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Corporate Taxes Filing

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Joy Said:

Corporate tax question-amount applied to next years taxes?

We Answered:

I have attached a link below for the correct form to file regarding getting a refund of a corporate overpayment. On line 2 you will need to put the exact amount of the prior year overpayment that was credited to 2008. If you estimate current year taxes at zero, put that on line seven and request your entire overpayment be refunded.

Hope this helps.

Julia Said:

What state to file Corporate taxes in?

We Answered:

Income is taxed at the locale where it is generated and at the "residence" of the taxpayer. Since the corp is based in IL, you should file a "zero" return there as well as a US Corp return (1120 series). In the future, if you do business in other states, you'll need to file a return there as well.

Hank Roitman, EA
Sacramento, CA

Lance Said:

Is an LLC that has elected for corporate taxation required to do pay-as-you go payroll taxes?

We Answered:

If you have payroll, you have to pay payroll taxes throughout the year. My husband has a S-Corp and he files his payroll taxes at the end of each quarter. I believe the amount of payroll you have dictates when you have to pay the taxes. If you hire a payroll company to manage your payroll, they will file the forms for you.

Paul Said:

Do I need to file corporate taxes?

We Answered:

Of course. You had income!

I don't understand your $16K comment. Was this the sale of an asset or what?

Jeanette Said:

In NJ, if the state revokesyour corporate status, do you still have to pay taxes, file dissolution papers?

We Answered:

Yes. The State can revoke anything they want, the Fed is still gonna want those taxes. That is in the Corporate Contract you filed with the State, but the State was a Representative of the Fed, Call it a proxy if you will.
To do it legally, the Corporation must be dissolved. More $ and paperwork. The Fed and IRS is just going to go through your books that much harder. Feds are going to look for Money Laundering, IRS is , well they can own anything that you thought you owned.
My buddy was Inc for 18 years, good bussiness, good customer base, IRS shut it down. Some misfiled papers.
Get a Corporate Atty, a CPA and a dog. Cause one mess up in Inc. and the dog will be your only friend.
I would go LLC, less taxes, less insurance, about $250 to set up.

Curtis Said:

What is the penalty for not filing corporate taxes on a dissolved business?

We Answered:

From what I've heard from other preparers, where the IRS was lax to send penalty notices before to businesses who didn't file because they had no earnings or operations, they are now sending notices with a penalty just shy of $200.

    Deadline For Filing Income Tax

    Marilyn Said:what is tax filing deadline for 2007?We Answered:Questions and Answers — April 17 Deadline Why are taxpayers getting extra time to file and pay? Taxpayers will have extra time to file and pay because April 15 falls on a Sunday in 2007, and the following day, Monday, April 16, is Emancipation Day, a legal holiday in the District of Columbia. By law, filing and payment deadlines that fall on a Saturday, Sunday or legal holiday are timely satisfied if met on the next business day. Under a federal statute enacted decades ago, holidays observed in the District of Columbia have an...

    Electronic Filing Income Tax

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    Electronic Filing Income Taxes

    Lawrence Said:If you live on Social Security Disability, and that is your only income, would it benefit you to file taxes?We Answered:Absolutely, for the rebate. To file by paper/mail, see the sample Form 1040A at the link below: http://www.irs.gov/pub/newsroom/1040a.pd… Alternatively, the IRS has announced an electronic free file option for people who have no legal requirement to file a tax return but must file a return this year in order to receive a 2008 economic stimulus payment. Click on this link to file for your rebate electronically: http://www.irs.gov/efile/lists/0,,id=179…Donald Said:When can people start filing for their income taxes?We Answered:The IRS will start accepting electronic returns...

    Electronic Filing Of Income Tax

    Sheila Said:Anyone know if you can use your last pay stub of the year to file income tax and when earliest time to file isWe Answered:This question is asked repeatedly. The official IRS info is here: http://www.irs.gov/newsroom/article/0,,i… Here's the official info on e-filing and W-2s: "Forms W-2 Are Required "When filing electronically taxpayers must provide Forms W-2, W-2G, and 1099-R to the Authorized IRS e-file Provider before the Provider sends the electronic return to the IRS. Providers are prohibited from submitting electronic returns to the IRS prior to receipt of all Forms W-2, W-2G, and 1099-R from the taxpayer. Taxpayers filing...

