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Recent tax questions

Reasons, I was unable to file my federal income taxes and

For various reasons, I was unable to file my federal income taxes for 2013 and 2014 on a timely basis. I finally put everything together over the last few days, and I'm ready to submit my returns.Knowing back in 2013 and 2014 that I was likely to be filing well past the due date, I attempted to make large estimated tax payments for the 2013 and 2014 taxes. Now that I have finally done my taxes, I find that in the case of my 2013 taxes, I overpaid by approximately $10,000. However, for my 2014 taxes I underpaid by approximately $6,000.I have a few related questions about penalties I may now owe. Since I fully paid my 2013 taxes, am I still subject to a penalty on them for filing late? For my 2014 taxes, what are the penalties I will owe, and what forms do I use to calculate/report them? Also, since I overpaid on my 2013 taxes, can I apply the refund on the 2013 taxes to my 2014 taxes? If I can, then I would actually not have underpaid for 2014. If I can do that, should I first file only my 2013 taxes, and then wait a few weeks for the2013 refund to be applied to my 2014 taxes so that there is no confusion when I claim on my 2014 return that I had 2013 refund?

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Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
I have taxes 13 14 15 that all need to be done, We dont owe

I have taxes for 2012 13 14 15 that all need to be done, We dont owe any money, we have so much write off every year we get back every dime my husband pays in. We have had 5 moves, New Jersy, florida, Nevada, Utah, back to Florida, back to nevada.. we Support a Non profit, my Husband has tons of travel expenses, home office epenses, supporting his Mother and father financially, theft of, storage unit, wave runner and trailor in Florida, Motorcycle trailer and golf cart in florida, lost over 80,000 dollars on a house purchace in New Jersey, Damages to our home in Florida, supporting our oldest grandaughter who lived with us 3 yrs. Loss of lots of tax documents from storage theft in Florida, Moving fees, storage fees, work related expenses etc.. Can we get ny money back for 2012 because of these circomstances? I know I can still file for 2013, 14 and 15. But we really need to get our 2012 refund as well, It's way over 28,000 dollars alone.

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Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
I am on H1B non immigrant status in US. My wife also works

I am on H1B non immigrant status in US. My wife also works in US on H1B. I need to know if I am required to file fbar. I came to US in 2011 feb and till this time I am not aware of anything called fbar. One of my friend told me about this recently and I am not sure if this is for US citizens or green card holders only. I didn't file fbar for last years. I have below questions.1. Am I required to file fbar?2. My wife doesn't have a foreign account. She transfer money to my foreign account. She is not the joint owner on the foreign account. Does she needs to file separate fbar form.3. Do I need to file for previous years?4. If I earn interest from my foreign account in India then is it taxable in USA and do I need to declare this in USA.If yes then how?5. What is the due date for filing fbar?6. Is there a process just like city tax remainders so that I may get notified for things like fbar going forward.7. I got a personal loan from USA for some expenses in India. So my foreign account have more than $10k. I have the personal loan running in USA now for which I am paying interest too. Do I need to call this out explicitly somewhere in the fbar form.

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
936 satisfied customers
I live in IL, and my son is part of a non traveling

I live in IL, and my son is part of a non for profit traveling basketball organization. Are his fee,traveling expenses (we transport other players to the games) and meal tax deductible?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I live in IL, and my son is part of a non for profit traveling basketball organization. Are his fee,traveling expenses (we transport other players to the games) and meal tax deductible?JA: Is there anything else the Accountant should be aware of?Customer: noJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I have 2 cp171 letters, they are business, but my new tax

I have 2 cp171 letters, they are for our business, but my new tax guy said businesses get paid thru individual tax returns? Either way I just want to pay them now, they are due today the 16th. The irs website doesnt have an option for cp171, just cp healthcare. They are not open 24/7 so i cant speak to anyone but i am afraid they will put a lien on my bank account. Can you explain the correct way to pay online? Thank you.

