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FAQ

How do you learn to do your taxes?

A2A - Personal or business?Personal - you can go to H&R Blocks 10 week */- tax school for free and learn how to do taxes their way which would qualify to work for them for $10/hour +/-. You MIGHT be qualified to do a basic 1040 with no complications on it.Business - frankly you MUST understand accounting. That means a bachelors degree in Accounting plus another 30 hours of college beyond that JUST to be qualified to sit for the CPA exam. Then after spending 5–10 years working for a CPA you MIGHT be qualified to prepare business tax returns. It can and usually is that complicated.

How does one dispose fixed assets on 1120-S before these assets are fully depreciated?

For an 1120S, you need to fill out forms:4562 Depreciation and Amortization - Where you will depreciate the property through the date is was destroyed. Any current year depreciation will flow onto line 14 on page one of the return. 4684 page 2 Casualty Theft and Losses - Where you will detail your loss. Make sure to recapture all depreciation. This amount will carry onto Schedule K1, (or divided on multiple K1s per shareholder percentages) line 10, with Code B to be reported on the shareholder's 1040. Note - there should be nothing from this transaction entered on form 4797 and nothing from this transaction should be entered on line 4 on page one of the return. Your software may have to be overridden to make this happen. Hope that helps!

My tax professional filed my taxes yesterday, and put that I had had federal taxes withheld. This is incorrect, how can I fix this?

You should file an amendment (Form 1040x) ASAP.  Also, depending on where you live and what was filed, you may also need to file an amended state return.  Since the tax preparer screwed up, they have an obligation to file these forms for you free.  Even so, I would seriously consider firing your current preparer and paying to have the amendment filed by someone more reliable.As for doing it yourself with Turbotax or some other program, it's probably a poor idea.  If you are an independent contractor, you will need to file Schedule C with your return.  Schedule C can be fairly complex, and many filers should also be using forms like 8829 or 4562, which are even more alien to the untrained.  It's worth paying to find somebody who knows their way around it.

Which American tax forms will you need to fill out if you have a full-time job and you started a small business of which you are the only employee?

If you are operating as a sole prietor, you would simply note the results of your operation on a Schedule C, and attach it to your form 1040. If however you have a Subchapter S corporation or an LLC you would have to fill out the pass through tax returns for them, and the profit or loss from your business would be reported to you on a K1 form which would also become part of your 1040 form. If you have a Subchapter C corporation, you would need to complete one of the 1120 tax returns. You may want to visit Bizdoks at www.bizdoks.com for a better understanding why operating under the sole proprietor form of business may not be in your best interest.

I made less than $20,000 is self employment last year, should I still report it when I file my income tax?

Yes. Self-employment income is reported on Schedule C or Schedule C-EZ if under $5,000. You will need to enter any expenses you had. If you bought items that can be depreciated you must complete Form 4562 and the proper depreciation schedule. That is entered with expenses. You must have receipts or documentation for expenses. Your net self- employment income is then entered on the appropriate line on Form 1040.

I own a coop apartment in NYC and use 50% of the apt as home office for my LLC. Can I tax deduct any part of the mortgage and maintenance payment?

You can tax deduct using form 8829:https://www.irs.gov/pub/irs-pdf/... However home office with declared area above 30% and 300 sq ft, and/or expenses above $5k deduction will more likely attract the IRS attention. In particular especially if you have significant source of other income from forms W2 , and to less degree from 1099 Misc. You can deduct proportionally  property tax, mortgage interest, insurance, maintenance, also you can add depreciation of home value often around 2.5%/yr(you will need a special excel table for that), utilities, and casualty losses, etc.50% use for home office probably will be a red flag. Allowable percentage also will depend on the code you use for the type of activity that your business is involved in.Also consider using form 4562 with section 179 for other business assets depreciation.

Can I file my sole proprietor taxes with my personal taxes?

For income tax, a sole proprietor files 1040 individual tax and Schedule C: Profit or Loss from Business.If you own self-employed tax (net earning of $400 or more), you need to complete a Schedule SE.Other forms include the following for Social security and Medicare taxes and income taxes withholding.941, Employer's Quarterly Federal Tax Return943, Employer's Annual Federal Tax Return for Agricultural Employees944, Employer's Annual Federal Tax ReturnFederal unemployment (FUTA) tax940, Employer's Annual Federal Unemployment (FUTA) Tax ReturnYou may also need to make estimated tax payment quarterly if you do not have taxes withheld.1040-ES, Estimated Tax for IndividualsSole Proprietorships
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