The Tax Preparation Blog

Posts Tagged ‘tax preparer’

Question: EFC not calculated for financial aid, Income & adj income wrong?

When I submitted my FAFSA it said …

“You verified that either you paid the same amount or more in taxes than your Adjusted Gross Income (AGI), or your parents paid the same amount or more in taxes than their Adjusted Gross Income (AGI). Therefore, we cannot calculate an estimated Expected Family Contribution (EFC). You must contact your Financial Aid Administrator (FAA).”

I filled out a 1040, Im 24 so I’m an Independent now.
I filed my taxes. I made $3159 in wages, and $7705 in unemployment. My total income states $10,864 on line 22. Under Adjusted Gross Income on line 37 it states $10,864.
Is this right? or did my tax preparer screw up? Whats gonna happen now?
Any help it appreciated
The questions on FAFSA are # 36 and 37, where it asks for TOTAL INCOME and ADJUSTED GROSS INCOME
The question on FAFSA that im inquiring about doesnt ask HOW MUCH TAXES DID I PAY

Answer: education.mypressonline.com – it has detailed info how to apply for financial aid and scholarships to get more cash.

Burned tax documents found in alley

Partially burned tax documents revealing Social Security numbers, incomes, names and addresses were found scattered behind an Anderson tax preparer’s office both Wednesday evening and Thursday morning.

Tax Preparation Houston – personal or business tax preparation help in Houston, Tx

Question: I joined a consulting firm organized as an LLC. It is charging me for out-of-state taxes. Should it?

I received 70% of what is billed for my services to the client – the LLC retains the balance for its overhead and general partners. If I didn’t work, or the client didn’t pay, I didn’t get paid. I left the firm, earlier this year due to lack of work – but now they’ve come back to me demanding I pay state taxes.

I performed services in Washington State for a client business situated in Washington and never left the state, but the LLC is insisting that I pay taxes on income from California, Georgia, New York, etc. The firm apparently has individuals providing similar services at other client businesses in other states, Apparently the firm’s tax preparer is trying to associate my earnings with those other states.

I paid self-employment and federal income taxes directly from what I received.

I received a K-1 and filed tax returns properly for federal purposes.

Washington has no income tax.

It seems wrong on multiple levels. What am I missing?

Answer: As a partner, you shared in the income of the firm–not just the money you brought in. Since some of that income is sourced to California, Georgia, etc, you owe taxes to each of those states.

The fact that Washington doesn’t tax you is moot.

Buck to the future: Dollar stores revamping to keep business booming

Christina Franklin loves dollar stores with a passion that nearly transcends shopping. “I’d live here if I could,” the Subway assistant manager said during a recent jaunt to a Family Dollar in east Denver.

Earnings Report: Intuit (NASDAQ:INTU) Jumps on Earnings Beat

Question: If you knowingly allow your accountant to cheat on your taxes- are you still held accountable or not?

I have heard people say that they will not be held accountable for tax fraud, if it is their accountant who is filing the fraudulent claim, ( and signing his own name as tax preparer) is this really true?

Answer: If your return has fraudulent information on it, YOU are liable unless you can prove that you had no knowledge of the fraud. Even then, the IRS will most likely hold you responsible and you would have to go after the preparer for the money.

San Jose: Tax preparer accused of defrauding clients, stealing their refunds

Anthony Vo, 40, who owned and operated Anthony s Accounting & Tax Services in San Jose, is facing 12 counts of wire fraud, 12 counts of preparing false tax returns on behalf of his clients and four counts of filing his own false individual tax returns, according to the Department of Justice.

Woman Says She Was Scammed By Tax Preparer

Question: Do college students with kids and no job need to fill out income tax returns?

I am a returning college student. I am married and I have 2 children. In 2005 I decided to return to school after a life altering car accident. In 2006 I was a full time student and had no job. My wife did not have a job either. My question is: Did we have to fill out out an income tax form?

As you can probably tell I did not fill one out for 2006, but I was advised by a tax preparer that it was not necessary. I am here asking now, because I am not sure she was entirely correct.

Answer: If you had no “taxable income” in a given year it is not necessary to file a tax return. Sometimes it is difficult to determine what might be taxable income. If you had a large settlement for the accident that may not be taxable but the interest you have made on that settlement would be. I could list dozens of situations like this one. You really should see a tax professional and explain your circumstances. My office would not charge for such a service and I am sure you can find someone in your area that also will advise you without charge

5 Secrets From Tax Professionals

Save money at tax time by working harder all year long.

Tax Tips: Ask Your Tax Preparer to e-File