The Tax Questions Blog

Posts Tagged ‘filing’

Question: Filing taxes?

Last year my wife didn't file our taxes since we owed money.. This year we're getting money back.. Here is my question, would we have to file last years taxes first or could we file this years first and then do last years second??

Answer: File the missing return first, then file the current year, any balance owed would be kept out of the refund you were expecting.
The 2005 return must be mailed in, only the current year can be e filed
you can get forms for last year here http://www.irs.gov/formspubs/article/0,,id=158421,00.html
If you are missing your income information the IRS can provide the W2 and 1099 information via a transcript for you by calling them at 1-800-829-1040. it will take 7 to 10 days mailing time, or if you have access to a fax machine they can be faxed. Both you and your wife will have to be available for verifying you identities for them to be able to fax both of your information.

Death, taxes certain, but not how you file

There are fewer than 50 days until April 15.Officials said there still is time to hire a preparer or find free assistance to meet the tax-filing deadline. The Internal Revenue Service website, www.irs.gov, offers forms and links to services, and local counties offer appointments with volunteer tax counselors who help eligible residents without charge.

Paying Taxes : How to File Taxes If Your Status Is Self-Employed

Question: How do I claim a tax return the money that I've made on eBay?

I work a regular full-time job and normally file a W2 form on my taxes every year with zero dependants. This year however, I began selling designer handbags on Ebay in November and have since grossed about $10,000 more or less. With this additional income, how do I claim a return on my taxes for this. It is alot of money and I want to report it to the IRS because I dont want them knocking my door down later. Is there another form that I have to file instead or do I keep using the same W2 to file both incomes? I have no idea about this stuff and tax season is coming up so I definetly want to be prepared. Please advise! Thanks!

Answer: Get Publication 17 off of the IRS' website

Schedule C is the way to go as others have said. You have some deductions to offset some of that $10k such as any PayPal fees, EBay fees, cost of the bags themselves, shipping and packaging etc. Think of all those costs you incurred that you would not have if you were not selling on E-Bay. I would read the instructions to that form.

Consider getting Turbo-Tax. They will walk through the form. Based on $10K in income, I would do my own return then take it to a CPA for a quick review for missed items.

How investors can ease the growing tax bite

BOSTON -- If you're just beginning to think about this year's tax return, it might seem premature to consider tweaking your investment strategy for your next dance with Uncle Sam in 2011, and beyond.

Tax Tips: First Time Filing a Tax Return? January 2010

Question: Has anyone been turned down by SBBT for a RAL this tax year (2008)? If so why?

We were denied for the same reason. It said that our refund might be delayed by the IRS. I will receive my refund this week and so will my friends. SBBT could not give me an explanation why they thought my return would be delayed.

Answer: Yes I was denied this year, so was almost everyone I know that opted for the RAL Loan, I filed on the 16th and I'm supposed to receive my refund 1/30/09 but now SBBT says that it might be 3 business days after the 30th, they receive it from the IRS on Fridays and it may take up to a week for them to deposit it, check the status of your RAL with this link and find out

https://cisc.sbbtral.com/

What lies ahead in 2010

NEW YORK: If the stock market holds to a pattern it has followed for most of the past 40 years, 2010 could be a big year for investors. Since 1973, a big advance on the first trading day of January ha...

President Obama's Pledge Never to Raise Taxes on Anyone Making Less Than $250,000 a Year

Question: Do I have to pay a fee if I file an amended California tax return, other than what i'm paying the preparer?

Answer: That depends on how much you made last year...

Sabrix's sale revisited: Setting the stage for growth

Silicon Forest Blog: Sabrix raised more than $50 million in investment before its sale to Thomson Reuters last fall.

The Alex Jones Show LIVE - April 1st 2009 - Part 6 of 11

Question: Tax question- When filing taxes are real estate, school, county and city taxes all included in Property taxes?

Trying to use Turbo Tax----Asking for Property taxes (in PA), but doesn't have a line or question about school, city or county taxes.

Answer: Generally they are all in one package--the county bills you for the county, school, library, mosquito abatement, etc.
When itemizing you can take all taxes paid, whether lumped together or not.

Tax season is just around the corner

Baby it's cold outside!

Your Money: Online Tax Filing