Great, thanks guys. You're making me feel excited about taxes =D
Is... is that illegal? Can they tax me more because of it?
If you drive a car, they'll tax the street
If you try to sit, they'll tax your seat
If you get too cold, they'll tax the heat
If you take a walk, they'll tax your feet
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NogsCrap, crap, mega crap.Crap, crap, mega crap.Registered Userregular
edited January 2010
man
the more i think about it
im probably gonna have to pay my taxes on my line of credit
and quarterly estimated payments are required if you are self-employed or have other kinds of income where no money is withheld. this is because the US income tax system is 'pay-as-you-go'--you have to pay throughout the year not just in april. so if you aren't doing that by withholding then it's estimated payment time!
anyway I am studying to be an enrolled agent (federally recognized tax professional) so if you have tax questions post them itt.
you can't efile for the fthb credit anymore, is it really going to take 4+ months for me to get my credit if I file next week after settlement? or is CNN just blowing hot air around.
but california is easy--if you have ever worked in california, or done business in california, or had any employees in california, or can spell "california" then you owe taxes there.
everything ive read is that quarterly payments are not required, just highly highly recommended that you do it.
it's not required for everyone, but yeah
Who Must Pay Estimated Tax
If you had a tax liability for 2008, you may have to pay estimated tax for 2009.
General Rule
You must pay estimated tax for 2009 if both of the following apply.
1.
You expect to owe at least $1,000 in tax for 2009 after subtracting your withholding and credits.
2.
You expect your withholding and credits to be less than the smaller of;
*
90% of the tax to be shown on your 2009 tax return, or
*
100% of the tax shown on your 2008 tax return. Your 2008 tax return must cover all 12 months.
in fact if you are required to make estimated payments and you don't, you can be subject to penalties even if you would have been entitled to a refund! lol whoops
I guess in md you have to put down earnings from online sales, but I wonder if it matters which state the person who bought the item is from.
I get confused when you start going into detail, and I guess it doesn't really matter because I never make significant income from online sales anyways but I try not to lie on my tax form.
you can't efile for the fthb credit anymore, is it really going to take 4+ months for me to get my credit if I file next week after settlement? or is CNN just blowing hot air around.
sad but true.
In addition to filling out a Form 5405, all eligible homebuyers must include with their 2009 tax returns one of the following documents in order to receive the credit:
A copy of the settlement statement showing all parties' names and signatures, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1, Settlement Statement. For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase. For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate. In addition, the new law allows a long-time resident of the same main home to claim the homebuyer credit if they purchase a new principal residence. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. The IRS has stepped up compliance checks involving the homebuyer credit, and it encouraged homebuyers claiming this part of the credit to avoid refund delays by attaching documentation covering the five-consecutive-year period:
Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements, Property tax records or Homeowner’s insurance records. The IRS also reminded homebuyers that the new documentation requirements mean that taxpayers claiming the credit cannot file electronically and must file paper returns.
i dont really understand the number 2. there. oh well
i got turbotax home & business and quicken Home & business
they will make sure im okay.
yeah that tim geithner's plan, didnt work out so well iirc
and number 2 is what's called a "safe harbor"--if your situation is outside what's described there, you cannot be subject to penalty for not making estimated payments. here's an example:
You work as an independent contractor but also have some employee income. In 2008 you owed $500 in taxes. For 2009, you expect to owe $600 in taxes. You aren't liable for estimated payments if your withholding from your W-2s, plus any credits you are entitled to, is greater than $500. ($500 is the lesser of 100% of $500 and 90% of $600)
I guess in md you have to put down earnings from online sales, but I wonder if it matters which state the person who bought the item is from.
I get confused when you start going into detail, and I guess it doesn't really matter because I never make significant income from online sales anyways but I try not to lie on my tax form.
well be careful. remember at the federal level, unless there is a specific exclusion, all income "from whatever source derived" is taxable. so you should be including earnings from online sales on your federal return, where it will in turn flow through to the state return--since maryland, like most other states, uses your federal adjusted gross income as a starting point.
maybe you were thinking about MD collecting sales tax on online sales? because that's a whole different ball of wax. but income = income no matter where it's from.
If I just stop filing, how much jail time am I looking at?
how long til they catch up?
well there are two questions here--"how long til the IRS figures out what's going on" and "what about jail time".
as to jail time: you can basically forget it unless you are a big player in organized crime, or are filing massive amounts of fraudulent returns to get refunds, or something. but if this applies to you I doubt you would be posting about it on the internet. here are some numbers if you're feeling lucky:
as to "how long," they probably already know, at least if the people paying you are filing their information returns--W-2s, 1099s, K-1s, and so on. this means that even if you don't file, the IRS can prepare a return for you and bill you on the tax due they come up with. there won't be a criminal investigation (probably) but they will cheerfully file a lien, or levy your bank account, or do all kinds of unpleasant things. so it's not recommended.
