Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

There, I am doing my own taxes and I have a couple of

Customer Question
Hi there, I am doing my...
Hi there,
I am doing my own taxes and I have a couple of questions.
1) I started a web company in 2014 under my name, and it ultimately failed by the end of 2015. No revenue was generated and I never put in the paperwork to register the company as a corporation (so all incurred expenses for 2015 were under my name).
2) throughout 2015 I also did part-time subcontracted work for a creative agency.
The only income I received in 2015 was from the creative agency and I received a 1099- MISC form (primarily Public Relation and web development work).
QUESTION #1 - can I file my federal return using the 1040 form and include the expenses from my failed web startup business (i.e. flyers, software, etc.)? What should I make my occupation so that it encompasses both of the occupations above (Independent Contractor? Web Startup Founder?)?
I also did not make enough estimated payments throughout the year and wont be able to pay the remaining balance until May.
1) Throughout the year I made my payments using the form 1040 Estimated Taxes - Tax Year 2015 and also via Form 1040 Balance Due - Tax Year 2015 -- were these forms correct/okay to use?
2) I am going to have to pay my remaining tax balance for 2015 in two payments (one now and one in May). Should I use the 1040 Balance Due form? I am aware that I will incur late penalty fees.
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 17 minutes by:
4/15/2016
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 year ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,239
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified
How much were the expenses on the web business?Occupation - ConsultantSure, the payments went in that's the main thingNo. You will be billed for the balance due.
Ask Your Own Tax Question
Customer reply replied 1 year ago
Hi Stephen,Thank you for the quick response!approximately $1,000 in expenses on the web business and $700 for my PR/Web Development work.Does Occupation "Consultant" encompass my failed web development company?I am able to make a payment now towards my 2015 taxes but will need to make the remaining balance payment in April. Should I wait until I receive a bill? Or can I make some of the payment now using the 2015 Balance Due form to reduce penalty fees?Thank you again!
Customer reply replied 1 year ago
Correction **Does Occupation "Consultant" encompass my failed web company (not web development company)!
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 year ago
Yes, Consultant covers everything.You can pay whenever you wish; you can use that form or no form.As long as you have your Social Security Number on the check and "2015 income Taxes" on the check, you will be fine.That total of expenses won't create any problems for you.
Ask Your Own Tax Question
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 year ago
Please remember to rate my response as that is the only way we receive credit for our work.Thanks very muchSteve G.
Ask Your Own Tax Question
Customer reply replied 1 year ago
Hi Stephen,Thank you. I just have one more question before I submit my taxes:1) I am using TurboTax and it is asking how I will pay the federal taxes that are due and it gives me the option to pay by check or credit card before April 18th or to request an installment plan. Based on our exchances above you advise that I do NOT select an installment plan and select "pay by check" but wait until they send me a bill after April 18th to pay since I am unable to do so now? Is that correct?Thank you!
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 year ago
No. not exactly.Pay by check means you are going to pay now.If you can pay by credit card you should if at all possible.If you aren't able to pay by check or credit card then you can request installment plan if you wish, but if not, then you don't indicate anything or indicate by check & just don't send it in.TurboTax just wants to know if they should prepare a payment voucher, that's all that is unless you request an installment plan which will amount to the equivalent of 10% interest & penalty rate.
Ask Your Own Tax Question
Customer reply replied 1 year ago
I have about $1500 due that I cannot pay now, since by checking "pay by check" does not indicate anything. Can I select that option and wait for a bill from the IRS or do you advice requesting an installment plan if I am able to pay the full balance next month?
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 year ago
Pay by check means you are going to pay now.
Ask Your Own Tax Question
Customer reply replied 1 year ago
I understand but there is no option on TurnoTax that indicates that I will pay after April 18th except installment plan which I don't think is necessary since everything I've read says I will receive a bill. I don't know just for submitting purposes what to choose and/or if I should actually request an installment plan since I don't see an official option to pay late (after April 18th).
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 year ago
Choose pay by check & just send whatever you can whenever you can. It just doesn't matter.
Ask Your Own Tax Question
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 year ago
Just checking in......................I see you had a chance to review my response on 4/15/2016.Do you have any follow-up questions?If not, I would appreciate it if you would take a moment and rate my response as that is the only way we receive credit for our share of the payment you already made. Otherwise, without a rating, we are not compensated for our efforts on your behalf.Thanks very much,Steve G.
Ask Your Own Tax Question
Ask Stephen G. Your Own Question
Stephen G.
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,239
7,239 Satisfied Customers
Experience: Extensive Experience with Tax, Financial & Estate Issues

