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If you decide to use the LLC; you will have to file a 1040X for 2004 tax year.
Do NOT include any of that paperwork with the 2005 taxes.
Do NOT include any of that paperwork with the 2005 taxes.
Getting to be that time of year to get the taxes done. Where do you recommend going to get them done?
H&R Block? Regular Accountant?
I'd like to just do mine myself, but I had a complicated year between my regular job, moving to start a new job and getting reimbursed for moving expenses, paying a student loan and starting school again and buying a home at the end of the year too. I want someone to help me out so I dont get my ass audited for making some mistake.
Anyone recommend a good place to go? How much can I expect to spend on such a service?
H&R Block? Regular Accountant?
I'd like to just do mine myself, but I had a complicated year between my regular job, moving to start a new job and getting reimbursed for moving expenses, paying a student loan and starting school again and buying a home at the end of the year too. I want someone to help me out so I dont get my ass audited for making some mistake.
Anyone recommend a good place to go? How much can I expect to spend on such a service?
What do I do about school expenses. I am back in School for my MBA, and my employer pays for tuition, but I pay for all the books and other costs associated with class.
Can I claim my part of school expenses? What bout mileage to class?
Can I claim my part of school expenses? What bout mileage to class?
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Unless you crossed state boundaries; what you describe can easily be handled by the tax S/W.
Each area has help/questionaires to walk you through that area.
H&R Block or any other mass consumer tax firm will charge from $100-$300 for doing what you have described (Federal) + $45 or so per/state. And you will have to provide all the paperwork and info that is needed.
I moved from Wisconsin to Michigan. The company paid for the movers and for me to stay in a hotel for a couple of weeks. I had to pay with my credit card, and then they reimbursed me.
- Oct 30, 2000
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More than likely you will not have to worry much about the Form 3903 - Moving Expenses.
Because both states have a state income tax, The tax S/W will be able to help you much with crossing the states.
You can get one copy and work on one state; however, some require infomraiton regarding the other state. The S/W will not accomindate that situation.
It would be best to just get the Federal S/W and get ahold of the paper forms for part time resident for each state.
If you coose to get the state S/W; be aware that it does not allow you to start one state return and then start a second; You would actually have to purchase a second copy of the state to use on the same machine.
I have a full time job and I'm married supporting a stay at home wife and two kids. I also set-up a home based business last year. How can I deduct the expenses for equipment (camera, lenses, computer, hosting bills, etc)? I also made money from this business, but they are sending me a 1099.
From my understanding that I would take the earning from the 1099, subtract the expenses(which is more than the earnings) and that is dutuctable?
Thanks for all the help and pointers!
From my understanding that I would take the earning from the 1099, subtract the expenses(which is more than the earnings) and that is dutuctable?
Thanks for all the help and pointers!
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Originally posted by: Gobadgrs
Thanks for the helpNow can you wave some magic wand so I don't have to pay any taxes?
Stop working - no income taxes need to be paid.
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iamwiz82
Lifer
- Jan 10, 2001
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This is a follow up to my last question:
According to my mortgage company, I put in $1388 into an escrow account when I first purchased the home, that is 7 months of taxes. That was in April. Also made were 7 payments from June-Dec. , also with property taxes, for a total of 14 months. Do I put in the total taxes paid to the county by the mortgage company, or the total taxes I paid to the mortgage company?
According to my mortgage company, I put in $1388 into an escrow account when I first purchased the home, that is 7 months of taxes. That was in April. Also made were 7 payments from June-Dec. , also with property taxes, for a total of 14 months. Do I put in the total taxes paid to the county by the mortgage company, or the total taxes I paid to the mortgage company?
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Taxes paid to the county is what counts.
All the escrow company is building a storage fund for next year tax bill. And making $$ off of you5 account.
You figure that they can get at least 5% no risk investment from your $$.
That is a lot of Starbucks when you add up all the suckers that they are "helping"
Hi
I immigrated to US from Hong Kong. I am an US citizen. My parents are only permanent residents but they live outside of the US. They also made some money in Hong Kong. It's about 30k an year. I did send them money. Can I claim them as my dependants?
