can anyone state that this is for sure before the dead line?

Offline 4yourinfo

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Re: any accountants out there that i can ask a question?
« Reply #952 on: April 12, 2016, 11:39:37 PM »
If you have genuine work related obligations during the summer you might still qualify.
If you can't collect unemployment so then your working?

Offline eliteflyer

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Re: any accountants out there that i can ask a question?
« Reply #953 on: April 13, 2016, 01:08:19 AM »
Children attend a day care that refuses to take checks (and something tells me, they're off the books). Any suggestions for claiming expenses for child care credit? Same thing with occasional babysitting while my spouse and I are at work. Can I claim the related expenses for the caregiver who refused to provide a SSN?

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #954 on: April 13, 2016, 01:39:05 AM »
I was under the impression that as long as a specific amount was in before DEC 31, you're ok.  The amount is XX??% of the tax you paid last year, unless this year's tax is less.  That percentage might be 85%, but I may be totally wrong.
I got the following information from the IRS website.
You’re supposed to pay estimated taxes if you expect to owe tax of $1,000 or more when you file your return.
You won’t get a penalty for not paying the estimated tax if:
You paid at least 90% of the tax owed  OR  100% of the amount of the tax for the prior year.
(The deadlines for the estimated payments are 15 days after the close of the quarter.  Or they can give you a penalty.)


avrumy - I hope you don't get a penalty. Good luck.

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Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #955 on: April 13, 2016, 12:14:54 PM »
the question is can I make one payment by the last. Quarter once I know my income or i will have to pay a penalty?  If yes to penalty. How much?

Each quarter you would need to pay 1/4 of the total tax owed, and if you don't there will be penalties. However there is something called the Annualized Income Installment Method where if you don't make an even amount each quarter, you can tell the IRS how much income is attributable to each quarter and you would only need to pay tax on that amount each quarter. So if you earned all the income in the last quarter you would be able to pay all the tax by Jan 15.

You would need to complete Schedule Al and file it with form 2210 with your return.
See https://www.irs.gov/publications/p505/ch02.html#en_US_2016_publink1000194669

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #956 on: April 13, 2016, 12:47:35 PM »
Each quarter you would need to pay 1/4 of the total tax owed, and if you don't there will be penalties. However there is something called the Annualized Income Installment Method where if you don't make an even amount each quarter, you can tell the IRS how much income is attributable to each quarter and you would only need to pay tax on that amount each quarter. So if you earned all the income in the last quarter you would be able to pay all the tax by Jan 15.

You would need to complete Schedule Al and file it with form 2210 with your return.
See https://www.irs.gov/publications/p505/ch02.html#en_US_2016_publink1000194669
Does anyone know how the penalty is calculated?

Offline Dawie

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Offline yakov116

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Re: any accountants out there that i can ask a question?
« Reply #958 on: April 13, 2016, 12:57:55 PM »
Children attend a day care that refuses to take checks (and something tells me, they're off the books). Any suggestions for claiming expenses for child care credit? Same thing with occasional babysitting while my spouse and I are at work. Can I claim the related expenses for the caregiver who refused to provide a SSN?
Same story and i was told no (and I paid with checks)
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Offline avrumy

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