Timalyn Bowens, EA
Timalyn Bowens, EA
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Failure to File Penalty (2024)
Need a tax professional to help you with your tax debt? Book a call with us at www.Bowenstaxsolutions.com
The failure to file penalty is assessed to taxpayer accounts when they have a balance due and don't file their tax return on time.
If the taxpayer filed an extension the filing deadline is October 15th. The original deadline is April 15th.
The penalty for individuals filing a 1040 is 5% of the balance due for each month the return is late. The penalty amount maxes out at 25% of the balance due.
To avoid this penalty be sure to file a timely return. If you are in an area declared a Federal disaster area you may have additional time to file without having to worry about these penalties.
If you have a failure to file penalty that you'd like to have removed reach out to us at www.Bowenstaxsolutions.com
Переглядів: 67

Відео

2024 Gleim EA Prep Course
Переглядів 91День тому
Disclaimer: The opinions in this video are all my own. I am receiving no payment from Gleim for creating this video. Which EA review system is best for you? If you're searching for the right EA review system make sure you add Gleim to the list of review systems that you check out. Earlier in the year I had a conversation with Courtney Sefjack to discuss the Gleim EA Prep course. But since that ...
What is a Tax Levy?
Переглядів 6114 днів тому
A tax levy is a method of collection enforcement that the IRS may use to collect overdue taxes. Have back tax issues? Book a call with Bowens Tax Solutions at www.Bowenstaxsolutions.com The IRS can legally levy your bank account or paycheck, referred to as a wage garnishment, after issuing a tax lien. The IRS can even garnish your social security checks if they have attempted to collect taxes f...
HOCK International EA Review System Overview 2024
Переглядів 13914 днів тому
This is NOT a sponsored video. All views and comments are my own. If you'd like to see me do an overview of another EA Review system let me know in the comments. If you work with another EA Review system reach out to me by e-mail. Are you looking for a course to help you study for the special enrollment exam to become an Enrolled Agent? If so, watch this video before you finish your shopping. I...
Why Should You Become an Enrolled Agent in 2024
Переглядів 38121 день тому
When is the right time to become an Enrolled Agent? IMHO right now is the perfect time. As the IRS works to close the tax gap, more taxpayers need tax relief. This storm is providing the perfect opportunity for credentialed preparers to represent taxpayers before the IRS. If you are not credentialed you can assist with paperwork and even 3-way with the client to give clients on calls. However, ...
Capital Gains Tax Explained
Переглядів 156Місяць тому
Capital gains tax is a buzzphrase right now during this election season. Unfortunately, the proper definition isn't going around with it. In this video I will explain: - What capital gains are - How capital gains are taxed - Short-term vs. Long-term capital gains - Long-term capital gains tax rates - Realized vs. Unrealized gains If you find this video helpful please like, share, and subscribe....
How to Report Gambling Losses on Your Taxes
Переглядів 155Місяць тому
How to Report Gambling Losses on Your Taxes
Gambling Winnings and Taxes
Переглядів 692 місяці тому
Gambling Winnings and Taxes
How to Report Gambling Winnings and Losses
Переглядів 1562 місяці тому
How to Report Gambling Winnings and Losses
2024 Married Filing Jointly Tax Brackets
Переглядів 2323 місяці тому
2024 Married Filing Jointly Tax Brackets
Small Business Owner Taxes
Переглядів 1473 місяці тому
Small Business Owner Taxes
2024 IRS Form 941
Переглядів 3104 місяці тому
2024 IRS Form 941
How to Get My IP PIN
Переглядів 5584 місяці тому
How to Get My IP PIN
How to Find an Enrolled Agent Near Me
Переглядів 715 місяців тому
How to Find an Enrolled Agent Near Me
Get Your IRS Transcript Online Immediately
Переглядів 2875 місяців тому
Get Your IRS Transcript Online Immediately
How to File Form 8868: Non-profit Tax Extension
Переглядів 2375 місяців тому
How to File Form 8868: Non-profit Tax Extension
How to Balance Studying for the EA Exam and Your Family
Переглядів 1505 місяців тому
How to Balance Studying for the EA Exam and Your Family
How to fill out IRS Form 3911
Переглядів 2,9 тис.5 місяців тому
How to fill out IRS Form 3911
How to Fill out IRS Form W4-P (2024)
Переглядів 5 тис.5 місяців тому
How to Fill out IRS Form W4-P (2024)
How to Fill Out Form W-4V (2024)
Переглядів 8566 місяців тому
How to Fill Out Form W-4V (2024)
Can I Go To Jail for Not Paying Taxes?
Переглядів 1496 місяців тому
Can I Go To Jail for Not Paying Taxes?
What to look for in an EA Course
Переглядів 1946 місяців тому
What to look for in an EA Course
What is an Enrolled Agent Course?
Переглядів 5006 місяців тому
What is an Enrolled Agent Course?
How to Make Estimated Tax Payments (2024)
Переглядів 9846 місяців тому
How to Make Estimated Tax Payments (2024)
Is My Social Security Taxable?
Переглядів 8906 місяців тому
Is My Social Security Taxable?
IRS Form 23
Переглядів 2076 місяців тому
IRS Form 23
What if I Can't Pay My Taxes?
Переглядів 1906 місяців тому
What if I Can't Pay My Taxes?
The Enrolled Agent Exam in 2024
Переглядів 1,8 тис.6 місяців тому
The Enrolled Agent Exam in 2024
How to Become an Enrolled Agent 2024
Переглядів 5 тис.6 місяців тому
How to Become an Enrolled Agent 2024
How to File a Tax Extension - Form 4868 (2023)
Переглядів 3,8 тис.6 місяців тому
How to File a Tax Extension - Form 4868 (2023)

