 I cant prove the business miles i drove to the IRS? |
i wrote off 50,000 worth of business miles on my taxes in 2006. but now the IRS says i have to send in proof.
Ive looked through my files, but i dont have my mileage logs, that i may have ... |
|
 Can I ever get social security and medicare taxes back? |
| I'm a high school student who earned only $1000 at McDonald's last year. 8% of my earnings always came directly out of my paycheck (social security and medicare taxes). As a Minnesotan, ... |
|
 Why do we single out the rich with taxes, why not the poor too? |
| Think about, something many of you may not be aware of. You could be a single parent, living at home with your parents (as so often the case is). Not work all year (i.e. not pay taxes). and Still ... |
|
| Was the Economic Stimulus rebate check we received last summer an advance on this years taxes? |
| When I was doing my research about this last year it said it was NOT an advance and you would not have to claim it on your taxes. However, today when I was reading about how to prepare to get your ... |
|
 New kind of tax idea...? |
I've heard that, in the United States, the richest 10% of the population controls 90% of the wealth. (or something like that)
So...how about they pay 90% of the taxes?... |
|
 I've just moved from Ireland to take a job in VIrgina...what moving expenses can I get? |
| Hi...I moved from Ireland to take a job in Virginia. My employer said they would pay up to $2500 moving expenses. I kept all my receipts but am wondering which ones to submit. The company gave me a ... |
|
 How do i determin the fair mkt value of my Moms home in Mar 1995 to close out her estate.? |
| Dad died in 3/95, Mom in 3/06. Need to do final iRS. How best to determin FMV at time of Dad"s death?... |
|
 How can I qualify for earned income credit if I am married? |
| I have received earned income credit for my son every year. I will be getting married soon. Our combined income is above the maximum allowed. Can I use "married filing seperately" and be ... |
|
 Tax services, please help? |
I previously asked the question "what is the earliest I can file taxes?" The responses were Jan. 16th and later BUT THAT ISN'T TRUE.
- My God brother and I went to Jackson a ... |
|
 Free tax advice? |
| I am in debt to my father for a large sum of money that he has loaned me over the years.I know he never expected it back,but he has fallen on very hard times and is in "dire straights" to ... |
|
 If I was unemployed and really didnt make any income can I still get a stimulas check. I didnt file for 2007? |
| or 2008 by the way Im a full-time student my friend said I could but I just want to make sure I know the deadline is the 15 of October.... |
|
 In the uk, why is there a system that when you start a new job you get paid in arrears.? |
I can understand that you need to do the hours first so they can tot them up and then get paid but there really is no need for it is there?
Additional Details
No you absolute spanners!! I... |
|
 I am turning 19 in February, I got married on January 2, 2007, and moved soon after to another state.? |
| I moved with my husband who is in the military. Right now I am working full time. And during the fall 2007 semester I will start going to college full time. My parents don't know that I am ... |
|
 My W-2 form? |
| I just got my w-2 form now I don't know what to do with it, How do I get my income tax and how do I know what I got, I don't even know how to start the whole process of getting my income ... |
|
 Hi im 22 no kids and I wanna know how long does it take to get section8, wht is the estimated wait time? |
| Because, I first mailed it in feb 08, and they sent it back to me just recently this month in july 08..because I forgot to fill in some information..and that's crazy it took them 4 months just ... |
|
|  |
Lucky S | Tax Filing EMERGENCY!!!? |
OK, so i did a CRAZY thing and claimed 10 exemptions on my taxes, know i will HAVE to pay an astronomical amount back ( i don't have kids or really anything to deduct, GULP? I ABSOLUTELY will not have the money, just got a new apartment, HAD TO, or would have been homeless, can I ..
1. Wait to 2009 to file, i've did this b4 but didnt owe
2. file and pay little at a time as i get
3. not shot myself
Guys be kind with your answers please, i really scared!
questions you might ask: I made $43,000 last year and on my w2 they have $44??? WTF
I didn't take any classes like i usually do, so no decuctions there. All help will be GREATLY APPRECIATED. 5 STARS PLUS!!!! |
 |
 
wartz
 |
You are going to owe about $4,700. If you can pay that off over five years, IRS will give you an installment payment agreement. About $125 per month will take care of it PLUS you have to change your W-4 back to reality. I had a client who did this for four years before IRS caught up with it. The results were not pretty. |
|
MoB
 |
Shooting yourself is not an option. Your estate would still have to pay the taxes.
It is true that if you can borrow the money to pay the IRS off it would be better.
The IRS will set up a payment plan with you. They do charge interest on this, but as soon as you start making the payments then the interest that they are charging you for owing in the first place will go down.
I'm sure that you have already changed your W-4 with your employer since you seem like you are a lot smarter now.
It's okay, you're not the first person who has ever done this, and I'm sure that you won't be the last.
Just make sure that you make your payments on time to the IRS or you can go into default.
If you get a refund next year, they will apply that to the outstanding balance so it may be possible that you will be out of debt with the IRS in a year or so.
