After paying the 1st installment for C-DAC, up to when can I fill out the NEFT details?
Hey,It's a little and easiest app to find any bank's information required for our E-transactions.Check it out, it helps me often.Bank Info - Reach your bank digitally - Android Apps on Google PlayGonna help! Try it.
I’m cashing out my bitcoin profits very soon. How would I do it to pay the IRS the least?
A student of mine cashed out his BTC to his bank. 55 btc at 17K each. The bank called him 30 seconds later on the phone. They wanted to know where the money came from.They asked him to go to the bank to sign some papers that day, and a rep from the IRS was there waiting. He squared the tax details out then and there.There will be taxes to pay, but talk to a seasoned financial adviser to see if there’s a way to save some of it.
If the IRS knows how much money we owe, why do we need to fill out returns?
Because the IRS doesn't know how much money you owe. They know approximately what you made, and they know a little bit about some of your deductions, but they don't know whether and to what extent you are entitled to additional deductions or credits, or whether and to what extent you earned money from transactions not reported to the IRS. Even on the transactions that were reported to the IRS, the IRS doesn't always know how much of that income is actually taxable - or at what rate.
How can I cash a money order if I fill it out wrong?
If it is a US PS Money order there should be no problem . The issuing Post office has a record of what was paid for the Money Order. If you bought the Money Order , your receipt will have the amount you paid. If it is a matter of the wrong name or information written on the Money order. Again bring it to the Post office they will issue a new one.
How is the government able to send out tax refunds when they cannot pay the IRS employees who are processing the tax returns?
OK, let’s start off with a number of the misunderstandings that I’ve heard, *IN PERSON*, as a Tax Preparer.The E-File, electronically filed tax returns, does NOT START until January 28th. This means your return is ‘pending’ until then. At that point, corporate offices for tax franchises (H&R Block, Jackson Hewitt, Liberty Tax, etc) get notified that a return was accepted/rejected. This is then passed down to the local office that prepared the return.Per the IRS it takes *UP TO* 48 hours for an e-filed return to be acknowledged, *AFTER* the electronic tax filing season has opened. It’s often much, much faster, but that’s the IRS timeline.Per the IRS it takes *UP TO* 21 business days for a *DIRECT DEPOSIT* refund to be issued. This *EXCLUDES* any returns that have EITC, CTC, ACTC and Educational Credits.Any return that is eligible for and claims EITC, CTC, ACTC and/or Educational Credits *WILL NOT BE PROCESSED* until *AFTER* February 15th of that tax year. This is part of the PATH Act.Now, as I said this refers to *electronically filed returns*. No one has to *attempt* to read the writing on the paper forms and everything is easily understood by the computer system and ‘electronically read’. Paper returns take *MUCH* longer, as they have to be manually entered, possibly rejected as illegible, etc.Prior Year returns, Ammended Returns, etc take even longer.So yes, as I’ve told every single client, don’t sweat it. We have time for them to 1) return to work, 2) to being processing returns and 3) to send out those refunds.The majority of the process of e-filed returns is fully automated.