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AbbiTheDog posted:Only the nerds snickered at that one. Nerd 
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Jul 14, 2011 23:55
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EDIT : I'm dumb.
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Jul 20, 2011 18:13
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How hard is preparing taxes using a K-1 form from investing and getting distributions from an MLP? There is an investment I'd like to make, but I do not know if its worth the tax hassle.
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Jul 21, 2011 21:05
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Nifty posted:How hard is preparing taxes using a K-1 form from investing and getting distributions from an MLP? There is an investment I'd like to make, but I do not know if its worth the tax hassle. I think it's pretty easy. You may find otherwise, depending on what software you use and how comfortable you are with the concept of a K-1.
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Jul 21, 2011 21:41
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Is this a good spot for a general question about paycheck taxes? If so, I have a question regarding federal income tax. I left my job 2 weeks ago and today I got my final paychecks, one for regular pay and one for my PTO payout. The tax for federal income was big. Looking through a few older paychecks, almost no federal income tax was taken out or a much lower amount, but on the PTO payout, $73 was taken out on a check that grossed to under $300. Does that sound right? Some of the other taxes were larger than usual, as well, but not to that extent. I live in Montana if that makes a difference. Thanks for any insight.
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Jul 22, 2011 16:58
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I have a friend who just got screwed by someone that she used to nanny for. Yesterday she got a letter from the IRS stating that she owes $903 in back-taxes from the year 2009. The people who she used to nanny for decided (without telling her) that they were going to declare her payments on their taxes without giving her a W2 or anything like that. I'm wondering if there's anything she can do to avoid this or get the payment lowered or get her on a payment plan if there's no way out of it.
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Jul 22, 2011 23:26
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dustbin posted:Is this a good spot for a general question about paycheck taxes? If so, I have a question regarding federal income tax. I left my job 2 weeks ago and today I got my final paychecks, one for regular pay and one for my PTO payout. The tax for federal income was big. Looking through a few older paychecks, almost no federal income tax was taken out or a much lower amount, but on the PTO payout, $73 was taken out on a check that grossed to under $300. Does that sound right? Some of the other taxes were larger than usual, as well, but not to that extent. I live in Montana if that makes a difference. Thanks for any insight. PTO payouts are probably considered supplemental wages and are withheld at 25%. Looks like 6% withholding for Montana.
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Jul 23, 2011 00:42
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quote:I have a friend who just got screwed by someone that she used to nanny for. Yesterday she got a letter from the IRS stating that she owes $903 in back-taxes from the year 2009. The people who she used to nanny for decided (without telling her) that they were going to declare her payments on their taxes without giving her a W2 or anything like that. I'm wondering if there's anything she can do to avoid this or get the payment lowered or get her on a payment plan if there's no way out of it. I really doubt your friend didn't realize that they would be deducting her babysitter payments on their taxes given that they would need to have her social security number to do so (which means she gave it to them). With that said, her best option is to call the IRS and see if a payment plan can be worked out. Her situation is not that uncommon. Ignoring the notice is the absolute worst thing she can do.
