Tax Accountant (2)

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Tax Accountant

Most people assume that filing income taxes is a complicated, dull and time-consuming task. A simple way out will be to employ a tax accountants. For those who choose do-it-yourself, duty accounting software enables you to simplify the task to some extent. The Internal Revenue Support, or IRS, also provides a huge collection of tax related sources at their established website for those who need to do it themselves without the assistance of a tax accountancy firm. However, even with these kinds of extensive information, it’s not easy for individuals to file their own taxes.

Tax data processing software is popular inside small firms as well as seems adequate with regards to filing personal income tax. It is also much more affordable than hiring a tax accountant. However, to use a tax accounting computer software, one must no less than have the knowledge of basic accounting principles, and stay willing to spend time studying the software. It is not easy to satisfy either of the conditions above, therefore a tax accountant can’t ever be replaced by a machine and/or software.

Furthermore, tax laws are usually complicated and sometimes with apparently contradicting rules and guidelines. They also retain changing as with every new bill approved in the Congress there will be a potential change in the Tax Law. There will be incentives within Tax Law to encourage business entities to do certain things and not to do others. For this reason, large corporations often conserve a large team associated with tax accountants.

Some of the major tasks done by the tax accountants are tax planning, and filing tax returns. To do well about tax planning so that the minimum tax return could be filed, the an accountant spend a large part of time doing tax study. The tax accountant also analyzes corporate costs and gathers economic information so that they can provide better tax consultation.

With an above average tax-return strategy, it is very easy for a multinational corporation to save millions of dollars within tax reduction. This particular shows how essential the tax accountant could be in improving the bottom line. With such an important role, experienced accountants demand high salaries, when compared with professionals like legal professionals and doctors. It is definitely a good career selection for those who are able to function under pressure.

Despite tax accountant being a excellent career choice with excellent prospects, it is sometimes complicated to become a good accountancy firm. A basic requirement for an accountant los angeles is obviously to learn about tax law and also accounting subjects including tax planning and tax return filing. Nonetheless, a tax accountants will also require information beyond the subject associated with accounting and duty. For example, accountants employed in real estate are expected to have specific knowledge of Trusts and also Estates.

Comments: 97

  1. Columbus February 15, 2013 at 5:42 pm Reply

    I drive a truck that is leased to a company, the owner is in the Army stationed in Korea. He has a third party tax preparer/accountant do my payroll (i am his only employee). I have this feeling that my federal withholding and social security taxes have not been paid. Anybody know how I can check on this?

  2. Terrance April 7, 2013 at 12:54 pm Reply

    I had my taxes professionally done by an accountant for 2006, but I forgot to sign an file them. It says I will owe $300. I plan to pay this in about a month, is this a big deal?

  3. Orlando April 11, 2013 at 1:26 am Reply

    I have a job offer in Canada, and I am not sure who to talk to about the the tax situation. Will I have to pay Canadian taxes as well as US Federal and state etc………..Any help would be appreciated. If it matters I live in the greater Detroit area.

  4. Norberto May 19, 2013 at 8:58 am Reply

    Placed my tax with accountant on 21st July and just rang the ATO automated line and it states – “Your assessment was issued on the 2nd of August. If you have not received your assessment or refund within 14 days, please phone back after this time.” Can someone please let me know if this means that the funds are available to my tax agent as of the 2nd Aug or are available within 14 days? Also, how long is my accountant allowed to hold onto these funds as they keep telling me it isn’t in yet?

  5. Hisako June 18, 2013 at 8:35 am Reply

    1)What is the impact changes in taxes have on business decisions?
    2)What is the impact changes in interest rates have on business decisions?

  6. Mary August 6, 2013 at 4:50 am Reply

    I know the arguments for a flat tax, but have never really seen a coherent argument about why such a flat tax system would be bad. I’ve puzzled over why our current convoluted system is good for anyone other than tax accountants. Can you give me a cogent argument for the current system instead of a simpler flat tax? (Please remain civil. I am going to be a hard sell here, since I already believe the flat tax would make more sense. A convincing argument will have to be thoughtful and provide facts. Name calling won’t help me understand your point of view. I’ve made mistakes or had lapses in information before, and as a result have changed my mind. I can be convinced if you provide a solid answer.)
    Musicality – I appreciate your answer, and I agree with your observations about the prior answers. I tried to write the question clearly, but it didn’t make a lot of difference. I’m glad that a handful of the answers were clear and clearly to the point.

    For all of you who are giving thoughtful and fact-based answers, I do appreciate the time and effort.
    Truthsfifth – the ironic tone isn’t helping me, but thank you for reporting the poster with the hate-filled speech.
    Samantha, Opinionated Kitte– most flat tax proposals have a lower limit, just as most progressive taxes do. Your minimum wage earner probably will not be affected in either plan. But what about the school teacher earning $40,000? She’s going to pay about 23 to 27% now, and only ….say….$10% under a flat tax. How is that not better? You haven’t answered the question.
    Shortbus, off topic—in fact, I can’t see what topic you are on.
    Truth seeker – I didn’t ask about the “Fair Tax”
    Paul Revere – Off topic. Besides, I like public streets, public safety services, public fire protection, etc. I did not feel “sold out” the last time I pulled up to a working traffic signal. I’m sorry you did. I pay taxes.

  7. Marianna September 14, 2013 at 12:18 pm Reply

    We need to hire a full time real estate agent for our company. We are not a brokerage, so they will need to keep their license at their current brokerage. However, we will be paying them a salary, and they will give us their commision that they receive on the transactions. How do we do this for tax purposes since they will receive a 1099 from their broker for the commison, and then a W2 from us? Would they just file there taxes, showing the payout to us from the 1099, thus expenses equal to the 1099 and then pay taxes off the W2 amount? Thanks for your help.

  8. Edelmira September 25, 2013 at 7:02 pm Reply

    I have 2 rental properties with the same bank. I’m thinking to foreclose in one of them and keep the other for longer.How does it effect my second rental property and more importantly, does it effect my primary residential property or my bank accounts?

