tax advisor

0
0
0
0
0
0
0
0
0
or copy the link

Do You Really Need A Taxes Advisor?

Taxes can be quite a complicated matter. Ask virtually any law students, as well as theyll tell you that the subject Tax is among their most dreadful courses. It involves figures, and not everyone likes numbers. It involves ideologies, and every person possesses a divergent perception. It demands utmost diligence, and not everyone can spare such patience. But are these enough to make you decide on procuring the expertise of a tax expert?

A tax expert is basically a consultant. He would teach you quite a lot of techniques on how to save on taxes, how to proceed with things and avoid excessive tax obligations at the same time, and how to get out of tax messes which you might possess gotten yourself directly into. Now this advisor wont demand measly cents for services, thats a given. Theirs is a highly specialized area made more deserving by their skills. You pay for their understanding, and their knowledge is actually (usually) comprehensive and also awe-inspiring at times.

But again, do you want a tax expert? Will he say new things about your plight? How big of a help would he be? And how much would their services cost? These are perfectly valid things to ask yourself before taking the necessity of hiring a duty advisor.

In this article, we’ll discuss instead the reasons you dont need a tax consultant. Hopefully, youd remember that there will always be two sides with a coin, and though we’ll be presenting one side in this piece, the other need to likewise be obvious as it is just the opposite of the things that we will mention the following. Ready?

* You dont need a tax expert if youre expecting to handle a projected earnings, where the tax problem is low and applicable reductions wont be also noticeable.

* A person dont need a tax advisor if youre interested with the subject yourself, as well as would like to learn a thing or two simply by reading up on some theories and using them in the real world by practicing your own duty tips.

* An individual dont need a tax consultant if you already know the ins and outs of taxation.

You dont need a tax advisor if you have been spending a relatively regular tax imposition for some years now, that ought to have given the chance to know the particulars of this field.

Knowing why you dont need a tax advisor would hopefully furthermore show you the reasons why you, indeed, may need their services some time in the foreseeable future.

Comments: 101

  1. Ines May 26, 2013 at 3:32 pm Reply

    my tax advisor assures me it is legal to have him transfer my 1099 k to a friend so that the income is still taxed but it is paid under my friend’s name that way i do not lose my financial aid. Is this possible?

  2. Kimiko June 21, 2013 at 9:36 pm Reply

    What does a tax advisor do for people?

  3. Lionel July 8, 2013 at 2:35 am Reply

    And with these young Men & Woman coming home from the War disabled before they had a chance to build a Nest egg to fall back on. There are more Men & women coming home Disabled in this War then there was in Vietnam and Korea but together It is very hard to make a living on SSDI alone and with the high cost of everything that is Associated with being disabled. These Men & Woman gave a lot for there Country it is time we do more for them if everyone was taxed the same across the board on all income a flat tax of 15% for everyone no right off and not stop paying after $90,000. There are a lot of people in this Country that make more then $90,000 and most have very good tax advisors that find all the loop holes and right offs. They say they pay more others say they pay less but a flat tax no deductions or right offs it would be fair for all and SSI would not be in trouble of running out of mone
    I am sure I am going to get a lot of negitive remarks here from people that are not disabled

  4. Marisha September 5, 2013 at 1:11 am Reply

    Just wondering how much money, an amount or percentage that I can donate to charities instead of just paying taxes with my money? If you do not know for sure I will just consult with my tax advisor…Thanks, Shawna

  5. Ariel September 13, 2013 at 8:58 pm Reply

    Any business and/or tax advisors out there? Apparently the gov’t has lead me to believe that I am a corporation. And they have been taxing my income as such since I was 16…
    Thoughts/advice please… Thanks.

  6. Thuy October 8, 2013 at 12:55 pm Reply

    I bought a house last August and moved there in October. Now I am in the process of selling my old house. My agent just emailed me and advised me to consult with my tax advisor regarding selling my old house this year vs next. The house only appreciated around $100k over the past 12 years. There shouldn’t be much in the way of capital gains since there is a tax-free cap of $250k for each person, and I’ve lived there for the past 12 years. In California, there is a homeowner’s exemption, but that is not very much ($7k) compared to a potential loss if I want to sell the house right away. Anything else I should consider?

  7. Lanell October 19, 2013 at 9:09 am Reply

    I admit it, I have severe cognitive deficits when it comes to personal taxes. My husband and I end up owing 2-3000 every year. We don’t know how to figure out our W-4’s to get the correct amount taken out. We’ve been doing H&R Block Tax Cut program CD at home but can’t navigate it to take advantage of possible tax breaks w/o going nuts. Should we just go to a personal tax advisor, accountant, fly-by-night Jackson Hewitt kiosk at mall?

  8. Domitila October 28, 2013 at 8:16 pm Reply

    Romney apparently has never paid more than 13%! Poor Ryan paid a whopping 20% last year. Isn’t it time Romney introduced his running mate to his tax adviser?
    Now that’s strange! Romney and Ryan can come up with a figure, but hardly anyone else can. I am referring to the tax you pay to the Department of the Treasury and the State Tax authority, not sales tax, vehicle tax etc.

  9. Cyrus October 28, 2013 at 8:16 pm Reply

    I graduated about 15 years ago with an ordinary degree in Combined Studies, which included topics from subject areas such as Mathematics, Computing and Accounts. I live in the UK.

    However, I do not have any tax work experience, so could anybody be kind enough to inform me how to go about it.

    For example do I need to be working as a trainee tax adviser before doing any necessary studying to get required qualifications? The problem with that would be that employers would be reluctant to give me a job without having any qualifications in the tax area. The other problem may be my age, I am approaching 40 !

