Filing taxes (first timer...)
Return to Board  •  Menu  •  Bottom  Page 1 of 3  
Message
Filing taxes (first timer...)
Posted by Drew Orleans on 4/7 at 7:37 pm
Any recommendations on places to get them done in BR or should I roll with Turbo tax. I'm hesitant to try this crap on my own for fear of being audited. This past year I got married on the last day of the year, have two small businesses on top of my wife's and my separate jobs, etc.

Funny/smartass answers welcome but if there could be a serious answer or two I'd appreciate it.

Maybe I should post this on the money board but oh well...



Reply  •  Back to Top
Posted by TigerMyth36 on 4/7 at 7:38 pm to Drew Orleans
Good luck with 1 week to go. You have too much going on for turbo tax out the gate.

Looks like you will be filing for an extension.



Reply  •  Back to Top
Posted by GEAUXT on 4/7 at 7:39 pm to TigerMyth36
quote:

Good luck



Reply  •  Back to Top
Posted by Drew Orleans on 4/7 at 7:39 pm to TigerMyth36
Yeah, pretty much. Kept having to push this crap back thanks to other obligations/bull shite.


Reply  •  Back to Top
Posted by FredSecunda on 4/7 at 7:51 pm to Drew Orleans
You still have time to file with TurboTax. Just go that route.


Reply  •  Back to Top
Posted by Drew Orleans on 4/7 at 7:53 pm to FredSecunda
Might have to. Hopefully I'm due a refund so I don't have to pay interest or penalties.


Reply  •  Back to Top
Posted by foshizzle on 4/7 at 8:00 pm to Drew Orleans
quote:

I got married on the last day of the year, have two small businesses on top of my wife's and my separate jobs, etc.


Yeah, that's fairly complex. Should have gotten this taken care of by now.

quote:

first timer...


With two small businesses? Not sure if serious ...



Reply  •  Back to Top
Posted by LSURussian on 4/7 at 8:01 pm to Drew Orleans
quote:

Hopefully I'm due a refund so I don't have to pay interest or penalties.

Just because you are due a refund it does not automatically mean you won't have to pay interest or penalties, fwiw.



Reply  •  Back to Top
Posted by AutoYes_Clown on 4/7 at 9:24 pm to LSURussian
Time to file for an extension.


Reply  •  Back to Top
Posted by Bubb on 4/7 at 11:43 pm to LSURussian
quote:

Posted by Message LSURussian Filing taxes (first timer...) quote: Hopefully I'm due a refund so I don't have to pay interest or penalties. Just because you are due a refund it does not automatically mean you won't have to pay interest or penalties, fwiw.


If they owe him, what would he have to pay interest or penalties on...?



Reply  •  Back to Top
Posted by Vols&Shaft83 on 4/8 at 3:54 am to Bubb
Unless his 2 businesses both lost money, or he's been paying estimated taxes, he's gonna owe money. Definitely should have seen a CPA before now. Should have had one in December 2012.


Reply  •  Back to Top
Posted by Drew Orleans on 4/8 at 7:53 am to Vols&Shaft83
So what's the answer? Go see a CPA and file and extension or TurboTax?


Reply  •  Back to Top
Posted by LSURussian on 4/8 at 8:01 am to Bubb
quote:

If they owe him, what would he have to pay interest or penalties on...?

The tax system works on a "pay as you go" basis.

You can't wait until Jan. 15 of the next tax year, which is the date the final estimated taxes are due for the previous tax year, to pay the entire year's worth of taxes on your income.

So, the answer to your question is IF he did not pay withholding or estimated taxes during the year timed to approximately match his income receipts during the year, he could owe interest and a penalty on the under-payments during the year.

It's unlikely, but just because he has overpaid for the year does not automatically mean he will have no interest or penalties due.



Reply  •  Back to Top
Posted by Vols&Shaft83 on 4/8 at 10:59 am to Drew Orleans
Go find a CPA RIGHT NOW. Have your documents ready too. Paying late is better than filing late.


Reply  •  Back to Top
Posted by Drew Orleans on 4/8 at 11:09 am to Vols&Shaft83
Just go with H and R Block?


Reply  •  Back to Top
Posted by Vols&Shaft83 on 4/8 at 11:16 am to Drew Orleans
Honestly I've never used them, but since time is a factor, that may be yyour only option.


Reply  •  Back to Top
Posted by Bubb on 4/8 at 12:44 pm to LSURussian
I'm pretty sure he was just referring to 2012, as was I. I doubt he just mailed them a check for 2012 in 2013. If he has other jobs/w2s, they probably withheld taxes and it sounds like that would cover his little self employment income. He doesn't seem too worried about it


Reply  •  Back to Top
Posted by Vols&Shaft83 on 4/8 at 12:55 pm to Bubb
quote:

'm pretty sure he was just referring to 2012, as was I. I doubt he just mailed them a check for 2012 in 2013. If he has other jobs/w2s, they probably withheld taxes and it sounds like that would cover his little self employment income. He doesn't seem too worried about it


If he made more than $1200 from either business last year, he still needs to file a schedule C, 1099. Whether he owes anything or not, if he doesn't file on time, he'll pay penalties and interest, and the failure to file penalty is STEEP.



Reply  •  Back to Top
Posted by Bubb on 4/8 at 12:59 pm to Vols&Shaft83
Did they increase the minimum? It used to be $400.


Reply  •  Back to Top
Posted by iknowmorethanyou on 4/8 at 1:16 pm to Drew Orleans
Do you have a firm handle on income/expenses from your businesses? If so, filing on your own isn't hard if your records are handy and accurate. If you are to be audited, the most likely scenario is a paper audit (AUR) 2 years from now...assuming your figures don't jive with the IRS figures. It's absolutely nothing to be worried about.


Reply  •  Back to Top  •  Refresh
Return to Board
Jump to Page   

           Page 1 of 3           

 

 Message Boards
 Tiger Rant
 Recruiting Board
 SEC Rant
 Saints Talk
 Pelicans Talk
 More Sports Board
 Soccer Board
 O-T Lounge
 Outdoor Board
 Movie/TV Board
 Music Board
 Political Talk
 Money Talk
 Fark Board
 Gaming Board
 Fantasy Sports
 Food and Drink Board
 Ticket Exchange
 Help Board
 

 Other Options
 >> Search
 

 SECRant.com Links
 SEC Rant
 SEC Recruiting
 SEC Tickets
 Off-Topic Board
 

 Geaux.com Dining Guide
 New Orleans
 Baton Rouge
 

 Site Features (Full Version)
 Home Page
 LSU Football Schedule
 LSU News/TD News Wire
 Pick'em Home Page
 
Back to top
Sign In 
View in: Desktop
Copyright ©2014 TigerDroppings.com.