I pay more in aggregate taxes than I take home. (and no, I'm not particularly rich)
o rly? where do you live?
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MrMonroepassed outon the floor nowRegistered Userregular
edited January 2010
so I only worked until like Aug. 15th this year and never bothered to change my withholding from the previous level because I didn't want to let on to HR that I was leaving my job for school. I effectively withheld at the third bracket and only made as much as the first, so I'm looking at several thousand dollars returned.
should I just do the turbotax thing online with my W-2 in hand and pay the thirty bucks or whatever for state filing like I always do or is there something else I should do? I don't own a house or have any dependents so I doubt I'm taking much in the way of deductions.
so I only worked until like Aug. 15th this year and never bothered to change my withholding from the previous level because I didn't want to let on to HR that I was leaving my job for school. I effectively withheld at the third bracket and only made as much as the first, so I'm looking at several thousand dollars returned.
should I just do the turbotax thing online with my W-2 in hand and pay the thirty bucks or whatever for state filing like I always do or is there something else I should do? I don't own a house or have any dependents so I doubt I'm taking much in the way of deductions.
yeah turbotax online should be fine, since you are like 99% going to just take a standard deduction with no other weird stuff going on.
you could even print out the state return and mail it in if you didn't feel like blowing the $30, state returns are usually really easy (take federal AGI -> figure out if you have any weird additions/subtractions --> calculate tax).
Tax season is just about the only time I ever use stamps. In fact, I think I'm still using a book I bought a few years ago, god bless Forever stamps.
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MrMonroepassed outon the floor nowRegistered Userregular
edited January 2010
on the turbotax online thing it's more like (click the button that imports everything from your federal return > answer two or three questions > enter your credit card number to file it)
so I'm unsure
except for the part where I will just use turbotax again
edit: I think I used H&R's online thing last year so I may do that again so they can import everything from the old returns I've surely lost
I've got a 401k from the job I was laid off at that either needs to be cashed out or rolled over into an IRA. I'd like to throw it into an IRA so it can start earning a bit more money and all that. I'm looking at Wachovia's site, as that is where I have all of my account, and yea...
Is there anything in particular I need to know? From what I've gathered I can contribute up to 5,000 a year into a traditional IRA, tax deferred. That about it?
I've got a 401k from the job I was laid off at that either needs to be cashed out or rolled over into an IRA. I'd like to throw it into an IRA so it can start earning a bit more money and all that. I'm looking at Wachovia's site, as that is where I have all of my account, and yea...
Is there anything in particular I need to know? From what I've gathered I can contribute up to 5,000 a year into a traditional IRA, tax deferred. That about it?
I did this a while back but I used Vanguard, whom I've been very happy with
I'm pretty sure that because it's a transfer from one tax-deferred account to another you're not limited by the $5k cap, though that is a question for someone in banking
e: I will note that I went from a 401k to a traditional IRA, because if you go Roth all of the money becomes taxable
I've got a 401k from the job I was laid off at that either needs to be cashed out or rolled over into an IRA. I'd like to throw it into an IRA so it can start earning a bit more money and all that. I'm looking at Wachovia's site, as that is where I have all of my account, and yea...
Is there anything in particular I need to know? From what I've gathered I can contribute up to 5,000 a year into a traditional IRA, tax deferred. That about it?
If you're definitely in it for the long haul, then a traditional IRA is the way to go. Just remember that the money is tied up and bound until retirement, or you'll pay fees out the ass to get at it early.
The Roth IRA is much more forgiving on moving money around or say taking from it later to buy a house or a car. The contributions are not tax deductible though.
Either one is a good start, and the sooner you do the better off. After 10 years of working now at my company it's amazing to see my 401k portfolio and go "holy shit I got mad bank for when I want to stop working and start being a burden on my children".
Posts
so its like the government is giving me a birthday present.
except this year.
PARKER, YOU'RE FIRED! <-- My comic book podcast! Satan look here!
If you drive a car, they'll tax the street
If you try to sit, they'll tax your seat
If you get too cold, they'll tax the heat
If you take a walk, they'll tax your feet
the more i think about it
im probably gonna have to pay my taxes on my line of credit
hahahaha oh man
shit
PARKER, YOU'RE FIRED! <-- My comic book podcast! Satan look here!
me and you
so shit on that
PARKER, YOU'RE FIRED! <-- My comic book podcast! Satan look here!
and quarterly estimated payments are required if you are self-employed or have other kinds of income where no money is withheld. this is because the US income tax system is 'pay-as-you-go'--you have to pay throughout the year not just in april. so if you aren't doing that by withholding then it's estimated payment time!
anyway I am studying to be an enrolled agent (federally recognized tax professional) so if you have tax questions post them itt.
you can't efile for the fthb credit anymore, is it really going to take 4+ months for me to get my credit if I file next week after settlement? or is CNN just blowing hot air around.
how long til they catch up?
everything ive read is that quarterly payments are not required, just highly highly recommended that you do it.
