Tax Help

[ImFeklhr]

I do taxes for a close friend of mine. He is a foreign born artist (legally working in the US) and is the type of person who could never in a million years figure out the forms himself...

Anyway, he had to file for an extension this year, which we did last April. I understand today is the last day to file even if you filed for an extension.

He owes a small amount of money (less than $1,000) and is enclosing payment, along with all his 1040 forms etc today.

What is unclear to me is how to calculate and actually pay the late penalty you are assessed for paying late. I found vague reference on irs.gov on what the fees are, but no mention what form to use, or exactly how to calculate your late fee.

Anyone have any help tips? :shrug:

 

[MadJack]

I do taxes for a close friend of mine. He is a foreign born artist (legally working in the US) and is the type of person who could never in a million years figure out the forms himself...

Anyway, he had to file for an extension this year, which we did last April. I understand today is the last day to file even if you filed for an extension.

He owes a small amount of money (less than $1,000) and is enclosing payment, along with all his 1040 forms etc today.

What is unclear to me is how to calculate and actually pay the late penalty you are assessed for paying late. I found vague reference on irs.gov on what the fees are, but no mention what form to use, or exactly how to calculate your late fee.

Anyone have any help tips? :shrug:

They will let you know :142smilie

 

[turksure]

they will send you a bill

 

[ImFeklhr]

Ok. That's good to know.

He is somewhat worried because he is not a citizen and he wants to make sure he follows all the rules and doesn't miss a step in this process.

In other words he doesn't want this to turn into a crime that gets him kicked out of the country.

 

[The Joker]

There are guys on here that can tell you the entire process and know a lot about it......I would check back frequently and see what they have to say. :shrug:

 

[BobbyBlueChip]

whatever you would calculate won't be correct, so tell him to file and as everyone said, "they'll let him know" and the interest rates are low so it won't be "that" bad.

 

[Woodson]

Since you've already performed the action of filing, he need not worry about criminal action. The penalties for not filing heavily outweigh the penalties for non payment.

Just pay what is thought to be owed and wait for balance owed invoice. If more than a few weeks goes by and he feels uncomfortable he can always call in and inquire.

Being for less than 1,000 and ultimately less than $50 in difference this is a non-issue.


:0074

Where's Poon?

 

[BobbyBlueChip]

Where's Poon?

In a dimly lit closet with a payroll register and a 10-key