  9. Roberto October 2, 2013 at 3:27 am Reply

    What is the key question that a tax accountant professional will ask me?
    Must I be an “itemizer” on my taxes?
    Will I get a dollar for dollar return or ?
    Just saying it’s tax deductible isn’t enough for me to give up my cash…so what would the IRS be giving me back ? The serivce wants me to pay $700!!! sounds interesting to me.
    What gives?

  10. Laurette November 25, 2013 at 4:54 am Reply

    I am a senior in accounting and plan to work in tax direction. I am thinking of being a tax strategist. Anybody know what it takes to become a tax strategist for a tax accountant? Are tax strategist and tax attorney the same thing? I don’t see going to law school is good for me because I am bad at English and it’s not my native tongue. Thanks!

  11. Migdalia December 23, 2013 at 4:34 am Reply

    I paid my tax accountant to do my income tax but he made a mistake calculating my tax. Now the IRS is saying I have to pay back the amount I owe, plus interest($170). I will pay the amount I owe but I don’t think I should pay the interest cost. Should I ask my tax accountant to pay the interest cost since it was his fault? What happen if he doesn’t want to pay? What should I do? Please advise.

  12. Scarlett December 29, 2013 at 1:19 pm Reply

    Married couple with 2 kids, only one will be working. Hubbie might be relocating there with job and I just want to know some more details before we finally say yes to the move.
    Looked at a website but it looked like we would be paying 6% tax on earnings, that seems very low compared to the 42% here in Ireland that we are currently paying, just looking for a bit more info on PAYE and can’t seem to locate any easy guide.

  13. Masako January 30, 2014 at 5:58 pm Reply

    The current tax code is so cumbersome that few people understand it which makes it favor those that can afford professionals to calculate taxes and find loopholes.

    I would propose a simple tax plan based on the poverty level for each tax year. The plan would give each taxpaying unit (family or single) a credit equal to 1 1/2 times the current poverty level which is based on the number of people in the household. Each person could only be claimed once and would be tracked by SSN. Everyone would then be taxed an equal amount ( or possible a two tier tax level) with no additional deductions of any kind. Corporations would pay the same rates without the poverty deduction or with a set deduction.

    This would make the system fair for everyone. The one objection I have heard so far is that it would put a lot of accountants, tax lawyers, and IRS agents out of work. I failed to see the down side.

    What do you think of the plan?
    TRYINGMYBEST: The tax rates would be set to ensure that in the first year the total income would be the same. The poverty level is set by the federal government. Here is the levels from 2007:
    KROLLOHARE: Why should people that make more money pay a higher rate in taxes if they don’t receive more benefits? The ability to pay more should not be the same as a responsibility to pay more unless you agree with Biden that it is “patriotic to pay taxes”. Other forms of taxes work the same way. There isn’t a different sales tax rate based on income.

  14. Kurt February 21, 2014 at 12:50 pm Reply

    Hi, I am opening an online business. I already have an EIN and plan on filing a DBA form soon, like within a week. I read from the irs that if you dont have a physical storefront, warehouse or office (which I don’t) you don’t need to pay sales tax. what tax do I have to pay. Basically, I want the business to be legal and I don’t want to run into trouble with the IRS.

  15. Dorethea February 21, 2014 at 2:13 pm Reply

    why aren’t news organizations speaking about General Electric and the fact that the conglomerate made $14.6 Billion dollars in profits but isn’t paying any corporate tax because of creative thinking by the tax accountants…

  16. Bruna February 21, 2014 at 2:14 pm Reply

    I live in NY. I am 30 years old and i earn $70000/yr. Last year my accountant told me to put my dependent as 0 instead of 2. and he promised me that i will get more tax return. How does that work? last year, my dependent was 2 and i got my tax return the amount of $1500. This year, i put my dependent as 0 and i will be getting $4500 or more. why would i get more tax return when my dependent is 0?

  17. Felton February 21, 2014 at 2:47 pm Reply

    I work at shop rite as a part-time cashier, i went to an accountant with the forms they sent me, no problem, i paid him and get my tax return.
    Now I bought baseball cards for $6.99 (many packs) at garage sales, etc… If I keep buying them, but there are 150 cards in each pack, each card worth over 2 dollars individually, and i sold them on craigslist, how do I file this income tax report?

  18. Tawanda February 21, 2014 at 8:25 pm Reply

    I filed taxes with my accountant 2 weeks ago and was supposed to get direct deposit today, but have not yet. I haven’t heard anything from my account…should I be worried?
    I always get taxes back very early, it has never been late before, usually a quick turn around.

  19. Blaine February 21, 2014 at 11:02 pm Reply

    i have been waiting on a W-2 from my last job. its the only thing im waiting on and i really need this tax return like yesterday. i was only at ths job long enough to get one pay check and i was just wanting to know what kinda position it would put me in if i filed without it.

  20. Camilla February 21, 2014 at 11:02 pm Reply

    My husband and I are getting a divorce. We have 1 child. We are splitting custody and child expenses 50/50. (No child support) So, then how do we do our taxes in the future? Who claims the child? If we should alternate every other year, then for example, daycare expense- The person that claims the child writes off the total amount spent on daycare or just the half that he/she paid. If it’s the whole amount, then would the ex-spouses 1/2 that he/she paid considered income?

  21. Carina February 22, 2014 at 2:13 am Reply

    Im thinking about becoming an accountant but i also have other talents which i could use for a job. About how much do accountants get paid a year and what kind of accountant deals with balance sheets, cash receipts journal, cash payments journal and that kind of stuff.

