Comments for Number Show.com http://www.numbershow.com Accounting Stuff Tue, 09 Mar 2010 20:43:55 +0000 http://wordpress.org/?v=2.9.2 hourly 1 Comment on if you owe an estimated tax penalty at the end of the year, are you allowed to make payments on it? by jerrywv http://www.numbershow.com/2010/03/06/if-you-owe-an-estimated-tax-penalty-at-the-end-of-the-year-are-you-allowed-to-make-payments-on-it/comment-page-1/#comment-1159 jerrywv Tue, 09 Mar 2010 20:43:55 +0000 http://www.numbershow.com/2010/03/06/if-you-owe-an-estimated-tax-penalty-at-the-end-of-the-year-are-you-allowed-to-make-payments-on-it/#comment-1159 Sure, just send a note with your return saying what you can pay and when you can pay each month. Sign it and all will be fine. There is a form provided but not sure where you could get it. Sure, just send a note with your return saying what you can pay and when you can pay each month. Sign it and all will be fine.
There is a form provided but not sure where you could get it.

]]> Comment on Tax penalty? by Gem http://www.numbershow.com/2010/03/04/tax-penalty/comment-page-1/#comment-1151 Gem Tue, 09 Mar 2010 14:34:23 +0000 http://www.numbershow.com/2010/03/04/tax-penalty/#comment-1151 1099s do not specify the dates she worked to get the money, odds are good that the state unemployment agency won't find out. But, if they do, in most states all they do is hold the payback for the next time you need unemployment. So your friends fraud will hurt her when she needs the money the most. As I said though, if she was not an employee the 1099 amount does not get reported to the unemployment agency. 1099s do not specify the dates she worked to get the money, odds are good that the state unemployment agency won’t find out.

But, if they do, in most states all they do is hold the payback for the next time you need unemployment. So your friends fraud will hurt her when she needs the money the most.

As I said though, if she was not an employee the 1099 amount does not get reported to the unemployment agency.

]]> Comment on if you owe taxes at the end of the year, including an estimated tax penalty,does the irs allow a payment plan? by Heather http://www.numbershow.com/2010/03/06/if-you-owe-taxes-at-the-end-of-the-year-including-an-estimated-tax-penaltydoes-the-irs-allow-a-payment-plan/comment-page-1/#comment-1153 Heather Mon, 08 Mar 2010 05:16:27 +0000 http://www.numbershow.com/2010/03/06/if-you-owe-taxes-at-the-end-of-the-year-including-an-estimated-tax-penaltydoes-the-irs-allow-a-payment-plan/#comment-1153 I would recommend immediately calling the irs once you have filed. After that you do still have until the 15 of April to if they won't let you so i would try to save it up if the won't do it. Basically file early so you can work something out with them. I would recommend immediately calling the irs once you have filed. After that you do still have until the 15 of April to if they won’t let you so i would try to save it up if the won’t do it. Basically file early so you can work something out with them.

]]> Comment on if you owe an estimated tax penalty at the end of the year, are you allowed to make payments on it? by Ski_Bum http://www.numbershow.com/2010/03/06/if-you-owe-an-estimated-tax-penalty-at-the-end-of-the-year-are-you-allowed-to-make-payments-on-it/comment-page-1/#comment-1158 Ski_Bum Mon, 08 Mar 2010 03:06:10 +0000 http://www.numbershow.com/2010/03/06/if-you-owe-an-estimated-tax-penalty-at-the-end-of-the-year-are-you-allowed-to-make-payments-on-it/#comment-1158 yes the IRS is nice enough to allow tax payers to pay in installments. However your penalties will still have to be payed over the installments and they will charge interest. Also they raised the fees this year, but if you choose to have direct payment from your checking account it will save you a couple of bucks from fees. yes the IRS is nice enough to allow tax payers to pay in installments. However your penalties will still have to be payed over the installments and they will charge interest. Also they raised the fees this year, but if you choose to have direct payment from your checking account it will save you a couple of bucks from fees.

]]> Comment on How to convert HELOC to fixed rate mortgage and pay not tax penalty when house is sold? by Mary S http://www.numbershow.com/2010/03/06/how-to-convert-heloc-to-fixed-rate-mortgage-and-pay-not-tax-penalty-when-house-is-sold/comment-page-1/#comment-1178 Mary S Mon, 08 Mar 2010 01:34:26 +0000 http://www.numbershow.com/2010/03/06/how-to-convert-heloc-to-fixed-rate-mortgage-and-pay-not-tax-penalty-when-house-is-sold/#comment-1178 Depending on what state you live in, there may be some nuances in the law. Home Equity Lines of Credit (HELOCs) often have available something called a Fixed-rate Option. You take a portion of your revolving limit, usually that which you have taken an advance on, and "fix-it" or create a closed-ended loan payable at a fixed interest rate, for a set period of time at a fixed payment. As far as a tax penalty, depending upon what is paid to you after all other liens on your "old" house is sold, you may not have to worry about that. You've already purchased another home, and as long as the amount that you got out of your old home is the same or less than what you paid for your new home, you are set. There are other issues involved, such as length of time you owned the home, your income level, etc. IRS.gov has some publications that can be pulled up online that can clarify this for you. Depending on what state you live in, there may be some nuances in the law. Home Equity Lines of Credit (HELOCs) often have available something called a Fixed-rate Option. You take a portion of your revolving limit, usually that which you have taken an advance on, and “fix-it” or create a closed-ended loan payable at a fixed interest rate, for a set period of time at a fixed payment.

