my business net income is $3K added by accountant says "accounting adjustment" what is that!? Now more TAX!
446667
OK, let's see here. An accountant is making an accounting adjustment and they can not or will not explain why they are. Sounds like to me your being taken advantage of. Keep in mind, your accountant works for you. Now I am curious to know what type of business you are in. Most small businesses really don't need to hire an accountant in the first place. If you hired an accountant to do your business taxes that I can understand, however, they should be able to explain everything to you. You may even want to fire the accountant if they do not explain everything to you. Be forceful, remember you own the company, not the accountant.
235097
Thenameishte.. is not fully correct!\nAccounting income is the income after taking into account all the incomes and expenditures of the current year 'actually' incurred by u, i.e. the amounts paid or payable to the external parties or third parties(like suppliers of materials,labourers,management personnel etc.)which will actually reduce the cash available with u. also, it consists of only revenue expenses and incomes.\nBut Economic income,in a wider sense, takes into account the costs that have not explicitly been incurred..the costs for which payment has not been made 'actually'..like the rent of the building u own and u use in ur business(for which u r not paying urself), we call these costs as imputed costs. They take into account the income that u could have earned had u not used ur own resources in ur own business..this estimated income is the imputed cost of ur resources which shpuld also be deducted from the actual profit. Also, economic income takes into account the social costs in some cases like pollution etc. although most prefer not to estimate these coz of lack of quantifiable data!\nI hope now u understand the difference!
400409
Around $300, unless you own your own business. Hourly charges apply. I know quite a few accountants.
1024502
If you don't send anything, they will audit you and find your filing incorrect and ask you to pay the difference and the interest. What is the proof that you can't provide? It's hard to believe they are auditing you just for one thing. Do you think there are more they are questioning? I got a letter once because the number didn't match and they didn't have 1099 to prove it. Because I didn't have time to do all the research, I ended up paying them a couple hundred dollars. However, every IRS employees I talked to was very helpful and polite. Why don't you try telling them you can't find the document and see what they would say?
294648
You will have to make the adjustment on the balance sheet, and a amended return on your taxes. The adjustment will show up on the balance sheet as an adjustment.
185417
Not only will your standard deduction go from $5000 to $10,000, but your exemtion will also go up from $3200 to $6400. Do keep in mind, like already mentioned, that both incomes are counted, not just one.
626754
You need to calculate your benfits into what you are paid vs. your billable rate. If you were a consultant and were being billed at $175 you the overhead should average $20 to $30 and you get the rest which would be $145 to $155...maybe you should go out on your own as a consultant ??
812345
I'm just going off the top of my head here without looking anything up, so just use my answer as a guide and not fact.  (Because staring at the code is factual, but sometimes doesn't get you very far in thought.)\n\nThe rental property.  Chop this up into three components - land, building and personal property.\n\nLand, as you know, is not depreciable.  But it should be listed as a separate component of the sale.  \nThe building is depreciable, but will also be under an additional code section, 1250.\n\nThe general rule starts with section 1231 property.  Then, depending on what it is, it might ALSO be 1245 property or 1250 property.  But just to keep things simple, think 1245 = equipment and 1250=buildings.\n\nBoth 1245 and 1250 pretty much say this: When you sell the asset, the amount over adjusted basis, up to the extent of depreciation taken, is ordinary gain.\n\nFor example.  I bought a piece of equipment a few years back for 10,000.  Tuesday, when I sold it, it had a tax adjusted basis of 1,000 (10,000 historical value less 9,000 of accumulated tax depreciation taken).  I collected 5,000.  In this case, ALL of my 4,000 gain (5,000 sales price less 1,000 adjusted basis) will be ordinary income.  \nLet's say I sold it for 12,000.  9,000 of my gain would be ordinary and 3,000 capital gains.  \nNow I'm babbling.  But in a nutshell, you are recapturing the depreciation expense at ordinary, just like you took the expense (over time).\n1250 for buildings has something similar, but not many have that issue anymore (unless they were purchased over a decade ago or so).  There is some special additional tax on the gain or special rate.\nBut the losses are ordinary, thankfully.\nAnd I feel like I'm getting off track here, but I'm trying.  :)\n\nBut onto the land.  It depends.  And perhaps this is where saying more info is needed might help.\nIf this is a separate piece of land accounted for seperately and Mary can prove that she wasn't going to improve anything, then there might be support for the claim that it is a capital asset and the gains are capital.