  22. India February 22, 2014 at 2:14 am Reply

    last year i did my taxes with a well known tax accountant who has had a family based tax agency for over 20 yrs now. I usually used to do it with h&r block and for the past 2 yrs before that they screwed me. 1 yr they underclaimed me and caused me to have a tax lien. the yr after that they make a whole screw up with my check , and i never got it. so i met this accountant , who had was a family friend and he told me he could do my taxes i made about 46,000 last year and in my refund i recived 4,155 , I am a single person. i did a tax refund calculator and from what i saw and inputted he got me about 500 more than the calculator said. the point is that i told my cousin ( # 1 pessimist of the world) how much i received and she apparently told her friend who works for H&r block as a part time and her friend stated that a single person is not suppossed to recieve 4000 back as a refund. and that i may have gotten that last year but to watch out cuz in 2 yrs the IRS will catch me. now she has me all scared , first off i am not an accountant . second this guy has been working for 20 yrs , has so many clients u have to make an appt with him 3 weeks in advance , cuz he is so booked. and many of his clients have been going to him for yrs. I was planning on doing my taxes with him this yr. because of the good service he provided , money was on time and everything was done well. my question is , is this true , is there a cut off as to how much a person is to receive if they are single , second if he was doing something illegal , wouldnt he have gotten in troubl . i mean with such a high clientele dont u think people would stop going to him if they suddenly had irs bothering them cuz of him. what do you think?
    in my w-2 from last year in federal taxes taken were close to 15,000

  23. Stan February 24, 2014 at 7:20 pm Reply

    Hi everyone, I have always used a personal Tax account for my taxes. However, I was chatting with a co-worker who uses Turbo Tax and claims that it is just as good as using a Tax Accountant. I couldn’t confirm or deny for I have never used Turbo Tax. So my question is, is it in fact the same. The only difference is Turbo Tax being cheaper? Or is using a CPA better? And what is the difference between the two. Thanks!!!!

  24. Galen February 26, 2014 at 2:57 am Reply

    Hi. I live in the UK. I want to study Accounting and Financial Management at University. While I’m at uni I also want to obtain a certificate in counselling (1 year) and a diploma in counselling (2 years). I will obtain these through the Open University – a place online where you can receive diplomas part-time. I want to be an accountant because I love the job and I am madly in love with business and finance. I also want to be a counsellor because I went through a lot of emotional problems and would love to help other people going through tough times – to listen to them and talk to them.

    I’m just wondering if it would be possible when I am older to be an accountant and counsellor. I don’t want to decide between them.

  25. Dortha March 1, 2014 at 8:20 pm Reply

    I finished studying and returned to my home country 2 yrs already. My concern is what kind of status should I file the tax? and which form? Can I open the IRA account? Thanks a lot.

  26. Marianela March 1, 2014 at 10:08 pm Reply

    I am a uni student with a part time job. Last financial year (mid 08 to mid 09) i earned $4985 from my casual job with $318 tax with held, and received $9,500 youth allowance (total taxable income $15000). My tax return was about $350, and I had almost no tax deductions.

    This financial year, I earned $19,900 from my casual job with $1694 tax with held, and received $4650 from youth allowance (total taxable income about $25,000). I had about $300 or tax deductions, but my tax return was $76. When the accountant did my tax return with no deductions (we both thought it was low), my tax return came to about $50.

    I dont understand why i didnt get at least the same as last year for my tax return. You dont get taxed on the first $5000 right? So shouldn’t I have gotten at least $318? I dont understand why it is so low.
    Thankyou in advance for your feedback.

  27. Clelia March 2, 2014 at 3:15 am Reply

    nowadays, despite more and more people prefer to use the tax software to file their tax return, i think the a professional and sophisticated tax accountant is still needed to file those more complcated tax returns. right?

  28. Evan March 2, 2014 at 9:19 am Reply

    #1: I have 5 tax returns of MINE to do!! Do MOST tax services charge an “extra” amount after so many? #2 WHO’S the best tax service to got?,…( I know nothing about taxes) #3 Also,…when doing taxes,…would they know if you haven’t paid last yrs. “owed” taxes??..would that just come out of the tax return?thanx

  29. Virginia March 7, 2014 at 11:49 pm Reply

    I just did my tax returns and was charged $165 for “prep and lodging of tax returns 2011” and another $165 for a “main business schedule”. The reason i was charged for the main business schedule was because i worked for 2 months as a sole trader (ie on an ABN) and therefore was charged this extra amount. Was i “taken for a ride” or is this normal business practice fro accountants ?? I googled “main business schedule” and can’t find it anywhere !!! Any advice would be greatly appreciated.

  30. Gregg March 8, 2014 at 3:56 pm Reply

    It’s mid year and I’m needing to know about setting the number of allowences for my income taxes. I am married with 3 kids and will file joint with my wife (who does not work). Im wanting to have a large tax return check next year so do I need to set the number of allowences high say 6 or 7? Or do I need to set them at 0? I’m thinking that I’ll need more money taken out of my check to do this? So will more or less allowences accomplish this? Also, any suggestions on how many dependents I should claim legally? Thanks

  31. Karri March 10, 2014 at 3:30 pm Reply

    i just formed a scorp= my tax accountant is pretty good.

    but i wanted these details from different views, so came here.

    here is my situation –

    we have a scorp – i and my wife were partners.

    now, let us say- for a work done – my client agrees to pay me 15000 a month,ongoing for a period of 1 yr. we are into software busines.

    now, how does it work.

    this is my understanding.

    1, clients pay our Scorp 15000 a month- which adds to 180K per yr.
    2. we deduct our losses , expneses etc etc out of it.and say it comes to 140000 after deductions
    2,. i and my wife take 70,000 each
    3. we pay fica tax on 70,000 from each fo us.

    is that all it is ..or is there any other complicated tax involed or am i missing any step here.

    do we need to pay the taxes each quarter or half yearly …instead of yearly

    please explain in simple terms

  32. Mary March 10, 2014 at 8:20 pm Reply

    or one writes 2 and the other writes 0?

  33. Shalon March 10, 2014 at 11:52 pm Reply

    I work for a Toronto based company (in Information technology) and my job allows me to work from any location in Canada … I am planning to move to Montreal next year (mainly to save some rent), and here are my queries if you can kindly help:

    1) For the purpose of taxes, would I pay @ Ontario rates or Quebec rates? asking because my offer letter states my work location to be Toronto, and taxes are deducted at source. My manager is fine as long as I am in Eastern/ Central time zone. I don’t even need to go to any office because of the nature of my assignment.

    2) Is staying in Quebec but paying taxes at the Ontario rates illegal? if yes, I would rather like to stay in ON..

    Additional info if that helps: I am relatively new in Canada, and expecting PR in Jan 2013. I wish to stay in a large Canadian city where public transit is good. Ottawa is my next option, and I would rather move to Ottawa if point # 2 above isn’t in my favour. As of now working on a closed work permit.

