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re: Underpayment penalty on taxes......Paging Poodle...please see last post
Posted on 4/2/13 at 4:26 pm to LSURussian
Posted on 4/2/13 at 4:26 pm to LSURussian
quote:
I'm curious why you didn't address your questions to the accountant who prepared your return?
I did end up e-mailing him back after I had time to cool down from the initial shock, but wanted to get some opinions on here first before I made a fool of myself questioning him.
Update, my wife called up the insurance company and they claim the short term disability is not taxable income, and my wife is now waiting for her employer to confirm. I'm really not sure how this works, and it really baffles me that if this was the case why the damn accountant didn't realize this in the first place. (I'm not dealing with a rinky dink outfit with someone dressed up as the statue of liberty either, so I expect better)
Further update, they didn't provide us a 1099 or W-2 and claim the income isn't taxable.
This post was edited on 4/2/13 at 4:38 pm
Posted on 4/2/13 at 4:34 pm to TJG210
You can claim exempt from taxes if you will have no tax liability. Any one could do it years ago. Now you have to be able to prove that you will have no liability.
Our employees still try
I regularly pay the underpayment fee. My wife and I both withhold at higher rates and take out extra. Apparently i just need to give them my whole check and hope for some back at the end of the year.
Our employees still try
I regularly pay the underpayment fee. My wife and I both withhold at higher rates and take out extra. Apparently i just need to give them my whole check and hope for some back at the end of the year.
Posted on 4/2/13 at 4:47 pm to TJG210
quote:
they claim the short term disability is not taxable income
Unless something has changed recently, short term disability is definitely taxable unless you paid the premiums. If your employer is paying for all of the premiums and the premiums aren't included as part of your gross wages, then the benefits received are taxable.
Posted on 4/2/13 at 4:53 pm to TJG210
Short term disability benefits are NOT taxable income. Unless the benefits exceeded more than the 66.7% of gross pay maximum. If your accountant doesn't know this, then I'd fire his arse, and see if you can get a new return before the 15th. If you can't, file the return and pay something on time, then file an amended return asap with a new accountant.
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