    Please advice

    Thanks

  10. Bryan October 30, 2013 at 9:31 pm Reply

    I am commencing my pension benefit for retirement and I was hoping someone would know what form I need to complete in regards to the LS benefit. Do I need to fill out a W4-P form as well or do I not pay federal taxes? I know I should be asking a tax adviser but thought I would put the question out here first. Thanks

  11. Darwin November 10, 2013 at 4:15 am Reply

    I have 3 income tax statements for 2011, should I use turbo tax or go see a Tax adviser? I worked 3 jobs.

  12. Jimmie November 10, 2013 at 7:54 am Reply

    I gave my cis25 vouchers to my tax adviser to do my sa return and he never gave back, copies or original documents. he claims that he sent the original to hmrc (he gave a witness statement confirming he sent the documents) but hmrc claims that they never received anything from him. he cannot find any of the copies of the documents. i’m interested if anyone knows how long he should have kept copies of the documents and if he can be responsible for hmrc not receiving any of those documents

  13. Annice December 20, 2013 at 9:24 pm Reply

    I “settled” with several credit companies for over $40,000 in debt. The IRS considers the settlement amount as earned income unless the tax payer was “insolvent” at the time of the settlement. My home has minimal equity but I don’t know how to determine the value the IRS will use in calculating my debt to income ratio. It could make a big difference in my tax liability for the past year but was better than filing for bankruptcy or losing my home. This question even seems to stump tax advisors. Any wisdom out there in Yahoo land would be appreciated.

  14. Marcelene December 23, 2013 at 8:56 am Reply

    I recently took my tax documents in because i wanted to see how much i’d get back if i filed. I was told that i wouldn’t be getting anything back because i had lottery winnings which contributed to that. OK, i called the Michigan Lottery Main Branch in Lansing to ask about that and they told me that if i had winnings that were $5,000 and less, it wouldn’t be taxed. They said that if it’s $5,001 and up, then taxes are taken out right then and there. But when i told a tax advisor this, i was told that i should’ve asked them to take out taxes then. Who do i listen to regarding this? If i ask to get taxes taken out then so it never affects me later and i get told no because that is their “policy”, then what am i to do? Should i go ahead and file my lottery winnings with everything else and take it or hold them back, file everything else, and just take the $? I’m kinda caught in a bind because i really need this $! What should I really do? Need an EXPERIENCED tax advisor! HELP! HELP! HELP!

  15. Monte December 28, 2013 at 7:37 pm Reply

    I’m a non resident alien in this country. My tax adviser filled up the form 843 asking for the refund of my Social Security and Medicare more than 2 months ago.
    I just spoke with somebody at IRS (after waiting more than 1 hour in line), but it seems like they don’t know what I am talking about. Somebody knows how can i get information about my refund status for the 843 form..?
    Thank you in advance

  16. Chung January 13, 2014 at 6:07 pm Reply

    This is partially me venting and hoping there are tax savvy individuals who’ve been in my position – or knew better to avoid it. I’m going to be seeing my accountant (former tax advisor) next week but could use some advice in the meantime.

    I’m 27 and own a small business with another individual. It’s a service based limited liability corporation. Aside from us we have no employees. We work remotely and expense a portion of our home office to the company.

    We did $300k in 2012 with a profit of $260k which was split between the partners and a small cash reserve was left in the business. We’re projecting $360k in 2013.

    My accountant just told me i’ll be paying ~$50k in taxes this year. That’s unbelievable. And yes, I know it’s because I am clearly good at making money but not good at having it work for me. So my question is what should I be doing to make my money work for me? Because I can’t think of anything that I need to expense to my business. Sure, we may take on an employee in 2013 for $40k but that’s it.

    Please help.

  17. Frankie January 13, 2014 at 10:18 pm Reply

    Hi. I’m looking into taking assignments as a mystery shopper further to my full time job. In the terms it says: “Please consult a tax advisor regarding allowable deductions and tax payment.” Can you explain to me what I’d have to do to stay legal? I am not expecting to make much money from this, perhaps £10-£30 a month.

  18. Jorge January 19, 2014 at 6:51 pm Reply

    i worked, made about $7,800. didnt go to school. lived with my parents and have their insurance. but for some reason their tax advisor told them not to claim me as a dependant. so i went to amend my taxes to claim myself. but when i did that, nothing seemed to change. i got the standard deduction. whats supposed to be the difference between claiming yourself vs your parents claiming you?

  19. Hal January 21, 2014 at 8:59 pm Reply

    I talked to my online broker about this but they said for specifics on how taxation works to talk to a tax advisor.

    I will do this eventually but does anyone know what kind of special taxes Canadians have to pay for capital gains made on us equities?

  20. Denna January 25, 2014 at 11:42 am Reply

    I have finished my degree which has nothing to do with finance or accountancy but I want to become a tax advisor. I haven’t had much success applying for trainee positions because I missed 2.1 class so I have decided to do further studies to beef up my CV. I am only interested in one year post grad studies though….

  21. Wm January 25, 2014 at 1:50 pm Reply

    I am an U.S. citizen planning to purchase an apartment in the U.S. for approximately $250-350k in the next 6-months to 1-year. My grandparents who reside in India as Indian citizens have agreed to provide me with 20% ($50-70k) of the cost as a down payment to secure a mortgage.