КОМЕНТАРІ

  • @divinekey374
    @divinekey374 9 годин тому

    Thank you for the great content. Currently studying for part 1. ❤

  • @imaginaryplayer7573
    @imaginaryplayer7573 15 годин тому

    Great video

  • @daniellejourdin3818
    @daniellejourdin3818 3 дні тому

    Hey I am still struggling. My spouse and I both work, but my spouse makes more money than I do. We don't have any kids, how would I go about completing this? thank you

    • @AmericasFavEA
      @AmericasFavEA 3 дні тому

      You need to ensure that one or both of you has extra withheld on line 4c. The chart will help you determine how much.

  • @emynoack7344
    @emynoack7344 3 дні тому

    Muy util, muchas gracias.

  • @BunnyBun82
    @BunnyBun82 3 дні тому

    I ended up giving up and just putting nothing

    • @AmericasFavEA
      @AmericasFavEA 3 дні тому

      What part are you stuck on?

    • @BunnyBun82
      @BunnyBun82 День тому

      @@AmericasFavEA i'm trying to make it so less taxes are taken out of my check. I usually always put 0 and get 80$ back at the end of the year. Single people with no kids get the short end it seems

    • @AmericasFavEA
      @AmericasFavEA День тому

      @@BunnyBun82 🙏🏾

  • @AmericasFavEA
    @AmericasFavEA 6 днів тому

    Avoid the failure to file penalty by filing your return on time.

  • @PLUG1ONE
    @PLUG1ONE 7 днів тому

    What if have a mortgage?

    • @AmericasFavEA
      @AmericasFavEA 6 днів тому

      If you have enough deductions to itemize you can account for that in the deductions section.

  • @keepcalm1224
    @keepcalm1224 8 днів тому

    Saw a lot of comments about claiming the exemptions like writing "0", "1" or "2". Because I am single, with no children and wanted to change my exemption from 0 to 1 to reduce the taxes coming out of my paycheck, only to find out you no longer can.. Here's the reason why, Donald Trump and Republicans and the ridiculous Tax Cuts and Jobs Act of 2017 that they passed. THIS piece of legislation took away those previous exemptions on the W-4 for regular working people. Which means unless they let it expire, you are just stuck paying more taxes. So anyone believing the lie that Trump and Republicans helped regular people, guess again. And for those that don't believe it, go look it up for yourself.

