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DAP Forums > DREAM Act > The Lounge

Somebody guide me DOING MY TAXES!

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#1
07-01-2015, 06:01 PM
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Joined in Jan 2015
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arriazar1
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JUST got daca approved a few days ago, my social already already arrived yey!!
so now, i been married for the last five years. i have a 4 year old child born in US
my wife just have an ITIN # (she qualifies for DACA TOO, we're just gathering all, we know we R late...
)I never had an ITIN I just got my social with employment authorization...

i've been a laborer here and there. never got paid with a check, always just cash.

CAN SOMEONE PLEASE HELP, OR TELL ME WHAT IS BEST CASE SCENARIO FOR ME TO get my child tax credit money at least.

Every place i go to get an estimate they end up telling me that i would have actually to pay the irs like $1500 per year 2013, 2012, 2011. since thats the first 3 years to do due to the fact that 2011 is the year my child was born.... i plan on doing 2014 and 2015 next year.

I dont anything about how the tax system works but i think that for me to get that child tax credit refund., i would have to file zero income for 2011, 2012, 2013.
because every time i tell the accountants that i made an estimate of $250 per week as a laborer, they all say the same thing. you will have to payme to do your taxes and you will owe the irs moeny back.
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#2
07-01-2015, 07:24 PM
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From Virginia
Joined in Aug 2012
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You might be better starting next year. In my opinion, and it may differ from tax professionals here on DAP, you got your social this year and you now exist to the government. If you are going to continue getting paid in cash, you'll need to start setting aside money to pay for taxes.
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#3
07-01-2015, 09:54 PM
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From Connecticut
Joined in Mar 2009
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2Face's Avatar
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Quote:
Originally Posted by arriazar1 View Post
JUST got daca approved a few days ago, my social already already arrived yey!!
so now, i been married for the last five years. i have a 4 year old child born in US
my wife just have an ITIN # (she qualifies for DACA TOO, we're just gathering all, we know we R late...
)I never had an ITIN I just got my social with employment authorization...

i've been a laborer here and there. never got paid with a check, always just cash.

CAN SOMEONE PLEASE HELP, OR TELL ME WHAT IS BEST CASE SCENARIO FOR ME TO get my child tax credit money at least.

Every place i go to get an estimate they end up telling me that i would have actually to pay the irs like $1500 per year 2013, 2012, 2011. since thats the first 3 years to do due to the fact that 2011 is the year my child was born.... i plan on doing 2014 and 2015 next year.

I dont anything about how the tax system works but i think that for me to get that child tax credit refund., i would have to file zero income for 2011, 2012, 2013.
because every time i tell the accountants that i made an estimate of $250 per week as a laborer, they all say the same thing. you will have to payme to do your taxes and you will owe the irs moeny back.
For 2011, you are not eligible for any tax refund. April 15, 2015 was the last due date for you to file your 2011 in order to be eligible for a refund. The IRS places limits on this. That said, from my personal experience, my recommendation would be for you to truthfully file your back taxes based on a true estimate of how much you made. What you will do is you will file a schedule C income but do not show any expenses unless you have true records proving you had expenses. The Child Tax Credit is NOT refundable. It pretty much reduces your tax liability. Once your tax liability hits 0, you lose the remaining credit. In your case, when you show income in schedule C (Profit and Loss from business), you will be subject to self-employment taxes (SS & medicare) since nothing was withheld from your salaries. That said, looks to me like you may be eligible for ADDITIONAL CHILD TAX CREDIT (which is refundable). But you still will be subject to the self-employment tax. Here is my suggestion. Get a CPA. Sit with him/her. Tell him you want to file your back taxes. Mention these things I've mentioned and try to figure out a good reasonable amount of income to report on schedule C and see if you might get some additional child tax credit. But if you end up owing small amounts like say $500-$1,500, I suggest you go ahead and make those payments. Because this is the right way to do it. Getting excessive amounts of tax credit can cause audit triggers. The IRS can be like, how are you supporting your family for years with this much income? You should not be paying more than$112-150 (per year) to get those returns filed. But it is very important to get CPA to do it. You are paying for that person's title on your tax return. That person will get your back in cases of audits (rarely happen). Good luck.
Last edited by 2Face; 07-01-2015 at 09:56 PM..
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