The IRS Audit Blog

Question: i need to file a tax extension?

i am so confused by my taxes as a first time filer….
i am filing as an independent with no dependents or anything complicated like that:

i was employed by two places for 2007.
place 1:
-was only for a total of 5 months (and i no longer work there) where i made about 3,500 and they took out taxes plus i had them withhold maybe $400 ontop of that.

place 2:
-has been since april 2007 to now and i made approximately $8000 and since i was a contractor at the place, there were no taxes withheld or taken out of that amount.

i am planning to itemize (for gas and some of my cell phone bill and other miscellaneous things) so i think i’ll be using the 1040 form when i actually file…but right now i have NO IDEA how to file for the extension. i tried to use the withholding calculator on the IRS website but i am completely lost.
this shouldn’t be that complicated, right???
there’s warnings about not just writing down some amount and figuring it out later.

help!!!!!

Answer: Form 4868 will give you an extension of time to file your tax return, but if you owe any tax, it is due with the form 4868. In other words, you still need to pay any tax due by April 15th , all the extension does is let you file the return later. you will need to estimate how much tax you owe and send that amount along with the form 4868.

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Question: What should I be claiming on my federal income tax form???? help me please!?

I am almost 24 and married to a 25 yr old and have one child. I make about 24 thousand and my hubbys makes like 28 thousand. On my form I found out I’m claiming married and 2. But I looked at my last paystub and it says no income tax was taken out this payperiod and only 20 dollars has been taken out so for in 2010!!!!!! that makes me worried that I will ebd up paying the IRS instead of getting money back when tax refund time comes around.. What should I be claiming on my w4 so that I get a good amount back ?????

Answer: If you are claiming 2 this usually means that you receive more $ per your weekly pay check and the government takes less out for your savings for the end of the year. When you claim 0, you will be getting more back at the end of the year and your weekly pay check will be less. Hope that helps. You can go to www.irs.gov for more info.

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Question: Do i need to reportthe amounts paid to subcontracting conmpanies? If so How?

Registered S-corp (Computer consulting services) in IL state. We get payments from Vendors and pay to the sub contracting companies for the resources they provide apart from our own company employees. So now what kind of tax filings i have to do? How do i report the amount we paid to Subcontracting companies and How do we report to IRS?
What are all IRS Tax Forms i need to file as a corporation taxes? profits/income? Thanks

Answer: Yes, you would want to. If you own a business, and you reported 1099s to your subcontractors, you would want to include these amounts on your Schedule C as outside services, and report these 1099s to the IRS likewise.. this only benefits you with a larger refund.

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Question: Has anyone recieved their second letter from the irs????

I called the irs hotline for the rebate and it said that they was sending out letters one week in adcance to those who was getting their rebates. It said that it would tell you the amount and when you should get it. Any one get a letter yet???

Answer: I talked to the IRS today and she said that the 2nd letters got mailed out late last week….

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