    • @AmericasFavEA
      @AmericasFavEA 6 днів тому

      Well, they got rid of them. The TCJA is set to sunset Dec 31st, 2025. They may be back unless Congress decides to extend the TCJA.

  • @samarahmaayuk8249
    @samarahmaayuk8249 8 днів тому

    Hi dear thank you for your explanation pls what if I am filing sing or married filing separately with two kids how do I do it

    • @AmericasFavEA
      @AmericasFavEA 6 днів тому

      You'd check the applicable box and account for your children in the credits section. There's an example of MFS with children in the MFJ video

  • @christinahaines3001
    @christinahaines3001 8 днів тому

    Thank you very much for this video!! I can’t believe it but it’s so hard to make sure there are enough taxes taken out so I don’t pay so much in April!

  • @RachelRose-c6o
    @RachelRose-c6o 9 днів тому

    This 2024 version is helpful but I still need a clarification. My husband is filing the W4-P for his pension. He will also begin to receive social security payments. I have a job. For step 2b (i) should he enter the taxable income from my job EVEN THOUGH my W4 already directs taxes to be withheld from my pay (and we do not want this to change)?

    • @AmericasFavEA
      @AmericasFavEA 9 днів тому

      @RachelRose-c6o yes, this will ensure his withholding is for the right tax bracket. For example - his income alone may be at 12% but combined you may jump up to 22%.

  • @estellaglobility300
    @estellaglobility300 10 днів тому

    Great info, i would like to be mentored by you. You have a calming voice and sound very knowledgeable. Question -is the CAF number assigned to the social person or can the LLC EA business request/create the CAF? Thank you in advance.

    • @AmericasFavEA
      @AmericasFavEA 10 днів тому

      @@estellaglobility300 they can be assigned to an individual or entity.

    • @estellaglobility300
      @estellaglobility300 10 днів тому

      @@AmericasFavEA so one can have 2 CAF numbers? 1 for personal and the other for business?

    • @estellaglobility300
      @estellaglobility300 10 днів тому

      @@AmericasFavEA thank you for replying

  • @oraliamunoz9369
    @oraliamunoz9369 12 днів тому

    Thank you for the video! I am retired with no other income. My husband is still working. He pays income taxes on his income. Do I have to include his income on the W-4P form, or is it ok to not include his. I feel that we would be way overtaxed if I include his as well. Example annuity is $2,410, the check received is only $1,879. When I filled out the W-4P form in June, I included his income. They are taking out $530 monthly from my annuity.

    • @AmericasFavEA
      @AmericasFavEA 12 днів тому

      @oraliamunoz9369 congratulations on retiring! Including his income will ensure that you're withholding for the correct tax bracket. If you have MFJ on this form it will hold little to nothing without his income factored in. I'm assuming combined you'll at least be in the 22% tax bracket. To make sure you have enough withheld you can check out the withholding estimator.

  • @brand0n818
    @brand0n818 12 днів тому

    Lets say you make 50K a year and claim your 5 kids under 17. Does this mean you will get an extra 384 on your pay check (every two weeks), you wont get a big refund, and your essentially not paying taxes?

    • @AmericasFavEA
      @AmericasFavEA 12 днів тому

      Is this your household's only income? If HOH or MFJ they shouldn't be withholding anything.

  • @tezzyboy79
    @tezzyboy79 12 днів тому

    I have a question for you. In February 2024, my mom won about 256,000 on a gambling slot. I know she lost well over 150,000 this year, but I do not know how to determine the total amount. Unfortunately, she passed away, and all I was able to locate was 10,000 cash hidden in her house because she didn't have a bank account. What do we do this tax season? I'm at a loss.

    • @AmericasFavEA
      @AmericasFavEA 12 днів тому

      😪 my condolences. Do you know if where she played had playing cards? Those cards keep a record of wins and losses. I'd contact her favorite spots to play to see if they came help you with those records. Also, if she won $256k from one play they likely withheld something for taxes as well.

