Author Topic: Any thoughts on filing taxes? Crapping a brick over here.  (Read 865 times)

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Offline Danno99

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So now tax time is coming up (US) and I am ill prepared.

My visa does not end until aug  and yet I have rather complicated taxes.
-Part of the year I had income as a subcontractor.
-part of the year my house has been rented.

Other income sources are not complicated.

I have never done taxes for a rental property, the service I am using of course has provided me with a "misc. income" document. But I am not sure how or what deductions I should take over than the mortgage.

Would it be possible to delay filing until I return by simply making a generous payment?

*Another concern is, at this filing I will have more income shown, when I file next year, assuming I extend my visa, I will have much less income which could prevent me from reaching the income requirement, should I get married.
Is it true they only consider income and not any savings, retirement or assets? 


Montaigne's axiom: "Nothing is so firmly believed as what we least know."

Offline AkMike

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Are you paying quarterly taxes?  I've always filed an extension for taxes..  ( Most audits are scheduled by April 14) Filing later reduces any chance of an audit to a fraction of a percent.  Extensions are easy and your tax guy will know how.  No you don't pay tax unless you have some sort of income. IE  Stocks/bonds unless you get a dividend.

Are you paying a management company for keeping track of your rental property?  That's a deduction.,. Claim everything that your can if it's legit.. It's your money you're keeping.
In Russia we only had two TV channels. Channel One was propaganda. Channel Two consisted of a KGB officer telling you: Turn back at once to Channel One. Yakov Smirnoff

Offline Danno99

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Are you paying quarterly taxes?  I've always filed an extension for taxes..  ( Most audits are scheduled by April 14) Filing later reduces any chance of an audit to a fraction of a percent.  Extensions are easy and your tax guy will know how.  No you don't pay tax unless you have some sort of income. IE  Stocks/bonds unless you get a dividend.

Are you paying a management company for keeping track of your rental property?  That's a deduction.,. Claim everything that your can if it's legit.. It's your money you're keeping.

WHILE  I am required to file quarterly I never have, and a few years they hit me with a penalty which was less than paying an accountant 4 times. 

How long can an extension be for?

On the rental property, naturally their fee would be deductible and I assume the mortgage and insurance for those months too?
Montaigne's axiom: "Nothing is so firmly believed as what we least know."

Offline AkMike

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I usually finished the paperwork in Aug. and file then.

 You'll need to talk with your tax guy for the other answers `cause I had a different set up.
In Russia we only had two TV channels. Channel One was propaganda. Channel Two consisted of a KGB officer telling you: Turn back at once to Channel One. Yakov Smirnoff

Tnic

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Call the IRS and ask Dan.  They were very helpful with me and all was resolved over the phone.

Be prepared to wait on hold for an agent.
https://www.irs.gov/help/telephone-assistance

I'm inclined to agree with Mike (I know, shocking).  An extension is likely your best bet.

UKUA

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I'm inclined to agree with Mike (I know, shocking). 


 :o Shock, horror  :o ;D