US Taxes

[parrot]

I filed my US taxes on 25 Feb....expecting a few weeks before any deposit would be made in my US bank.....due to news reports of the IRS being inundated with work and undermanned (10,000 to be hired....in today's headline). Last night I got an email notifying me of my tax return deposit....6 days by my calculation.
FBAR also filed and acknowledged by Dept of Treasury.
Good for another year.

[Stantheman]

Took a little over 8 days from being electronic filed to notice deposit being processed for son and about 9 days for mine. Big delay is for paper filers. Also used to be deposits were sent on Fridays, sons came on a Tuesday.
NOTE: This timing is for deposits to U.S. accounts.

[Sam1925]

Who files TAXES anymore?

[semperfiguy]

I continue to file my US tax return each year even though I may not be required to. Better to be safe than sorry in my opinion. I have been led to believe that if one files the FBAR report each year, then the filing of a 1040 form together with Schedule B is required since in Part III of that Schedule B one must answer the question whether or not the filer has a financial interest in or signature authority over a foreign financial account. I filed my FBAR report yesterday and am considering filing my form 1040 in the next few days. Any comments will be appreciated! I prefer not to be bothered to file it.

[Kenr6583]

I continue to file my US tax return each year even though I may not be required to. Better to be safe than sorry in my opinion. I have been led to believe that if one files the FBAR report each year, then the filing of a 1040 form together with Schedule B is required since in Part III of that Schedule B one must answer the question whether or not the filer has a financial interest in or signature authority over a foreign financial account. I filed my FBAR report yesterday and am considering filing my form 1040 in the next few days. Any comments will be appreciated! I prefer not to be bothered to file it.

FBAR is not reported to the IRS. So I would say it is not necessary.

[tutone]

I continue to file my US tax return each year even though I may not be required to. Better to be safe than sorry in my opinion. I have been led to believe that if one files the FBAR report each year, then the filing of a 1040 form together with Schedule B is required since in Part III of that Schedule B one must answer the question whether or not the filer has a financial interest in or signature authority over a foreign financial account. I filed my FBAR report yesterday and am considering filing my form 1040 in the next few days. Any comments will be appreciated! I prefer not to be bothered to file it.

Filing an FBAR is required only if you have in excess of $10,000 in a foreign account. Income tax filing relating to that foreign account would only be required if that account generated any taxable income. This IRS link provides a tool to determine if you are required to file a tax return for 2021. https://www.irs.gov/help/ita/do-i-need- ... tax-return

[parrot]

I'm not sure of the exact mechanics of the covid payments that were made by Biden/Trump, but seems to me, if you qualified but hadn't submitted a tax return, you either didn't get a payment or you had to submit other paperwork.

If you're looking for the easiest way to file, https://www.freetaxusa.com/ is as easy as they come....no need for a calculator, no need for stamps, no forms to fill in, whether you qualify for a return on deducted tax or you have to make a payment, it's a piece of cake.

[semperfiguy]

I'm not sure of the exact mechanics of the covid payments that were made by Biden/Trump, but seems to me, if you qualified but hadn't submitted a tax return, you either didn't get a payment or you had to submit other paperwork.

If you're looking for the easiest way to file, https://www.freetaxusa.com/ is as easy as they come....no need for a calculator, no need for stamps, no forms to fill in, whether you qualify for a return on deducted tax or you have to make a payment, it's a piece of cake.

Thanks Parrot for the link on the free tax file. I used it and got my taxes off this afternoon, and the return has already been accepted. Easy peasy!!!!!

[anefarious1]

I continue to file my US tax return each year even though I may not be required to. Better to be safe than sorry in my opinion. I have been led to believe that if one files the FBAR report each year, then the filing of a 1040 form together with Schedule B is required since in Part III of that Schedule B one must answer the question whether or not the filer has a financial interest in or signature authority over a foreign financial account. I filed my FBAR report yesterday and am considering filing my form 1040 in the next few days. Any comments will be appreciated! I prefer not to be bothered to file it.

FBAR is not reported to the IRS. So I would say it is not necessary.

You should be learning about it, not giving advice. You've no idea what you are talking about.

[mak]

Irony.

[FrazeeDK]

87,000 new Full Time Employees (FTE) that are scheduled to be hired through 2030. However, I've yet to see any schedule as to how many will be hired each year. I suspect that once the Republicans take back the House this coming mid-term and possibly the Senate the 790 billion dollar piece of legislation will be altered. I also suspect that if the first tranche of new IRS Agents and plus-ups to the IRS budget don't show a quite large increase in audit revenues the Repubs will be able to get enough Dem support to alter that portion of the legislation that authorized it, enough to overcome any Senate filibuster and enough to overcome any Biden veto. So, why get all wound up about something that hsan't happened and likely will get changed within a year.

[Mosquito]

Context for You.

Tax Fraud, Tax Evasion costs America between 400 Billion and 1 Trillion Dollars per year in revenue.

Only 1-2% of Americans making over 5 million or more were audited in 2021, while in 2010 16% of Americans making over 5 Million were audited.

There are 7.5mil Americans making over 1 million per year, 87k+ more IRS agents will get close to 20% audits for those making over 400k.

Then, Of Course......
If you're not cheating the govt, why worry about it.......be happy, it'll help reduce the nations debt and catch those wealthy tax cheats.