    • @tezzyboy79
      @tezzyboy79 12 днів тому

      @@AmericasFavEA I went to the casino with her a couple of times when I came home to visit, but she always carried cash and just put it in the machines. One thing about her is that she was self-made but didn't rely on the government for anything. Since I was a teen now 40 She didn't do taxes because, well, technically, she didn't work on paper, so this tax season, I really don't know. I dont even in the US but my siblings are clueless and I was the one that helped my mom the most, but when it came to her winnings, lost she was very private about her money.

    • @AmericasFavEA
      @AmericasFavEA 12 днів тому

      @tezzyboy79 😔 the casinos and other places are required to report to the IRS winnings over a certain amount. They will likely issue a W2-G with the winnings. She would have had to fill put something before the issued the check to her.

  • @brianjohnson651
    @brianjohnson651 13 днів тому

    Thank you for the overview of Gleim!

  • @netb1166
    @netb1166 14 днів тому

    Is that amount taking out every pay period... like the $870 you give and example in the video or $870 total for the whole year he will owe?

    • @AmericasFavEA
      @AmericasFavEA 12 днів тому

      It's total, so that should be split up by the remaining pay periods in the year.

  • @jaziersalinas737
    @jaziersalinas737 14 днів тому

    Hi Thanks for the info, any videos on just adding a 1098 T form for the 1040x form

    • @AmericasFavEA
      @AmericasFavEA 12 днів тому

      I don't have any videos on just that, I'm sorry. But I will add that to my list.

  • @angelatwilliams1867
    @angelatwilliams1867 16 днів тому

    Thank you for this video. However, I need more info on how to complete the form for me, based upon the scenario of having to submit form due to a divorce settlement. My Ex is retiring, and I am to get 50% of his retirement as he will receive a monthly check from his employer, so will I. I am still working. I will put Single. Do I put my income from my employer on step b (i)? Also, just for clarification, Step 4 (b) is for itemizing, which I will not be.

    • @AmericasFavEA
      @AmericasFavEA 12 днів тому

      Yes, you will need to also include your income. Do not fill out any lines for itemizing or credits if they don't apply to you.

  • @ms.kkoliver9153
    @ms.kkoliver9153 16 днів тому

    What if you file self employment head of household 1040? Do you have to fill this out for a job that is only temporary? Its only for a month

    • @AmericasFavEA
      @AmericasFavEA 16 днів тому

      @ms.kkoliver9153 if you're self-employed you can have taxes withheld from this temporary job to account for what time need to do for estimated tax payments.

  • @mbiyangandbk
    @mbiyangandbk 16 днів тому

    What if you are divorced and your ex does not want to sign the form that you filled jointly?

    • @AmericasFavEA
      @AmericasFavEA 12 днів тому

      😭 is it possible they already received the refund? There's no way (other than court) to make them sign it.

  • @PatriciaRamsey-er9xt
    @PatriciaRamsey-er9xt 17 днів тому

    And I'm single with no kids

    • @AmericasFavEA
      @AmericasFavEA 16 днів тому

      1 job/ source of income? Check the single box, sign, and turn in.

  • @fbarrera28
    @fbarrera28 17 днів тому

    Hi Timalyn, quick question. Retiring and Need to fill out a W-4P. I am married filing jointly. My wife is still working. Thank you

    • @AmericasFavEA
      @AmericasFavEA 11 днів тому

      Congratulations on reaching retirement. This is the video for you - ua-cam.com/video/HWK50s7wFcg/v-deo.html

  • @kasiwilliams5927
    @kasiwilliams5927 17 днів тому

    I absolutely love Passkey. Thanks for sharing.

  • @lucytian9812
    @lucytian9812 17 днів тому

    thank you for the video! however, do you mind explaining how i would go about filling out my w4, my part time job will be making very little money compare to my husband, and he claims both of our kids. Therefore, how would I fill out my w4 correctly?

    • @AmericasFavEA
      @AmericasFavEA 10 днів тому

      You'll need to make sure you don't include your children on yours and fill out 4c.

  • @mercedesperez93
    @mercedesperez93 18 днів тому

    Thank you for this! struggling with this right now... I feel lost with this info lol my job only took out $175 fed taxes 😵‍💫 // I'm married filing jointly with 2 kids... what should I be putting on my W4 to make them take out more Fed taxes??