    Regards. Roy.

  34. Lesley March 11, 2014 at 5:20 am Reply

    I was curious about something with regard to the 10% penalty for early withdrawals from an IRA. Let’s say someone had taken an early distribution from an IRA and did not qualify for any of the exceptions. That person is theoretically going to get hit with the 10% penalty on top of the 10% that was pre-emptively withheld as income tax when the distribution was paid out. However, let’s also say that some of the IRA was contributed to with after-tax income (a pre-tax 401K was rolled over into an IRA, into which ongoing contributions were made via after-tax income). Here are my questions:

    – So, even though 10% was already taken out of the distribution as income tax, the person will still have to pay another 10% on the gross distribution amount as a penalty? So, in essence, the total penalty (not even including the fact that the distribution also counts as income) is 20% in this case?

    – Why is the after-tax portion of the IRA treated as punitively as the pre-tax portion?

    Thank you for your responses.

  35. Allyn March 11, 2014 at 9:31 am Reply

    Can someone explain to me exactly what a tax accountant’s job is? What do they do? How many hours they work a day? Is it hard? And things like that.

  36. Justin March 11, 2014 at 10:41 pm Reply

    In conjunction with eliminating taxes, federal spending has to mitigated severely. I vehemently believe that reducing taxes on corporations and business will spurt growth. If they feel uncertain at the end of the year they can just lay off employees (as usual). If productivity and employment increases in that period then it will prove eliminating taxes will spur employment, growth and recovery. I think medicare, medicaid, s.s. payments, unemployment payments, military spending should be mitigated. Discretionary spending should be eliminated except for subsidizing education. I do support clean energy but we can’t afford it now and tax the heck out of people to pay for it now, It can be accelerated later. Tax revenues will need to rise later, meaning more taxes to pay for the deficit and investment but the economy is too weak at this point. I also think bloated salaries for the most powerful politicians including various benefits should be eliminated. They don’t need them, many are generally very wealthy and could survive a year if the rest of the nation can.

  37. Juan March 13, 2014 at 1:55 am Reply

    How do taxes work if ur under 18 will u get any money back?? Or will u have to pay??

  38. Greta March 14, 2014 at 12:31 am Reply

    The top 1-2% all have small armies of accountants finding every possible way of lowering their tax burden. Unlikely the Obama tax plan will effect them much (a 3 % rise)

    Is the reason a flat tax doesn’t ever get past primary stage, is because they will end up paying more?

    what flat tax figure did Huckabee recommend…what figure? 20%?

  39. Lance March 14, 2014 at 8:33 am Reply

    I am attempting to figure out tax stuff now and I’m feeling rather confused. I was working with a company until June of 2009. They held taxes for me so I have nothing to worry about with this. However, after June I have been unemployed (not collecting any money though) BUT I have also been freelancing online since March and making pretty good money. They haven’t been taking taxes out of that however. This might sound completely ridiculous but if I’m freelancing online do I still pay state and federal taxes, and if so how much for each? I’m going to assume I do pay it regardless. Also how much should I be taking from each “paycheck” every month for my taxes? I don’t make the same amount each month so I need to calculate how much I should be taking out for each individual payment. Some people mention a range in percentages for how much the government takes from your overall salary, so is there a chart for how much I would owe based on my income? I just need a clear cut answer so I can take care of this now. If you REALLY know this information please help. But please don’t guess if you don’t know. I need someone who has some idea of what to do. Thanks for the help.
    If you can’t take the time to read my question and answer it right, don’t answer. I don’t need information on online jobs, I asked for tax help. If you can’t provide it stop wasting my time. Thanks.
    Thanks for the help v b, I really appreciate it. I misspoke I believe. I consider the position to be freelance but it apparently isn’t, according to the company (thank God). But everything you provided me with has helped a ton. I haven’t made close to 10,000 with this position and from January 2009-June 2009 I had taxes withheld and money taken out for 401K. I also get some type of relief because I am paying back student loans and that helped me a bit last year with my taxes. I will definitely do what you have told me. I appreciate it.

  40. Damion March 14, 2014 at 9:57 pm Reply

    In summer 07, my wife, who lived in Manhattan, began working for a company. We shortly moved to Long Island, NY a few months after, but kept working for the company Since the move, to this very day, she’s been paying New York City resident tax each paycheck. How would she go about getting all that money refunded to her, since she hasn’t lived in NYC in almost 3 years.

  41. Sonja March 15, 2014 at 7:17 am Reply

    I need to know how many tax accountants there are (# of people) and the number of tax accountant practices, but haven’t been able to find the number…This is a challenging one!

  42. Kori March 16, 2014 at 7:13 am Reply

    Does anyone know what I can and cannot claim for rental property on taxes? I have 2 condos that I am renting out but dont seem to get much in tax return cause maybe I am not claiming all that I can. Do I need a business license in order to claim more? If I purchase a vehicle for the sole purpose of going back and forth to the condos to do handyman work can i claim a portion of the purchase price, taxes, license fees? Who do I need to contact on this? A tax consultant, an accountant, or a lawyer? please help

  43. Joe March 16, 2014 at 11:03 am Reply

    My mother is concerned that her children will have to pay an estate tax if she leaves her house to her children, and I believe there is none if its under a certain amount. Also no inheritance tax because we are her children. I think we would just have to pay any taxes due on her house at that time, as her house is paid for. This is New Jersey

  44. Emanuel March 17, 2014 at 12:13 pm Reply

    1. Should people pay any taxes at all?
    2. Do you support a progressive tax?
    3. Should people who make more money pay more taxes than those who make less money?
    4. Should people who make more money pay a higher marginal rate than those who pay less?
    5. Do you support a flat tax?
    6. Of the choice between these two policies, which do you support more: tax and spend or borrow and spend.

    Please, if you are going to rant, keep it within the bounds of the questions asked. I hope these answers can further help me understand exactly what the Right Wing’s position on taxes is.

  45. Emmitt March 17, 2014 at 11:23 pm Reply

    As a upcoming business owner (wedding photographer) that will be charging taxes on my service, I was curious of a few things.

