Author Topic: any accountants out there that i can ask a question?  (Read 490823 times)

Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #1560 on: April 11, 2018, 10:25:50 PM »
The penalty and interest for late filing a Federal tax return is computed based on how much tax you owe. If you owe zero then the calculation comes out to 0. I am not an accountant. I've been filing my tax returns approximately 3 years late for the last several years.
This only applies to personal and corporate without foreign forms.

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #1561 on: April 12, 2018, 01:08:43 AM »
If it keeps performing the way it's been performing, i would want to keep it.
Then
Then the loan to pay the taxes can be thought of as a margin loan against the investment - which sounds like the right choice.
If your investment is making 5%, and the loan cost 3%, the true cost is a gain of 2%. But don't neglect to pay back the loan as quickly as you can, or you'll be cutting into your profits. And if the investment sours, you'll be running a negative.
My favorite cause: cssy.org

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #1562 on: April 12, 2018, 01:32:47 AM »
This only applies to personal and corporate without foreign forms.
thanks!
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #1563 on: April 12, 2018, 01:33:22 AM »
The penalties for filing a Federal tax return late and paying late are computed based on how much tax you owe. If you owe zero then the calculation comes out to zero. I am not an accountant. I've been filing my tax returns approximately 3 years late for the last several years and have never had a penalty.
um, why 3 years Late??
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1564 on: April 12, 2018, 03:41:49 AM »
This only applies to personal and corporate without certain foreign forms.

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1565 on: April 12, 2018, 03:42:32 AM »
um, why 3 years Late??
More than 3 years late you forfeit your refund.

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #1566 on: April 12, 2018, 09:46:32 AM »
More than 3 years late you forfeit your refund.
but why 3 years late?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline David R

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Re: any accountants out there that i can ask a question?
« Reply #1567 on: April 12, 2018, 11:57:39 AM »
um, why 3 years Late??
Procrastination.

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #1568 on: April 12, 2018, 02:52:19 PM »
Procrastination.
;D I procrastinate too, but 3 year?? wow
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #1569 on: April 12, 2018, 03:18:21 PM »
Procrastination.
You get a refund? Maybe if mine would be zero i would also procrastinate. But thats not the case, and i filed and recieved the refund already.  Lol
#TYH

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #1570 on: April 12, 2018, 04:23:14 PM »
I have sold items to fellow electronics resellers, I dont collect any sales tax on those obliviously... ( I have their resale cert on file)

When filling out an NJ-ST50 - http://www.state.nj.us/treasury/taxation/pdf/other_forms/sales/st50webwork.pdf

Can I ignore those sales? As they were exempt sales.


Thanks.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #1571 on: April 13, 2018, 03:46:40 PM »
I have sold items to fellow electronics resellers, I dont collect any sales tax on those obliviously... ( I have their resale cert on file)

When filling out an NJ-ST50 - http://www.state.nj.us/treasury/taxation/pdf/other_forms/sales/st50webwork.pdf

Can I ignore those sales? As they were exempt sales.


Thanks.
Wouldn't they be receipts not subject to sales tax (line 2)

I'm not familiar with NJ, but in FL they would be reported that way.

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #1572 on: April 13, 2018, 03:54:47 PM »
Wouldn't they be receipts not subject to sales tax (line 2)

I'm not familiar with NJ, but in FL they would be reported that way.
makes sense, thanks!
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline David R

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Re: any accountants out there that i can ask a question?
« Reply #1573 on: April 15, 2018, 05:15:23 PM »
;D I procrastinate too, but 3 year?? wow
Sometimes it's ready a week or two before the full three years after the due date. In that case I just drop it in the mail. (They don't accept e-file that late.) Other times, I wait so long that if I just drop it in the mail, it will reach them more than three years after the deadline. In those cases, I have to pay extra for certified mail or something similar so that the mail date will be considered the date I filed.

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #1574 on: April 15, 2018, 06:37:13 PM »
Wouldn't they be receipts not subject to sales tax (line 2)

I'm not familiar with NJ, but in FL they would be reported that way.
I assume having 100% of ones sales to exempt corporations is a huge flag?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #1575 on: April 15, 2018, 07:06:01 PM »
I assume having 100% of ones sales to exempt corporations is a huge flag?

Why?  You'd be like any other distributot

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #1576 on: April 15, 2018, 08:13:50 PM »
Why?  You'd be like any other distributot
true I guess
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1577 on: May 27, 2018, 06:10:33 PM »
Any intaact gurus?

Trying to set up statistical accounts, and then report on them. Just need basic guidelines,I can figure out the rest. Google is being annoyingly clueless.

So I set up the statistical acct, grouped it, and now added to a report. - do I need another stat account to do the calc of revenue or expense per statistical unit? Or is this a calculation defined on the report?

Also, how are statistical days set up?



*ETA found some guidance, I'm good.  (from a church accounting site )
« Last Edit: May 27, 2018, 06:50:29 PM by churnbabychurn »

Offline Josef.koney

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Re: any accountants out there that i can ask a question?
« Reply #1578 on: June 06, 2018, 04:29:42 AM »
I'm starting to get some money from 'scholarships' (dad giving money to organization to get tax deductible and they give me as a scholarship)
My question is, is that called income?  Do I need to file it? 
Also in general, for me and wife, how much would I need to make to have to pay taxes? TIA

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1579 on: June 06, 2018, 07:05:48 AM »
I'm starting to get some money from 'scholarships' (dad giving money to organization to get tax deductible and they give me as a scholarship)
My question is, is that called income?  Do I need to file it? 
A scholarship may be counted as income. In your case it sounds like it would.
Quote
Also in general, for me and wife, how much would I need to make to have to pay taxes? TIA
IINM for tax year 2018 you would be required to file if you earned at least $24,000 not from self-employment. (Net SE income above $400 causes filing requirement.) There may additional cases, though, of a filing requirement even if you earned less than 24K.