\nHowever, that would be really agressive to me considering it saysing "holding for future development" and if there has been anything substantial done to the property.\nIn short, you will want to check out code section 1237 for reference too although it doesn't exactly fit your problem.\n\nAnd last but not least, I'll clog this answer with an Explanation nabbed from my own stuff.  Good luck on your research and forgive me for such a lengthy answer.  Usually I hate stuffed answers.  Cheers!\n\nReal property produces capital gain or loss on its sale or exchange if it's a capital asset. The main reasons for the exclusion of real property from the capital asset category are (1) that it's property held by the taxpayer primarily for sale to customers in the ordinary course of his business, and (2) that it's real property used in his business. Code Sec. 1221(a)(1) , Code Sec. 1221(a)(2) . However, the sale or exchange of real property used in a business (including rental realty), or the involuntary conversion of such property or real property that is a capital asset, can produce a Code Sec. 1231 gain or loss. \n\nThe fact that real property is held primarily for sale to customers in the ordinary course of a taxpayer's business precludes it from being either a capital asset or a Code Sec. 1231 asset (business-use property). Code Sec. 1221(a)(1) ; Code Sec. 1231(b)(1)(B) . The factual question of whether real property was so held gave rise to intensive litigation. Cases decided under Code Sec. 1231 are covered as part of the question of what property is used in a business. Decisions delineating property that is a capital asset are covered in this subdivision. The special rules of Code Sec. 1237 , allow taxpayers other than C corporations to obtain limited capital gain as to property subdivided for sale under certain circumstance
229565
Word to the wise ....If your company nets less than $150,000....stay a sole prop...if it is more, it is time to consider going inc. Keep in mind, there is more paperwork when it comes to all your taxes and you will need a great CPA. Also look at the profit margin for your last few years, How tight was it... Did you break even or make money. You will be slapped with a franchise tax but it will be over a year away because it is based on your previous years income. MORE TAXES....UGH! I would also complete a risk assessment. R U in a company or business that could very easily become victim to a lawsuit??? If so, INC is the way to go! Protect your personal assets! Good Luck and I hope this helped!!!
489298
Are they legitmate charges to your clients? Were the clients billed?\n\nRemember there is lag time , look at your statements\nwhen you make a purchase, sometimes it doesnt show that it was processed until the next day, for several ones.\n\nOne of them is that the merchant forgot to batch out.\n\nDo you even know your only company policy?\n\nWhat didyou say to him or her when she submitted the receipts to your accountant?\n\nOr are you an employee looking for a way to get her fired or in trouble?\n\nWhy doesn't your company audit these transactions?\n\nWhy did your company accept the charges?
49164
Yes.  Income is income.  In fact, it might even be Schedule C personal business income which might be taxed at a higher rate.\n\nConsult your accountant or certified tax advisor.\n\nDon't forget to take along that jar of dimes you collected.  You'll need it to pay for the professional advice.
509405
Find a good CPA to help you with your books. He has to figure out incoming money (gross), the cost of items bought, how busy the place is, taxes, and all that. He'd be the best one to ask.
321840
more than you want to think about.\njust call the IRS, they'll be glad to inform you. Of course, the IRS advice is wrong 1/3 of the time.
728904
It means what you will be payed after tax is taken out. Just multiply your weekly wage by 4 to work out what you will be paid.
871667
I'm not sure if you are asking a question.  If I got your story straight, you decided to do your own taxes instead of taking them to H&R Block.  No problem.  Most people can do their own taxes rather easily using software.  They may miss a deduction or two, but usually get things correct.  Now, it sounds like you typed in an extra "0" and now owe $4,000.  Do you owe the $4,000 because you got too much of a refund and the IRS found out about the extra 0?  If so, then you already have the money to pay back.  The IRS paid you too much and now want back the overage.  Just give them back the extra they gave you.  Next year, when your refund looks too good to be true, double or triple check for errors first before submitting.  An extra $4,000 should have set off flags in your head.\n\nOr, did the extra 0 cause the IRS to "think" you owe an extra $4,000?  If that is the case, you can fix (amend) your return to show that the extra 0 was a mistake and that you really don't owe the $4,000.
151492
Do your own taxes online and e-file save the 300. and get it back just as quick!  \nIf you were not refering to taxes it sounds like a scam!!!!
546913
You better talk to a tax person.  If you've filed already, and took the deduction, then you'll have to amend.  But if you went to file and realized your mistake, they can help you back out your money.