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Video instructions and help with filling out and completing irs tax professional

Instructions and Help about irs tax professional

Why hire a sax pro to do your taxes when you can use software online to do it yourself here are some questions to consider when trying to decide if you want to hire a tax professional or use tax software how much are you willing to spend the average fee for a tax professional to complete the typical 1040 tax return was around 270 dollars so how much time do you have personal tax software can cost less than a hundred dollars and if your gross income is less than sixty four thousand you can use tax software from the IRS and file for free if you're a single filer who rents an apartment with little-to-no Investments tax software saves you a lot of time if you're a married couple with kids looking to itemize deductions most software includes a quick step-by-step tutorial as well if you're a business owner have bought a home or you've inherited properties hiring the tax professional may be the better choice most tax software doesn't pran in-depth explanation on your tax plans and a tax advisor can offer insight into tax law changes and tax breaks how liable do you want to be by signing your tax returns the IRS will hold you directly responsible for all the information if you hire a tax professional you can direct all questions to your tax preparer you can also give certain kinds of tax preparers such as enrolled agents certified public accountant and attorneys power of attorney to represent you before the IRS Music.

FAQ

How much does it cost to start a 501(c)3 in NYC?
According to the Department of State, Division of Corporations, State Records, and UCC for New York, you must pay the statutory filing fee of $75 (as of July 2021. along with a small fee to check name availability.Filling out your non-profit forms accurately is very, very important. Ultimately, what you put in your documents may affect whether you are (or will remain) tax-exempt. Now, with that being said, your state documents aren’t the only documents you must complete. You must also fill out an Application for Recognition of Exemption with the IRS. Some non-profits are eligible to fill out a streamlined version, but you should talk with an attorney or tax professional to determine which one you should complete.You may also be required to obtain certain permits or licenses in New York (at either the city or the state level). This depends on what your non-profit will do or sell in order to raise money. Without the right permits or licenses, your non-profit could be shut down.You also need to write bylaws and appoint directors to the non-profit. Directors are important and should be chosen with care. They make important business and financial decisions for your non-profit. They will also officially adopt the bylaws at the first board meeting. The bylaws explain how the non-profit will be ran.Because non-profits must remain in compliance with state and federal law, it’s a good idea to first speak with an attorney and maybe even consider allowing the attorney to fill out the documents. It’s really worth the price since the tax-exempt status of the non-profit can be affected by a mistake. If you’d like to speak with an experienced attorney, check out LawTrades. Our legal marketplace has helped connect many entrepreneurs with experienced, non-profit attorneys to get them up and running. Hope you give us a try?
Does a foreign company need to have a US tax ID?
This is a really old question, but the other answers are terrible, so I want to set the record straight.Based on the facts in your answer, your BVI company will NOT be subject to US tax because it does not engage in a trade or business in the United States. Simply selling something to US residents or having a US bank account is NOT enough to require a non-US company to pay US federal income tax.Here’s how to accomplish your goals here:Form a US LLC with your BVI company as the sole member,Get an EIN for that LLC, andOpen a bank account in the name of the LLC.Like everything in life, there’s an easy way to do all of the above (which costs a little money) and a cheap way to do it (which costs a lot of your time, headaches, and the potential to do it incorrectly).
How do I file a tax extension with the IRS for my personal tax return?
Once you file Form 4868 electronically, you will receive an automatic extension of time to file your individual income tax return. IRS extension Form 4868 can be used to apply for an additional six months to file any of the following IRS Forms: 1040, 1040A, 1040-EZ, 1040NR,1040NR-EZ, 1040-PR, or 1040-SS. So what to do after you file Form 4868 electronically.What To Do After You File Form 4868 Electronically?If you use ExpressExtension to file tax extension Form 4868 online, you will receive a confirmation email within 48 hours of submitting. You will also be given the opportunity to pay any taxes due by the original IRS deadline.State Income Tax Extension RequirementsAfter you file tax extension Form 4868, you will need to consider filing a tax extension for your state. State tax extensions vary from state to state, so it is important to check with the IRS before the original deadline.If your state requires a separate tax extension application, you will need to contact your state's tax authorities. Merely call the service number and ask the agent what form is required and when the form must be submitted.Income Tax Payment DeadlineThe automatic six-month tax extension allows you to file your income tax form after the original deadline. However, IRS extension Form 4868 will not extend the time to pay any taxes you may owe. This means if you do not pay your tax balance by April 17, 2021. income tax filing deadline you will be hit with penalties and interest.If you are unable to pay the full amount, it is recommended to give as much as possible. Your penalties and interest amount will be based on the amount you owe and how long it is unpaid. Late payments are 0.5% of the outstanding tax balancer per month. However, this amount will be capped at 25% of the overdue tax.File Tax Extension On TimeTypically, the deadline for filing your federal income taxes is April 15. However, April 15, 2021. falls on a Sunday, and some areas recognize Monday as a holiday. So the tax deadline for filing federal income taxes is Tuesday, April 17, 2018.If your six-month IRS extension is approved, you will have until October 15, 2021. to file your required forms.Reasons for Rejection: Tax Extension Form 2017Even if you file before the deadline, some IRS extension requests may be rejected for the following reasons:MisspellingsIncorrect informationOut-of-date informationInformation does not match address or name in IRS recordsIf you would like to read the full article click here
What form do I need to fill out when I’m a self-employee but the business belongs to my sister and mine (IRS question)?