    Basically, I would like to understand the tax implications of this transactions from my perspective as well as my grandparents. I want to limit the tax liability for both parties in India as well as the US. Who will be taxed and approximately how much? Are there ways to minimize the tax liability? I know there is a $13k maximum tax-free gift in the U.S. per donor to recipient. As an example, would we be able to minimize the overall tax liability for all parties if my grandma/grandpa send me $20k, my aunt/uncle send me $20k, and my cousin/spouse sends me $20k (Basically $10k/person)?

    I obviously plan to consult a tax advisor when the time approaches, but wanted to research the subject on my own beforehand. Thanks in advance and I look forward to hearing from you soon.

    [TAGS] India, International, US, Gift, Cash, Tax, Liability, Real Estate, Donor, Recipient

  22. Aaron January 25, 2014 at 3:08 pm Reply

    I am incorporating a small business in California. I am supposed to put the number of shares to be issued. Right now it is just one other person and myself. There could be other share holders in the future, but for now, I don’t know what to put. Any recommendations besides see an attorney or tax adviser would be great! Thank you

  23. Brett January 25, 2014 at 3:08 pm Reply

    My husband is a tax advisor in the UK with CTA qualification working for Chartered Accountants. Is it possible for him to get skilled migration visa? I haven’t seen this position on the list, but I have heard that they are looking for tax advisors.

    Thanks for all answers

    Martina

  24. Charlsie January 26, 2014 at 4:09 am Reply

    I am the first and only US employee working for this Canadian company. I work 100% in the US. My tax adviser tells me that we need to set up withholding so I meet my US tax obligations. My company took some time a discovered it was difficult. Is it really that difficult? Who can I talk to in order to aid and speed the process?

  25. Reginald January 26, 2014 at 4:09 am Reply

    I work with a company that offers services to small businesses (less than a 100 employees), as well as those that are self employeed and work out of their home in many states.

    Our services are designed to protect and grown businesses by giving them access to services that BIG business enjoy, such as consultations with Accountants, Tax Advisors, HR Directors, IT Managers, Hosting a website and putting it together with unlimited changes. In addition to all of this my firm is there to protect the business legally by offering consultations, contract review, debt collection, and representation in civil suits among a few other things.

    I am very excited to be involved, I am just not sure how to approach my target market. It seems people are so inundated with information that they are in a blur or they can’t see how so much could be offered for so little. I need ideas of how to get them to see it, but more importantly see me.
    Thanks

  26. Leonardo January 26, 2014 at 10:03 pm Reply

    A friend of mine last year said her tax adviser knew of a loophole in the tax code that says tips are gifts and therefore untaxable. She receive a significant tax return as a result. I researched it a bit and found a piece of legislation stuck in the House that would stipulate that. Has anyone else heard anything about this?

    Thanks!

  27. Tiffany January 26, 2014 at 10:18 pm Reply

    I recieved a 1099A today and i already filed my taxes. when i filed taxes i told the tax advisor that i had forclosed on my home and had no $ amount paid in 08′. Now i recieve this form saying that I owe all of this money still that was the ballance before i forclosed. Do I have to pay this and will i get any taxes back?
    I did not claim any of this house on my taxes so i am not trying to get money out of this house when i did not pay anything on in in the year of 08′.. I am no fraud!! I did not want to lose my home but crecumstances made it work that way.. I was asking why I still have to apy the full balance i had before the forclosure and will they be taking the taxes that i have earned this year.

  28. Sanford January 27, 2014 at 7:50 pm Reply

    I have this rental unit and have been trying to figure out the best way taxwise to sell it. I’ve heard if you live in a place for 2 years you can be forgiven of the taxes if you use the money to buy another home. Should I seek out a tax advisor?

  29. Felix January 29, 2014 at 12:45 am Reply

    I want to be a Tax Adviser, but I don’t know which degree would help me pursue this career best

  30. Tiffany January 29, 2014 at 8:48 am Reply

    I would like work in taxes. Is any way,where I can get this skills quickly? I mean any websites, courses online, private tution. Could you recommend me something?

  31. Juan January 29, 2014 at 5:12 pm Reply

    I have spoken to my CPA and no help there. I withhold additional money for both State and Federal every pay check. I maximized my 401k also and even invested into ROTh IRA. I am ready to talk to a tax adviser. I am ready to work less if need to,because I am tired of paying my hard earned money to the Govt. Any idea.
    Thanks
    Vikkaraja

  32. Vanesa January 30, 2014 at 4:31 pm Reply

    I’ve recently been getting paid by google adsense and I was wondering how I would go about paying my taxes?

    I know that you need to find out this information for yourself, because Google does not tell you, which is great haha.

    Are there any tax advisers online? Like h&r block, possibly?

    Any help would be greatly appreciated! I really don’t want to mess up my taxes or anything.

  33. Stewart January 31, 2014 at 7:45 am Reply

    I just inherited a house and am planning on living in the house.Will I have to pay a tax.

  34. Hisako January 31, 2014 at 3:29 pm Reply

    I received a settlement from a former employer. My settlement agreement stated I would receive a W-2 from my employer. I have not. (I thought they were to be postmarked by Jan. 31st.) My lawyer said I may not get one & to ask my tax people. They said to ask my lawyer. I contacted a 2nd tax guy, he said the W-2 should come from my lawyer. If it helps, my settlement check had federal & state taxes taken out and was cut directly to me from the employer. (Also, my lawyer worked on a contingency-fee basis and rec’d her check from the employer, and is supposed to get a 1099.) What do I do now? I really want to get my taxes done soon, and this is holding up the process.
    Contacting my former employer directly is not an option. My lawyer even specifically said not to do that.
    I did not work for my employer last year, so I have no earnings. My check stub states EXACTLY what I rec’d out of the settlement and EXACTLY what taxes were witheld.

