Tax chat with a Certified Public Accountant

Elisa Armetta, from Accounting Management Advisors, will answer your tax filing questions from 5 to 6:30.

3rd & 7 37yd

Thank you.

by jd 4/8/2014 10:16:56 PM
Thank you Elisa!

by vdg157 4/8/2014 10:16:55 PM
I filed my return receive my refund but then I received 1099c for a short sale last year. I used turbox tax when I put the info in it showed my refund as 0. Did I do something wrong. This was my main home.

by cindy 4/8/2014 10:09:54 PM
You can do a search online for one near you. I know it's hard to make a change after you have had someone for that long.

by Elisa Armetta CPA 4/8/2014 10:07:28 PM
Thank You ...any sugestions on finding a new CPA... He has been with me 19 yrs

by Fred 4/8/2014 10:06:35 PM
Scholarships are not taxable so you don't need to report them but you also will not be entitled to the education credit if all the tuition is covered by scholarships.

by Elisa Armetta CPA 4/8/2014 10:06:31 PM
Daughter (dependent) is a college student on scholarship (both from the university and pell grant / SEOG) -- do we need to report all government funded scholarships on our return, or are those considered not taxable if used for approved education purposes?

by Student question 4/8/2014 10:05:43 PM
Normally we are required to pay in the same as last year tax in order to be penalty free, if you expect a huge drop in income then you should include that in your calculation for the estimates to see the amount you need to pay this year.

by Elisa Armetta CPA 4/8/2014 10:05:33 PM
I filed with turbo tax. They assigned quarterly payments. I will have a huge drop in income next year. Am I required to pay those up coming quarterly tax

by Jay 4/8/2014 10:04:45 PM
Fred I suggest you file an extension for your personal return while you look for a new CPA to get your returns done for 2013. You can get Form 4868 on the IRS website at www.irs.gov.

by Elisa Armetta CPA 4/8/2014 10:04:39 PM
I just found out my CPA Passed away. He always filed for extensions for my Co..Now I don't know what he did or didn't do... He also did my personal return as well as my corp.....Help

by Fred 4/8/2014 10:03:58 PM
So then you would have to pay tax on the difference.

by Elisa Armetta CPA 4/8/2014 10:03:33 PM
Paid 18 sold for 30

by Carolyn 4/8/2014 10:03:21 PM
Jack there is a worksheet for it in the instructions, here is the link -
1040 (2012)

by Elisa Armetta CPA 4/8/2014 10:03:14 PM
Where do I find the instructions for calculations?

by Jack Bailey 4/8/2014 10:02:53 PM
If you haven't filed in 5 years I suggest you gather your documents and find a local CPA to help you get caught up. If you're due a refund you will only get it for the past 3 years, anything prior you will have lost :-(

by Elisa Armetta CPA 4/8/2014 10:00:51 PM
Where does one go if they haven't filed in 5 years?

by jd 4/8/2014 10:00:09 PM
thank you

by Harry 4/8/2014 9:59:59 PM
The main number is 800-829-1040, you will have to follow the prompts to get to a live person.

by Elisa Armetta CPA 4/8/2014 9:59:58 PM
Do have a number were I can talk with a person cuz the number I found online is just machine

by Kyle 4/8/2014 9:59:38 PM
Carolyn you need to find out when those stocks were issued and what you paid for them at that time in order to report them properly for capital gains. I can't imagine that you would have to pay tax on the entire amount you received when you sold them.

by Elisa Armetta CPA 4/8/2014 9:59:33 PM
Hi Elisa I rcvd LTD, my husband earned approx 65k and I took w/d from my publix ESOP, of 10k, they sent me stock cert on balance, and I'm stumped on Capitol gains. It appears I have to pay almost all the profit out. I am disabled, just approved for SSDI reto to dec 2011. I am 57' what do I do.

by Carolyn 4/8/2014 9:58:43 PM
I would report those on her trust return and let the agency that issued the 1099 know what the new EIN number is that they should be using.

