The Small Business Tax Help Blog

Posts Tagged ‘tax’

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Question: Hi, letter in the mail….earned income credit?

Hi, Ive mailed my taxes in 7 weeks ago. Just recieved a letter in the mail saying that for the earned income credit that they needed a worksheet that was not mailed in?…Well I guess my question is Ive already waited 7 weeks and I mailed the paper that they wanted in today, is it going to take another 6-8 weeks again?

Answer: probably not, since your return is already in the system, just waiting on additional information. Hopefully your reply was sent to the attention of the person or department that sent it to you.

Question: Do I need to amend my 2007 & 2008 tax returns before my (Japanese) wife can get a green card for the US?

I’ve been living and earning all my money in Japan for over 11 years. Now I’d like to return to the US with my Japanese wife and our two kids. The IRS has recently gotten involved with the visa process and sponsors (me) are required to show adequate income (above the US poverty line). However, on my 2007 & 2008 US tax returns, I found out that I had entered my gross income which is really low due to tax write offs (I own my own business). I used my net income for 2009 which is way above the poverty line (approx. $91K US).

Question: will my 2009 tax return suffice or do I need to have 3 years proof of adequate income?

(I’m asking here on Yahoo because the IRS isn’t much help and either is the automated phone line at the Tokyo Embassy)

Answer: The IRS is a consortium of retards.
Your 2009 tax return will most assuredly suffice. Even if you had ZERO income for the 2007 and 2008, and then all of a sudden you make 91k in 2009………….Immigration will look at your 2009 taxes. That’s it.

Tax Forms & Deductions : Can I Write Off My Computer on My Taxes?

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: How much do you get back for claiming a child on taxes?

Like on the earned income credit, what do you get back per child, in the state of Georgia. I know that you only get credit for two kids.

Answer: It depends on your total income, and on how much income you had from a job. Also whether you are married or not.

EIC can be $2 or it can be $4716, or something in between, so without more info, it’s impossible to answer your question.

Georgia has nothing to do with federal EIC – it’s the same in all states.

Anne Else (Child Poverty Action Group) at Do Something: Credit Crunched NZ

Question: I need the form to fill out an estate for my dad who is deceased.?

My stepdad past away he had no beneficiaries so as the stepdaughter iwas told to make an estate for him on his behalf. I don’t know what form to use.I do know his EIN number. Please help thank you.

Answer: A form is not important; an analysis is what the court wants.
They wish to know what to tax the estate and how to
divvy up any assets. I do not think the court asked you to
make an estate but instead, to identify what is IN HIS estate.
You can’t “make” one. An estate is what one owns.

Die Immobilienmaklerin – ein Loft