  35. Lance February 1, 2014 at 9:04 am Reply

    Am an Additional Commissioner Income Tax with sufficient experience and training but no certification. Plan to move to Australia since Civil Service is dying in Pakistan. What could be a short cut to have my self certified to work abroad? Any chance of admission to Masters of Taxation at age 51 years?

  36. Ismael February 1, 2014 at 11:39 pm Reply

    Hello,

    I started College in Fall 2005 and just graduated in Fall 2009.

    Fall 2005 – Spring 2006
    Fall 2006 – Spring 2007
    Fall 2008 – Spring 2008
    Fall 2008 – Spring 2009
    Fall 2009.

    So in a sense, it took me 4.5 years to completed my UNDERGRADUATE degree. Why? Because I was a transfer student to another school, and I lost some credits. Thus, taking a little longer to finish. I was at least a half-time student throughout all the semesters. So do I qualified?

    Yes I attend the university in Spring 2009, but I was billed in December 2008, but PAID in January 2009. However, my 2009 1098T form was only BILLED from Fall 2009 since Spring was billed in 2008.

    I am reading mixed answers on the Live Community.

    If it is by academic years, I know I qualified. But if its is by calendar years, I also qualified I assume since I paid in Spring 2009, but was billed in Dec 2008.

    I have read the Pub 70. Can someone refer me if you have an answer?

    Lastly, the last limitation is, you can’t claim a credit (Hope and American)in 4 prior tax year? How is this possible, since you can only claim Hope Credit TWICE, – freshmen and sophomore year, and American Tax Credit in 2009 and in 2010, with a total of 4. Thus wouldn’t this question be irrelevant since there is no way you can claim 4?

    What is a tax year, from April 2008 to 2009 or Jan 2009 – Dec 2009?

    Thank you for all your help! Much appreciate.

  37. Constance February 2, 2014 at 2:56 am Reply

    Hi everyone, I met with a financial advisor today to discuss some newly aquired stocks and he recommended that I get an accountant to straighten out my tax situation. I am not sure where to begin (short of looking at the yellow pages.) Do I really need an acccountant, a CPA, or just a tax advisor? I’m not really sure what to be looking for. What kinds of questions should I ask anyone I am considering? I don’t really know anyone who can refer me to anyone. I’m in the Cleveland area if anyone has any reccomendations. Thank you!!

  38. Fermin February 2, 2014 at 3:15 am Reply

    I had hard time finding a sophisticated tax advisor on my field. Is there a company or organization can help me? Or where to find them?
    Not anybody will do, I really need sophisticated advisors or famous companies.

  39. Salvatore February 3, 2014 at 5:37 am Reply

    My tax advisor told me that the standard deduction is $5600. He said that if your medical expenses go over that, then you can take them off your taxes. I do not own a home. I am considering getting laser eye surgery or braces/invisalign, but I am not sure if these can be taken off taxes or not? What about plastic surgery, would that count as a medical expense?
    I file single, and last year I made 15k. Some years I make less, it just depends.
    I am also an independent contractor, so I have to itemize for work-related expenses.

  40. Lanell February 4, 2014 at 1:09 pm Reply

    Please, I’d only like to hear from those that either currently have a tax advisor or have used one in the past or think they need one. If you do your own taxes please refrain from commenting. Thanks for your time and comments!

  41. Trudi February 4, 2014 at 2:50 pm Reply

    I would like to gift $700,000 to my daughter before I die and I have never gifted her or anyone else but I understand I can only give $13000 per year but an I correct that I could give one-time gift of $700,000 if its $1 million or under to skip the gift tax?

  42. Bernard February 4, 2014 at 4:44 pm Reply

    How much fee do tax agent/advisers charge per chargeable person for making returns (Doing relevant calculations)?
    Or how much can they make in a year?
    My question refers to people in the United Kingdom but other reviews are welcome.
    If possible please mention monetary figures.
    Thanks!

  43. Weldon February 5, 2014 at 2:43 am Reply

    can sumone please explain to me how taxes are estimated? whats the difference between federal and state? how come i have to pay for some but on the other i just get a refund?how do dependants determine your income tax? somebody please let me know how this works

  44. Doreatha February 8, 2014 at 8:49 pm Reply

    I am a software developer. Kindly suggest me some investment options wherein this amount is exempted from taxable income. Also, after investment the income arising out of the same is also relieved from tax (it is **not mandatory** requirement).

    I have already invested in PPF and NSC and have taken LIC policies of long terms. I am looking for making investment wherein the amount is not locked for a longer duration and also at the maturity the tax burden should be minmum. I am not interested in making investment to equity market so please dont suggest me MFs which purely invest in equity market. Mutual fund investing in other than equity market yielding moderate rate of returns (somewhere around 10%-12%) would do.

    If you have any other suggestion, kindly share it with me so that it helps me in making decisions.

  45. Kathryn February 9, 2014 at 7:46 am Reply

    If I’m a corporation and am engaging a tax adviser to handle some tax issues, but instead of paying the adviser cash, I am paying the adviser with rent in one of our buildings. Does anyone know how this would be treated on the corporations and individuals tax returns? I tried looking online for the last couple days but have come up with nothing. Thanks in advance for your help.

  46. Joellen February 9, 2014 at 2:40 pm Reply

    I imagine if its treated as income then its liable to income tax? Is it as simple as this? Is there any way of issuing stock options without this tax implication?