As far as a tax penalty, depending upon what is paid to you after all other liens on your “old” house is sold, you may not have to worry about that. You’ve already purchased another home, and as long as the amount that you got out of your old home is the same or less than what you paid for your new home, you are set. There are other issues involved, such as length of time you owned the home, your income level, etc.

IRS.gov has some publications that can be pulled up online that can clarify this for you.

]]> Comment on Can I get a second loan from my 401k without a tax penalty ? by Robert D http://www.numbershow.com/2010/03/03/can-i-get-a-second-loan-from-my-401k-without-a-tax-penalty/comment-page-1/#comment-1181 Robert D Sat, 06 Mar 2010 22:13:32 +0000 http://www.numbershow.com/2010/03/03/can-i-get-a-second-loan-from-my-401k-without-a-tax-penalty/#comment-1181 Most 401k providers will only loan you a certain amount of money without any penalties, They will tell you what the magic number is, call them. Most 401k providers will only loan you a certain amount of money without any penalties, They will tell you what the magic number is, call them.

]]> Comment on Do we have to wait for military orders to sell our house and forgo the tax penalty? by Landlord http://www.numbershow.com/2010/03/05/do-we-have-to-wait-for-military-orders-to-sell-our-house-and-forgo-the-tax-penalty/comment-page-1/#comment-1175 Landlord Sat, 06 Mar 2010 16:43:32 +0000 http://www.numbershow.com/2010/03/05/do-we-have-to-wait-for-military-orders-to-sell-our-house-and-forgo-the-tax-penalty/#comment-1175 You need the orders before escrow closes, not before listing it. You need the orders before escrow closes, not before listing it.

]]> Comment on What if my ex wife refuses to pay half of the tax penalty? by Deb S http://www.numbershow.com/2010/02/21/what-if-my-ex-wife-refuses-to-pay-half-of-the-tax-penalty/comment-page-1/#comment-1171 Deb S Sat, 06 Mar 2010 15:05:56 +0000 http://www.numbershow.com/2010/02/21/what-if-my-ex-wife-refuses-to-pay-half-of-the-tax-penalty/#comment-1171 It's probably best to call the IRS but when I divorced I only sent my half of the due tax & it's been 18 years. It’s probably best to call the IRS but when I divorced I only sent my half of the due tax & it’s been 18 years.

]]> Comment on Can you take out money from your 401k account as a no interest loan to yourself and without tax penalty? by ? http://www.numbershow.com/2010/02/23/can-you-take-out-money-from-your-401k-account-as-a-no-interest-loan-to-yourself-and-without-tax-penalty/comment-page-1/#comment-1186 ? Sat, 06 Mar 2010 12:08:36 +0000 http://www.numbershow.com/2010/02/23/can-you-take-out-money-from-your-401k-account-as-a-no-interest-loan-to-yourself-and-without-tax-penalty/#comment-1186 POSSIBLE SCAM ALERT Whatever you choose to do, please do not e-mail as Annabel Foster tells you to. If you're wise, you'll know that any reputable loan company does not use a free yahoo account to do loan business! This has to be a scam and I hope people reading this reports Annabel Foster. POSSIBLE SCAM ALERT
Whatever you choose to do, please do not e-mail as Annabel Foster tells you to.
If you’re wise, you’ll know that any reputable loan company does not use a free yahoo account to do loan business! This has to be a scam and I hope people reading this reports Annabel Foster.

]]> Comment on Tax penalty? by Jerry http://www.numbershow.com/2010/03/04/tax-penalty/comment-page-1/#comment-1150 Jerry Sat, 06 Mar 2010 02:59:28 +0000 http://www.numbershow.com/2010/03/04/tax-penalty/#comment-1150 If someone had taxable income and didn't make any tax payments during the year (or significantly underpaid your taxes), then the IRS will charge a penalty, that's all. No going to jail. They can still pass GO, collect $200. If someone had taxable income and didn’t make any tax payments during the year (or significantly underpaid your taxes), then the IRS will charge a penalty, that’s all. No going to jail. They can still pass GO, collect $200.

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