    Electronic Filing Of Income Taxes

    Brandon Said:Does anyone know where one can obtain IRS records of their income taxes & work history for the past 12 years?We Answered:Copies of Prior Year Federal Tax Returns and/or a Transcript Most taxpayers will ask for a copy of their prior year tax return. In many cases, however, a transcript will provide the information they need more quickly. Transcripts provide taxpayers with a computer-created record of their tax return which includes most of the line-items as filed with the IRS, including any accompanying forms and schedules. The transcript does not reflect any changes the taxpayer, his/her representative,...

    Electronic Filing Of Taxes

    Kyle Said:So we can't go in to H & R Block and file our taxes electronic until 2 weeks after the first of the year?We Answered:Most H&R Block offices will be open beginning Jan 2. If you have your W2's, or other filing documents, or if you are self-employed and have your information together, then you are welcome to come in and have your return prepared on that date or anytime after. NOBODY can e-file a return until the IRS is ready to accept them. At this time, they are expecting to be ready on the 12th. BUT, that date...

    Electronic Filing Tax Return

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    Electronic Filing Tax Returns

    Joy Said:What is the best way to e-file tax returns?We Answered:There are sites that the IRS lists as free for Federal forms on the IRS website. You will need to pay extra to those sites if you also want to file the state forms. However, many states allow you to file free on their own sites. I haven't paid for filing either Federal or State forms for years because I live in California. If your income (total for everyone on your filing) is less than $49,000, you can get your Federal and State forms prepared and efiled by a real live...

    Extension Filing Tax

    Jeff Said:Tax filing question- seperate places for return and extension paper?We Answered:Normally you don't file them at the same time. The extension form is usually due by April 15th - April 17th this year because of a weekend and a holiday. If you haven't already filed the extension then it's too late and your tax return is past due. IRS usually has two different filing addresses for each part of the country - one if you're sending them a tax payment and a different one if you're sending a return with no payment.June Said:Filing tax deadline and extension question... Is it...

    E Filing Federal Tax

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    E Filing Income Tax

    Lynn Said:e-filing the Income tax returns?We Answered:fill your pan no. and name and date of birth as appearing on your pan card. if you are not having pan card, call income tax helpline no. 0124-2438000Olga Said:e-filing of income tax India: accout activation link in confirmation mail not working?We Answered:Better Contact : Office of the Director General of Income Tax (Systems) E-2 ARA Center, Ground Floor, Jhandewalan Extn New Delhi 110055 Call or email our call center Aayakar Sampark Kendra (ASK) 124-2438000 ask@incometaxindia.gov.in or To assist taxpayers, a limited call center service with two agents has been established...

    E Filing Tax Return

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    E Filing Tax Returns

    Christy Said:If you try to e-file your taxes before the IRS accepts returns then what happens?We Answered:Many if not most of the tax prep services and software will allow you to submit your return where it will be queued on their system until the IRS starts accepting returns on the 15th. Once the IRS opens up for e-filing, they push the returns to the IRS computer systems. This typically causes a logjam for other folks trying to e-file and results in delays in receiving the acknowledgment e-mail. Be SURE that you use a valid e-mail address when...

    Filing 1040 Tax

    Charlotte Said:I am a F1(student) and my wife is a US citizen - what form we should use for joint tax filing -1040/1040 NREZ?We Answered:Use a regular 1040 series. the NR series (for non-residents) is only if you are not a US Citizen AND you live outside the US. The tax on the NR series is considerably higher. See a tax advisor. The WealthBuilder Tax SpecialistErica Said:Filing amendment for tax return? Forms 1040 and 1065?We Answered:The question is: Are you using a 1065 or a K-1? If you are part of a partnership, you should not be using the 1065 on your 1040...

    Filing 1099 Tax

    Sam Said:How do I go about filing an IRS 1099 misc income tax form?We Answered:With a 1099 MISC you will need to fill out a Schedule C for self-employment and report it on you tax return.Julia Said:Question about SSA-1099 form & filing Tax. Does my DAUGHTER file a return, or me? She is 14 & my dependant?We Answered:Most death benefits are not taxable to minors. You do not have to claim it on your taxes and it is not taxable to her unless your daughter has other income that will put her over the thresh hold (very unlikely). If you...

