The Small Business Tax Help Blog

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CNBC- Small Biz Feels The Pain- July 2009

Question: Estimated tax on a one-time capital gain?

In 2010 I had a substantial capital gain that resulted in my owing more than $1000 when I filed my federal tax return. Fortunately I had withheld more than 100% of my 2009 tax and so avoided the underpayment penalty.

My question is, what should I do in the future?
I can adjust my W-4 to withhold more, but this gain was atypical (I sold a stock I had been holding for years when it shot up in price). I’d rather not overpay if I don’t have to.

I know that estimated taxes are due quarterly. If I have a one-time gain in August, can I simply pay a 3rd-quarter estimated tax of 15% without paying estimates in the other quarters? And if so, is there a certain form I need to fill out with my tax return explaining why I paid that way?
@B.L.O.C, in 2006 did you withhold 100% of your 2005 tax?

Answer: Yes you can send in an estimated payment for only that quarter, not the other quarters. And that’s probably the easiest way to handle it. And you don’t have to explain anything on why you did it that way.

How to File Your Taxes Online : How to E-File Taxes

Question: If I get a Tax ID number, will creditors be able to track me down for owed money?

I have looked at the Tax ID number (Federal Tax ID) form online, and it asks for the Social Security Number. Will vendors that I owe money, still be able to find me, if I put the Tax ID number on for example my new bank account?

Thanks!

Answer: what reason are you requesting a tax id #, are you in business for yourself, and paying employees, or have you formed a corp, a partnership or LLC?
if not you have no reason for one, your SS# is sufficient
if you owe money they will find you one way or another, with or without a number, any number

Healdsburg Literary Guild part 2

Question: i just received my SS# in 2009, can i file for 2006 and 2007 and 2008 taxes now that i have my ss#?

can i take all the appropriate credits (child tax credit and earned income credit) for those years even though i didn’t have a ss# then?

Answer: of course you can! Do not read all the answers that said no.
For those who think you can’t work without a social security number, need to go back to basics. There are people working IN THE USA for international companies and they need to file taxes here even if the international company is paying them. They come here for a period of time to work and do not have social security numbers! They don’t need one neither since they don’t live here. Second of all, if you worked illegally, with a fake social security number, you can still file taxes! You go to the IRS and get a Tax Id Number and file them that way. Or you wait until you have your real social security number and file up to 3 years back. You are entitled to ANY REFUND but of course, you wont get paid for retirement, EIC, etc. The government will do you the huge favor of keeping that money safe for you, in their pocket. Why do you think they haven’t come up with a law to avoid illegal working in the US?? (hope this helps, and go do your taxes! Money is waiting for your name in the IRS)

What happens if U.S. fails to reach debt deal by deadline?

Plus, Greece has been in crisis for 635 days. Now, PM sees next few days as ‘critical’

Rangel Helps Push The Earned Income Tax Credit

Question: Will I be exempt from federal withholding now that I’m married?

My employer needs me to fill out a new W4 by Saturday and I’m not sure what to do. I haven’t done my taxes for 2008 yet, so I’m not sure of what to fill in. I got married in 2008, my husband is a full-time student and also works full time, I go to school part-time and have a lot of student loans and also work full-time. Together, we make $91,000 before taxes. Last year both of us were exempt from all withholding and if we were filing separately we would be again. Can anyone help? Thanks!!!!
The majority of married people filing taxes benefit from filing jointly, so we’ll be doing that. We’d lose money if we filed separately because of education and student loan credits.

Answer: So file separately. There is a “Married filing separately” option, you know.

You probably won’t know if you’re both fully exempt still until you fill out the forms though.

IRS reveals dirty dozen tax scams

12 ways to get in deep trouble with the IRS

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