    • @AmericasFavEA
      @AmericasFavEA 18 днів тому

      @mercedesperez93 it sounds like you have MFJ marked and both of your children on your W4. If your spouse works you'll also need to fill out line 4c using the chart.

    • @mercedesperez93
      @mercedesperez93 16 днів тому

      @@AmericasFavEA thank you!! do I have to have them take extra withholdings? Mine says $0 👀

  • @millyalvayero2900
    @millyalvayero2900 19 днів тому

    Thank you ! ❤

  • @gnett1022
    @gnett1022 20 днів тому

    My wife did an aduit and on her transcript it's supposed to be a 9,100,000.00 or 9.1 million sent in a paper check from form 8888. She never received the check. I would love to have a conversation about this if at possible

    • @AmericasFavEA
      @AmericasFavEA 20 днів тому

      @gnett1022 my assumption is that the Allocation of Refund form is incorrect with an amount like $9.1 million. But if that's accurate and less than 3 years old by all means please book a consultation at www.Bowenstaxsolutions.com

  • @LisaHartmanJackson
    @LisaHartmanJackson 20 днів тому

    My father passed away, I am trying assist my mother to obtain her husbands pension.

    • @AmericasFavEA
      @AmericasFavEA 20 днів тому

      @@LisaHartmanJackson my condolences. What's the question that you have?

  • @BerntBaloney13
    @BerntBaloney13 20 днів тому

    What if i got laid of witha severance package? And while getting that severance i got a job?

    • @AmericasFavEA
      @AmericasFavEA 20 днів тому

      @@BerntBaloney13 I'm glad you were able to get a severance package. Take the full amount into consideration and fill out line 4c.

  • @AvinashSingh-vj3rk
    @AvinashSingh-vj3rk 20 днів тому

    ❤❤

  • @sampathkumar7220
    @sampathkumar7220 20 днів тому

    Today video make me feel 😅 I've spent more money for EA Review....😅 it's ok...can you do video about any other additional specific skills should have to learn along with EA preparation for EA fresher

    • @AmericasFavEA
      @AmericasFavEA 20 днів тому

      @@sampathkumar7220 I'm not sure I understand your question.

    • @sampathkumar7220
      @sampathkumar7220 20 днів тому

      @@AmericasFavEA along with with EA preparation should we learn any other skills..?? Example (Bookkeeping)..

  • @brianjohnson651
    @brianjohnson651 20 днів тому

    Thank you for the helpful information!👍

    • @AmericasFavEA
      @AmericasFavEA 20 днів тому

      @@brianjohnson651 it's my pleasure

  • @MtbEMS
    @MtbEMS 20 днів тому

    Thanks for taking the time to share this. U.S. citizen married to a foreign non resident, here Planning on filing jointly. Wife is here (the states) on a student/work visa and understands she is subject to a withholding of 30 % on her earnings. I’ll be making more than her at a new job soon..are we taking the right step in filing jointly? How we should factor in that 30% rule? Know nothing on this topic

    • @AmericasFavEA
      @AmericasFavEA 20 днів тому

      @@MtbEMS her 30% should be automatic. Her employer should be doing that.

    • @MtbEMS
      @MtbEMS 20 днів тому

      @@AmericasFavEA Ah ok, thanks so much for caring and answering.

    • @AmericasFavEA
      @AmericasFavEA 20 днів тому

      @MtbEMS if you realize they are not you can fill out line 4c for additional withholding. Wish you both all the best!

  • @sampathkumar7220
    @sampathkumar7220 21 день тому

    I've booked appointment for discuss about partnership(Outsourcing services) with you but it's cancelled 😔 should I rebook the appointment

    • @AmericasFavEA
      @AmericasFavEA 20 днів тому

      @sampathkumar7220 an email was sent about the appointment.

    • @sampathkumar7220
      @sampathkumar7220 20 днів тому

      ​@@AmericasFavEA Okay..is there any opportunity to work with you in any other form please 🙏

    • @AmericasFavEA
      @AmericasFavEA 20 днів тому

      @@sampathkumar7220 Bowens Tax Solutions is not hiring any preparers at this time.