  47. Brandon February 10, 2014 at 1:23 pm Reply

    hi .. can i find online tax advisor who can help me to calculate my tax

  48. Evette February 11, 2014 at 4:09 am Reply

    I just finished turbotax for the first time online. I completed the state and federal taxes and had them e-filed. Is it necessary e-file or mail in my city taxes? Im from San Francisco California.

  49. Ignacio February 12, 2014 at 3:29 am Reply

    I went to federally licensed agent to do my taxes he informed me that he was not a CPA and he said he was a specialist. What is the difference, is one better than the other?

  50. Aron February 13, 2014 at 3:30 am Reply

    When we went to our new tax advisor, he noticed that our former one deducted an excessice amount of mileage and we failed to catch it before it was sent to the IRS. We are now being audited. Should we contact our former tax advisor to let him know; what would you tell the IRS?; would you seek help from a professional? Any advice would be greatly appreciated!

  51. Cody February 13, 2014 at 10:25 pm Reply

    is there difference between california state resident income tax return and US individual income tax return ?

  52. Carman February 20, 2014 at 8:46 am Reply

    I am from Texas and staying in Apartment and filing taxes as standardized . I am going outof USA for a business trip for 2 weeks. Can I file my expenses while filing my 2011 taxes.
    Thanks for the help
    I am going on a Business trip for 2 weeks not on personal trip.

  53. Emanuel February 20, 2014 at 8:46 am Reply

    I recently moved to Bahrain and plan on living here at least for 5 years. I have a condo in Toronto as well as credit cards and I have filed as a non-resident Canadian, so I need a good tax advisor to tell me if what i am doing is right but he/she has to be reputable, know of any?

  54. Dayle February 21, 2014 at 7:09 am Reply

    I sell windows & doors. Was excited about the 30% tax credit for qualified doors & windows. I’ve heard that the Tax Credit isn’t refundable (meaning if your owed a refund you won’t get the credit).

    Does anyone know if this is true?
    Does anyone have a link they can share with me that explains?

    I was told above by a tax preparer.

  55. Lance February 21, 2014 at 12:41 pm Reply

    I have a full time job but recently I became a consultant for a county government agency, I’m running the consulting business as a proprietorship and on my line of work the cost of operations is minimal so taxes will kill me this year.
    I will appreciate need any tips or recommendations.
    What is the benefit of S corporations?

  56. Denny February 21, 2014 at 3:31 pm Reply

    I’m looking to build a long term relationship with a tax professional. The H&R Block people don’t care and skip jobs too quickly. The older specialist are mostly jerks that charge too much. Is there anything in the middle?

  57. Luisa February 21, 2014 at 3:31 pm Reply

    Hi All ,

    I am working for Indian S/W company for client in who is in Brazil . I am getting Indian salary ( paying tax for that in India ) plus getting allowance to live in Brazil .

    Currently i am in Brazil for almost 4 months and planning to stay here for another 4 months .

    I heard that after 183 days of stay i have to pay tax in Brazil .

    Now my question is , do I have to pay tax in Brazil for my allowance because I am paying it in India . If so is it like duel tax ?

  58. Katherina February 21, 2014 at 9:37 pm Reply

    I have some queries/doubts about the tax system in India.I want to communicate with them via email.

  59. Caleb February 21, 2014 at 10:38 pm Reply

    If I owed federal taxes and I paid it after the deadline(April 15). What would be the penalties (if any), and I didn’t have the option of monthly payments?

  60. Colin February 22, 2014 at 12:51 am Reply

    My tax return was accepted today. The refund says I will get about 2600 dollars. On the education credit section, I entered the tuition only and forgot to type in the financial aid amount, which changed my refund amount to 2600. I noticed it and amended the return today. On the amended return, I owe 2300, which means I receive the difference of 300 dollars. Huge difference. All that’s left is to mail the amended return and a check for 2300. I talked to a tax advisor and she said that I don’t have to amend for a while because the IRS accepts it up to three years after. Is it illegal to wait a few months before I mail it? I’ve recently run into a situation where I need the money but will be able to save it back up after a few months. I still have not received the wrong refund amount yet.

  61. Alise February 22, 2014 at 2:41 am Reply

    I recently filed my taxes using Turbo Tax. I e-filed and got my money already. The day before yesterday a received a corrected 1098-T form in which the amount spent on tuition changed/increased by like 1000 from the original one. I went on Turbo Tax and filed an amendment, which states that I need to get paid an additional amount of 230 because of the Life Learning Credit, printed it out, but now what? Is it true you can’t e-file amendments? If I mail it, what else do i need to include besides copies of the corrected 1098-T, corrected 8863 forrm, and 1040X signed and dated? Also, is it possible that this money gets deposited into my checking account if I was prompted with this while using Turbo Tax even though it was an amendment, or will I just get a check?

    Another off-topic question: when you e-file, do you need to mail anything like a copy of tax return and w-2s?

  62. Jame February 22, 2014 at 2:56 am Reply

    Just help people to file 1040?
    To become a tax advisor what tests are needed? what knowledge is required?

  63. Katharina February 22, 2014 at 3:28 am Reply

    I own a property that, due to being in a military family, we moved and rented out the house. The house sat empty for 5 months before being rented. I just want to make sure I have this straight. I can deduct mortgage intertest and real estate taxes and also management fees, but claim the little money I made on it as income. Correct? Is there any way to deduct the payments from it sitting empty (which we of course paid all of)? It’s an interest only loan, so there’s no principle involved. It’s crazy because, according to Turbo Tax, our refund will almost double just because our old house is being rented. Is this normal?
    What exactly is depreciation and how do I deduct it?

