Is anyone still doing their taxes?

If you're getting a refund, file ASAP, if you have to pay file ALAP.

 

really?? well crapola

I need to ask the CPA about that. Thanks for the info.

 

Now I know who NOT to have do my taxes.

 

I don't do taxes. I just do financial statements and payroll taxes.

 

Just came back from the post office. Feel like I did a good deed, for myself.

 

I had a client ask me a question I'm not sure I have the answer to...but I'm not a tax attorney, so I sent him on to his CPA.

What happens when someone owes backtaxes? Assuming they owe $5,000...and a $1,200 rebate check is to be issued. Do they just credit the amount against the balance due?

I googled this and couldn't find anything to answer it.

 

If you need to give money to IRS, why would you want to do it any sooner than 4/15?

 

Looks like he won't be getting a rebate!

 

From the IRS website:


Q. I'm eligible for a payment but I still owe federal income tax from a prior year. Will my payment be reduced?

A. Yes. For this purpose, the Stimulus Payment is treated like any other tax refund. This means that part or all of your payment can be used to pay past-due federal or state income taxes or non-tax federal debt such as student loans and child support. If this occurs, you will receive a letter explaining how the Stimulus Payment was applied.

 

That's what I assumed! Thanks!

 

Sure he will...it's just applied as a credit to a debt he legitimately owes.

 

If there any way to write off Private school cost? I can't believe the law doesn't allow us to write off Private school tuition..

Daycare,Nanny,College - Yes but not private school?

 

One way to look at it is that people that send their kids to private schools would be getting a "double" tax break. Essentially, your property taxes pay for public schools. You get to deduct those taxes on your schedule A, so at least part of what you "pay" to go to public school (even if you don't attend public school) is already deductible.

Also, some folks would see it as just another tax break for the wealthy (those who can afford to send their kids to private schools), even though statistics show that there are a number of families with incomes less than $35,000 that send their kids to private schools.

Another issue is that many private schools are affiliated with a particular religion (even though they allow any religion to attend). There would be a number of issues regarding that.

 

If you are rich enough to send your kids to private schools, they assume you don't need tax break for that.

 

I need to sign mine and send it off tomorrow. One week before the deadline! woo!