    Filing 2003 Tax

    Dolores Said:I got a failure to file notice for tax year 2003 Connecticut.?We Answered:CT is one a few states that requires filing of a tax return if there were any CT taxes with held. There is a statute of limitations. It is 3 years from the filing of a return. Since you didn't file a return for '03, the statute of limitations never started. I would file your CT return as soon as possible. (Before 4/15). If you wait until after that time, any refund your were due CT may keep. I would go back to your preparer and show him the notice. He...

    Filing 2003 Tax Return

    Chris Said:What should you do if you haven't filed a tax return in 10 years?We Answered:The IRS isn't really as bad as some people believe. Yes, the IRS can be stubborn when a person owes them money, but it is possible to work with them. The absolute first thing your friend should do is to get all of the documents required for filing his returns. He should get all of his W-2s or 1099s or any other documentation of wages. He will also need to have documents concerning any life changes that occurred during the time period (marriage,...

    Filing 2004 Income Tax

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    Filing 2005 Income Tax

    Hazel Said:Can I still file for my 2005 and 2006 income tax?We Answered:Yes you can (and should) file. There is no penalty for late filing if you don't owe anything but you can't get any refunds due to you if you don't file. You must file a paper return by mail for each year, mailed separately. It's too late to e-file those years.Amber Said:Is there a penalty for incorrectly filing for Earned Income Tax Credit?We Answered:Who does your child live with? If she lived with you for more than six months out of the year, you are...

    Filing 2005 Tax

    Larry Said:Can I file/pay tax if I left US one and half years back in Aug 2005? I was on F-1 visa in a univ?We Answered:There is only a penalty if you expect to owe more than what you've paid in. If I understand you, you are a citizen of India, and you entered the US on a student visa, worked for awhile, and then went back home. If that's not right, let me know. (Email me if you want.) You can get all of the tax forms from www.irs.gov and file wherever you are in the world, and the...

    Filing 2005 Tax Return

    Leo Said:What do i need to do if i did not file a 2005 state tax return but i did not owe. oklahoma owed me money.?We Answered:You can upload the forms from www.oktax.state.ok.us/itforms--something like that or enter the search terms "Oklahoma state income tax forms". If you don't owe them any money, don't worry about it, just file your forms and get your refund. Even if you owe, you may owe a little penalty, but it's better to deal with it.Marsha Said:Tax Question (Where an I get information about my 2005 return?)?We Answered:Hello, Gary! For...

    Filing 2006 Taxes

    Mary Said:Hi I am US citizen moved to India in 2006 Aug. I have since then been filing India taxes but not the US taxes?We Answered:First, go to irs.gov and get a copy of publication 54 and read it. Second, look at your income, worldwide for each calendar year. How much money did you make? If you made less than $8-9000, you may not have had a filing requirement. If you made more, how much of this was earned income? It's possible to have a filing requirement and then exclude most or all of the income using form 2555....

    Filing 2006 Tax Return

    Amber Said:Should my girlfriend file a tax return for 2006?We Answered:Yes, she will get a refund if she files for 2006. Legally, you have three years to file a return after a tax year ends. If you don't owe anything and are getting a refund, there's no problem. However if you do owe taxes for a tax year and file after April 15th of the following year, you will be subject to interest and penalties on the amount you owe - at least. In other words, you owe the taxes by the next April 15 after...

    Filing Amended Tax Return

    Eduardo Said:Filing a amended return with Turbo tax?We Answered:You would be refunded the difference. Make sure to mail the Amended Tax return to the appropriate IRS address, make sure to sign and date. And your refund will not be sent to you by DD, it will be mailed to you. And processing of Form 1040X amended tax return takes 12+ weeks to process. good luckPeter Said:Can a 2006 federal income tax return be amended from head of household status to married filing jointly?We Answered:You should have filed before April 17th in some fashion in your name....

    Filing A Tax Extension

    Carolyn Said:is there a penalty for not filing for a tax extension? and if so what is it?We Answered:If you have a refund, there is no penalty for filing late. Penalties are calculated on the amount due. Since there is no amount due, there is no penalty....

