Can someone explain write offs and what this all means?

amother

Lime

Mon, Apr 03 2023, 11:59 pm

amother OP wrote:

DH left yeshiva 2 years ago, first year he was getting his feet wet learning a trade similar to what he does now, and that year we used the accountant who never mentioned the sales tax so we didnt pay anything I dont think. then 2022 we switched to a new accountant and he had us pay the $14000. but in 2022 my dh only made $26,000 and after expenses like tools, parts, gas we had $13, 000. I dont know how that makes sense since our rent is 2000 so how did we pay rent all of last year. I know a few months I paid for rent, and a relative lent us some money to pay the IRS back the $13,000.

my numbers dont add up when Im seeing them on paper

Sales tax is whole other matter!

You’ll get through this.

amother

Tue, Apr 04 2023, 12:00 am

amother Lime wrote:

Sales tax is whole other matter!

You’ll get through this.

amen. im getting really anxious thinking about this
I wish my husband knew how to do this without my help. its not even like im helpful with this I stink at math and numbers

does the accountant have anything to do with sales taxes?

amother

Lime

Tue, Apr 04 2023, 12:03 am

amother OP wrote:

If you’re paying him to give you advice regarding sales tax, then yes! If all he thinks he’s handling is income tax, then, no.

amother

Tue, Apr 04 2023, 12:07 am

amother Lime wrote:

If you’re paying him to give you advice regarding sales tax, then yes! If all he thinks he’s handling is income tax, then, no.

I want to hit a wall im frustrated! ach!

amother

Lime

Tue, Apr 04 2023, 12:09 am

amother OP wrote:

I want to hit a wall im frustrated! ach!

Growing pains. Send the CPA what he asked for. Make a list of your questions, and book a meeting with him after Pesach.

amother

Tue, Apr 04 2023, 12:14 am

amother Lime wrote:

Growing pains. Send the CPA what he asked for. Make a list of your questions, and book a meeting with him after Pesach.

How do people know how to do all of this? They have parents that teach them? or they just learn through experience?
He said today he will put in an extension. Do you know when it would be extended to?
Im hiring a book keeper going forward...

amother

Tue, Apr 04 2023, 12:16 am

amother SandyBrown wrote:

Please take advantage of the tax laws and use those write offs

What do you mean?

amother

Lime

Tue, Apr 04 2023, 12:18 am

amother OP wrote:

Or when they decide to open a business they call an accountant and ask what they need to know.

Extension is until 10/15/2023, but can be filled anytime before then.

amother

Tue, Apr 04 2023, 12:19 am

amother Lime wrote:

Or when they decide to open a business they call an accountant and ask what they need to know.

Extension is until 10/15/2023, but can be filled anytime before then.

Ok, I will call him tomorrow to confirm he can file an extension.
Im nervous he'll sound ticked off. If he does, how can I answer him why we need an extension?

amother

Lime

Tue, Apr 04 2023, 12:21 am

amother OP wrote:

What do you mean?

You already got some great lists of what type of things are tax deductible business expenses. You’re doing awesome.

amother

Tue, Apr 04 2023, 12:22 am

amother Lime wrote:

You already got some great lists of what type of things are tax deductible business expenses. You’re doing awesome.

everyone is being so nice on here
I feel so overwhelmed and dumb after reading how smart some of you ladies are. iyh ill understand it better now...

just nervous what to say to accountant as to why we need an extension.
I read online that filing for an extension is free, but we still need to pay taxes before hand?

amother

Lime

Tue, Apr 04 2023, 12:22 am

amother OP wrote:

Ok, I will call him tomorrow to confirm he can file an extension.
Im nervous he'll sound ticked off. If he does, how can I answer him why we need an extension?

Didn’t he tell you he was going to file an extension. Your filling because your books aren’t done yet.

amother

Tue, Apr 04 2023, 12:23 am

amother Lime wrote:

Didn’t he tell you he was going to file an extension. Your filling because your books aren’t done yet.

Yeah, but im nervous he'll forget it and wont file it. but maybe I shouldnt mention it since he said he would do it.
do u hire a book keeper for yourself or you learned to do it on your own?

amother

Lime

Tue, Apr 04 2023, 12:40 am

amother OP wrote:

Your accountant said he’d file an extension.

Give him the info he needs. He’ll calculate if you any more tax beyond what’s been paid in already, and ask him for a copy of the extension, and proof of filing/efile acceptance.

amother

Lime

Tue, Apr 04 2023, 12:42 am

amother OP wrote:

Yeah, but im nervous he'll forget it and wont file it. but maybe I shouldnt mention it since he said he would do it.
do u hire a book keeper for yourself or you learned to do it on your own?

I’m an EA.

amother

Tue, Apr 04 2023, 12:47 am

amother Lime wrote:

smart! thank you so much lime!

amother

Lime

Tue, Apr 04 2023, 12:49 am

amother OP wrote:

dunno what that even is lol

Enrolled Agent. It’s an IRS designation.