I also have an elder sister who is non-US resident or citizen. If she claims my parents as dependants in Hong Kong taxation, then can I still claim them as my dependants? I ask this because I wonder if my sister needs to give up her claims in Hong Kong when I claim them as my dependants in the US.
Thank you very much for your help!
I immigrated to US from Hong Kong. I am an US citizen. My parents are only permanent residents but they live outside of the US. They also made some money in Hong Kong. It's about 30k an year. I did send them money. Can I claim them as my dependants?
I also have an elder sister who is non-US resident or citizen. If she claims my parents as dependants in Hong Kong taxation, then can I still claim them as my dependants? I ask this because I wonder if my sister needs to give up her claims in Hong Kong when I claim them as my dependants in the US.
Thank you very much for your help!
blurredvision
Lifer
- Oct 19, 2000
- 17,860
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Finally, I get a chance to ask you a question in this yearly thread! For the first time in my life, I grossed over $25,000, more specifically about $27,500. However, I just began school on January 3rd of this year, my first class. I did apply and was accepted in year 2005. My questions:
1.) Will I be able to say that I'm a student even though I technically didn't start until 2006?
2.) Will I get a tax break if I do say I'm a student?
A question for when I do my fiance's return:
1.) She was a student who did start last year (September). She grossed around $18,500. Does saying your a student give you a tax break? Any harm in saying you are a student?
Stupid questions, but I do all of this online, and it lays it out in order for me to just type everything in. Thanks.
EDIT: We both have a combination of Stafford loans and private loans for our education, but neither of us are paying until we have graduated. Can we do anything with this info on our taxes this year?
1.) Will I be able to say that I'm a student even though I technically didn't start until 2006?
2.) Will I get a tax break if I do say I'm a student?
A question for when I do my fiance's return:
1.) She was a student who did start last year (September). She grossed around $18,500. Does saying your a student give you a tax break? Any harm in saying you are a student?
Stupid questions, but I do all of this online, and it lays it out in order for me to just type everything in
. Thanks. EDIT: We both have a combination of Stafford loans and private loans for our education, but neither of us are paying until we have graduated. Can we do anything with this info on our taxes this year?
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If your parents have a Federal identification number (SS or TIN) theny you may be able to claim them.
Look at the definition of dependents on the IRS Web site to see if you qualify.
I do know that you have to provide more than 50% of their support. Therefore since they earned $30K in HK; then you would have to have sent them more than $30K.
With respect to you claiming them vs your sister; the two of you will have to look at the appropriate tax law for each country.
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Originally posted by: blurredvision
Finally, I get a chance to ask you a question in this yearly thread! For the first time in my life, I grossed over $25,000, more specifically about $27,500. However, I just began school on January 3rd of this year, my first class. I did apply and was accepted in year 2005. My questions:
1.) Will I be able to say that I'm a student even though I technically didn't start until 2006?
2.) Will I get a tax break if I do say I'm a student?
A question for when I do my fiance's return:
1.) She was a student who did start last year (September). She grossed around $18,500. Does saying your a student give you a tax break? Any harm in saying you are a student?
Stupid questions, but I do all of this online, and it lays it out in order for me to just type everything in
EDIT: We both have a combination of Stafford loans and private loans for our education, but neither of us are paying until we have graduated. Can we do anything with this info on our taxes this year?
If you payed tuition in 2005, you can claim the tution payments in relation to the educational expenses.
Most tax S/W will guide you through the process via Q&A for educational expense entries.
Being a student does not provide you a "tax break". You still are using the same services that the rest of us taxpayers do. All a student declaration does, is a way of stating your occupation.
I have question regarding tuition that I paid in 2005
I know that I can use tuition payment to reduce my taxable income (I believe up to 3000 IIRC, I will check again when I actually do my taxes).
My question is: I received scholarships amounting to 20% of my tuition fee. Since this amount is less than the total tuition, I should not report this as income, right?