    Filing A Tax Return

    Marion Said:Filing my 17 year old as a dependant on my tax return question?We Answered:If your daughter worked and made over $8,000 and this money has been recorded by her employer and she has received a W-2 under her name you can not claim her as a dependant on your 2009 Federal return. Please check the applicable laws in your state if you also file a state income tax return as the federal laws do not applyDenise Said:What are the tax filing requirements for a final return?We Answered:She is entitled to file as "married filing jointly" in the year...

    Filing Back Tax

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    Filing Canadian Tax

    Daisy Said:Canadian citizen living abroad, do I still need to file for both Canadian & American tax returns?We Answered:You must file the US tax return as the US taxes you on the fact the income is US source. Check with CRA as to your Canadian filing requirement. If you must file in Canada, you will have a way to claim a tax credit for taxes paid to the US.Mabel Said:A question about filing Canadian Tax Return and donation receipts?We Answered:Hi there. You can claim charitable receipts that total up to 75% of your net income in any year. ...

    Filing Extension For Taxes

    Sherry Said:Question about filing for extension for taxes?We Answered:If you are residing outside of the country on April 15th you get an automatic 60 day extension of time to file and pay any tax due. If you are SURE that you will not owe, filing late attracts no penalty. Just file when you return. If you think that there's any chance that you might owe, send in a Form 4868 to get an automatic 6 month extension of time to file and enclose a check for the amount that you think you might owe. When you return and file your...

    Filing Extension Income Tax

    Tanya Said:I haven't filed state or fed. income tax returns for 3 or 4 years. Can I file for an extension this year - orWe Answered:If you have your w-2 forms you need to go back and file the first year first and then move forward. Say 2004 first, 2005 and then 2006. The reason for that is if you itemized you will have to claim the refund on your federal as income on the next years return. You can file for an extension, but you really need to file those other years of returns. Trust me if the...

    Filing Federal Income Tax

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    Filing Federal Income Taxes Online

    Cathy Said:Is there anyplace online where I can file both my federal and state income taxes for free?We Answered:You can try searching for a company on the irs website. http://www.irs.gov/efile/index.html If you meet the income requirements, the federal return will be free, however most charge for a state return....

    Filing Federal Income Tax Extension

    Travis Said:When is the Income Tax Extension Deadline for Federal and State of Alabama?We Answered:Federal - Taxpayers who requested the automatic four-month extension to file their 2004 tax return face an Aug. 15 deadline. People who are unable to meet this approaching deadline may seek an additional two-month extension. Taxpayers with special circumstances or hardships should file Form 2688, Application for Additional Extension of Time to File, before Aug. 15. This extension request is not automatic. If the IRS approves the Form 2688 request, taxpayers will have until Oct. 17 to file their return. Alabama - You have 6 months from April 17...

    Filing Federal Income Tax Online

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    Filing Federal Taxes

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    Filing Federal Tax Forms

    Alexander Said:How can I file one federal and two states' tax forms?We Answered:Turbo Tax will do it for you, it will give the option to add second state.Kelly Said:i am filing two tax forms (two W-2's) do i receive two different state and federal returns?We Answered:You add the amounts together and file on one income tax form. If you are using tax software, it lets you enter the two W-2 forms separately. I hope this helps. Gary...

    Filing Federal Tax Return

    Mattie Said:how long does it take to get your federal tax return?We Answered:I think that you are asking about how long it would take you to get your federal tax refund, right? It depends on several factors: - were you notified that your federal tax return was actually "accepted" and not "rejected"? - what site did you file in at? The one I filed mine at said that it could take anywhere between a week to 18 days. This is only if you are going to have your refund directly deposited into your bank abbount. - I was also told...

    Filing Federal Tax Returns

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    Filing Fed Tax

    Charlotte Said:What do I include when filing my fed. tax return by mail?We Answered:Yes, you must include the appropriate w-2 with your tax return. The packet that was mailed to you also had labels in it for your return and the envelop; use these to expedite processing.Kelly Said:What's the right US Fed Tax filing status for me?We Answered:"To use the Single status, you must be unmarried or separated from your spouse either by divorce or by a written separate maintenance decree." http://www.fool.com/school/taxes/taxes10… If not legally separated, then the following might apply. "Determine how your spouse prefers to file. You must both agree...