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Megan C

Master's Degree

 
29,940 satisfied customers
PAYMENT INSTALLMENT AGREEMENT I sent a Paymnet Installment

PAYMENT INSTALLMENT AGREEMENTHi,I sent a Paymnet Installment agreement when I sent my Tax Returns.Now they send me a letter where there is an "FAILURE TO PAY PENALTY" of $18.(does it mean that they didn't receive my Installment Agreement??).Also:"INTEREST CHARGES" $10.58.Also they tell me to pay by the end of June to avoid more interest.QUESTION:Do these charges mean that they didn't receive my Installment Agreement?Or,even with the Installment Agreement,they still take interest charges,until balance paid in full?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I am an individual in an unfortunate and unique tax

I am an individual in an unfortunate and unique tax circumstance. The situation can be described as being a wishful thinker for success and having an utter fear of tax inequality and maltreatment from the IRS. (Before I didn't quite know why I had such a fear of the IRS, but now I know that this angst stems from my step-dad who is a retired IRS tax auditer and not the greatest step-dad.)Today's date is May 30, 2016.2008 return filed (on time) Apr, 2009. ($4,000 taxes paid on income from Schedule-C)2009 return filed (on time w/ extension) Sep, 2010. ($20,000 taxes paid on income from Schedule-C)2010 return filed (late) Dec 2013. (NOL around -$25,000 from loss from Schedule-C)2011 return filed (late) Dec 2013. (NOL around -$7,000 from loss from Schedule-C)2012 return filed (late) Jan 2014. ($3,000 taxes paid)2013 return filed (on time) Apr 2014. ($500 taxes paid)2014 return filed (late) Apr 2015. ($1,000 taxes paid)I am a sole proprietor who lost everything due to the great recession of 2008-2009.I run a business and have filed nearly all returns very late. The reason for filing the returns late is encompassed by the fact that I was going bankrupt year after year I couldn't handle the stress of putting together all of the information required to file an accurate return. I also believed that when there was a loss, that there was no reason to file a return.I filed anyway, no matter how late.I ended up filing the returns with a business loss because a friend informed me that I could carry forward all of the loss I had acquired for "Expenses for Business Use of Your Home" from IRS tax form 8829.NOL and carrybackMy 2010 and 2011 returns both have a significant NOL. I would love to carry the losses back to 2008 and 2009. Based on the dates of the returns and amounts, how would this carryback be computed? I have learned that I cannot file IRS Form 1045 (Application for Tentative Refund) because that statute expired within one year of the NOL for 2010 and 2011.Should I file form 1040X for 2008 to apply NOL from 2010? Should I file 1040X for 2009 to apply NOL from 2010?What can I do with the NOL from 2011?I would love to get some insight into all of the statute of limitations that would apply to my circumstance. Is this a common circumstance that certified tax preparers deal with? I would like to take this to a tax professional but I cannot afford the $1,500 fee / $2,000 fee that two preparers have quoted me unless I know that I can get some money back from the NOLs to be able to afford an accountant.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,896 satisfied customers
As mentioned earlier we are a C corporation set up in

For Stephan - As mentioned earlier we are a C corporation set up in Houston on 23.2.2015 with one single overseas shareholder and our activities started in April 2015, when our bank account was opened. We filed SS4 mentioning March as our close of accounting year and IRS return form as 1120.However when we got EIN, it mentioned 15.3.2016 as our due date for filing Form 1120 which means that they are taking 31.12.2015 as our close of first accounting year. I have following queries :- Are we a domestic corporation with foreign shareholder or are we a foreign corporation?- Is Form 1120 is the right one or we should be filing Form 1120F- When does the first accounting year start - from the date of set up or the date of starting activities - kindly see form SS4- For the first accounting year can we have from 23.2.2015 to 31.3.2016 - which is more than 12 months or 52 weeks.- If it is permissible to have the extended period as accounting year - can we ignore the EIN letter from IRS and go as per our SS4 where we mentioned 31st March as our close of accounting year.- If it is not permissble, can we have our first year closed on 31.3.2015 and second year closing on 31.3.2016 and file 1120 accordingly for both the years - nil return for the first year since there were no activities.

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CGCPA

Owner

Bachelor's Degree

 
3,352 satisfied customers
A sole proprietor contributed excess SEP contribution on

A sole proprietor contributed excess SEP contribution on April 18, 2016 towards his 2015 contribution. He is amending the tax return to reflect the correct amount of SEP contribution. How does he withdraw the excess contribution? What is the procedure. for withdrawing excess contribution. Will he receive a 1099-R? If so, how does he report this? He is the administrator of SEP plan. He does not want to treat it towards 2016 contribution. Will be he subject to any penalty

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
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