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All responses Most smiled responses
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No. Your home must be the principal residence of the qualifying child for more than half of the year. There are additional rules, as well, but that one would seem to preclude head of household under the IRS rules.
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asked by stenoknight
"Training" is not normally deductible if it is leading to you entering a new profession or preparing for a new job. However, since you would have paid him for the coding anyway, and the software is integral to your existing ongoing business (even if you might later sell it to others), you should have no problem deducting the full cost of his services. You may, however, need to amortize or depreciate the cost of the software he creates over multiple years, rather than deducting the full cost immediately.
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Generally, deductions are not allowed for illegal activities, or in most states, for political contributions. Otherwise, gambling losses are only deductible to the extent that they offset gambling winnings, so keep your losing tickets for Federal purposes. ;)
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If he were to be my client, he would need to amend the return again. The credit does not apply to related parties; the Service would take a VERY dim view of such a filing were it not corrected.
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#taxes #IRS I'm doing it as a public service, as well as for exposure of our accounting practice. Tell anyone you'd like ;) Thanks
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For 1040 filers, the extension is Form 4868; you can download it from irs.gov @ http://www.irs.gov/pub/irs-pdf/f4868.pdf . Fill out how much you've paid in and what you expect to owe, and send it off by April 15th. A lot of states don't require an extension if you extend Federally (eg. CA) but check with your state to be sure. Remember, an extension is only for filing, not for paying the taxes you may owe. #taxes #IRS #li
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Do you have credit card statements showing the transactions? You should claim all legitimate expenses; if you are examined, you'll have to convince the Service that they are actual expenses, but there's no specific requirement that you have a receipt. In addition, there are certain other requirements and considerations, such as the type of business you are in, whether or not the meal was directly related to conduct of your business, etc. See http://www.irs.gov/publications/p463/ch02.html
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1. I'm only blocking original posts to my wall, for everyone. ;) 2. Email me details of what they are auditing you for and I will try to give you some advice, privately.
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No, there is no fee -- but remember, your taxes are due on April 15th, even if you extend the time for filing your return.
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There are many factors that go into how many allowances you take on your W4, and no two situations are alike. As long as you have paid in almost everything you owe for the year, you won't get in trouble - and you should optimize so that you're not loaning the government money. Look into it!
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Since it was due last April 15th, the penalty is $40 (5% assuming $800 min. tax) plus 1/2% per month in interest. This is whether you file the return or not; no reason to not file the return by Sept. 15th. and then pay when you can, although once you file they may eventually go to collections.
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Matt Denny, CPA/PFS’s Bio
Full-service accounting firm located in Southern California. We make your life less taxing!
