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Has anyone used FreeTaxUSA for a situation like this? I'm in a similar boat (moved from Illinois to Tennessee mid-year) and wondering if their software handles part-year state returns well.
Yeah I used FreeTaxUSA last year for a move from Washington to Texas. It worked fine for me but both states don't have income tax so it was pretty simple. I think they do handle part-year state returns but not sure how good they are with the more complicated situations.
One thing I learned from my move from Oregon to Washington - keep EVERY document related to your move. I got audited by Oregon 2 years after moving and had to prove I really moved. Save your moving receipts, lease/purchase documents, utility hookups, everything. States like CA and NY are super aggressive about going after people who moved to no-tax states.
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One thing nobody mentioned yet - if you filed an appeal at any point, that also extends the 10-year period. I learned this the hard way when I thought my debt from 2011 was about to expire, only to find out my appeal from years ago added another 14 months to the clock. A lesser-known fact: if you lived outside the US for more than 6 continuous months during this period, that also suspends the statute. IRS can't collect if you're not in the country, so they pause the clock.
Does a Currently Not Collectible status affect the 10-year period? I got placed in CNC status for a couple years when I was unemployed, and I'm wondering if that changed my CSED.
Currently Not Collectible (CNC) status does NOT extend the 10-year statute of limitations. This is actually one of the better options if you're trying to reach the end of the collection period, because the IRS stops active collection efforts while the 10-year clock continues to run. The main advantage of CNC is that unlike an installment agreement or Offer in Compromise, requesting CNC status doesn't extend the CSED. Many people don't realize this and end up requesting payment plans that add time to their collection period when CNC might have been a better option.
Form 433F itself doesn't extend the 10-year statute, but what you DO with it might! If you submitted it as part of an installment agreement request, that likely extended your CSED. If you just submitted it because they requested financial information without a formal agreement, it probably didn't extend anything. The absolute best way to know your CSED is to call the IRS Collections department directly at 1-800-829-1040. Ask them specifically: "What is my Collection Statute Expiration Date for tax year 2013?" They have to tell you. Sometimes they'll transfer you to a collections specialist.
Actually, that's not entirely correct. The 10-year period is extended while the IRS is considering your installment agreement request, plus an additional 30 days - not just when you file the form. Also, there are very specific rules about when extensions happen with OICs and appeals. It's more nuanced than just calling and asking.
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Another reason your math might be "not mathing" is withholding calculations. The IRS withholding calculator assumes withholding is evenly distributed throughout the year, but if you had any changes in income, bonuses, or adjusted your W-4 mid-year, the projected withholding could be off. When I got a raise mid-year from $52,000 to $58,000, my calculations were all wrong until I realized I needed to account for the different withholding rates during different parts of the year.
Hmm that's a really good point. I did get a promotion in August that bumped me from about $52k to the $58k range, so that could definitely be affecting things. Do you know if there's a good way to calculate the prorated amounts when your income changes mid-year?
You'll need to separate your income and withholding into two periods: before and after the promotion. For each period, calculate the annual equivalent of that income level (what you would have made if you'd earned that same amount all year), figure the tax on that annual amount, then prorate it for the number of months at that rate. For example, if you made $4,333/month ($52k/12) for 7 months, then $4,833/month for 5 months, you'd calculate: (Annual tax on $52k × 7/12) + (Annual tax on $58k × 5/12) = Your actual tax liability. Then compare your actual withholdings to this amount.
Has anyone used the IRS2Go app for checking tax calculations? I've been trying to use it to verify some of my math but the interface is so confusing.
The IRS2Go app is really more for checking refund status than doing calculations. I'd recommend using the official Tax Withholding Estimator on the IRS website or something like FreeTaxUSA which lets you run scenarios for free.
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My cousin had something similar happen to his electronics store. Since you mentioned you're on a cash basis, one thing to be aware of is that you've got a weird situation where you already expensed the inventory when you bought it (that's how cash basis works). This is actually different from accrual basis businesses where inventory isn't expensed until sold. So technically, from a tax perspective, you don't have the "basis" in that inventory anymore since you already took the deduction. Talk to your accountant about potentially filing an amended return for the year(s) you purchased that inventory, which might be a better approach than trying to claim a theft loss for items already expensed. It's counterintuitive but sometimes makes more sense.
Wouldn't amending returns from potentially years ago be super complicated though? And aren't there time limits on how far back you can amend?
You're right that there are time limits - generally 3 years from the original filing date or 2 years from when you paid the tax, whichever is later. So this approach only works if the inventory was purchased relatively recently. The complexity really depends on your specific situation. If most of the stolen inventory was purchased in the last couple of years, amending might actually be cleaner than trying to figure out the theft loss calculations. But if the inventory was accumulated over many years, then the theft loss approach on Form 4684 probably makes more sense despite the complications.
Has anyone used the IRS Disaster Resource Center for something like this? I know robbery isn't a "disaster" in the federal declaration sense, but they have resources for calculating business losses that might be helpful. Just a thought.
The IRS Disaster Resource Center is specifically for federally declared disasters, so it wouldn't apply directly to a robbery situation. However, you're right that some of their calculation methods could be helpful as a reference. For a robbery, you'd be better off looking at the specific IRS guidelines for theft losses in Publication 547. There's also some good information in Publication 584-B (Business Casualty, Disaster, and Theft Loss Workbook) that has worksheets for calculating and documenting business losses.
Royal_GM_Mark
Something nobody has mentioned yet is that if your inventory sits around long enough, you might be able to write down "obsolete inventory" which lets you take a deduction for items that have lost value. Like if you're selling trendy items that go out of style or tech that becomes outdated.
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Amelia Cartwright
•How do you actually prove inventory is "obsolete" though? Do you need documentation or can you just decide something isn't going to sell anymore?
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Royal_GM_Mark
•You need to have a consistent method for determining when inventory becomes obsolete or has declined in value. This could be based on how long an item has been in stock (like items over 12 months old), items that haven't sold after multiple price reductions, or products that have been replaced by newer models. The key is documenting your process and applying it consistently. You can't just randomly decide something is obsolete when you want a tax deduction. Most businesses create a written inventory policy that explains their method for identifying and writing down obsolete inventory. If you're audited, the IRS will want to see that you followed this policy.
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Chris King
I think you might be confusing cash flow with taxable income. Just because money comes in and goes right back out to pay debt doesn't mean you aren't making a profit for tax purposes. The tax calculation doesn't care if you use your profit to pay debts.
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Rachel Clark
•This! I learned this lesson the hard way my first year in business. Had a "profitable" year on paper but all the cash went to inventory growth. Still had to pay taxes on the profit even though my bank account was empty.
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