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Sameh
Returning Member

Sole Prop

I paid sole proprietor self employed using payroll and I flied the tax for 2019 last year with this mistake using W2 and all other mistakes like deduct the personal wages on schedule C .. and for this year 2020 I paid myself again using the same way until now, when i knew it was and is a big mistake, how can I fix it, WHAT SHOULD I DO TO HAVE IT FIXED FOR THE LAST YEAR AND THIS YEAR? I used Turbo tax when i filed my personal and business tax for 2019. 

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1 Reply
Carl
Level 15

Sole Prop

Don't bother using TurboTax for this, because you can't. YOu need professional help yesterday, if not sooner. This is especially true if your state taxes personal income because now you've got a double whammy with your federal *and* state tax returns being wrong.

Please seek professional help from a tax professional in your local area to get this fixed. Will it cost you money? You can count on it. But here's the best way I know of to look at it.

STUPID TAX:  I have paid this tax a fair number of times in my past, and I have no doubt I will pay it again at some point in my future. The stupid tax is money we pay to fix a mistake that we ourselves unwittingly made in our vain attempt to save money. So now we pay the "stupid tax" to fix it and make it right.It is not uncommon for this tax to be significantly more than what we "saved" either.  Paying the stupid tax more than once is no big deal. But paying it a 2nd time for the "Same" "exact" "thing" removes all doubt about justifying the name of that tax. So seek professional help, pay the CPA your stupid tax and move on. I'm in my 60's and I lost count of how many times I've paid that tax over my life.So chances are good that sometime in your future you to will pay it again - just not for the same thing.

 

 

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