by Elisa Armetta CPA 4/8/2014 9:58:11 PM
My mother passed away in August of 2012. At that point her revocable trust converted to an irrevocable. We received a new EIN for tax purposes. THIS year we received two 1099s under her social security number. How do we report this?

by Deborah 4/8/2014 9:57:47 PM
Given you're a W-2 and your home is your office you really can't deduct any expenses related to it.

by Elisa Armetta CPA 4/8/2014 9:57:35 PM
I telecommute working from home. I get a W2 and not a 1099. Can I claim/ write off my home office/ expenses that I use exclusively for work?

by I 4/8/2014 9:57:13 PM
Kyle I suggest you call the IRS to find out why you have not received your refund as of yet.

by Elisa Armetta CPA 4/8/2014 9:57:00 PM
I filed my taxes online on 1/27/14 an still have not received my return? I look on the IRS web site everyday an it says it's still processing, how or what do I do to figure this out?

by Kyle 4/8/2014 9:56:40 PM
I'm sorry to hear about your husband. You will file and sign the return as surviving spouse.

by Elisa Armetta CPA 4/8/2014 9:56:30 PM
My husband passed away 3/20/14. How do I complete and/or sign our normal joint return?

by Donna7536 4/8/2014 9:56:08 PM
The IRS may charge you a late payment penalty and possibly some interest. The amount may be minimal given that you owe less than $1000. I would suggest filing and paying something by April 15th if possible and then paying the balance when you get the letter from the IRS.

by Elisa Armetta CPA 4/8/2014 9:56:04 PM
I owe $554 and cannot pay on 4/15. If I pay on 4/21 (when I will have the money) what will it cost me.?

by Elizabeth 4/8/2014 9:55:14 PM
A self-employed individual is subject to self-employment taxes (social security and medicare - both employer and employee portions) which is 15.3% plus federal taxes so it is possible to have to owe that much.

by Elisa Armetta CPA 4/8/2014 9:54:01 PM
Does it make sense that someone filing a 1099 (approx $32000.00) would pay $4200.00 in "Self Employment Taxes" on top of the 20% bracket of taxes paid??

by vdg157 4/8/2014 9:52:15 PM
Harry I'm not 100% sure how long the IRS takes to receive and deposit your check. Keep an eye on your account and if it hasn't cleared by the end of this week I would probably call them to ensure they received it.

by Elisa Armetta CPA 4/8/2014 9:52:07 PM
My taxes were filed electronically and I sent a check in April 2nd; how long should it take for the check to be deposited

by Harry 4/8/2014 9:51:33 PM
You should have all the tax forms she received for 2013 in order to file her return. It sounds like you would do a part-year return for NY since she lived there for part of the year.

by Elisa Armetta CPA 4/8/2014 9:51:28 PM
my mom passed away last year and I am power of attorney what do I need to have to do her taxes, She lived in newyork tip July and the moved in with me in florida tip she passed away in December

by Hydeo 4/8/2014 9:50:42 PM
If you haven't received any of his tax forms and can't file by April 15th then you should submit an extension for him.

by Elisa Armetta CPA 4/8/2014 9:50:20 PM
My son has been in rehab since October and due to end in August. I changed his mailing address to mine in January but never received any W2s. I am trying to get them. Should I file an extension for him?

by maureen7139 4/8/2014 9:49:59 PM
Anne if you're a single member LLC then you don't have to have an employer identification number, you can file using your social. You are most welcome!

by Elisa Armetta CPA 4/8/2014 9:49:48 PM
I suggest you file your return on time and include Form 9465 to make an Installment Agreement with the IRS. Send a small amount with the return so they know that you are serious about wanting to get the balance paid. You can deduct actual sales tax paid for the year on all items.

by Elisa Armetta CPA 4/8/2014 9:49:15 PM
Jack if your only income is social security then it may not be taxable at all. If you have other income such as dividends, interest, pensions, etc then up to 85% of your SSI may be taxable.

by Elisa Armetta CPA 4/8/2014 9:47:51 PM

Tax chat with a Certified Public Accountant

Elisa Armetta, from Accounting Management Advisors, will answer your tax filing questions from 5 to 6:30.

1040 (2012)