  64. Allen February 22, 2014 at 3:29 am Reply

    For 2008 i was married and self employed with 2 dependents and did not work for any company to get a W2. I was wondering if i can still file taxes and get a return check like you do if i had a W2. Can someone let me know if this is possible and if so how/what forms to file so i can safely get the maximum return without being audited. I am a NY state resident. Best answer gets 10 points quickly

  65. Annice February 22, 2014 at 4:06 am Reply

    I won a 30,000 dollar settlement against my former employers. 20,000 wages and garnishments 10,000 pain and suffering. How much will be taken out in taxes?

  66. Willie February 22, 2014 at 5:14 am Reply

    I was approched by my cousin to buy some shares in a new company a while back. The shares were sold to family members only. My best fiend wanted to make a contribution also, so he matched mine, and we bought shares under my name. The company has done well, and they are about to sell for a substancial profit (4 million) for our shares. My question is what is the best way to give my friend his half, I assume I’ll end up paying taxes on the entire amount, but when he get’s his half will he have to pay taxes on that?

  67. Rosendo February 22, 2014 at 5:14 am Reply

    I asked a question before about returns, if I had to file them, and everyone said yes. I got the form sent to me today.
    How do I figure out how much money I should receive back in refunds?
    I know someone said that if it was under $4500 I should get some back. Is this correct?
    And What about SS tax and Medicare tax? Do I get money back from that too?
    My mom will help me with the form.
    But it says I only made $3135.12 this year, and My fedral income tax withheld is $201.32, and then SS tax withheld is $194.38 and Medicare tax withheld is $45.46.

    Should I get my $200 back since I made less than $4500?

  68. Alfonso February 22, 2014 at 6:58 am Reply

    I had a overpayment in 2003 and have been paying it back ever since, i have copies of all my awards up to date but don’t know how to work it out myself

  69. Shaneka February 23, 2014 at 12:00 pm Reply

    sbi life deducting 12.5% service charghes from advisors , i feel when cash transaction being done between sbi life company and the coustmer {already service tax being deducted from coustmer premium too by company } why again the advisor need to pay service tax . here service tax is being deducted fro m coustmer as welll from agent too for the transaction amount by sbi is it not twice for the same service . plz clarify it ..my sincear thanks for the reply in advance

  70. Maxie February 23, 2014 at 11:25 pm Reply

    Which income tax do it yourself program is better? and why? turbo tax, e-file etc….
    married 2 kids the only one working is my husband so its not complicated really..

  71. Robert February 24, 2014 at 12:04 am Reply

    I’ve call tax advisors and they either don’t know what I’m talking about (the yearly income tax preparation people) or the they help people already in trouble with the IRS. I’m trying to prevent that. I own a home in FL. Several years ago, I took downpayment assistance from the FL government as a first time home buyer. I had to live there for 10 years and I would not pay them back for the money. If I moved before that, rented it out, sold it or refinanced it before that, I would have to pay them back. In this economy, I can’t sell or refinance this house for what I owe plus the downpayment. I want to move to AL to marry my fiance, work and go to school. I was hoping to solve the issue so that I have the freedom to move. Please help!

  72. Arletha February 24, 2014 at 11:09 pm Reply

    (The following is a hypothetical situation, anyone who has knowledge or expertise in this area please feel free to weight in).

    I recently graduated college and am still seeking full time employment, I still have my part-job as a server at a local restaurant. Being young and foolish I decided to take my graduation money (total of $25K) and buy and trade stocks (trust me I know how incredibly risky this is). I put all the money in a stock and monited that stock every minute of every day for a week (this was perhaps the longest and most nerve racking week of my life). To make a long story short, by the end of the week I practically doubled the initial $25K investment (stock went from $16/share to $30/share). This was a one time thing and I will never do this again. However, my question is: How much will I have to pay in capital gains tax for the money I made when I sold this stock. Again, I work part time as a server and assume I am in a low tax bracket, but Im not sure. Any CPA’s out there???

  73. Lucio March 11, 2014 at 4:39 am Reply

    Me and my wife of 8 years just recently split and she ran off with her ex husband, I need to get my taxes done but don’t know if i can claim my kids. We are still married but she moved to another state and she refuses to come back to do the taxes with me. Can i stil do my taxes and claim our kids? Any info would be more than appreciated.

  74. Reginald March 11, 2014 at 4:39 am Reply

    I had $2,250 in student loans in which I paid off right away because I transferred to community college and changed my major. (I now just pay tuition as I go.) Will this effect me when filing my taxes on a 1040 EZ?

  75. Corie March 11, 2014 at 4:39 am Reply

    I’m currently doing a 3-month graphic design contract for a company. I’m wondering how I manage this on my taxes (I live in Canada by the way). I will be getting cheques in the amount of my gross pay and need to know how I figure out how much to put aside for income tax? The rest of the year I have been working for an employer and will have a normal T4 slip. I’m not a whiz at financial matters and am having trouble finding clear information on this on any government or other websites, so any help would be great!

  76. Chantelle March 11, 2014 at 4:39 am Reply

    Does anyone know how I can find a certified Tax/Estate Adviser in Ontario Canada? Also, any idea how much a service like this costs?
    He might be!

    I am looking for someone who can help a young couple (under 30) with minimal RRSP investments, annual income of less than $100,000, and no house. I just want something better than the person at the bank.