Thanks Bruce. Edited answer below:Ok. It's time you do some reading…and if your business made decent money, get a tax accountant.Self employed / sole proprietor: 1040Self employed / LLC: must file Corp business filing and issue K1 then 1040Self employed / LLC w S Corp option: (you should have been on your own payroll) must file Corp business filing and issue K1, then 1040Self employed / C Corp: (you should have been on your own payroll) must file Corp business filing and issue 1099 DIV, then 1040.Corporate business filing and tax is due March 15. You can extend the filing, but any tax is due the March 15. If you don't pay on or before March 15, fees and interest are applied.Personal filing and tax is due April 15. You can extend the filing, but any tax is due on April 15. If you don't pay on or before April 15, fees and interest are applied.Same for your sister.Don't forget to file/pay the company's sales and use taxes, if applicable (State).You will also have to do corporate and personal filings with your state.
How can we help this guy with his Google Ads-related tax problem?
I could not tell without looking at his return and seeing the correspondence from the IRS, but it sounds like he worked as an independent contractor, but filled out his tax return incorrectly.  He does already have the answer he needs, which is to contact a tax professional who can help him.  One of the reasons you don't use DIY software to prepare your tax return, especially if you work as an independent contractor or own a business.
How can I file my taxes as an expat?
As a U.S. citizen, you do generally have the obligation to file a U.S. tax return even though you live in Egypt. Note, however, that in some cases, if your income is below a certain threshold amount, you may not be required to file a federal income tax return. In Publication 501, the IRS includes a chart that lists the minimum thresholds based on filing status, age, and gross income. If you are above these thresholds, you generally need to file even if you do not owe U.S. tax. If you do not owe tax because of the Foreign Earned Income Exclusion, for instance, you still need to file a tax return in order to claim the exclusion.If e-filing is unavailable to you, then you must file your return by mail. If you have missed previous year filings, then you should consider entering into one of the IRS’s amnesty programs. For more information and to contact a tax firm dedicated to U.S.expat tax filings, please visit our website at expattaxprofessionals.com.
What are the pros and cons of creating an LLC vs. S corporation?
A major advantage of or organizing your business as an LLC or an S corp is that you can protect your personal assets from the creditors of your business. Limited liability means you can't be financially responsible for more than your investment in the company. If you put in $10,000, and incur $11,000 in debt, you're only potentially liable for $10,000. Your creditors (check that, your LLC's creditors) can't 'pierce the corporate veil, as the phrase goes.LLC Pro's : The owner of a single member LLC doesn't have to file a tax return for the LLC, as they only report the activity on their personal tax return.Ease of Set up: Most LLC forms are only a single page for single member LLCs.Inexpensive to Start: The cost of setting up an LLC is also inexpensive, usually just a couple hundred dollars.Guidelines: The red tape involved in forming an LLC isn't as stringent as that involved with S corps, which also leads to savings on accountant and attorney fees, among others.LLC Con's : Self-employment Tax: Single Member LLC owners are required to pay self-employment tax on income generated in the LLC, which means making quarterly estimated payments to the IRS.Owners of LLCs must make sure they don't pierce the "corporate veil," meaning they have to operate the LLC separately from their personal affairs. The LLC must not be a shell but an operating entity. There have been cases where a business owner lost their protection because there was no distinct difference between the LLC and its owner.S-corp Pro's : The key advantage of an S corp is that it offers tax benefits when it comes to excess profits, known as distributions. The S corp pays its employees a "reasonable" salary, which means it should be tied to industry norms, while also deducting payroll expenses like federal taxes and FICA. Then, any remaining profits from the company can be distributed to the owners as dividends, which are taxed at a lower rate than income.S-corp Con's : S corps have more strict guidelines than LLCs. Per the tax code, you must meet the following standards to create an S corp:Must be a U.S. citizen or residentCannot have more than 100 shareholders (a spouse is considered a separate shareholder for the purpose of this rule).Corporation can only have one class of stockProfits and losses must be distributed to the shareholders in proportion to the shareholder's interest. For example, you can't have disproportionate distributions of dividends or losses. If a shareholder owns 10 percent of the S corp, he or she must receive 10 percent of the profits or losses.It costs more to form an S corp.Shareholders must adhere to the requirements at all times. If they don't, they risk disallowing the S corp election and the corporation would be treated as a C corp and its corresponding restrictions.Passive income limitation: You can't have more than 25 percent of gross receipts from passive activities, such as real estate investment.There can be additional state taxes for S corps.Shareholders should pay attention to paying themselves a "reasonable" salary for the work they perform for the S corp since the IRS is increasingly scrutinizing S corps for this.Given that it takes far less red tape to organize and is generally cheaper to administer, the LLC might be your best choice for you.Hope this was helpful, thanks.