    What do I do with the money that I charge for sales tax? Do I keep track and pay it at the end of the month? year? who do I pay it to and how?

    At the end of the year how do I file for federal/state taxes since technically neither is withholding any taxes from my “check” as I will be getting checks directly from clients. Do I need to file my earnings/expenses every month? do I receive a w2 at the end of the year from the government?

    Do accountants typically handle all of this? if so what do I need to keep track of for my accountant and what programs best keep track?

  46. Dorethea March 19, 2014 at 2:23 pm Reply

    My accountant says that the Research & Development Tax Credit is subject to a 2% AGI (adjusted gross income) limitation. Is that true? For example, if one’s AGI is $100,000 in the Internet Marketing business and suppose someone went to a a foreign country to research setting up an IM business there and it cost them $20,000, how can one deduct the entire $20,000 as a Research & Development Tax Credit or is there another way?

  47. Cordia March 20, 2014 at 7:11 pm Reply

    Assume we’d need to start with the basics.

  48. Lucrecia March 22, 2014 at 2:53 pm Reply

    my mom and i were discussing this:

    if you get arrested for tax evasion, does your accountant also get arrested?

    all answers and explanations are welcomed

    thank you =)

  49. Walton March 22, 2014 at 10:25 pm Reply

    I owed about $1700 tax, my accountant wrongfully filed a wrong year on my LLC tax return and Tax Board refused to fix the problem. I was told by not one accountant, by 2 accountants, do not pay for it. That’s what he said “t the balance due is billed to the LLC, no one taking care of it, it became uncollectable to the FTB in the future.”

    Any professional can confirm that with me?

    Many Thanks

  50. Leonardo March 23, 2014 at 9:46 am Reply

    Is Accounting the same as a Tax Preparer? If so I know someone who is a Tax Preparer and did not go to school well she did but for something basic? Is an Accounting degree useless?

  51. Rosaria March 25, 2014 at 12:17 am Reply

    I got my immigration VISA and I am planning to travel to US in the coming 2-3 weeks. I am not sure when I will get my Green Card.

    Here are some questions:

    1-The Address which I have provided to the US embassy is for my relative in Chicago but I will land in New York. Is that okay? Or I have to land in Chicago?

    2-When I will be obligor to disclose my income? Upon landing in US or once the Green Card get issued?

    3-What is the minimum amount upon which I shall report my income and pay taxes?

    I would appreciate your help in the matter as it is very important for me as a new Green Card holder not to violate any rules.

  52. Carman March 27, 2014 at 4:08 pm Reply

    I’m not very knowledgeable when it comes to taxes. On my W-4, I claim no one else. State tax is deducted from my pay every two weeks. But now, when I received my W-2, Box 16 is empty. I asked my boss why, so he called his accountant, and said that on my W-4 I had claimed 3. I took the accountant’s number, but before I call him, I want to sound like I got my facts straight. My boss tells me this accountant is very rude. Any help would be much appreciated.

  53. Rosy March 28, 2014 at 8:04 pm Reply

    What kind of rollover or plan can I use so I can avoid paying taxes on my 30 year pension when I retire at age 55 ? I have been told I will have to pay penalties and taxes regardless if I am not 591/2 yrs old. Is this correct ? THanks

  54. Sallie March 29, 2014 at 5:10 am Reply

    I started a new job and after 3 days I realized that the owner of this business wasn’t somebody who I wanted to be associated with…at all. So I quit.

    I talked with the guy about getting paid for the 3 days I worked and he tried to tell me I only worked 2 days. Because of this, and several other reasons, I think that he is going to try to rip me off somehow when I get paid on the 15th of June. If he pays me for the 3 days I worked I should be getting $400, but I wouldn’t be surprised at all if he tries to write me a check for $300 or so and say the rest went to taxes (but not report it or send it in to the government).

    So my question is: Is there a law that states that an employer can’t start taking out money for taxes until the employee makes a certain amount? I remember hearing something about this, but I’m not sure if it is true. What I heard was that employers can’t start taking taxes out until the employee makes his first $500 with the company. Is this true? Resources?


  55. Melita March 31, 2014 at 5:01 am Reply

    I took mat leave from January 2012 – November 1, 2012. I am worried about my tax rebate since I have read various things. Mat Leave Income Jan – Nov: $14,640 Work Income Nov/Dec: $4080. (After taxes.) LAST YEAR INFO Husband’s total income: $75,486.83, Taxable Income: $68,544.99, Net Income: $51,408.Husband basic amount: $10,527, 2 children X 2,131=4,262. cpp: $2,217.60, EI Premium: $786.76, Canada employment amount: $1,065. Donations and gifts $1,000. LAST YEAR INFO FOR ME–My income basic amount: $10,527, CPP: $1,525, EI: $609.82, Canada employment amount: $1065. THIS YEAR INFO Childcare expenses: $2,000. Tuition: $500 Universal Child Care/Other Child Benefit: $2,280. My husband’s income is pretty much the same as I provided, except for my info since I was obviously on mat leave. Do you think I will get a decent tax return or is it too hard to know? I have heard of people owing after maternitiy leave…

  56. Carlton March 31, 2014 at 5:01 am Reply

    About 6 days ago I moved to here in Raleigh and even when I was in Saudi Arabia I knew about taxes, but I never knew how it worked. Does it depend upon the State, or is it the same through the whole country? How does it work depending upon the product you buy, or even the store you buy it from?
    Please give me all the information regarding taxes in America, and perhaps you can show me a link to a post that perfectly describes the how the tax system works here.

  57. Arnoldo April 5, 2014 at 8:35 pm Reply

    My boyfriend had some mexicans working for him doing roofing work through a company that paid my boyfriend directly. Then my boyfriend would pay the Mexicans. This year he recieved a bill for $80,000 from the Government saying that is what he paid that year, however, most was paid to the Mexicans. He never had them fill out a w-2 form, but he said he can still do that, and still have them fill them out, does he have anytime to do that, can he still do that since he already paid them last year and it is over and done with, to show he paid them, and did not make all the money himself?