  77. Masako March 11, 2014 at 4:39 am Reply

    Ok heres my question i owe some taxes, not alot just more than i can pay. I did file and have now received a letter from irs. If I make payment arangments Ill be paying more penlties and interest than what i owe. so to my question ,is it better for me to cal irs and see what i can work out with them on this or call a tax specialist that claims to be able to get my tax bill down to pennys on the dollar and remove most or all of the interest and penlties?

  78. Trista March 13, 2014 at 12:03 pm Reply

    I am looking to get in to becoming a tax consultant and not really sure where to start. From what I have gathered it seems that the book ” Canadian tax principles” that is published annually would be a good start. Any Ideas as to if this is a good start?

    Byrd & Chen’s Canadian Tax Principles, 2012 – 2013 Edition, Volume I & II with Companion Website [Paperback]

  79. Santos March 14, 2014 at 4:34 am Reply

    Any Canadian Tax Consultants in Bangkok who can help me with my T1 General 2010?
    I am a retiree, living out my golden years here in Thailand. I receive a monthly cheque from the Canadian Pension Plan, with no other income!
    The process of filing the returns were quite simple in my younger days! The first one may take some trial and error, but subsequent returns should be a piece of cake!
    Thanks for helping out!

  80. Fonda March 15, 2014 at 12:54 am Reply

    I am studying federal income tax right now and I am an accounting major. Professor gives us case assignment, and I don’t know how to figur it out because it’s a lot of information involved such as mortgage, municipal bonds, stock, and CD. Professor wants me to look at this case and answer those questions as tax consultant. However, I don’t have any idea how to find answer.
    Can someone give me advice. Thanks!!
    Hi Russ B,
    My case assignment is customer has five buildings and three of them have mortgage with different interest rate (between 6%-7.5%). Also customer has another store building which has 10% interest rate for mortgage and it rent to corporate running business. The customer owns all of stocks of corporation In addition. Municipal bond originally invest in interest rate 4.2%-6%, and customer wnats to using another building which does not have mortgagae loan to borrow another money in investing municipal bonds, and its interest rate will be 4%. However, the new mortgage interest rate is 6%. Customer also invest in CD for 6% interst rate.
    This case is so complex, so could you also suggest me how to find the federal income tax code.
    Thanks

  81. Meagan March 17, 2014 at 3:13 am Reply

    dear any one can you please help me how to calculate vat and service tax?
    I m and fabricator , procure materials from dealers and engaging fabricators on labour , can any one help me with example. like supply and fabricating of external glass work .
    note im registered with Vat and Service tax too.

  82. Camelia March 17, 2014 at 3:16 am Reply

    Up until this year (2007), I was employed by a company and they withheld my taxes. I’ve always withheld enough and usually got a tax refund each year.

    Starting Jan 1, 2007 this year, I switched to a self employed contractor status. The employer paid me gross amount each month with no withholding.

    Since I had no penalties or tax underpayment in the past, I was not required to pay estimated quarterly tax payments this year.

    My question is: I know I will have to make a big tax payment on April 15, 2008 since I didn’t have any withholding and didn’t make any estimated tax payments this year.

    Should I make a big estimated tax payment this month before the end of the year, or would I get charged interest/penalty anyway for not making payments earlier this year in prior quarters?

  83. Leandro March 17, 2014 at 3:16 am Reply

    how to register as an income tax consultant in india?

  84. Kellye March 17, 2014 at 3:17 am Reply

    I work for a technology company that employs about 40 people. I have been working here since January. I work at the office on their computer, during their normal hours (for the most part). I was hired as a “temp” in January, but as they normally go through a temp agency, and I applied through word of mouth, they pay me as they would the temp agency–with nothing taken out of my check. They classify me as being paid as a consultant. However, I do not fit into the IRS’s 20point check to fit as an independent consultant for tax purposes. Under the IRS quidelines, I am an employee. And looking into this I heard I was supposed to be paying these taxes quarterly?
    Can anyone explain to me what steps I need to take to take care of my taxes?

  85. Antione March 25, 2014 at 12:06 pm Reply

    Tax Forms & Documents – Independent Technical Consultant

    Hi,

    This is very important to me. In March 2007 I started working as an Independent Technical Consultant.

    As such, I don’t have knowledge in regards to which Tax Forms I will need to fill out and
    which IRS documents I will need to read and make sure that I understand.

    As such, Please answer the following 2 questions as detailed as possible:

    1. What Tax Forms will need to be filled out – Technical Consultant wise? What Information will I need to have available when filling the forms out?

    2. What IRS documents are available for documentaion and information, in the related areas and etc? As many related ones as possible (in regards to pay, expenses and etc) would be appreciated.

    Please help. This is very important. If you can provide additional info that might be helpful, please do. I need to know as much as possible regarding this subject.

    Best Regards.
    To add, I have worked under a 1099 last year from march to September.

    In November 2007, I have started worked under a colleagues corporation (saves money in the long run, since this is assignment is currently scheduled to last more than a year and if not through his corp, all of the expenses paid by my employeer would be taxable).

  86. Glynis March 26, 2014 at 8:50 pm Reply

    Hi,

    I am working as consultant in a private company. We are called professional, every month we need to raise bill for which we get cheque of 26, 910 Rs. The TDS of 3010 Rs is already deducted every month. Because of this I am paying more and more TDS. I have taken life insurance policy of premium 12 thousand.

    Can any tell me how I can get my TDS refunded?

    Can I shows rental receipts as expenses ?
    Can I show mobile bill as expenses ?
    Can I show my travelling expenses ?

