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Any CPAs or TAX Professionals out there?
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chipchen
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Apr 17, 2007, 02:49 AM
 
I got some questions about my tax situation... can someone help me? They should be some pretty straight forward questions. Some questions about individual taxes, and some about taxes for a general partnership.

Here's a few questions... that I'm sure some people must know... but I've got more.

1. As far as I know, so long as you don't actually owe money, you don't have to file by the deadline. Is that right?

2. I just got married last year. What are the benefits of filing jointly? As far as I've heard, once you file jointly, you can never file individually again. Should I just file individually so our bracket doesn't go up?

3. My friend and I started a general partnership years ago around 2000. We actually only did business the first year and didn't do any after that. But we never knew how to end the partnership officially, so we didn't do anything. How do we end it? And, I missed filing a few years of returns (since all the returns were 0's anyway). Can I just file a revised return for the first year and end it? Do I still need to file up to every year we didn't? I think the IRS levied some late fees, what do I do about that?

Thanks in advance to anyone who knows this stuff. If you're willing to talk over AIM or phone or email, please let me know.
     
Buckaroo
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Apr 17, 2007, 03:12 AM
 
To answer your questions: yeah, I don't know, go see a tax expert, and send me all your money. What are you crazy, asking legal questions from a bunch wild and crazy guys. We'll tell you whatever you want to hear.

You said the magic words "IRS levied some late fees". Get some real advise.
     
anonymac
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Apr 17, 2007, 03:38 AM
 
1. If you don't owe money, then it doesn't matter if you file because the IRS wants to keep your money for the interest.

2. The benefits of joint filing are overrated. You are actually paying more tax by filing jointly because both your incomes are being figured into one taxable income instead of two separate incomes, meaning you are in a much higher tax bracket. And once you file jointly, you will never be able to file separately again unless your church declares an annulment and sends notarized proof by a lawyer to the IRS. Most marital benefits are gained through opening bank accounts and getting free stuff, not tax refunds.

3. End your partnership by declaring personal bankruptcy in your own name. That is the cleanest way to dissolve a partnership without incurring dissolution fees. It will also wipe out your IRS troubles at the same time. You can file bankruptcy for yourself by downloading the forms off the internet and submitting them to your county bankruptcy court's clerk.

Don't ask a lawyer or tax accountant about these issues. They only want you to pay them money to do the same as I wrote about above or want to have you pay some interest and penalties to their buddies at the IRS.
     
Dork.
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Apr 17, 2007, 07:23 AM
 
Originally Posted by Buckaroo View Post
You said the magic words "IRS levied some late fees". Get some real advise.
What he said. The IRS doesn't goof around, if you grab their attention they'll latch on and suck you for all you're worth.

As for your questions, I'm no CPA, but I'm pretty sure the IRS does assess a "late filing fee" in addition to interest on any money owed. If you don't owe money, you are still filing late. Extensions are easy to get.

As for filing jointly vs. individually, you might be better off filing individually if you both make the same (high) amount, but a lot depends on how many deductions you take, because those all get figured differently when filing individually. Even back when my wife and I were both working (and making just about the same amount), since New York State is a high-tax state and all those state and local income and property taxes are deductible from your federal return, it never made sense for us to file individually. And now that my wife is at home with our daughter, it's insanely silly how much better off we are filing jointly. If you ever plan on having kids, stick with filing jointly.

And declaring bankrupcy is getting harder and harder lately, thanks to Mr. Bush. Find a tax accountant you trust, and ask them. They're not all out for your money (while I guarantee you the IRS is only out for your money...)
( Last edited by Dork.; Apr 17, 2007 at 07:29 AM. )
     
chipchen  (op)
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Apr 17, 2007, 03:19 PM
 
Thanks guys... I am indeed going to go to a real tax professional... (CPA, not H&R or something like that). I just wanted to get a few quick answers first.

Bankruptcy is a bit too much I believe. When I mean late fees.. I meant like $300.

If anyone else still wants to chime in for me, or PM me, please do so. Thanks.

BTW, anyone here a CPA in Los Angeles?
     
Big Mac
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Apr 17, 2007, 05:51 PM
 
I am not a CPA, and I don't play one on the Internet. But, FWIW: A) I don't think you have to file if your income was zero. B) As far as a partnership, I don't see what good declaring bankruptcy would do for you. If a partnership ends, it ends. It may have been a good idea to file some sort of final return in the name of the partnership, but I don't think the IRS is going to care very much as long as the income is accounted for. Partnerships die all the time, and you don't hear about people declaring bankruptcy over it. Bankruptcy would just put you in a compromised financial state AND screw up both you and your wife's credit - what good would it do you? (Btw, Bush may have signed Bankruptcy Reform legislation into law, but it was Congress and particular Sensenbrenner who finally got it through - it was years in coming.)

"The natural progress of things is for liberty to yield and government to gain ground." TJ
     
Buckaroo
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Apr 17, 2007, 06:39 PM
 
Wow, there was a lot of good advise from everyone here. Alot better than mine. The only exception is the advise to file Bankruptcy, but I don't think he knew that it was for such a small amount. Bankruptcy sounds a little extreme for my taste.
     
peeb
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Apr 17, 2007, 06:51 PM
 
Originally Posted by Buckaroo View Post
Wow, there was a lot of good advise from everyone here. Alot better than mine. The only exception is the advise to file Bankruptcy, but I don't think he knew that it was for such a small amount. Bankruptcy sounds a little extreme for my taste.
I think that was sarcasm...
Seriously, tax advice is not that expensive.
     
   
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