Stephen G. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I want form 1040 along with schedule A for years 2016 and
I want form 1040 along with schedule A for years 2016 and 2017 - NOTB eFile, just the old fashion forms that I complete with a pen,p. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,791 satisfied customers
What are the forms for reporting Rental Income to the IRS on
What are the forms for reporting Rental Income to the IRS on foreign properties - we collect each month? Is this filed separately from our personal returns?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
I'm trying to get the forms for estimated tax online but I
I'm trying to get the forms for estimated tax online but I keep getting this site to get on-line forms. I install then they don't work. How can I get the forms. Also last year I could pay from my chec… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Do I have to pay federal income tax on Monet received from
Do I have to pay federal income tax on Monet received from insurance due to hurricane damage to my home? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Will my filing of federal taxes by the April deadline be
Will my filing of federal taxes by the April deadline be according to the current set of laws (e.g. unlimited deduction of state and local taxes) or will the new "reformed" tax bill and its new rules … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,791 satisfied customers
In an independent contractor in Hawaii. There is a 4% excise
In an independent contractor in Hawaii. There is a 4% excise tax for independent contractors. I'm a tennis pro working for a resort. The resort pays me 70% of my lesson. For instance, a lesson is $100… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
25,341 satisfied customers
FOR GUILLERMO: What line on the 1040 income tax return is
FOR GUILLERMO: What line on the 1040 income tax return is used to determine the sponsor's income for Form I-864? Is it line 22: TOTAL INCOME? Or, line 37, ADJUSTED GROSS INCOME?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
Personal Estimated Federal Tax/Illinois payment: My federal
Personal Estimated Federal Tax/Illinois payment:My federal and IL taxes deducted on regular basis from pay check as employee. But I have S corp for which I know rough profit at 4th quarter since my ve… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
Regarding Federal tax income Form 4952, should I expect my
Regarding Federal tax income Form 4952, should I expect my client to provide me a form to help me fill out line 1 for "investment interest expense paid"? And if so what is the form number?… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
Accidentally sent IRS an unsigned copy of our 2016 form 1040
accidentally sent IRS an unsigned copy of our 2016 form 1040 and later received a form 3531 requesting a valid original signature. Should that returned signature be dated to the original submittal dat… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
Lev, I am preparing federal unfiled tax returns for a client
Good morning Lev, I am preparing federal unfiled tax returns for a client of mine. I am also ready to finalize the 2014 tax return and there is an NOL created on his return. The client has already fil… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
25,341 satisfied customers
I filed my Form 1040, prepared on TurboTax and filed
I filed my Form 1040, prepared on TurboTax and filed electronically via TurboTax. I got nothing back and was told by the IRS that the refund was sent to a different bank transit number than the one sh… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,791 satisfied customers
As an independent contractor (1099) should I form an LLC? Do
As an independent contractor (1099) should I form an LLC? Do I need to? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
Federal Tax Credit or NC Tax Credit For 2017, is there any
Federal Tax Credit or NC Tax CreditFor 2017, is there any type of tax credit for replacing a roof on a historical house (1870)? It is primary residence. They will either replace the roof or do "hydros… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,791 satisfied customers
FEDERAL INCOME TAX: A SINGLE WOMAN RECEIVES A 2016 FORM W-2
FEDERAL INCOME TAX: A SINGLE WOMAN RECEIVES A 2016 FORM W-2 FROM HER EMPLOYER WITH A TYPO IN THE SOCIAL SECURITY NUMBER. TO DATE THE EMPLOYER HAS NOT PROVIDED A "CORRECTED" FORM W-2. IS THERE AN IRS "… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,277 satisfied customers
What is the income tax rate if it is not withdrawn from the
Hi! What is the income tax rate if it is not withdrawn from the LLC? The owner has not withdrawn any balance from the business all the amount reinvested into the business. Thank you!… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,791 satisfied customers
Can franking credit on an Australian income tax return be
Can franking credit on an Australian income tax return be used on Form 1116 as tax paid on the franked distributions? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Form 1040 line #44 what taxes--federal income tax + social
form 1040 line #44 what taxes--federal income tax + social security +medicare tax, all or just federal? … read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
25,341 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x