    Thanks in Advance
    Hi Mehul,
    I liked Your answer.
    One more thing I want to ask you that I currently living on rental. I pay rent of 2000 rs every month. Van I show that also in my expenses.

    Thanks again.

  87. Stephen April 9, 2014 at 6:49 pm Reply

    hi
    i have seen some tax consultants saying they will get more returns, just to attract customers for them…
    is this a foul play?
    will they land me in trouble in some audit or something,by claiming more deductions just to get me more returns……..
    i just want to be aware of what they are doing……

  88. Virgina April 30, 2014 at 5:24 am Reply

    For the last couple of months I’ve worked at a startup, and have been paid by check biweekly with no taxes taken out. My boss says hes paying me as a “consultant”, yet I did some research and found out the IRS has a test to see if your a consultant, (e.g do you spend all of your time there, do you work elsewhere) and by that definition I am not, at least it does not seem like it.

    I know consultant taxes should be paid quarterly, and I didnt pay any taxes on my Q1 earnings (which werent much), but I want to get my tax questions straightened out soon.

    So, should I just bite the bullet and pay the consultant taxes (with likely penalties) even though I don’t truly feel I’m working as a consultant?

    If so, how much in penalties should I expect to pay how can I go about paying them (preferrably online), and is there anything else I would need?

    Thanks!

  89. Giuseppe May 5, 2014 at 11:30 am Reply

    I was employed by a NJ based consulting company, but I was deployed at a bank in Delaware. When company paid me it deducted taxes for NJ state. But I shared accommodation (did not sign lease) in Delaware state. Do I need to pay taxes in both states?

  90. Miguel May 5, 2014 at 5:35 pm Reply

    Does anyone know if computer consultants in NY state need to charge sales tax? I won’t be adding/replacing any parts – just sitting behind a computer/laptop and repairing it!

    Even if I decided to replace parts etc – would I then need to register and charge it?

    Many thanks

  91. Traci May 5, 2014 at 9:58 pm Reply

    I did my taxes in Canada about a month ago and I havn’t got it yet! Am I the only one?

  92. Kimiko May 6, 2014 at 10:33 am Reply

    I was selling Pampered Chef just for “fun” for a short period of time in 2007. My commission checks totaled right around $600 but I spent $400 on samples and supplies. No taxes were taken out of my commission but when it is all said and done I made less than $200. I have an appointment with an accountant to have my personal taxes done tomorrow night and he said that if he has to file any forms for my “business” it will cost an additional $100 right away. I want to go to my appointment informed…any suggestions? Additionally, since I barely cleared the $100 I really would hate to pay that much just to file a form or 2.
    I read that it was more than $600 of net-income. Net income is income-expenses. If this is the case, my “net income” is between $200 and $300. I have exact numbers, I just don’t have them on me.

  93. Scottie May 18, 2014 at 6:32 am Reply

    I’m an expat, so my taxes are prepared by a well-known tax specialist company. They have made many mistakes in the course of handling my taxes, including forgetting to submit forms such as the 90.22-1 declaration. Now I discovered that the IRS did not receive a filing extension (2006), so I received a note for back taxes and penalties when I submitted 06 taxes. The tax consultant is claiming that they didn’t know that the IRS had not received the extension. Shouldn’t they have received a reply from the IRS in any case?

    I’m starting to think this company, or the person assigned to me, is totally incompetent. My question is – are there long-term implications for me, due to these errors from the tax consultanting company? Am I foever going to be flagged by the IRS now?

  94. Heriberto May 18, 2014 at 8:52 pm Reply

    I was in US in 2009 for 2 months. My family dint accompany me. When i file my US tax return what will be the status under whick i should file my return?

    Rajesh

  95. Terrence May 19, 2014 at 11:53 pm Reply

    I am planning to go to the Tax Consultant by name Rajeev Arora of Om Financial, did any body go to that guy.
    How is he interms of getting tax returns? Just Curious!!

  96. Alfredo May 21, 2014 at 6:52 am Reply

    I have Bachelor degree in Engineering.

  97. Karie May 22, 2014 at 10:27 am Reply

    I don’t want to do with H&R Block. I’m looking for cheapest consultant in Florida.

  98. Bud May 23, 2014 at 3:36 pm Reply

    Hello, I wanted to file for my tax returns. I am working on H1b Visa, I dont have any investments neither any mortgages. I am earning an annual salary of 60,000 $.
    Shud i go for the free turbo tax or hr block or any private consultant?
    The only thing is that in this one year i have worked in 3 locations, namely California, Lousiana, Colorado…. does this make my tax filing complex.. and i need to get a professonal help?? Or i can do it for free on turbo tax!!?

  99. Soledad May 26, 2014 at 4:08 am Reply

    I’ve been in Sydney for about 10 months and only earned about 5500 AUD during this period (as an independent contractor for providing software programming services), so I don’t want to pay a couple thousand dollars to get consultancy, it’s only 5500 AUD that I got.

    I downloaded the e-tax software from the Australia Taxation Office website but I found it to be a little confusing, this is why I’m seeking professional help …

  100. Francesco May 26, 2014 at 6:22 am Reply

    Same slabs(applicable for salaried) applicable for consultant while calculating or its only 10 %? What all (expences) can be considered while calculating tax? Can I show House loan, Rent, medical and 1 lakh investment for deductions?

    Thanks in advance

  101. Florencio June 6, 2014 at 6:03 pm Reply

    Looking for online tax consultants in India with whom we can chat online.
    I’m fine with paying for consultancy.

Leave a Reply

Your email address will not be published. Required fields are marked *