I know that I can use tuition payment to reduce my taxable income (I believe up to 3000 IIRC, I will check again when I actually do my taxes).
My question is: I received scholarships amounting to 20% of my tuition fee. Since this amount is less than the total tuition, I should not report this as income, right?
blurredvision
Lifer
- Oct 19, 2000
- 17,860
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Thanks a lot. Just filed my return, and am good for over $1100 in refund money!Originally posted by: EagleKeeper
Originally posted by: blurredvision
Finally, I get a chance to ask you a question in this yearly thread! For the first time in my life, I grossed over $25,000, more specifically about $27,500. However, I just began school on January 3rd of this year, my first class. I did apply and was accepted in year 2005. My questions:
1.) Will I be able to say that I'm a student even though I technically didn't start until 2006?
2.) Will I get a tax break if I do say I'm a student?
A question for when I do my fiance's return:
1.) She was a student who did start last year (September). She grossed around $18,500. Does saying your a student give you a tax break? Any harm in saying you are a student?
Stupid questions, but I do all of this online, and it lays it out in order for me to just type everything in
EDIT: We both have a combination of Stafford loans and private loans for our education, but neither of us are paying until we have graduated. Can we do anything with this info on our taxes this year?
If you payed tuition in 2005, you can claim the tution payments in relation to the educational expenses.
Most tax S/W will guide you through the process via Q&A for educational expense entries.
Being a student does not provide you a "tax break". You still are using the same services that the rest of us taxpayers do. All a student declaration does, is a way of stating your occupation.
Just thought I would share: Free Turbotax once you log-in to your State Farm Insurance account.
ViviTheMage
Lifer
Is it possible to cancel a fedeal tax return? I just did one and noticed I am owed 20$ more then I should be (I did my own paper copy, relooked it times over and notice the site I used screwed up, as well on my State tax return it screwed up (which I did not file yet and decided to file that in paper because I am not spending any money to file that).
Whom can I call to cancel it?!
EDIT : nevermind, once its gone..its gone they said! I also submitted a tax return from one site at 10 pm and I submitted it again on another site at 11 pm (with corrected problems). Which one will go through ? or am I just going to have to wait it out?
Whom can I call to cancel it?!
EDIT : nevermind, once its gone..its gone they said! I also submitted a tax return from one site at 10 pm and I submitted it again on another site at 11 pm (with corrected problems). Which one will go through ? or am I just going to have to wait it out?
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Both may get rejected or the first will go through and the second will get rejected; Either way; Uncle will notice that you attempted to do a multiple filing (taboo - potential fraud); and flag your return for closer examination. (ie. preliminary audit).
When ever an error has been detected after filing; you need to use a 1040X to correct the mistake.
question regarding underpayment:
I put too many exemptions on my W-4(?), I'm really and S-1 and put down S-4 (this has been corrected for 2006), so I'm $1700 short on my 2005 taxes. I used TurboTax, and it did not calculate an underpayment fee because in 2004 I only made ~$10k and I paid 100% of the 2004 taxes in 2005 even though I did not pay 90% of my 2005 taxes.
so my question is, did the software figure something wrong? In 2004 I was a full time student and in 2005 I had a full time job, which accounts for the large difference in income and tax. Should I file my taxes now, or can I wait till April 17th? I don't want to accrue additional charges on top of any underpayment penalties due to not paying right away.
thanks!
I put too many exemptions on my W-4(?), I'm really and S-1 and put down S-4 (this has been corrected for 2006), so I'm $1700 short on my 2005 taxes. I used TurboTax, and it did not calculate an underpayment fee because in 2004 I only made ~$10k and I paid 100% of the 2004 taxes in 2005 even though I did not pay 90% of my 2005 taxes.
so my question is, did the software figure something wrong? In 2004 I was a full time student and in 2005 I had a full time job, which accounts for the large difference in income and tax. Should I file my taxes now, or can I wait till April 17th? I don't want to accrue additional charges on top of any underpayment penalties due to not paying right away.
thanks!
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