[FrazeeDK]

for those millionaires no reason to "cheat" the government when legal tax dodges abound as long as you can afford a good tax lawyer.... The 15% minimum Corporate Tax is OK but the fact is all the chest beating about giant corporations paying no taxes is due to politicians who wrote the legal tax dodges into the tax code. Get rid of the most egregious dodges and will you need 87,000 tax FTE and tens of billions more for the IRS? Maybe not. Oh, BTW, Google "US takes in record revenues" and you'll find the US government has been raking in record tax receipts for a while with huge increases in personal income tax receipts and even, yes! Corporate revenues. Unfortunately Congress continues to be mired in a drunken spending frenzy and has been for years The new 790 billion Inflaction Reduction Act (will minimally affect inflation according to the CBO) and the other trillion+ spending bills over the last few years were gasnline on the inflation fire and ballooned the size of the Federal Debt.... Thank goodness Bernie Sanders 3.5 trillion bit of legislation got pared down..

[Mosquito]

for those millionaires no reason to "cheat" the government when legal tax dodges abound as long as you can afford a good tax lawyer.... The 15% minimum Corporate Tax is OK but the fact is all the chest beating about giant corporations paying no taxes is due to politicians who wrote the legal tax dodges into the tax code. Get rid of the most egregious dodges and will you need 87,000 tax FTE and tens of billions more for the IRS? Maybe not. Oh, BTW, Google "US takes in record revenues" and you'll find the US government has been raking in record tax receipts for a while with huge increases in personal income tax receipts and even, yes! Corporate revenues. Unfortunately Congress continues to be mired in a drunken spending frenzy and has been for years The new 790 billion Inflaction Reduction Act (will minimally affect inflation according to the CBO) and the other trillion+ spending bills over the last few years were gasnline on the inflation fire and ballooned the size of the Federal Debt.... Thank goodness Bernie Sanders 3.5 trillion bit of legislation got pared down..

1st. Millionaire are the worst when it comes to tax cheating, they just haven't been called out...taken to the carpet. Trump the perfect example.
2nd. 15% minimum billion dollar company tax, it's a start.
3rd. Yea, that 2017 so called tax cut wasn't so great for the average American.
4th. US spends record amounts, debt and deficit. Anything that adds to the coffers and reduces the national debt, is worth it.
5th. Most likely minimum effect on inflation, but see directly above and below.
6th. Ok, with initial bill being watered down. Still think more should be done about climate change and renewable energy, every $$ spent now will pay dividend in the future.

[parrot]

Filed online on 8 Feb, received email from IRS "tax return accepted" later on 8 Feb. Got a notice from my bank that my refund has been deposited on 12 Feb.
I remember the daze, back when Tommy ran the show at TJs. A few of us would make a trip to the US Embassy and cart back several pounds of tax forms for the Americans in town to fill out. Mail it in, get a check back a few months later, and then have to mail that check back to a US bank for deposit.
Ah, the good ole' days.

[Kenr6583]

Filed online on 8 Feb, received email from IRS "tax return accepted" later on 8 Feb. Got a notice from my bank that my refund has been deposited on 12 Feb.
I remember the daze, back when Tommy ran the show at TJs. A few of us would make a trip to the US Embassy and cart back several pounds of tax forms for the Americans in town to fill out. Mail it in, get a check back a few months later, and then have to mail that check back to a US bank for deposit.
Ah, the good ole' days.

How’s it going? A couple of questions. Did you go onto the IRS website and use one of the companies that does e-file, if so which one? And did you have to give a phone number to set it up, again if so was it a US phone number or overseas phone number? Thanks

[parrot]

Filed online on 8 Feb, received email from IRS "tax return accepted" later on 8 Feb. Got a notice from my bank that my refund has been deposited on 12 Feb.
I remember the daze, back when Tommy ran the show at TJs. A few of us would make a trip to the US Embassy and cart back several pounds of tax forms for the Americans in town to fill out. Mail it in, get a check back a few months later, and then have to mail that check back to a US bank for deposit.
Ah, the good ole' days.

How’s it going? A couple of questions. Did you go onto the IRS website and use one of the companies that does e-file, if so which one? And did you have to give a phone number to set it up, again if so was it a US phone number or overseas phone number? Thanks

Freetaxusa.com. Phone or email verification. I use a Google voice phone number. Has all my tax info for the past 8 years

[Kenr6583]

Filed online on 8 Feb, received email from IRS "tax return accepted" later on 8 Feb. Got a notice from my bank that my refund has been deposited on 12 Feb.
I remember the daze, back when Tommy ran the show at TJs. A few of us would make a trip to the US Embassy and cart back several pounds of tax forms for the Americans in town to fill out. Mail it in, get a check back a few months later, and then have to mail that check back to a US bank for deposit.
Ah, the good ole' days.

How’s it going? A couple of questions. Did you go onto the IRS website and use one of the companies that does e-file, if so which one? And did you have to give a phone number to set it up, again if so was it a US phone number or overseas phone number? Thanks

Freetaxusa.com. Phone or email verification. I use a Google voice phone number. Has all my tax info for the past 8 years

Thank you sir

[Kenr6583]

Filed online on 8 Feb, received email from IRS "tax return accepted" later on 8 Feb. Got a notice from my bank that my refund has been deposited on 12 Feb.
I remember the daze, back when Tommy ran the show at TJs. A few of us would make a trip to the US Embassy and cart back several pounds of tax forms for the Americans in town to fill out. Mail it in, get a check back a few months later, and then have to mail that check back to a US bank for deposit.
Ah, the good ole' days.

How’s it going? A couple of questions. Did you go onto the IRS website and use one of the companies that does e-file, if so which one? And did you have to give a phone number to set it up, again if so was it a US phone number or overseas phone number? Thanks

Freetaxusa.com. Phone or email verification. I use a Google voice phone number. Has all my tax info for the past 8 years

Thank you sir. Got the account set up. Will go to OPM website to get my 1099-R, have my W-2 and 1099-INT already, and get it done. Much appreciated.

[parrot]

Just a reminder about FBAR. This is the free government link:
https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html