ATOT's Second Annual Tax Time Thread!

[Zee]

Originally posted by: EagleKeeper
It might be best for your father to file a paper return with a statement detailing the situation. Who knows what the flags are on his SS# becuase of the filing situation between married joint, married seperately and now single.

This is a perfect example why all use of dependant exemptions need to be coordinated between the filers who can either claim them and/or responsible for the dependant..

The reason was because on my mother's married but separate return, that had my father's ssn on it. so the rejection reason was that he was not allowed to file single

 

[FeuerFrei]

I'm doing my taxes online using Quicken TurboTax.
I found I needed my ex-wife's signature on Form 8332, Release of Claim to Exemption for Child of Divorced or Separated Parents.
That form will have to be mailed to her and back before I file my return (by mail I guess).
Therefore I filed for an extension via phone.
Does the extension apply to both STATE and Federal returns???
Or do I still need to file my Ohio tax return today???

Thanks!

**Answer to my question (thanks to Ohio's automated phone help)**
>>Ohio automatically grants the same extension that you receive when you file for a Federal extension. If you filed for the extension by phone you need to attach a note to your state return, stating that you received an extension by phone and include the confirmation # you got over the phone.<<

 

[EagleKeeper]

Originally posted by: FeuerFrei
I'm doing my taxes online using Quicken TurboTax.
I found I needed my ex-wife's signature on Form 8332, Release of Claim to Exemption for Child of Divorced or Separated Parents.
That form will have to be mailed to her and back before I file my return (by mail I guess).
Therefore I filed for an extension via phone.
Does the extension apply to both STATE and Federal returns???
Or do I still need to file my Ohio tax return today???

Thanks!

Federal extensions request/approval have nothing to do with the state.

 

[olds]

EagleKeeper has helped out many members here. Please show him your suppport.

 

[daveymark]

THe IRS owes me exactly $1. I don't feel like filing this year. Can I get away with this? I only need to file if I owe, correct?

 

[EagleKeeper]

Originally posted by: daveymark
THe IRS owes me exactly $1. I don't feel like filing this year. Can I get away with this? I only need to file if I owe, correct?

that is correct.

However, if you do not file, they may look for you because they will have numbers on you that are not reported. How will they know what you may have tried to hide by not filing?

Best to file; if you do not want the $ back, have it applied to next years taxes.

 

[Zebo]

Apr 15th ... I am so mad right now:|, any tips for that?

(just filed extension 1:30 from the midnight hour.. sent in some)

 

[Kroze]

I know this is kinda offtopic but since you're an accountant...


I'm thinking of putting my money into short-term savings account. I just don't know how to calculate interest rates.

like, i want to put $1000 into a cd account for a 180days year term with 2.84% interest rate. how much will i get at the end of the term?

 

[LukFilm]

Originally posted by: Kroze
I know this is kinda offtopic but since you're an accountant...


I'm thinking of putting my money into short-term savings account. I just don't know how to calculate interest rates.

like, i want to put $1000 into a cd account for a 180days year term with 2.84% interest rate. how much will i get at the end of the term?

I'm no accountant, but I will tell you to go to http://www.emigrant-direct.com and sign up for a SAVINGS account with no minimums and no catches which will give you 3.25%.

 

[CPA]

Originally posted by: Kroze
I know this is kinda offtopic but since you're an accountant...


I'm thinking of putting my money into short-term savings account. I just don't know how to calculate interest rates.

like, i want to put $1000 into a cd account for a 180days year term with 2.84% interest rate. how much will i get at the end of the term?

try the savings calculators at bankrate.com

 

[CPA]

Originally posted by: Zebo
Apr 15th ... I am so mad right now:|, any tips for that?

(just filed extension 1:30 from the midnight hour.. sent in some)

go to a firing range.

 

[alkemyst]

Originally posted by: EagleKeeper
The filing of Schedule C was requred based on your income level (I was not aware of the level). It also shows how benificial it is to dig up deductions/expenses regarding sel-employment income.

Many people miss the potential Sch C actually opens up for them, and just see the added paperwork and higher SE tax in front of them.

With Sch. C you can still file your standard deductions and then itemize a lot of things within the Sch. C. Almost everything now has a business use %...whether it's a mere 5% or 100%.

Things like computers, subscriptions, cable TV, phone, home improvements can now scale into the business. Obviously Playboy PPV isn't going to work as a deduction for many here, but some may have a warranted claim with it even (photog's for instance).

 

[EagleKeeper]

Originally posted by: alkemyst Obviously Playboy PPV isn't going to work as a deduction for many here, but some may have a warranted claim with it even (photog's for instance).

Playboy, etc couild be usable for client entertainment. One may have to explain the type of clients that would be impressed by it.

 

[aplefka]

Oh noes... it dropped

 

[EagleKeeper]

Originally posted by: aplefka
Oh noes... it dropped

Hopefully there is no longer a need for the sticky until next year.

 

[Zim Hosein]

Originally posted by: EagleKeeper

Originally posted by: aplefka
Oh noes... it dropped

Hopefully there is no longer a need for the sticky until next year.

Actually, Wduaqnug needs some tax help