What would have been the best way for Walter White to keep the 100 Million?
There’s a reason drug dealers store cash in storage units and paint buckets, because it’s not easy laundering money. What could Walter have done? Let’s go through his options one by one:Option 1: Although the The Bank Secrecy Act (1970) requires banks to report transactions above $10,000, Walter could have employed Smurfs (drug mules, but for cash) to make thousands of tiny deposits, which would draw less attention from authorities.Problem: Walter did not have a criminal organization to carry this out. What’s he going to do if a smurf runs off with his money, send Jesse after him with a bong?Option 2: Buy high-ticket items such as vintage comic books or supercars and sell them later.Problem: Similar to the Bank Secrecy Act, businesses have to file a Form 8300, “Report of Cash Payments Over $10,000 Received in a Trade or Business”. Even if those reports don’t alarm the IRS, the large transfers from other people who he would sell the goods would raise red flags, and he’s back to square one.Option 3: Get the money out of the country through casinos or smuggling diamonds.Problem: Even if Walter succeeds in laundering the money while overseas (gamble at a casino and cash out the chips in Macau, for example), he still needs to deposit the clean money at a foreign bank. Unfortunately for Walt, the Foreign Account Tax Compliance Act (2021) requires Americans living outside the U.S. to file yearly reports on their non-U.S. financial accounts to the Financial Crimes Enforcement Network (FINCEN). Banks outside the U.S. are required to fill out a “Know Your Customer” form when you open an account ‡ someone like Walter would immediately raise concerns. This is why many banks in Europe won’t even let Americans open a bank account.Option 4: Invest in the stock market as the OP suggests.Problem: Same thing, any brokerage firm would be obligated to file a Suspicious activity report (SAR) if Walter were to make large deposits that is not commensurate with his income as a high school chemistry teacher.Option 5: Hire a “professional” to do the money laundering, there must be a smart guy who knows how to set up “offshore” bank accounts and stuff.Problem: Money Laundering Control Act (1986) makes money laundering a crime in itself instead of just an element of another crime, so even Saul Goodman would think twice about getting involved with money laundering. And as for finding an export, in 1996, Harvard-educated economist Franklin Jurado was sentenced to 7 1/2 years in prison for laundering $36m for a Colombian cartel.Conclusion: Money laundering was always an afterthought for Walter ‡ he was too busy dealing with the day-to-day stuff of manufacturing and distributing drugs. Walter might have been able to launder that $100m if he had devoted more time and resources into the project, but ultimately, the results might not necessarily be better than burying the money in the desert. His goal was to prfor his family, and barrels of money in the desert does exactly that.—————Edit 1: A few comments have mentioned smuggling the cash (or converted to gold) out to to other countries. I think somehow the idea of the “open sea” implies lawlessness, but it doesn’t. The U.S. Custom and Border Protection has strict Reporting Requirements for pleasure boats, not to mention inspections. If that weren’t the case, people would be smuggling drugs willy-nilly across U.S. borders. However, I’m reminded of the 2021 Movie Heist, starring Gene Hackman as a con-artist. At the very end of the movie, spoiler alert, he took the elicit gold bars, melt them into yacht rails and painted over them, thus avoiding detection.Edit 2: Remi Alaiti pointed out that Saul Goodman did offer to help them launder the money through nail salons (as we know now he got the idea from his Jimmy McGill days), so I stand corrected. However, like the car wash, the nail salon would be too small potatoes to make a significant dent laundering the $80m.Edit 3: As for Bitcoins, it’s less secure than burying money in the desert. See Jonathan Chen's answer to Should I invest in Bitcoin? for details.*I maintain that Walter original purpose for manufacturing was to prfor his family, thus the money would’ve had to stay in the country. In time, if his wife and son were on board, they could’ve opened more car washes, nail salons, and other cash-heavy businesses, say, Los Pollos Hermanos franchises, to slowly launder the money.