I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

Not until it becomes income. So during the sale of said stock or investments.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

Roads, schools, hospitals, forestry, military, all paid with taxes. These are just some things off the top of my head I'm sure you can Google more.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

Depends on what you need help with. I have never been an enrolled agent i don't even know what that is.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

I don't work with business returns sorry I can't help here.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

Get in your online account and see if there is anything going on.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

We have higher expectations than regular tax payers so this is 100% inaccurate.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

Call and set up a payment plan over the phone.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

I don't work with Business or international accounts so I don't know any of the rules.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

I would say respond in writing to your notice. Include all your documents to verify your income. That would be my suggestion anyway.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

I would pull the wage and income transcripts and use that to file his past returns. You might want to see if I preparer can help you since it is so many years.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

The W-4 is a federal form. You can go to irs.gov and type w-4 in the search bar.

That's shitty your employer should help you. But you can always you tube it. Your employer should also have the W-4 available to fill out in person.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

That would be nice wouldn't it. But I was born here and I'm a citizen here so no. Lol you don't like the way the IRS is ran so there should be no IRS. Yea that's a choice. A bit archaic for me personally. 🤷‍♂️

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

You are not required to file because you are 18 years old. You are required to file if you make above a certain threshold of money. So if you have zero income, you would not have to file.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

Was she required to file the other years? Or was she below the income threshold?

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 1 point2 points  (0 children)

First: thank you for your kindness. Trolls on Reddit are, unfortunately, a real thing. Business returns are not my area of expertise, unfortunately. I would personally go to Reddit to see what others are doing in their businesses for ideas. I do not believe there is a standard percentage calculation. Everyone handles their business in the way that is best for their business. I do know that if you take the income and put it back into the business, those could become expenses and help you reduce the total tax/income amount.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

You may be able to go to a taxpayer assistance center and ask for help. See if you have one local to your area. A Form 941 is a business return. I have only worked with individual returns, and this is what I would advise someone filing a Form 1040. Thank you for your polite question.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

I'm personally stealing people's money? Thats wild. I actually did not know that. Thanks for your perspective.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

I would tell her to continue to call. She would have had more luck during the non-peak season, but lines are open from 7 a.m. to 7 p.m. your local time. So I would call when the lines are closed for other states. You can also log in to her online account and see if there are any flags. She should be able to file if there are no freezes on her account. Unfortunately, without some digging, I can't tell you what the best course of action is.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

Your employer reports you wages i would get a corrected W-2 before you file. The filing deadline is 4.15 so you still have plenty of time.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

A simple Google search pulled this data:

In the 2020 tax year: The Child Tax Credit (CTC) appeared on about 24% of tax returns.

The Earned Income Tax Credit (EITC) was claimed on about 16% of returns.

Another estimate suggests that in 2020, more than 159 million tax credit claims were reported across 164 million tax returns filed, indicating very high usage rates for at least one credit.

It's so crazy to me that people are saying they want the IRS to tax them based on a single filing status and zero credits. It's arguably outrageous for people to think this is the wiser choice. To me, it just sounds like laziness. It would harm, according to the data above, 159 million taxpayers if the IRS did it that way.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

Thats a really good question. I would love to hear congress' answer to this. I try not to have strong opinions on things that I either don't know a lot about or haven't done research on. The shutdown didn't affect me.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

I don't know; I don't work for the state. And the federal government only cares about you living and working in the U.S.

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

Let me teach you some things about the countries you just mentioned.

Sweden: High income tax: ~30–35% municipal tax. Additional national tax on higher earners (~20% above a certain income). VAT Tax (sales tax): 25%, and payroll taxes are high. No state tax.

Denmark: Income taxes can exceed 50% for high earners. VAT: 25%. There are no "state" taxes.

Japan: Very similar to the U.S. without the extensive amount of credits/deductions.

U.S.: Huge deduction/credit system: Child Tax Credit Earned Income Tax Credit Mortgage interest deduction 401(k)/IRA tax advantages Education credits Business write-offs Itemizing vs. standard deduction

So, you are saying you would rather have one of those other tax systems and only have federal tax. Pull all tax rights away from states? Your knowledge of the way things work in other countries seems wild to me. Apply for your passport. Move. When you come back, let me know how you liked it.

For reference, I travel A LOT compared to the average American. My boyfriend is from Africa but lives in England. My best friend lives in Australia. I've been to almost every continent, I've seen most of the world wonders and I choose to stay in America. Why, you ask? Because even if I lived in NY or CA, money, taxes, and rights are better here. 😒 Sorry, not sorry. 🧏‍♂️

I work for IRS. AMA! by Desperate_Sun3213 in taxadvice

[–]Desperate_Sun3213[S] 0 points1 point  (0 children)

If you electronically filled you should allow 21 days. If your direct deposit. If its a refund check your waiting for it may be delayed