Tax Filing Amendment
Question: can the amount i owe from filing an amendment be adjusted on my previous tax bill or do i have to pay it?
my tax return($1400) was applied to a previous tax debt. I filed an amendment to remove my son as a dependent, making a $500 difference. Do i have to send a check for the $500 or could it be taken off the $1400 credit from the original return?
Answer: If you have more than $1400 worth of debt with the IRS why aren’t you making monthly payments and getting it paid off….and why are you removing your son as a dependent??? Sounds like you haven’t been a very good citizen!
anyway – there is no “credit” you just now owe $500 more dollars
Tweet Town Hall Word for Word
Leading the event 140 characters at a time was Twitter co-founder Jack Dorsey and Pres. Barack Obama.
Senator Jane Cunningham – Repeal Amendment Press Conference in DC
Late Tax Filing Penalties
Question: what are penalties for Late Tax Filing?
I’m wondering about employers quarterly taxes–and just a few days late not months.
Answer: Late filing of the Form 941 is 5% of the tax due with the return per month or part of a month that it’s late, capped at 25%.
Late deposit penalties are 2% for 1 – 5 days late, 5% for 6 – 15 days late and 10% for 16 or more days late. If the IRS sends a demand notice, it rises to 15%.
If they impose the Trust Fund Penalty (rare for a simple late payment, usually reserved for failure to withhold and pay SS, Medicare & Income taxes) it’s 100% of the unpaid tax.
The 7 Most Common Tax Mistakes
Tax season is quickly approaching and the filing deadline will be here before you know it. If you haven’t filed your taxes yet, it’s time for action. You should get started by getting your tax return together, organizing all of your information and double checking your returns to make sure that they are complete and accurate.
IRS Penalties
Filing Taxes Years Late
Question: What to do if I’m late on filing taxes by 4 years?
I started to work in 2007 so I have T4′s for 2007-2010 but I haven’t filed my taxes yet. How do I go about doing them and what are the consequences in late filing
Answer: If they owe you money, it’s no problem. Get paper returns for all of the years, fill them in, and mail them in. There are no consequences to late filing a return when you’re getting a refund, except you did without your refund for a few years.
If you owe, there can be late filing penalties plus interest. You can make a “voluntary disclosure” for the returns for 2007 and 2008, in which case they won’t charge penalties, but you’ll pay interest. If you wait until after April 30th, you can also do a voluntary disclosure for 2009.
Tax preparers will also do prior year returns, but you should really be able to do your own returns. Just follow the instructions on the pages, and read the guide. There are also volunteer clinics where you can get help if you qualify. Call CRA’s general inquiries for info on that. Call 1-800-959-8281 and ask about the community volunteer income tax program in your area.
House overwhelmingly passes $14.6B budget
ANNAPOLIS — The House of Delegates on Thursday overwhelmingly passed a $14.6 billion operating budget that reforms pensions, restores a chunk of education cuts and raises several fees to generate tens of millions in new revenue. The House spending plan closes the state’s estimated $1.6 billion budget shortfall for fiscal 2012 without raising taxes but would [...]
Business Tax expert Eva Rosenberg
Tax Late Filing
Question: if i file state tax late to state of california but a refund is due to me, should FTB charge a penalty still?
i am filing late for year 2007 which, i am due a refund from the state of california. they are saying i still would owe because of penalty for filing late. if a am owed a refund and i do not owe the state of california taxes, to begin with, why should it cost me penalty? isn’t it unfair practice? because the federal IRS does not do that. they give full refund that is due to individual.
Answer: If the Franchise Tax Board as sent you an official demand for filing of your return AND you do not file by the deadline you will be charged a notice and demand penalty of 25% of the tax due on the return before subtracting withholding.
Tax deductions: Parents pay student’s debt. Is it deductible?
Tax deductions for parents who pay a student loan in their daughter’s name look iffy. Tax deductions are leadoff question in this reader mailbag.
Income tax surcharge and late payment fine, can i A4V it?
Filing Taxes Late
Question: what happenes if you are late filing your taxes?
I filed an extension and didn’t file them by the extension deline of 10/15.
Answer: I’ve never taken the chance… =/
maybe the mistake will just slip by them.
11 Tips to Reduce Taxes Before April 15
How to beat the filing deadline and manage your tax bill
ATM: Filing Your Taxes Late