  58. Kip April 6, 2014 at 4:51 am Reply

    okay i am 19 years old and I’ve made $1953 in 2008. On my W-2 it says my taxable Martial Status is: Single, but i am also a Full-Time Student in college. I have also received a 1098-T form for 107.50. I wanted to know whether my parents can still claim me on their Tax or do i need to claim myself, and i wanted to know if claiming myself is better or claiming as a dependent. Oh and i also wanted to know if i can also claim book expenses also THANKS =]
    YES! sorry i forgot to add that i do live with them!

  59. Catarina April 7, 2014 at 7:44 pm Reply

    Are any of you particularly grateful at this time of year for an accountant who takes all of your records from the previous year and transforms them into a understandable document for the IRS?

  60. Jay April 8, 2014 at 2:26 pm Reply


    I have a younger sibling who is considering working as an independent contractor. The job is part-time (about 20 hours per week) and pays $8/hr. Her husband has a regular income (not sure if this will affect her self-employment tax bracket?).

    We have found that the federal self-employment income tax is about 15.3%. What we CANNOT find is her state income tax rate. She lives in Virginia. There is a website that helps you to estimate this amount, but it requires entering your SSN and she’d prefer to not do this until she knows she’ll be working.

    Can anyone tell us what her TOTAL state and federal self-employment income tax liability would be? Isn’t there a county income tax in Virginia as well? I have e-mailed my accountant. Unfortunately, she is incredibly busy this time of year and hasn’t yet responded.

    Any assistance will be greatly appreciated!
    By “total state and federal self-employment income tax liability,” I mean percentage-wise, not the actual amount of money. Thank you!
    Rob: Thank you very much for the warning – I can see this is not a good idea!
    Judy: I REALLY appreciate the numbers – thank you!
    Cathi: My mad Google skills must have failed me. Thanks for the comment though 😉

  61. Felton April 10, 2014 at 11:43 am Reply

    Hi there,
    My husband and I bought Turbo Tax to do our 2012 taxes. After entering everything, Turbo Tax said we owed $600–hence no tax return.

    When I was on EI, I choose the wrong selection online and I did not have taxes taken off. I have phoned the government to inquire about this and they say I owe $1000 because I did not have taxes taken off.

    We donated $2000 for charitable donations, claimed $1900 for childcare, claimed our two dependents and claimed $192 for tuition for one of our sons. (This seemed to make no difference on our tax return when we entered the information!)

    I have EI overpayments to claim but what box do I enter them in?

    I went back to work two months early so I took a 10 month maternity leave only. While on EI, I made $17,384.

    We normally get a tax return of $5000-$6000. I do not know what to do…

    Is TurboTax junk? Would hiring an accountant make a difference? My husband does not want to hire an accountant and pay them $200 if we owe the Government money anyways.

    Please give me advice!
    I made 4756.32 while working. (Not net.)

  62. Tiffaney April 13, 2014 at 9:51 pm Reply

    I was court ordered to withdraw almost $50k from my 401k to net $31k after taxes to pay a 2nd mortgage off in my divorce. I knew they would tax it substantially and I expected that. However, when I had my taxes done the following year, I ended up owing both Federal and State a combined $12k in taxes. My accountant said it’s because they add the $50k to my wages off $85k and I’m taxed on income of $135k that tax year. So, are they taxing me twice? Both the State and Federal goverments are in the process of placing wage levies. Anything I can do?
    It was a QDRO but I don’t have a copy of the 1099R. I wonder if my accountant mailed it in with my return or if there is a way to get a duplicate. The tax year was 2008 and I no longer work for that company. I do have a letter explaining the disbursement and the federal and state taxes they were withholding. Wonder if that would work? Thanks for the replies, I really appreciate it.

  63. Tommye April 19, 2014 at 8:48 am Reply

    We received the penalty notice from IRS, stating we have a penalty for filing my partnership tax return late(3 months after the deadline). But my accountant was supposed to file the extension. We contacted her and she admitted she forgot to do so. She dropped an email to IRS to ask for a waive then.

    About one month later, we receive another notice from IRS about the intent to seize our property becasue we did not pay the penalty.
    My accountant said this is two different system from IRS and we can just ignore the 2nd notice. The penalty will be waived. But we just could not wait until they seize our property. Plus we are still applying for the permanet residents, we are afraid this will have negative impact on our status.

    What shall we do now? I tried to contact IRS, but nobody answers the phone.

    Thanks for any helpful answer.
    BTW, appreciate somebody can tell me how to contact IRS if we want to pay then request the refund ourselves. By calling them again and again?

  64. Alaine April 20, 2014 at 8:13 am Reply

    I am a married woman and intend to set myself up as a mobile Beauty therapist.
    My question is..hw much can earn before I have to pay tax and do I need to inform the tax man if my income falls below this as I only intend to work part time. Do I need a tax code and if I aim to earn about 120 pounds per week do I need an accountant.Any advice would be most appreciated thankyou

  65. William April 22, 2014 at 1:23 am Reply

    What do they do? Like, If I became an accountant what would I do all day?

    Also what are good courses and classes to take in high school?

    I also heard there are different kinds of accountants.. what are they?

    Thanks !!

  66. Keith April 23, 2014 at 11:34 am Reply

    I bought a house in texas 2 years ago and paid $100K for it. now i will have to sell it for 86K…do i still have to pay taxes for the amount the bank will forgive and if yes how much?

    thanks for the help

  67. Pat April 24, 2014 at 10:22 am Reply

    I have never done a tax return, I’m 40yo, as I wasn’t aware that you had to. I always believed you only did one if you wanted to try and get a return.
    I have been in the military, for a short time recieved Centrelink payments, obviously always paid tax but I have never been approached by the ATO about it. It’s not like I have been hiding!
    Now I know that I have to submit a tax return I am really worried that I am in trouble. Any suggestions about what I should do or does anybody know what the penalties are?

  68. Britt April 27, 2014 at 4:14 am Reply


    My husband and I got our green card in Sept 2009.
    Since I am really new I need to know:

    1-Where should I go to do our Tax return?

    2-Is there any tax clinic in US?

    3-What documents do we need for that?

    Thanks a lot.