    Filing Form Tax

    John Said:Re: Filing State Taxes- Do I only need to attach W-2s to the STATE tax form?We Answered:You only need to attach your W-2 to the state tax form itself. The information on every copy of your W-2 is the same, so you shouldn't need to attach it twice!Bryan Said:What are the costs of the penalty amounts for filing a 1040-X tax form?We Answered:6% interest on the amount owed but not paid by 4/15 (this is compounded daily). .5% penalty per month on the amount still owed. If you owe $340, your penalty is $1.70 for 4/16-5/15...

    Filing Income Taxes

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    Filing Income Taxes Online

    Tina Said:How to file JUST my state and local income taxes online at once?We Answered:just the state you probably have to access your local web site to file on line thereCasey Said:Filing Taxes online??We Answered:If your adjusted gross income was $54,000 or less in 2007, you can use Free File to prepare and e-file your taxes free online. http://www.irs.gov/efile/article/0,,id=1…Perry Said:Do you have to pay taxes for income from online job ?We Answered:Yes, you do have to pay income taxes. Any income that the IRS does not exempt from taxation generated in the United States is taxable. If you are a foreign student...

    Filing Income Tax Canada

    Anthony Said:How many days can a British citizen spend in Canada before they have to pay Canadian income tax?We Answered:Individuals resident in Canada are required to report and pay income tax on their world wide income earned for the portion of the year (calendar) that they were so resident. This period could be a matter of days, weeks or months, there is no minimum or maximum time consideration. The only consideration is the individual's status as a resident which is a matter of fact to be determined based on the particular circumstances surrounding that person's presence in Canada. If as...

    Filing Income Tax Extension

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    Filing Income Tax In Canada

    Craig Said:left canada since June 16 2008 and living in the US now . Do I have to file a income tax report for 2008?We Answered:In general, CRA considers you a Canadian for tax purposes until you basically cut off all ties to Canada. That means no bank accounts, no PO boxes, no driver's lices, etc. Certainly no property owned in Canada. You definitely will pay taxes in Canada for 2008, since you lived here for half the year. You will probably also have to file for 2009 AND 2010, since they normally require at LEAST two years...

    Filing Income Tax Late

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    Filing Income Tax Online

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    Filing Income Tax Online Free

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    Filing Income Tax On Line

    Viola Said:I lost the copy of my income tax form from last year. Where do I go to get a copy. Is there an on line site?We Answered:Topic 156 - Copy of Your Tax Return – How to Get One If you need an actual copy of your return, you should complete and mail Form 4506 (PDF), Request for Copy of Tax Return, along with a check or money order for $ 39.00 per tax year made payable to the "United States Treasury". Allow 60 calendar days to receive your copies. Most needs for tax return information can be met with...

    Filing Irs Income Tax

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    Filing Late Income Tax

    Marjorie Said:does pa charge income tax late filing fee if no tax owed?We Answered:Penalties and interest are based on the amount you owe. If you don't owe, then you are multiplying the penalty and interest rates by 0. Simple math: any number, when multiplied by zero generates an answer of 0. I hope this helps. GaryKristina Said:Am I okay filing my foreign income tax exclusion late under these conditions?We Answered:Foreign income tax exclusion is a complex issue for which you should seek professional advice from someone whom you can clearly explain all of the circumstances. I have done a number of them...

    Filing Local Tax

    Elsie Said:Do I have to add state income tax and local income tax withheld and show it as califiornia income tax?We Answered:If you are asking about filing your CA state tax return, the answer is NO. State withholding goes to the state for state income tax and local withholding goes to the city or county for LOCAL income tax. If you are asking about Federal Itemized deductions on Schedule A, the answer is NO but YES. State and Local income taxes are added together on line 5, but they are still State AND Local tax, not total state tax.Brian...

    Filing Maryland Income Tax

    Priscilla Said:could I do my state income tax online and be able to get it direct deposited into my bank acount?We Answered:Yes. I live in Maryland, and that is the way that I do my state taxes.. One year, I had to file for an extension, and I was still able to do everything online. And get my money direct deposit within 2 business days.... Check with your state comptroller website to see if this option is available in your state.Christian Said:Maryland non resident income for married filing jointly?We Answered:If you are filing a married joint return, then enter your CA...

    Filing Nj Income Tax

    Delores Said:What are the income tax implications when living in NJ and commuting to NYC (Manhattan)?We Answered:Contrary to what Walter said, MOST states tax income that is earned in their state. There are some states that have reciprocal agreements with neighboring states that will not tax residents of those states. This is the exception, not the rule. You will need to file a resident return in NJ and a non-resident return in NY. I don't think you will be liable for NYC taxes. You will get a credit on your NJ return for taxes paid to NY. The credit will...