PARKER, YOU'RE FIRED! <-- My comic book podcast! Satan look here!
but california is easy--if you have ever worked in california, or done business in california, or had any employees in california, or can spell "california" then you owe taxes there.
it's not required for everyone, but yeah in fact if you are required to make estimated payments and you don't, you can be subject to penalties even if you would have been entitled to a refund! lol whoops
I get confused when you start going into detail, and I guess it doesn't really matter because I never make significant income from online sales anyways but I try not to lie on my tax form.
sad but true.
i got turbotax home & business and quicken Home & business
they will make sure im okay.
PARKER, YOU'RE FIRED! <-- My comic book podcast! Satan look here!
Start your own religion and claim an exempt status.
Make it something cool, like Church of the Everliving Dong or No Fat Chicks of Latter-Day Saints.
Secret Satan 2013 Wishlist
Getting $9300 back.
Gonna go buy a new car. My current one is barely functioning. Literally.
yeah that tim geithner's plan, didnt work out so well iirc
and number 2 is what's called a "safe harbor"--if your situation is outside what's described there, you cannot be subject to penalty for not making estimated payments. here's an example:
You work as an independent contractor but also have some employee income. In 2008 you owed $500 in taxes. For 2009, you expect to owe $600 in taxes. You aren't liable for estimated payments if your withholding from your W-2s, plus any credits you are entitled to, is greater than $500. ($500 is the lesser of 100% of $500 and 90% of $600)
easy as pie!
well be careful. remember at the federal level, unless there is a specific exclusion, all income "from whatever source derived" is taxable. so you should be including earnings from online sales on your federal return, where it will in turn flow through to the state return--since maryland, like most other states, uses your federal adjusted gross income as a starting point.
maybe you were thinking about MD collecting sales tax on online sales? because that's a whole different ball of wax. but income = income no matter where it's from.
don't break the law
well there are two questions here--"how long til the IRS figures out what's going on" and "what about jail time".
as to jail time: you can basically forget it unless you are a big player in organized crime, or are filing massive amounts of fraudulent returns to get refunds, or something. but if this applies to you I doubt you would be posting about it on the internet. here are some numbers if you're feeling lucky:
as to "how long," they probably already know, at least if the people paying you are filing their information returns--W-2s, 1099s, K-1s, and so on. this means that even if you don't file, the IRS can prepare a return for you and bill you on the tax due they come up with. there won't be a criminal investigation (probably) but they will cheerfully file a lien, or levy your bank account, or do all kinds of unpleasant things. so it's not recommended.
right now I don't do anything except take classes
o rly? where do you live?
should I just do the turbotax thing online with my W-2 in hand and pay the thirty bucks or whatever for state filing like I always do or is there something else I should do? I don't own a house or have any dependents so I doubt I'm taking much in the way of deductions.
yeah turbotax online should be fine, since you are like 99% going to just take a standard deduction with no other weird stuff going on.
you could even print out the state return and mail it in if you didn't feel like blowing the $30, state returns are usually really easy (take federal AGI -> figure out if you have any weird additions/subtractions --> calculate tax).
so I'm unsure
except for the part where I will just use turbotax again
edit: I think I used H&R's online thing last year so I may do that again so they can import everything from the old returns I've surely lost
I've got a 401k from the job I was laid off at that either needs to be cashed out or rolled over into an IRA. I'd like to throw it into an IRA so it can start earning a bit more money and all that. I'm looking at Wachovia's site, as that is where I have all of my account, and yea...
Is there anything in particular I need to know? From what I've gathered I can contribute up to 5,000 a year into a traditional IRA, tax deferred. That about it?
I did this a while back but I used Vanguard, whom I've been very happy with
I'm pretty sure that because it's a transfer from one tax-deferred account to another you're not limited by the $5k cap, though that is a question for someone in banking
e: I will note that I went from a 401k to a traditional IRA, because if you go Roth all of the money becomes taxable
I just think it's a yearly cap of 5k in contributions to it with a fee of something like 50 bucks a year for holding the account with them.
also Vanguard is the cat's pajamas 8-)
e: Vanguard is indeed the cat's pajamas
If you're definitely in it for the long haul, then a traditional IRA is the way to go. Just remember that the money is tied up and bound until retirement, or you'll pay fees out the ass to get at it early.
The Roth IRA is much more forgiving on moving money around or say taking from it later to buy a house or a car. The contributions are not tax deductible though.
Either one is a good start, and the sooner you do the better off. After 10 years of working now at my company it's amazing to see my 401k portfolio and go "holy shit I got mad bank for when I want to stop working and start being a burden on my children".
Secret Satan 2013 Wishlist
The older 401k has about 2,400 bucks in it and that is what i'm planning on dumping to the IRA.
Secret Satan 2013 Wishlist