See. the world did not end. If this is the worst thing that ever happens to you in life, then you are very blessed. |
|
Rachel
 |
Ok, for your questions 1 - no, you can't wait or you will have to pay penalties and could be in legal trouble. you need to file and pay by April 15th. There is a form to extend the time to file but this does NOT extend the time to pay...you still have to pay by April 15th. 2 - I don't think there is an option for this; with the exception of trying to get a loan from a bank to pay the taxes, and then paying the bank back each month. 3 - don't shoot yourself!
Your W2 probably has a different amount because if they give you gift certificates or a bonus, it counts in your wages, so that could explain the difference. If you think it is wrong you could always check with your employer, but it is a small amount anyway.
So, I would suggest trying to get a personal loan from the bank or trying to find a family member who will be willing to make a loan to you (with the promise of monthly payments + interest!)
Depending on the company you work for, they may be willing to give you a pay advance, so you could pay taxes now, but then your paychecks will be lower because they will automatically take the money out of your upcoming paychecks until the advance is paid off. You can check with your supervisor or HR person to see if your company is willing to do this.
Also - change your exemptions asap!
Good luck! |
|
bostonianinmo
|
In addition to the other generally correct advice here you should brace yourself for the possibility of a $500 penalty for a fraudulent W-4 filing and a Lock Letter to your employer forcing withholding at Single and 0. That will be relatively permanent. |
|
Audrey A
|
I'm sorry to say that you will definitely owe the IRS this time. Probably a few thousand dollars as well.
Don't wait to file. If you miss the April 15th deadline, then you will owe penalties and interest on top of what you already owe in taxes.
The best option would be to set up a payment plan with the IRS so that you don't get penalized.
You also need to change your W-4 status to something more reasonable. I know you may need the money with each paycheck, but its a lot better having a small amount taken out each payday than owing thousands of dollars at tax time.
In addition, when the IRS sees that you owe so much in taxes on your return, they may put a withholding freeze on your allowances, forcing you to claim 1 or even 0 for several years. You really need to get your W-4 fixed ASAP.
Don't be scared, it will be ok. |
|
coleblondehead
|
Do you have older parents you could
claim, is there any other jobs that you did
on your own, if you claim a loss that will
lower your AGI, lower taxes, lower debt.
As a tax preparer, I always advice my
clients, please please never put more
dependents than what you really have, even
if you do have dependents, if you claim
0 or 1 dependent you will always have some
money coming back to you. Call IRS have
them set you up on a payment plan but
never pay with a high int. credit card, if you
have a o% then its ok. Do you live nearby
where you work, last option, sell your car
this year pay off debt and commute on
bus for a while, drive for 6months in older
car I know its a hassle but the fees that
IRS has its like a virus, it will eat you up.
This is what I did a long long time ago and
it worked out but Ive met young people like
yourself and older senior citizens who have
cried at my desk not knowing what to do
because of debt, always have something
to fall back upon, this is what they teacdh
us, do you have a 401K? This year
maximize your contrib ution, if your job
doesnt offer 401k, open one even if its
for 500 dls. Change your w4 to 1 or 2
dependents or half a year you can play
with the numbers. Good luck |
|
chatsplas
|
You've made some really bad choices and are facing the consequences. Face them squarely, not burying head in sand.
1.File your taxes. The 4/15 deadline is coming. You need to file and you will owe. Filing lets you escape penalty for not filing. You will pay interest and underwithholding penalties. Claiming 10 exemptions was a poor choice and will aggravate the IRS, and earn you a penalty for inadequate withholding.
2.Come up with some money towards the taxes you owe, and send it with your tax return or by 4/15, requesting payment plan. IRS likes 1/4 to 1/2, but if you give them something, it buys time.
3.Change your W-4 NOW. You're Single, so claim 1 or 0.
4.Your reference to $44 was confusing. Was that your total withholding? Or was your income? If total income, it could be higher if you put a little money into the 401k at work, which you should be doing with that income. As soon as the IRS is paid off, join the 401k at maximum amount. It reduces your taxable income (!!), saves for retirement and gets you matching money from your employer, while savig for your retirement.
The longer you delay to fix problems you created here, the more it will cost you with interest and penalties. And if you're eligible for the tax rebate, that will be applied to your tax debt, which will help!
STRONGLY Suggest you take Jackson Hewitt income tax preparation class starting September. |
|
efflandt
 |
Due to claiming too many exemptions on your W-4 and owing more than $1000 (I doubt if you meet the exceptions) you will also be subject to an underwithholding penalty even if you do pay the tax by April 15th. If you do not pay at least the tax owed by then, you will be subject to interest and more penalties.
The W-4 form has instructions for figuring out how many exemptions to claim, and you failed to follow those instructions. Did you fix that yet to withhold enough the rest of the year for not withholding enough the first quarter of 2008? |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 30 minutes(s) ago
| | | |
8 | 3 hour(s) ago
| | | |
8 | 7 hour(s) ago
| | | |
8 | 8 hour(s) ago
| | | |
8 | 2 day(s) ago
| | | |
8 | 3 day(s) ago
| | | |
8 | 2 week(s) ago
| | | |
8 | 1 month(s) ago
| | | |
8 | 6 month(s) ago
| | | |
8 | 9 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
