About ronaldg11

ronaldg11

Hi Davephx, You're correct about not having to file, "AZ Form 204," when filing the, "Federal Form 4868 (Application For Automatic Extension of Time to File U.S. Individual Income Tax Return)." But, even when choosing not to file AZ Form 204 (because you've filed Form 4868), more than likely, if you used TurboTax to file Form 4868, when you do follow-up and file the AZ Form 140 (Resident Personal Income Tax Return), Box 82F should automatically be checked. However, it never hurts to doublecheck to be sure. Before e-filing, choose to mail your state Form 140 so you can review and make sure Box 82F is checked. If it is checked, as long as you haven't mailed the Form 140, you can go back into TurboTax and choose to e-file and if it isn't checked you can manually check and submit by mail. Hope that helps, Ron G

ronaldg11

Hi Davephx, More than likely, if you used TurboTax to file your AZ Form 204 (Application For filing Extension) when you do follow-up and file your AZ Form 140 (Resident Personal Income Tax Return), Box 82F should automatically be checked on AZ Form 140. However, it never hurts to doublecheck to be sure. Before e-filing, choose to mail your state Form 140 so you can review and make sure Box 82F is checked. If it is checked, as long as you haven't mailed the Form 140, you can go back into TurboTax and choose to e-file and if it isn't checked you can manually check and submit by mail. Hope that helps, Ron G

ronaldg11 · ‎October 27, 2021

Hi Complexlocal, 14 days is not a long time for IRS processing times. According to the IRS they issue most refunds in less than 21 calendar days but in some cases It is taking the IRS more than 21 days to issue refunds for some 2020 tax returns that require review including incorrect Recovery Rebate Credit amounts, or that used 2019 income to figure the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC). They say, ""Twenty-four hours after they’ve received your electronically filed tax return or 4 weeks after you’ve mailed a paper tax return you can use the IRS tool Where’s My Refund? to get a personalized date for your refund after your return has been processed and your refund approved. https://www.irs.gov/refunds/tax-season-refund-frequently-asked-questions Hope that helps, Ron G

ronaldg11 · ‎October 27, 2021

Hi Sarifnon, In simple terms, any time you drive from one place of work to another, that's a business mile. You can be traveling between worksites and meeting locations, but it also counts if you head out for a business lunch, make a run to the post office or the bank, or head to Staples for supplies. Unlike business miles, what the IRS considers "commuting miles" aren't tax-deductible. If a business mile takes you from one workplace to another, a commuting mile takes you between your home and a workplace. Driving between your house and an office building, for example, would be considered commuting If your primary place of work is your home office, your first and last trips of the day count as commuting mileage. So if you want to get some business mileage out of a trip from home, go to a temporary work location first — like a client meeting site https://www.keepertax.com/posts/business-miles-vs-commuting-miles The IRS allows employees and self-employed individuals to use a standard mileage rate, which for 2021 business driving is 56 cents per mile. To determine the number of miles driven for business you need two numbers for each business vehicle: The total number of miles driven during the year The total number of miles driven just for business Tracking your total mileage for the year is simple. Write down the odometer reading on the day that you start using a vehicle for business and on the day the year ends. Miles that count as part of your business mileage deduction include the number of miles actually driven for business. For example, miles driven: To visit a customer or meet a client To the bank, office supply and computer store To meet with your accountant or lawyer on business matters Some travel is not considered business-related: Driving from your home to your workplace and back is commuting. It's not deductible on either your business or your individual return. If you stop at the store on the way home from a business trip, the remaining miles from the store to home are generally considered personal mileage, so you usually can't include them. https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh Hope this helps, Ron G

ronaldg11 · ‎October 27, 2021

Hi Jacobmx, As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly. Before you can determine if you are subject to self-employment tax and income tax, you must figure your net profit or net loss from your business. You do this by subtracting your business expenses from your business income https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center Estimated tax is the method used to pay tax on income that is not subject to withholding (for example, earnings from self-employment, interest, dividends, rents, alimony, etc.). Use Form 1040-ES to figure and pay your estimated tax https://www.irs.gov/forms-pubs/about-form-1040-es Hope this helps, Ron G