    Filing Nj Tax

    Dean Said:NJ state tax Married but live and work in different states?We Answered:The claim on a previous post that you need to file NY resident and NJ non-resident returns is absolutely backward. In both NY and NJ, the term "resident" refers to where you LIVE, not where you WORK. I am very familiar with NY and NJ rules, but not PA, so you will need to investigate further what you wife should do. Here is what you need to do: For Federal taxes, you and your wife have the choice of married filing jointly (MFJ) or married filing separately (MFS)....

    Filing Of Income Tax

    Ida Said:filing income tax is coming next year and should i keep all the receipts of what i bought and file them too???We Answered:If you live in a state that doesn't charge state income tax (like Texas or I believe there are 7 other states as well), you are allowed to deduct sales tax instead. In which case it would be good to hold on to the receipts for any big tickets items ... car, furniture, TVs, appliances, etc. But I wouldn't waste my time holding on to a ton of receipts that only have 10...

    Filing Old Taxes

    Terrance Said:Filing Taxes at 17 years old?We Answered:Most probably you are his dependent, rules are listed in Pub 17. Your father can claim you whether you work or not. Many dependents work, file and pay taxes; it doesn't affect your dad's taxes. You just can't claim yourself as a dependent. 18 isn't one of the IRS magic numbers (but it is for legal contracts and stuff).Lance Said:Will I get into any trouble for not filing my taxes this year?We Answered:It really depends. How much was withheld from your paychecks in taxes? If you've already paid more than required (and would get a...

    Filing Past Taxes

    Sylvia Said:Filing Michigan State Taxes For Years Past?We Answered:This website contains forms back to 1999. http://www.michigan.gov/taxes/0,1607,7-2… Make sure you also download instructions. Remember, if you owed, the State can charge up to a 50 percent penalty plus interest, so they should be paid first. Found out the hard way (smile)Kelly Said:Do I have to file my taxes if I only made $8000 this past year and owe the IRS $116?We Answered:Yes, if you owe any taxes you have to file a tax return and pay them. Your parents or someone must be claiming you as their dependent. That means...

    Filing Pa Income Tax

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    Filing Taxes Help

    Emily Said:Is there help for filing taxes when filing injured spouse and the husband owes back child support?We Answered:To learn what to do, go to Dads House in Yahoo Groups. There you will meet with other fathers dealing with the same thing. http://Dads-House.org/ Now, why are you behind? Some useful links http://icanhaz.com/ChildSupportModifying http://icanhaz.com/ChildSupport-OutsideG… http://icanhaz.com/ChildSupportTrustFund http://icanhaz.com/ChildSupport-Contempt http://icanhaz.com/ChildSupport-EndsWhen http://icanhaz.com/ChildSupport-Taxes \\\\\\Dora Said:would filing my taxes as "married but filing separately", help us with the fafsa? my daughter is heading to?We Answered:No it would not help. Even if you file separately, you would still have to report and combine the income information and assets of BOTH parents on the fafsa. How...

    Filing Taxes Married

    Karen Said:When a married couple is filing taxes and they live in different states, can they still file jointly for fede?We Answered:Yes, a married couple can file a joint return for federal tax purposes. Even if they are not divorced yet, they can agree to file jointly if it benefits them for tax purposes. As for state returns, that depends on what state law mandates. Some states will let you do joint and some will not. You can file separate resident/nonresident returns but again, it depends on state law. It would be best to see a tax professional for detailed...

    Filing Tax Extension

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    Filing Tax Form

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    Filing Tax Forms

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    Filing Tax On Line

    Maurice Said:Can an assessee with no tax liability also file return on line?We Answered:Filing ITR on-line and paying tax on-line are 2 different issues. You 1st pay taxes either physically or on-line and then you submit ITR. An assessee with no tax liability can file ITR on-line or in hard copy. HMTMelvin Said:i am filing on line with tax cut and they are asking for an agi pin. where do i get this have no last yr retur?We Answered:1-800-829-1040 (IRS tax information line) Call Monday through Friday. They will verify your information and tell you your AGI for last year.Jonathan Said:will the government...

