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Everything posted by Gail in Virginia
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According to the VA Dept of Taxation website, the answer is "it depends." Actually, that is my answer to every tax question but that is beside the point. If he did not file the return by the extended due date, the due date reverts back to May 1 and therefore the statute reverts back to May 1. From the website for VA DOT: Is there a statute of limitations for a refund if no return has been filed? Yes. Virginia law allows a period of three years from the due date for filing a return, including valid extensions, for filing a claim for refund. An extension is not valid unless the taxpayer files return by the extended due date. Therefore, in the case of a nonfiler, the statute of limitations for refund would expire three years from the original due date for filing the return. For example, the 2007 return was due to be filed by May 1, 2008, and the statute of limitations will expire on May 1, 2011. A taxpayer who is due a refund for 2007 and has not filed a return must file no later than May 1, 2011 to claim the refund. A return filed after that date will be processed to clear the delinquent account, but no refund can be issued.
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Interesting chart, KC. I would love to see it also compare incomes by the top 1 percent of wage earners to the incomes of the lower 90 percent, and stretch those numbers back to the 1950s or 1960s. It would be interesting to see how they compare over longer periods of time.
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And I agree with both of you: I just am not willing to tell them that it makes sense for them not to have insurance. I prefer to point out the facts on both sides of the argument IF ASKED and let them decide what if anything they should do. i am not going to tell them it makes economic sense to forgo insurance when I have not got a working crystal ball.
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By your reasoning, Pacun, it makes sense for anyone to pay the penalty rather than purchase health insurance as long as the penalty is less than the cost of the health insurance. Nobody, no matter how healthy, can be sure they won't get sick or be in an accident and need medical care. That is why we have insurance. And when people without insurance get sick or injured and need care they can't afford, many times hospitals and medical practices wind up providing that care without getting paid. And that drives up medical costs for all of us.
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I think they are in alphabetical order for the first 5 or 10 miles, after that I am assuming that it starts adding distance in as a factor. Fun to play with; not sure anyone other than other professionals uses it.
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If they each gave the sister $7,500 as a gift, neither of them reached the limit to require reporting the gift unless there are other gifts during the year that you did not mention. i don't think a 709 would be required under these circumstances.
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Sorry, Taxman, but I don't use ATX anymore. Do you run diagnostics on all your returns? I seem to remember forms like this and EIC among others populating when diagnostics are run.
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NT Naveen Mohan - You have my deep felt condolences
Gail in Virginia replied to rfassett's topic in General Chat
May God bless you and give you peace in this time of your loss. You and your family are in my prayers. -
Within ten miles of the zip code where I work, I am #1
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The interest on a loan might be deductible as mortgage interest on a second home. The only expenses that would count as charitable, I would think , would be those incurred solely while he was performing the charity work. For example, if he has to pay for waste disposal while living in the RV in a remote site, then maybe. Property taxes? I would think not because they are the cover the entire year whether he is using the RV or not. But I have not done any research either - although I think that rfassett and I are on the same page with this.
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Good thing they only ask about smoking. This stuff is going to drive me to drink like a fish since I am not allowed to smoke like a chimney. /s
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From the tax professional section of Virginia Department of Taxation, "Guide to Tax Form Changes:" Last 5 digits of VA Driver’s License Number - New field(s) added to the Forms 760 and 760PY (not Form 763). The Department requests this information from each taxpayer who has a Virginia Driver’s license. However, it is not required information. The agency is requesting this information to better serve taxpayers i.e., additional information to assist with identity fraud detection. I think it has to be optional; some people who are required to file may not have a driver's license.
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It is optional, so I am leaving it up to the taxpayer. Virginia apparently believes this will help cut down on identity theft.
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Should I buy heavier paper stock and charge by the pound?
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Bob, I know you are trying to do the best for your client, but they got married in November. Are you seriously suggesting that they were not together for even one night in the last 6 months of the year? Why did they get married?
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My husband uses No Crack from Duluth Trading company. He hates any kind of scent in hand lotions, and this has done wonders for his hands. Considering he works outside a lot in all kinds of weather (he is an HVAC mechanic, among other things), anything that will work on his hands is good enough for me.
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I guess this forum has spoiled me - I find the ProSeries chatroom so much more difficult to navgate, and so much more cluttered looking. I visit their chat room. and it makes me really appreciate Eric!
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I agree that 6 million is not a small number but I tend to agree with John that IN MY PRACTICE it is not going to be a huge number either. I will have a few that will have to pay the penalty. I will even have a few that will have incomes low enough that they don't have to pay the penalty even though they don't have insurance. But by and large, my clients have insurance. They have assets to protect, so they are going to do what is necessary to protect those assets by having insurance. And even though next year they will have to bring me in an extra form, whether from their employer, insurance company or the market place, they will do it because I am sure that it will come in an envelope marked "important tax information" and therefore they think they know to bring it in. Yes, it is one more thing I have to be sure is covered, but it is not going to be that big a deal. I am far more concerned with trying to figure out the repair regulations and when I need an election or have a change in accounting method (is from none to some a change in method?) But depending on the type of practice you have, your mileage may vary.
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As far as tax reporting, Virginia treats LLCs the same as the federal - it ignores them. As long as you report the federal income as sole proprietor, the state takes that for LLC. They do require the registration statement once a year with the appropriate fee to the State Corporation Commission. And if it is a multi-member LLC filing either a 1065 or 1120S you have to do the Virginia Pass Through Entities return, Form 502. I hope that helps.
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I feel more like the mine-sweeping unit. *sigh*
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I am referring to the Health and Human Services website, healthcare.gov. https://www.healthcare.gov/fees-exemptions/hardship-exemptions/ There are quite a few exceptions, and the last one is just you experienced any other hardship. I would at least try that avenue.
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Was he separated from service?
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Or if one member is continuing in the same business,it is possible he or she might want to buy some of the assets, which might or might not include the receivables. But then we are back in convoluted territory.
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Or they can apply for an exemption on the HHS site. As far as I can tell, they actually have a lot of leeway to grant exemptions on an individual basis. If he lived in a state that did not expand Medicaid, and his income was less than $1,000 for six months I would think this would be a slam-dunk. BUT in looking at income for the first 6 months while he was in school, was he a member of his parents' household? If they could have had him on their insurance, and chose not to for some reason, he would have a harder time claiming hardship.
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I think it may be even worse next year. If they signed up in November 2014 for 2015 insurance and subsidy, they are probably basing the income numbers on 2013 figures. Now, they should be able to go in and adjust it once we get their tax return done for 2014 but will they? I hope no one is holding me responsible for reminding them - I am NOT in insurance business.