  69. Sharron April 28, 2014 at 10:45 am Reply

    I have owned 2 properties for over 10 years now, and I am looking at selling my second home, (The one I am not living in). I purchased it for 64,000 and its currently valued at 140,000, will I have to pay Capital Gains Tax on the difference? and any idea what the percentage is? Would I pay less capital gains tax if I was living in it? Thanks to anyone that can help!
    I am in the UK, thanks for you guys that have answered from the States, but the laws are totally different over there, anyone in the UK that can help, please?

  70. Towanda April 29, 2014 at 4:00 pm Reply

    My Tax accountant have all my tax papers, He filled for extension in April since he was too busy to file my returns then, a month ago he told me that he will get them done in the next two weeks, and now he is not returning my calls and his office is closed.

    Isn’t Monday Oct 15th by midnight is the next deadline for filing the taxes?

    Since he is not returning my calls, what are my options before the deadline?

    Once the deadline passes and since he has all my statements, what should I do as next step to avoid further losses of time, efforts and money??

    Should I contact the Better Business Bureau California? should I take him to small claim court? or would I need higher court for more than $5K?
    so what can i do before the deadline passes (Monday Midnight??)

  71. Morgan April 30, 2014 at 2:59 pm Reply

    I am considering changing careers and I would like more information on how to become an accountant or accounting clerk. Preferably what classes or degree you will need to become an accountant. If possible I would like to know what education (certificate or degree) is the minimum required to begin working in the field as I work on completing my education.

  72. Damion May 1, 2014 at 3:13 am Reply

    Is it similar to company tax where you still need to pay income tax or does it replace your income tax and you pocket the profits. This would be for someone trading as a sole trader?
    My GP is very high and it seems like a very attractive option. However I can’t see a accountant recommending it because it puts them out of work.

  73. Dulcie May 2, 2014 at 6:01 pm Reply

    If I amend my tax return already e filed by my accountant….will my accountant be notified i amended it ? I want to fix something myself, but didnt know if he would find out ? Thanks

  74. Kerry May 4, 2014 at 7:54 am Reply

    I was wondering how people find good tax accountant other than word of mouth. I’ve gone to H&R Block and they’ve made mistakes on my taxes last year. I’m not sure who else I can trust.
    Thanks in advance.

  75. Zackary May 5, 2014 at 11:34 pm Reply

    Hi everyone i have a question here. I recently am filing my taxes late for the previous year. However, i am having an accountant do it who lives in another state. I had to send him a copy of the documents he needed to do my taxes. At the moment, he is still currently working on it. The thing is i had to sign this document where it shows that i want him to do my taxes. I also have given him all my information such as my name, address, SS and everything else.

    The thing is i kind of want to have him not do it and want someone else to do the taxes for me. Would it be possible to tell him to not do my taxes and that i found another person? The thing is i kind of now want someone i want to meet face to face to do my taxes so he can answer all my questions. I know he started on my taxes already but if i just pay him whatever i was suppose to owe to him, would it be possible for him to just not file my taxes?

    I would like to know am i obligated to turn him down right now or is it too late? And whether i have my taxes done next month or say in September, would he know all this information?

  76. Hollis May 6, 2014 at 12:35 pm Reply

    In preparing 2006 returns I have discovered my account may have incorrectly figured self-employment tax on several returns from past years, resulting in under-reporting of those taxes. I hold him fully responsible, after all this is what I pay him for. Is he financially liable for any taxes, penalties and interest that is owed as a result of those mistakes?

  77. Willie May 7, 2014 at 2:33 pm Reply

    Specifically, what are the unique job functions which separate one category of professional from the other? Does the attorney file tax returns? Does the accountant keep up with the tax laws? Any feedback would be helpful. Thanks.

  78. Raymond May 8, 2014 at 5:08 am Reply

    which one is better?

  79. Hung May 10, 2014 at 11:56 pm Reply

    I found a error on our taxes filed this year. They had filed my capatial gains all as short term gains vs long term. I had around 4,500 of long term capital gain. Our joint income was around 70,000. What is the difference on ther error of it all being in short term vs long term? I called out accountant and waiting for a reply back. What is the process and is there any additional cost to me? Also what is the tax saving from the mistake?

  80. Roger May 11, 2014 at 11:42 pm Reply

    I know the path to becoming either of these professionals differ.

    However, is the legal aspect only factor that separates the two professions? Which would have the most expertise on tax?

    Do tax lawyers make more than tax accountants?

    Do they perform similar job duties?

  81. Granville May 14, 2014 at 8:45 am Reply

    I am 15, so please don’t give me answers with really professional words. I am having trouble understanding what Financial accountants do. I have a bit better of an idea of what a tax accountant does, but I am still confused. Could you give me a small summary about what each does? My mom, and sister both had/have the same problem of not knowing what they want to do after high school. My mom never really knew what she wanted to do, and my sister who is in college is having the same problem. I have been thinking for the past year of some possible things. All I know is that I love math. I am taking a financial Literacy class that is mandatory for all freshman to take and I think it is so interesting and fun. I was thinking of possibly going to college to be a tax accountant. But I wanted to get a better idea of what they do. Same thing with a financial accountant.

  82. Luis May 15, 2014 at 10:35 am Reply

    I was given redundancy in aug last year. Do I pay tax on Notice pay – Redundancy and Severance – Redundancy payments received as I was not taxed on these on exit
    I only want answers from registered accountants in Australia. Thankyou

  83. Forest May 16, 2014 at 2:56 am Reply

    My husband and I need to amend our taxes because previously we filed separately due to tax debt. Now that the debt is paid, we need to file jointly. I need to decide whether it’s more cost effective to hire an accountant or do it myself. They are charging $750 to amend six years. I am a full time graduate student; my husband is a half-time grad student; he works full time (my jobs have been small) and we have some interest income. Other than that, our taxes should be relatively simple. I anticipate getting marital tax breaks and student tax breaks, which should save us thousands, according to the accountant.

    Will I find the same breaks if I amend them myself? Should I amend them? If so, is Turbo Tax the best?