    • @annanguyen5463
      @annanguyen5463 9 днів тому

      I like to learn to be EA. How do I register in your class please?

    • @AmericasFavEA
      @AmericasFavEA 8 днів тому

      @annanguyen5463 I talk about How to Become an Enrolled Agent in this video - ua-cam.com/video/_IOl7EPIzns/v-deo.htmlsi=PpIp_vDGlrz7719P Information about my mentorship can be found www.AmericasFavoriteEA.com/taxrepjourney

  • @lamiciabutler5467
    @lamiciabutler5467 21 день тому

    I failed my test but I restate this Friday I'm ready o can't wait to become an EA

    • @AmericasFavEA
      @AmericasFavEA 21 день тому

      @@lamiciabutler5467 best wishes to you on your test Friday! 🙏🏾

  • @sampathkumar7220
    @sampathkumar7220 21 день тому

    I'm preparing for the EA exams 😊😊 from India...

  • @pjtrant
    @pjtrant 21 день тому

    I just retired this year in May and have income from a job this year up till May. I also started social security payments in June and filled out a form w4v to do 15% tax withholding on that. I am now trying to initiate the distributions for 2 different pension plans and have W4p for both. My question is do I need to report my 1) wages from my job 2) social security wages on both w4p forms? My wage income will go away in 2025 so am not sure if i need to redo the w4p for my pensions since my income will decrease next year.

    • @AmericasFavEA
      @AmericasFavEA 11 днів тому

      That's a great question. Not including it on both may result in you being a little underwithheld. However, this far in the year it may take quite a bit to catch up with 2-3 pension payments left.

  • @bonniej0
    @bonniej0 25 днів тому

    Is this good for your bank like can you take is it the form 56 that takes back your power of attorney question mark this is just for assigning somebody as your power of attorney?

    • @AmericasFavEA
      @AmericasFavEA 25 днів тому

      If you are over someone's estate or guardian Form 56 is suffice to allow you to file a tax return. If you are giving someone authorization to speak on your behalf to the IRS then you would need this form.

  • @shouldihangmyself
    @shouldihangmyself 26 днів тому

    Thanks for the info!

  • @HMC-u5q
    @HMC-u5q 26 днів тому

    I am retiring in November 2024 and my wife is continuing to work. For my income in Step 2, should I include an annual amount for my pension or should I take into account the salary that I've earned this year before retirement plus the pension amount for just November and December? I understand that I will include her annual income as well.

    • @AmericasFavEA
      @AmericasFavEA 25 днів тому

      Congratulations in advance on your retirement. You will want to take into account the salary earned. If this form is for the pension you'll receive in November and December it will automatically account for that. But you will need to factor it in for additional withholding.

  • @gurjeetkaur304
    @gurjeetkaur304 26 днів тому

    Can you suggest any book for it?

    • @AmericasFavEA
      @AmericasFavEA 26 днів тому

      @@gurjeetkaur304 I personally used PassKey which has now joined with HOCK.

  • @lashazachariah5495
    @lashazachariah5495 28 днів тому

    It’s 2024 and I was so stumped when the “online portal” for new employer had me complete the state and federal info..it put me on pause i over thought it all thanks!

  • @stevesantaniello4405
    @stevesantaniello4405 29 днів тому

    What study material do you recommend? I’m a cost accountant without a cpa and looking to make a change. I do real estate on the side so figured taxes made sense

    • @AmericasFavEA
      @AmericasFavEA 25 днів тому

      I personally used Passkey which is now under HOCK International.

  • @gurjeetkaur304
    @gurjeetkaur304 29 днів тому

    Hi, is there any book or syllabus for all the three EA exams?

    • @AmericasFavEA
      @AmericasFavEA 25 днів тому

      You can find out what sections of the tax law and publications to study on the prometric website. Most EA review systems also offer a book - HOCK International, Gleim, and Fast Forward Academy are 3 that I know for sure do.