    Filing Tax Questions

    Stanley Said:A Few Tax Filing Questions?We Answered:Whether you get anything back depends on how much is withheld for income taxes from your paychecks - if too much is withheld, then you'll get the extra back. As to the expenses, they'd be deductible only if you itemize. If you don't itemize, you get a standard deduction of $5350, so you'd only itemize if your deductions totalled more than that, which they almost surely don't. This would be the same answer whether your parents claim you or not. If you're 18 and a full-time student, and live with your parents at least...

    Filing Tax Returns

    Leslie Said:How do I make Turbo Tax create two separate returns for married filing separately?We Answered:I don't believe there is any way for TurboTax to separate joint information already entered. In the CD version, open TurboTax and from the top line menu, select "File" and from the drop down box, select "New Tax Return". If you are filing separately, you will have to create TWO new files, one for you and one for your spouse.Stella Said:In tax returns, "married filing separately", I have to report my wife's income. Do I also add in her tax paid?We Answered:Please go back and...

    Filing Tax Returns Late

    Erin Said:I will be filing some late tax returns?We Answered:No. The penalty is based on the balance due.Lance Said:Turbo Tax unable to accept returns at this time???? Does this make me late?We Answered:I received this e-mail at 3pm pacific time today (4/18/07) Dear CalCPA member: Taxpayers or tax professionals who were unable to e-file their tax returns Tuesday using Intuit Inc. software products have until midnight Thursday, April 19, to file their returns, the IRS announced Wednesday. And the IRS will not apply late filing penalties to taxpayers who were affected by this problem. According to the IRS, potentially up to...

    Filing Tax Returns Online

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    Filing Tax Return Online

    Tracey Said:Where can I get a copy of my tax return if I filed online?We Answered:Did you not make a print of your tax return while online? You can contact the online software company and should be able to get a copy of the whole return, but may be you need to pay a price to get it.Gloria Said:Tax return filing when Spouse has no social security number?We Answered:You need to apply for an ITIN number using form W7 and mail the application, your tax return leaving the space blank for her number and the required documentation to the IRS in...

    Filing Your Income Tax

    Bryan Said:What is the income tax bracket this year for when you are filing your taxes?We Answered:You won't start to incur any tax liability until your income exceeds $15,650. You get a standard deduction of $8,350 filing as Head of Household plus 2 personal exemptions worth $3,650 each. At that point the next $11,950 is taxed at 10% and the next $33,550 is taxed at 15%. With $19k of income, you are in the 10% bracket and at $19k your tax would be $335. However since you have a child the dynamic changes significantly. Assuming that your...

    Free E Filing Income Tax

    Ross Said:What is the best free income tax service for e-filing?We Answered:One is as good as the other if your return is simple and you know a little about what you are doing.Pedro Said:Advise me Income Tax Sec. correct or not. Tax free Dividend-10(34), Tax Free shares LTCG-10(38), Units LTCG-11We Answered:1) a) Share of Profit from Partnership company. sec.10(2a) ? Correct. Share of profit from a partnership firm is exempt u/s 10(2A) b) Transaction Tax paid Short term capital gains Sec.111a ? Section 111A provides the method of calculation of TAX PAYABLE where total...

    Free E Filing Tax

    Julio Said:Free New York State Tax Filing?We Answered:http://www.tax.state.ny.us/elf/free_efil…Ernest Said:Why is using Turbotax better than e-filing for free on the internet?We Answered:Depends on your filing status and the amount of money you make ! Under Intuit's (Turbo Tax) Tax Freedom program, anyone single who made less than $30,000 can prepare and e-file their federal and state tax return and have them direct deposited in their savings/checking account free of charge ! I'd say you wasted $35.00 but I believe you can detect that $35.00 if you itemize ! I've e-filed for the past 6 years and I've never paid a cent to file...

    Free Filing Federal Tax Return

    Carolyn Said:Can I efile my 2005 federal tax return for free?We Answered:Nope. You have to mail it in. As long as it's postmarked by midnight on April 15th, you're good to go. Allow 8 to 12 weeks for processing and release of your refund. Prior year returns take a back seat to current returns during tax season.Vera Said:is turbotax free to use when filing a provincial and federal tax return, in canada??We Answered:Hi healing healer, you posted a similar question here 2 days ago "Where to find free software to do my taxes in canada thats...