  84. Tierra May 17, 2014 at 9:23 pm Reply

    Can anyone give me help or links on corporate tax returns…break down of its concepts and maybe a line per line summary of how each works. I’m starting a new job soon regarding corporate tax returns for a CPA firm, so if anyone out there are tax accountants responsible for corporate tax returns, please could you give me some tips on what to focus on and what I should really study before I start??? THanks
    I’m actually gonna work for a Big 4 firm so chances are their clientele’s worth are in the 10’s of millions…im just very doubtful so i figured i’ve asked a few questions for all you guys

  85. Isabel May 18, 2014 at 9:09 pm Reply


    I started my business last year (May 2008). Is it best to use an Accountant for filing my taxes, or is Business Tax software better?

    If I went with an Accountant, what information is required?

  86. Ngoc May 19, 2014 at 1:56 am Reply

    I have been doing my taxes myself, and using standard deductions. I really didn’t have many expenses so it was pretty easy doing it myself.

    This year I purchased a house. The only expense I have now are the mortgage payments, and the other necessary basic expenses.

    Should I hire an Accountant this year?

  87. Lou May 19, 2014 at 8:43 am Reply

    Do you spend most of your time looking for loopholes and finding out ways for people and organizations to avoid paying taxes?

    When you do, do you feel as if you are doing something morally wrong?

    Many taxes are used for social servies to help people who are less well-off. Does the work of a tax accountant somehow work against these social services (because of the focus on finding ways for people to pay less tax)?

  88. Lucia May 19, 2014 at 8:43 am Reply

    My tax accountant asked to come to their office to pick up the tax return they prepared. I wanted to review the tax report before I pay for it. Can I ask them to e-mail it to me for my review first? I guess they may afraid that I walk away with it without paying. What is the common practice in such case?

  89. Elfreda May 19, 2014 at 10:50 pm Reply

    I’ve always used an accountant to file my taxes but need to cut back on expenses and thought about using Turbo Tax. I think my filing is fairly straight forward, disability income, medical & insurance expenses, interest income, contributions, etc. Does TT ask all the pertinent questions and provide the most current credits and deductions? I’ve become very accountant dependent and am concerned about filing a proper return…can I trust TT?

  90. Minerva May 21, 2014 at 3:13 am Reply

    Im working for an accounting firm which does mainly taxes and superannuation. Im an accountant.I want to pursue career in taxarion and superannuation field.Does anyone know the career path in Australia? How should I improve my knowledge without doing a course I already have a degree in accounting and doing my professional certifications.I have little time for another course.

    Please advise.Thanks!

  91. Dong May 21, 2014 at 11:47 pm Reply

    i am overseas and had to fax all my income tax documents to my accountant in the States March 30th.. Today is the 14th and even though I bothered him often pressuring him to do my taxes he is taking his time and every day he tells me he is almost done. I really think I will not meet the deadline. I know that overseas you can file until June, but I think I owe taxes this year and know they must be submitted by the 15th. What are the penalties for filing late? What is the interest?

  92. Newton May 23, 2014 at 11:06 pm Reply

    I decided to go into Tax Accountant Career. What options are there besides Public Accountant in Tax Accounting career with a CPA.
    Also-whats corporate tax accountant? IRS auditor? Do they need CPAs?

  93. Marlyn May 31, 2014 at 5:48 am Reply

    I went to a different accountant than usual last year to have my tax return prepared. I’m single, have no dependents, but he put me down as head of household. This was filed electronically, so I didn’t see the documents until after the fact. And I figured, he knows what he’s doing.

    But it bothered me, and went back to the guy who prepared my 2005 tax return.

    After learning that I may owe the IRS money and that there may be a penalty (how much is it usually?!), what are my rights against the crook who filed my return last year?

    What can I reasonably demand from the crook aside from him refunding his fee for (faulty) tax preparation.

    Thanks for any advice. As you can image, I’m mighty ticked off.
    I do consider myself head of my household, but the IRS clearly defines someone as HOH if they have dependents–which I do not. I have always been filed by my REAL accountant as single.

    The REAL accountant advised that CROOK basically made up numbers (as if I would know this, I am not math inclined) so that I would get a bigger return.

    But one thing I don’t see anywhere–how is the “penalty” assessed? On the amount owed to the IRS? Or is it a flat rate for everyone who owes?

    I am well aware that I am responsible for the tax return and its contents, but when you don’t understand what’s “in it” . . . I’d like to be blissfully ignorant but that just scares me too damn much.

  94. Elvin June 2, 2014 at 4:48 pm Reply

    Hi there, my boss has a small tax accounting firm and I am doing research for her website. If you were shopping around for an accountant, what would you (the potential client) like to see when you first arrive to the website?

    Thank you I really appreciate any input.

  95. Casey June 19, 2014 at 12:33 am Reply

    Do you see yourself staying in your field for the long term?

  96. Dannie June 19, 2014 at 9:54 pm Reply

    Myself and 9 others received an award at our company banquet. We were told the ‘prize’ was a pre-paid 7 day vacation and $500 cash to offset the taxes. A few weeks later we each received a gift card issued by the vacation company, it has a monetary value of $2500 and is to be redeemed in the next year.

    2 months later….

    Wednesday we received an email saying the taxes for the trip would be deducted from our pay checks… the $500 would be added to offset this.

    Today I recieved my check and in addition to my normal tax amount, I was taxed another $1400. I contacted my colleagues and the same happened to them. One person called the payroll department and was told nothing could be done. Another called HR and asked if they could return the gift card and was also told no.

    None of us signed anything regarding this, we were simply given the giftcards… and were lead to beleive the $500 would actually offset the tax like we were told.

    Is this legal?

  97. Caron June 24, 2014 at 4:13 am Reply

    I recently set-up a new limited company in london and i’ve been contacted by a society called “Tax Assist Accountants” to take care of my tax returns, book keeping and all this stuff. They offer me their service for 600£ per year (plus VAT). my business is so simple: i promote and organize events (party), maybe 4/5 per year, so i’m not sure if i really need a tax accountant or i can take care of everything by myself (i’m italian and the uk burocracy is new for me).
    what do you think about the price they offer to me: is fair or not? can i find something cheaper in london?

    thanks for your help, BYE.

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