Today’s tax tip: Get a jump on your taxes - Truckers' Trucking Forum

Cybergal · **^ Top** #1 03.04.2009

Today’s tax tip: Get a jump on your taxes
3/3/09

Quote:

Twice weekly on Tuesday and Thursday from now until April 15, Land Line will bring you tax tips from PBS Tax and Bookkeeping Service. Howard Abrams and PBS have been providing income tax and bookkeeping services to the trucking industry for more than 25 years. OOIDA features Howard’s column, “Tax tips,” in each issue of Land Line Magazine.
Today’s tax tip is: Get a jump on your taxes.
Follow the checklist:
1. Gather your records in advance. Make sure you have all the records you need, including W-2s and 1099s. Don’t forget to save a copy for your files.
2. Compare amounts on 1099s and W-2s with your records to make sure they agree.
3. If the amounts don’t agree, call the payer or use the amount you think it is by doing an adjustment on your tax return.
4. You must have receipts and backup information for everything that appears on your tax return. Using an income tax organizer that outlines everything you need will be very helpful.
5. E-filing is easy. E-filing catches math errors, provides confirmation that your return has been received, and generates a faster refund.
6. Get the fastest refund. When you e-file early, you receive your refund faster. When you choose direct deposit, you receive your refund soone
http://www.landlinemag.com/todays_ne.../030309-07.htm

Lilbit · **^ Top** #2 03.04.2009

Heck, mine have already been filed, and got my refund.

heyns57 · **^ Top** #3 03.04.2009

Our CPA filed ours electronically a couple of weeks ago. I procrastinated, and picked up our file copy today. Yikes! I failed to report some interest income. It was my fault. One of our 1099s was filed at home rather than making it to our CPA interview. Comparing this year's info with last year's return, our CPA asked me about a certain bank. Looking at my notes, I replied with interest on savings and checking, but forgot interest on CDs.

I assume our CPA will advise us to cash the refund check that is probably in the mail. Then, file an amended return and send a check for the small amount owed due to the mistake. Of course, I will owe the CPA an additional fee to straighten this out. It was another senior moment.

Roadmedic · **^ Top** #4 03.07.2009

Quote:

Originally Posted by heyns57

Our CPA filed ours electronically a couple of weeks ago. I procrastinated, and picked up our file copy today. Yikes! I failed to report some interest income. It was my fault. One of our 1099s was filed at home rather than making it to our CPA interview. Comparing this year's info with last year's return, our CPA asked me about a certain bank. Looking at my notes, I replied with interest on savings and checking, but forgot interest on CDs.

I assume our CPA will advise us to cash the refund check that is probably in the mail. Then, file an amended return and send a check for the small amount owed due to the mistake. Of course, I will owe the CPA an additional fee to straighten this out. It was another senior moment.

You have some choices here.

A corrected return can be filed and the difference in the tax paid by April 15.

After April 15 an amended return will be required.

Both of the above will cost you with the CPA.

Final choice.
Leave well enough alone if not a large some of money. IRS matching program will catch the 1099 and send a notice to you concerning the difference assessing additional tax. If you agree, you pay.

No cost for the CPA.

Wiseguywireless · **^ Top** #5 03.07.2009

I have used tax Cut for years, But Now I have over the road expencse and was wandering if it covers the Standard Daily Deductions and such on that program

Roadmedic · **^ Top** #6 03.07.2009

Quote:

Originally Posted by Wiseguywireless

I have used tax Cut for years, But Now I have over the road expencse and was wandering if it covers the Standard Daily Deductions and such on that program

Most of them do.

It is on Form 2106. Follow the instructions on the form.

Wiseguywireless · **^ Top** #7 03.07.2009

Thanks, Maybe I'll start my Taxes tomorrow. Groan

Roadmedic · **^ Top** #8 03.07.2009

If you have problems, I will be home most of the day.

I had 1 corp and 3 personals delivered this week while I was out. I have to get them done and mailed Monday morning.

Plus, entertain myself with the forum.

heyns57 · **^ Top** #9 03.07.2009

Quote:

Originally Posted by Roadmedic

You have some choices here.

A corrected return can be filed and the difference in the tax paid by April 15.

After April 15 an amended return will be required.

Both of the above will cost you with the CPA.

Final choice.
Leave well enough alone if not a large some of money. IRS matching program will catch the 1099 and send a notice to you concerning the difference assessing additional tax. If you agree, you pay.

No cost for the CPA.

Our CPA advises to wait until our refunds arrive. Then, call him for an appointment. He will prepare an amended return which someone else described as using a different form. I will ask about the difference between a corrected return and an amended return. We should have no problem mailing by April 15. The CPA also mentioned that it takes months for the IRS to process the 1099s.

I would rather pay the tax and the CPA fee than wait for the IRS to catch up with me or not.

The larger mistake I made in 2008 involved a transfer of shares from my dad to me as he attempted to repay a loan. There was no written loan agreement and no interest collected. It looked like a gift. We did not meet the 5-year look-back. I should have transferred the shares back and let him cash them during his Medicaid spend-down. By cashing the shares myself, I had to pay the capital gains.

Roadmedic · **^ Top** #10 03.07.2009

Quote:

Originally Posted by heyns57

Our CPA advises to wait until our refunds arrive. Then, call him for an appointment. He will prepare an amended return which someone else described as using a different form. I will ask about the difference between a corrected return and an amended return. We should have no problem mailing by April 15. The CPA also mentioned that it takes months for the IRS to process the 1099s.

I would rather pay the tax and the CPA fee than wait for the IRS to catch up with me or not.

The larger mistake I made in 2008 involved a transfer of shares from my dad to me as he attempted to repay a loan. There was no written loan agreement and no interest collected. It looked like a gift. We did not meet the 5-year look-back. I should have transferred the shares back and let him cash them during his Medicaid spend-down. By cashing the shares myself, I had to pay the capital gains.

I would not see a need of the written loan agreement. Not unusual for family members. Even a gift, I would have to research, but FMV comes into play somewhere.

Messing with Medicaid, it is advisable to have ducks in the row. Peace of mind as well.

Now, the good news.

You will not hear from the IRS before the amended return.

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