ronaldg11 · ‎October 27, 2021

Hi Jaladhijoshi, 1. Is it more beneficial if we file our taxes separately or file jointly? For around $12,000 self employed income? Usually married filing jointly is the better filing status but tools like TurboTax's TaxCaster can help you decide which status is best for you by simulating various tax scenarios. You can find TaxCaster at: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ 2. Quarterly Tax prepayments: In 2021, we have not done quarterly tax prepays, as we did not know about it. How much penalty are applicable, if the income is about 12,000 for the year. The IRS calculates this penalty by figuring out how much you should have paid each quarter and multiplying the difference between what you paid and what you should have paid by the effective interest rate for that period. This means you can have a penalty for one quarter, but not the others. If you owe more than $1,000 when you calculate your taxes, you could be subject to a penalty. To avoid this you should make payments throughout the year via tax withholding from your paycheck or estimated quarterly payments, or both. https://turbotax.intuit.com/tax-tips/irs-letters-and-notices/guide-to-irs-tax-penalties-how-to-avoid-or-reduce-them/L7Unetw5B 3. What all taxes are applicable on Self-employed income? For example, do we pay for both the employer and employee Social Security Tax and Medicare? Is 15% tax bracket is a good guess for federal tax? Any other taxes that are applicable for self employed personal? Self-employed people are responsible for paying the same federal income taxes as everyone else. In addition to income taxes, everyone must pay Social Security and Medicare taxes. If you are self-employed you need to make these tax payments yourself since you don’t have an employer to send it in for you. https://turbotax.intuit.com/tax-tips/self-employment-taxes/self-employed-federal-income-taxes/L7fmfVHM3 4. What other qualifying expanses that we can deduct so as to reduce taxable income? The idea of filing separately was to use standard deduction on income to reduce income tax. Is it a valid assumption? You can write off a wide variety of business expenses you paid during the year, including things like: Advertising costs Commissions Supplies Legal fees Repairs and maintenance office expenses For more see: https://turbotax.intuit.com/tax-tips/self-employment-taxes/reporting-self-employment-business-income-and-deductions/L3Unchx1x Hope this helps Ron G

ronaldg11 · ‎October 27, 2021

Hi Tawnie, The deducted amounts are costs of carrying on your business and can be deducted on Schedule C. Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business operates to make a profit. To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses Regardless of which expenses you discover that you may write off, the most important thing is to keep accurate records throughout the year. Save receipts, including e-mail receipts, and file or log them so you have easy access to them at tax time. Not only does keeping receipts, mileage logs, and other expense records make filing taxes easier, but it also facilitates a system that allows you to track changes from year to year. https://turbotax.intuit.com/tax-tips/self-employment-taxes/top-tax-write-offs-for-the-self-employed/L7xdDG7JL Hope this helps, Ron G

ronaldg11 · ‎October 27, 2021

Hi Amigas002, The Consolidated Appropriations Act (CAA) provides that taxable income does not include EIDL grants. https://www.jpspa.com/consolidated-appropriations-act-effect-ppp-eidl/ Economic injury disaster loans are not taxable for Federal and the expenses paid with this advance are deductible. https://gpwcpas.com/grant-credit-loan-and-other-relief-comparison-chart/ https://ttlc.intuit.com/community/taxes/discussion/is-the-eidl-advance-grant-considered-taxable-income/00/1860347 Hope this helps, Ron G

ronaldg11 · ‎October 27, 2021

Hi Epi, Even if you used student loans to pay tuition you may be able to deduct the cost of work-related education expenses paid during the year if you're a self-employed individual and your expenses must be for education that (1) maintains or improves skills needed in your present work or (2) a law requires to keep your present salary, status or job. However, even if the education meets either of these tests, the education can't be part of a program that will qualify you for a new trade or business or that you need to meet the minimal educational requirements of your present trade or business. https://www.irs.gov/taxtopics/tc513 If going to school is necessary for your business, you may be able to write the tuition off on your taxes. Employees have to claim business-related education as an itemized tax deduction but if you're self-employed, you deduct tuition and other educational costs off the self-employment income you report on Schedule C. Your deduction not only lowers the income subject to income tax but to self-employment tax -- a 15.3 percent tax as of 2011. You must make sure your education qualifies as a business expense before claiming the write-off https://smallbusiness.chron.com/deduct-tuition-self-employment-income-17734.html Hope this helps, Ron G

ronaldg11 · ‎October 27, 2021

Hi Sasuga, To enter foreign pension in TurboTax online program, you will you would NOT treat it as "other income," rather, you will create a mock form 1099-R. Within your Personal Tax section, Under Retirement Plans, select the IRA, 401(k), Pension Plans (1099-R). On screen, Your 1099-R, answer Yes and select Continue Next screen, Choose your bank or brokerage, select I'll type it in myself On the screen Tell Us Which 1099-R You Have, check the box https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-to-enter-foreign-pension-in-turbotax-online-program-you/01/2172936 Hope that helps, Ron G

Date Registered	‎September 9, 2021 9:59 AM
Date Last Visited	a month ago
Total Messages Posted	21
Total Cheers Received	5

Re: AZ - How Check Box 82F

Re: AZ - How Check Box 82F

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