The Tax Preparation Blog

Archive for March, 2009

Question: Filing extra w2s after deadline. I already got my refund, these came late.?

A month after I got my refund I received another w2 and a 1099 in the mail. Now it’s past the due date and I can’t figure out what to do. I tried looking at the 1040 form and I don’t get how to add these. I used the 540ez to file my taxes. I don’t know. I don’t want to go to pay to have these done. What a headache. any help? California.

Answer: You’ll have to file an amended return on a form 1040X reporting ALL of your income, including what was on the original return (by the way, the form is 1040EZ, not 540EZ) plus the added W-2 and 1099. You might have to pay back some or all of the refund that you got.

If you’re going to try to do the amendment yourself, the easiest way to do it is to fill out a new return showing ALL your income, then lay them side by side when filling out the 1040X. If the 1099 was a 1099-misc showing non-employee compensation, you’ll have to use a 1040 form, and a schedule C or C-EZ for the 1099 income, then probably a schedule SE to calculate self-employment tax – the numbers from the bottom of the two schedules will then transfer to the 1040. If you’re not fairly familiar with doing tax forms, you might need some help with that.

This is the same thing you would have done if you’d done it before the deadline a couple days ago, but now if you owe extra money, there will be interest and a penalty. If you get extra money back, no interest or penalty will be applied.

The above is all for federal – you’ll also need to amend your state return.

Good luck.

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Question: is a fictitious name registration needed for online only retail business running in florida?

more years than i care to remember ago, i had an online business running from my home in florida. when i registered for my tx id number, i was told i did not need to register a fictitious name for my business. (i asked). the store closed and my tax id is no longer valid. now i would like to open an online shop again from my home in miami. but as i do research i am confused by what is necessary for online only business within the state of florida. do i need to register a fictitious name just for a web shop?

Answer: NO good deed………..goes unpunished?

Cities have pushed legislators for
1 decade now, to regulate businesses
operated on the internet. Business
licenses were once the only regulated way to decide how a city could
get revenue to pay for most services.

—suggestion–do not ever again
volunteer to any municipality
that you have a computer based business–which is a different
animal from a home based business.

A fictitious name is required to be filed by almost all cities–you have met
an exception.

The purpose of filing a fictitious
name is –believe it or not–strictly
for the ease of being sued!

Those consumers who need to find out who runs this or that business
do so for TORT protection–if the
consumer has ever been harmed–or feels harmed……..

or if the municipalities feel the owner
is violating some law…….they need to find them………quickly and easily.

happy biz to you.

Around your town

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Tango in Plain English

HAFB tax center to open in February

HOLLOMAN AIR FORCE BASE Filing federal income taxes can be intimidating, but just like in the past, volunteers from the Holloman community will be assisting airmen and their families in filing this year.

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Question: Tax preparation question?please help!?

I owned a small bussiness until august last year after that I sold it and started to work for a company.I have my W2 form now, and I want to file my taxes but myself, but now I find it hard, since I don’t know what am I supposed to do with the rest of the months while I was self employed. Am I supposed to get any form or paper from my old bookkepper???.Thanks for the advices

Answer: You need to get any records that the bookkeeper has, and then take them to a CPA (NOT to H&R Block).

Monday morning Q&A with Mark Elhilow, chairman of Blue Ocean Capital

Monday morning Q&A with Mark Elhilow, chairman of Blue Ocean Capital

Fernando Suarez Income Tax