Comments for Orange County Accountant

Comment on Can The Irs Take A United States Citizen’s Mexican Property To Pay Delinquent Federal Taxes? by s and d e

s and d e — Fri, 26 Feb 2010 14:39:02 +0000

Yes, most (but not all) countries will usually co-operate with the IRS regarding back taxes.

Comment on Can The Irs Take A United States Citizen’s Mexican Property To Pay Delinquent Federal Taxes? by Renee

Renee — Fri, 26 Feb 2010 14:38:07 +0000

The certainly can.
Whether or not they can directly put a lien on foreign property is a matter for the diplomats to work out. However once you repatriate the funds the IRS has every right to them, without question.

Comment on Can The Irs Take A United States Citizen’s Mexican Property To Pay Delinquent Federal Taxes? by Bostonian In MO

Bostonian In MO — Fri, 26 Feb 2010 14:29:51 +0000

yes they will and they should

Comment on Does The Irs Set A Reimbursement For Mileage On Company Owned Cars? by waggy_33

waggy_33 — Thu, 25 Feb 2010 15:25:07 +0000

Congress and the President set this limit by passing and signing the legislation.
The IRS is the body responsible for enforcing this legislation, but the IRS cannot make their own laws.

Comment on Does The Irs Set A Reimbursement For Mileage On Company Owned Cars? by kate

kate — Thu, 25 Feb 2010 14:47:59 +0000

The company is setting the .17 cents as a reimbursement for the gas you are buying. They should be adding the value of the personal use of the company owned auto to your W-2 at least once per year.

Comment on Does The Irs Set A Reimbursement For Mileage On Company Owned Cars? by butcher1

butcher1 — Thu, 25 Feb 2010 13:55:02 +0000

The IRS does not have a reimbursement amount required for your situation.
How you are taxed on the reimbursement depends on how the employer reports your personal and business use of the car. You need to ask them about how your compensation and reimbursement will appear on your W-2. That will tell you or your tax preparer how to report this compensation.
The rules for this are in the IRS Publication cited.

Comment on Does The Irs Set A Reimbursement For Mileage On Company Owned Cars? by ninasgra

ninasgra — Thu, 25 Feb 2010 13:49:30 +0000

This says 14 cents but maybe its higher for 08http://search.irs.gov/web/query.html?col…
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Comment on How Much Taxes & Late Fee Would You Pay If You Report $18,000 In Earned Income? by Judy

Judy — Wed, 24 Feb 2010 15:00:47 +0000

are you single? Iof so plan on about 11.76 percent. plus late fees.

Comment on How Much Taxes & Late Fee Would You Pay If You Report $18,000 In Earned Income? by Yvett

Yvett — Wed, 24 Feb 2010 15:00:33 +0000

1 If you got 1099 (instead of W2), then it is not your salary income. It is Independent Contractor or self-employment income.
2. If you have work related expenses, then you can deduct those expenses to figure out your net profit. If you have expenses, then you will also file schedule C (form 1040) with your tax return.
3. If possible file before October 15, 2007, which is last date of filing for persons who applied for 6 months extension. But even if you did not apply for extension, use this date.
3. Even if you miss Oct 15, 2007 you must file return to avoid serious problems.
5. From your net income (on 1099) deduct expenses to figure out your net profit. Your net profit ($18,000 less expenses) is subject to self-employment tax at 15.3%. Assuming you don’t have any business (work related) expenses, then on $18,000 the self-employment tax is $2,754.
6. If you are Single, then for federal tax your deduction is $8,750. Your taxable income is $9,750. Federal tax is about $1,030. But you will get Earned Income Credit (if you don’t have any other income) and the federal tax liability will decrease.
7. Then there is CA state tax. Also you owe interest and penalty on both the federal and state taxes.
8. In short, file and pay taxes. Do not delay.

Comment on How Much Taxes & Late Fee Would You Pay If You Report $18,000 In Earned Income? by tacosare

tacosare — Wed, 24 Feb 2010 14:50:37 +0000

MukatA has a lot of good info. But one comment – if you have a dependent child, he’s correct that you’ll get an Earned Income Credit, but if you don’t have a dependent child, you won’t.