I need some advice on taxes

[marcus]

I'm moving at the end of February and unfortunately that's when a lot of 1099's will get sent out and I'm either going to get them very late or miss them all together. If I miss a 1099 and the numbers I turn in aren't exactly what other companies have turned in I could be fucked.

ever been in this situation? should I just call up every sponsor to see what my year total was or is there a better way to do this?

[Winetalk.com]

1) file an extension, allowing you to pay taxes after 15th
2) pay ESTIMATED tax by 15th
3) reconsile after you get all 1099's

[marcus]

Originally posted by Serge_Oprano@Dec 17 2003, 02:19 PM
1) file an extension, allowing you to pay taxes after 15th
2) pay ESTIMATED tax by 15th
3) reconsile after you get all 1099's
thanks, I hate doing extensions tho, I like to have it all neat and done and don't have to revisit it until next quarter, if I can.

[Winetalk.com]

Originally posted by marcus+Dec 17 2003, 05:25 PM--></span><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (marcus @ Dec 17 2003, 05:25 PM)</td></tr><tr><td id='QUOTE'><!--QuoteBegin--Serge_Oprano@Dec 17 2003, 02:19 PM
1) file an extension, allowing you to pay taxes after 15th
2) pay ESTIMATED tax by 15th
3) reconsile after you get all 1099's
thanks, I hate doing extensions tho, I like to have it all neat and done and don't have to revisit it until next quarter, if I can.[/b][/quote]
I was doing extensions since 1999...K-1's from my hedge funds are notoriously late...

let acountant worry about neatness, that's his job,
your job is to make money
;-)))

[Sharpie]

I was notified in 2002 that there was a 1099 that I had not included with my taxes. They just sent me the adjusted amount that I owed them, plus a small penalty. It was really not a big deal.

[Winetalk.com]

Originally posted by Sharpie@Dec 17 2003, 05:33 PM
I was notified in 2002 that there was a 1099 that I had not included with my taxes. They just sent me the adjusted amount that I owed them, plus a small penalty. It was really not a big deal.
Sharpie, some people get 100's of thousands in those 1099's
;-))))

[Sharpie]

Extensions are not a big deal either. Accountants can't seem to get all the work done for all their clients by filing date. It is starting to be a routine thing.

Two years ago, I flew back to Indiana for a week - just to do my taxes. Guess what, both of my accountants still filed for extensions. Screw that - I just wait until I go home in May to deal with it now. The IMPORTANT thing, is to do your estimated taxes quarterly. If you over pay... you get it back with interest. ( or do they still pay interest on overpayment - they used to)

[Sharpie]

Originally posted by Serge_Oprano+Dec 17 2003, 05:36 PM--></span><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Serge_Oprano @ Dec 17 2003, 05:36 PM)</td></tr><tr><td id='QUOTE'><!--QuoteBegin--Sharpie@Dec 17 2003, 05:33 PM
I was notified in 2002 that there was a 1099 that I had not included with my taxes. They just sent me the adjusted amount that I owed them, plus a small penalty. It was really not a big deal.
Sharpie, some people get 100's of thousands in those 1099's
;-))))[/b][/quote]
Well, that is a horse of a different color - but I don't think I would have overlooked one that size. Mine was for less than $1,000. I think it got lost in the mail, and I never got it. Extensions are a way of life anymore......

[Mike AI]

Serge, Law School may be for you - Tax Attorney?

I would hire you!

[Winetalk.com]

Originally posted by Sharpie@Dec 17 2003, 05:38 PM
Extensions are not a big deal either. Accountants can't seem to get all the work done for all their clients by filing date. It is starting to be a routine thing.

Two years ago, I flew back to Indiana for a week - just to do my taxes. Guess what, both of my accountants still filed for extensions. Screw that - I just wait until I go home in May to deal with it now. The IMPORTANT thing, is to do your estimated taxes quarterly. If you over pay... you get it back with interest. ( or do they still pay interest on overpayment - they used to)
Sharpie, with interests rates of today,
it really doesn't matter if they pay or not...
I routenely throw overflow into the next year taxes...

after paying over $100,000 in penalties for LATE sending payroll taxes by a few days, I learned my lesson so well, that now they always owe me
;-))))

..and who said the University provides the best education?
IRS taught me better than all Harvard Schools combined
;-)))))

[ulfie]

My advice on taxes is to overpay. (Can't believe I'm saying that.)

I got an anal exam from the IRS once and it's not pretty. You are guilty until proven innocent in their world and even a papal blessing doesn't make you innocent. Ended up paying them a small fortune and 7 years later things still aren't 100% settled. They don't have a strong record for listening to what you have to say or even bothering to check out if they are wrong or not.

[Peaches]

If you're a corporation, most places won't even send you a 1099. It's up to YOU to keep records of how much you were paid and by whom (even if you're not a corp.). :)

[taboo_gal]

Originally posted by ulfie@Dec 17 2003, 03:14 PM
They don't have a strong record for listening to what you have to say or even bothering to check out if they are wrong or not.
Exactly. I think they hire any dumbass off the street to work for the IRS these days. Their administrative abilities suck more than Monica Lewinsky. In almost 3 years, I've caught and fought with them to correct 5 errors that they made. It is totally ridiculous.

[kath]

We got the "anal exam" from the IRS several years back and ended up having to pay 1992 taxes twice due to a clerical error on their part! It took a few years but finally they believed our "proof of payment receipt" (direct from their San Francisco office, dated & stamped, don't know why it wasn't accepted before) and they refunded us the $$$, but they messed up our taxes every year after between '92-'97. Fortunately things are "OK" now - as OK as they can be considered in something like this.

I still watch them like a hawk... we have a very good accountant now who got us back a lot of paid $$$ from earlier years when we had a not-so-good accountant. Our former accountant was an ex-IRS auditor - something that I used to think was a *plus.* Instead - she was WAY more conservative than anyone else we spoke to afterwards... I thought with her "inside info" she would know how far to push limits. Instead, she was afraid to push ANYTHING.