    Irs Filing Income Tax

    Vera Said:how did wesley snipes get convicted of not filing income tax charges but Attorny Tom Cryer BEAT the IRS?We Answered:If the IRS brought an initial action against Wesley Snipes and for whatever reason he originally beat the IRS, the Federal Government has a cause of action because he had income and didn't pay taxes,. What discrimination!! Anyone who makes the money that Snipes made should pay his fair share. If he, willingly avoided filing a return or several returns, he should be convicted, jailed made to pay for the years missed and penalized for late payment.Armando Said:If I give...

    Irs Taxes Filing

    Jamie Said:How is it possible that you owe money to the IRS by not filing your income taxes?We Answered:You seem to be under the misconception that a tax return is equal to a refund. 1/2 of the population OWES taxes when they file.Tamara Said:IRS, What is the penalty for not filing taxes for 9 years?We Answered:The IRS will come calling eventually, and when they do, he should make sure he has his ducks in a row (all of those W-2s for the years he hasn't filed). And when that happens, and it will, tell him to not try to argue...

    Late Taxes Filing

    Laurie Said:What is the penalty for filing state taxes late in Hawaii?We Answered:Penalties for filing tax returns late on a federal or state level depends if you owe taxes or not when you eventually file the return. If you had no tax due or expect a refund/overpayment you will not be subject to a penalty. If you "do" owe tax, their are two penalties you may be subject to: 5% of the unpaid tax per month up to 25% (late payment penalty) AND 5% of the unpaid tax per mont up to 20% (late filing penalty)Constance Said:My friend is filing his...

    Not Filing Tax Return

    Alice Said:If I filed a tax return and find I can get a bigger refund by filing a different status can I refile?We Answered:Then what happens to your husband's return? are you sure this would help the household out? As far as I know there are no rules against doing this, but it may trigger an audit and generally when audited they will go back 3 years just to make it worth their time.Hector Said:filing of income tax return by senior citizens?We Answered:Whether or not you need to file a Federal Income Tax Return can be determined at the IRS...

    Pa Taxes Filing

    Ted Said:Filing PA local taxes?We Answered:They'll catch you eventually. Pretty much everywhere in PA has a local tax (city, township, or borough) of at least 1%. No they aren't in any TurboTax version. Where in PA do you live? If your locality has a website you might be able to find the forms there. Post again with your PA location and maybe someone can help.Ian Said:Which state do I file my taxes in PA or NJ?We Answered:You're right PA and NJ do have a reciprocity agreement. And that is why your employer should be...

    Self Employed Filing Tax

    Nathaniel Said:What is the perfect type of Corporation tax-wise for a current self-employed?We Answered:You don't have to be incorporated to deduct the cost of an auto used in your business. You have a choice to capitalize the auto and depreciate it over 5 yrs, add the cost of gas, oil changes. car washing, etc., or take the standard mileage rate. The deductions you'd have with a S corp are the same as you'd have with a sole proprietorship. People usually form a corporation to protect their personal assets from law suit or if the corp goes bankrupt, it doesn't take...

    Taxes Electronic Filing

    Richard Said:Is the NonResident Tax form for MA available for electronic filing?We Answered:Yes, non-residents of Massachusetts qualify for e-fliing. I checked the state's website and the only reference to do-it-yourself e-filing talks about the Massachusetts Free File Alliance. Click on the e-filing link on the Department of Revenue website for more info. http://www.mass.gov/?pageID=dorhomepage&L=1&L0=Home&sid=AdorJudy Said:What will be quicker (refund wise), filing my taxes now on paper or waiting until the 15th and e-filing?We Answered:You don't have a choice. If you file a paper return, you must attach your W-2. No reputable electronic return originator will submit an electronic return unless you have...

    Taxes Filing Extension

    Susan Said:Do I file an extension to delay paying the taxes i owe or to delay filing my return?We Answered:You have to pay what you owe by April 15th. There is no provision for people who may be a little short, unfortunately. If you're late, you'll pay penalties. The extension (form 4868) is just for more time to file the tax returns- even if you do that, you still have to pay what you owe (or estimate it.) Sorry. :0(Jamie Said:How do I get an extension for filing my taxes?We Answered:f you file your taxes now and have...

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