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Jul 23, 2011 22:43
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In the last week I was forced by the city to leave my rental home in Iowa due to complications from flooding and I moved to Nebraska. I will continue to earn income in Iowa. It looks like I'll need to file a partial year resident form and I think an NE Schedule III to get credit for income taxes withheld from my check. Please correct me if that isn't right. Does that situation mean that I fill out an accurate W-4 with my employer and they take out income taxes for IA, NE, or both and then refund me at the end of the year when I do my taxes? e: My goal on my income taxes is always to break even or have a very small refund (~$40). Is there a legitimate reason and way to physically live in NE but maintain IA residency without being a student? NE has a wheel tax that is separate from car registration, I understand, and what I've been told is that students are just required to pay the wheel tax. My car is titled and registered in IA, and my license is still valid for several years. I'd like to avoid all the paperwork hassle if possible, especially because there's a good chance I'll be moving back to IA when my 6 month lease expires. I don't want to commit tax fraud. I just want the easiest and/or cheapest legitimate solution. I'm single with no dependents. I'm going to be receiving a car as a gift within a couple months from my father, who lives in SD where there is no income tax. For registration/titling and income tax purposes for the both of us, does it make more sense to call it a gift or buy it from him for some paltry amount? How is the value of the car determined for all the applicable tax purposes, sale value or KBB or something else? I never get expensive gifts, I don't know how much The Man gets. BonerGhost fucked around with this message at 23:24 on Jul 23, 2011 |
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Jul 23, 2011 23:20
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I'm a director of a NH non-profit (not a 501c3), and we want to start offering classes through our organization. The current plan is to have each class run by whichever person wants to teach it, with the class fees being handled by our organization. We keep 40%, the instructor keeps 60%. What do we need to do as far as tax paperwork goes when we pay the 60% to these instructors? Would we need to fill out a 1099-MISC for each one?
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Jul 25, 2011 15:24
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Hillridge posted:I'm a director of a NH non-profit (not a 501c3), and we want to start offering classes through our organization. The current plan is to have each class run by whichever person wants to teach it, with the class fees being handled by our organization. We keep 40%, the instructor keeps 60%. What do we need to do as far as tax paperwork goes when we pay the 60% to these instructors? Would we need to fill out a 1099-MISC for each one? These are 1099 payments, meaning that yes a 1099 should be issued to any individual who receives more than $600 in compensation.
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Jul 25, 2011 19:37
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Thanks. So if the payment is under 600, we aren't required to do anything with regards to the instructor? It'll be in our financial records since it's technically money we spent, but I expect we'll have a decent number of under $600 payouts, and not having to deal with paperwork (collecting SSNs, etc.) would be great.
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Jul 26, 2011 16:55
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Hillridge posted:Thanks. So if the payment is under 600, we aren't required to do anything with regards to the instructor? It'll be in our financial records since it's technically money we spent, but I expect we'll have a decent number of under $600 payouts, and not having to deal with paperwork (collecting SSNs, etc.) would be great. If I were you I'd collect them no matter what at the beginning of the contract. If, at the end of the year, you do wind up paying a contractor over $600 and you didn't plan to (and thus, didn't collect the info) and then the contractor tells you to "shove off" when you ask for their SSN, you can get into trouble (fined) should you get caught. Not worth it. Just make them all fill out an W-9 form and staple it to their contract when they start. http://www.irs.gov/pub/irs-pdf/fw9.pdf
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Jul 26, 2011 17:45
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I am starting a new job soon. It's a 100% remote position, and since I don't have a home office, I plan to use a coworking space in my city for $250/mo. My new employer is going to reimburse me for this expense. Would this be taxable income? I currently live in Washington, where there is no state income tax. Since I'll be able to take my job with me, I'm probably going to move to the Portland area. If I live and work in Washington I'll still not have to pay any state income tax. However, the only coworking spaces I can find in that area are in Oregon, where there is an income tax. Would working in a coworking space like that require me to pay Oregon state income tax? My employer is based in New Jersey if that makes any difference.
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Jul 27, 2011 18:48
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stubblyhead posted:I am starting a new job soon. It's a 100% remote position, and since I don't have a home office, I plan to use a coworking space in my city for $250/mo. My new employer is going to reimburse me for this expense. Would this be taxable income? A) No B) Yes, your employer should probably slap this on your W-2 though for the state to trace you. If the state box is still listed as OR then they won't be able to track you.
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Jul 27, 2011 19:33
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I'm planning on giving an entire month's wages on a 1099 gig to charity. How do I go about processing that so I can actually claim it?
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Jul 31, 2011 04:19
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quote:I'm planning on giving an entire month's wages on a 1099 gig to charity. How do I go about processing that so I can actually claim it? Not sure what you mean about "processing" it. You would claim whatever amount you donate on Schedule A as an itemized deduction.
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Aug 2, 2011 19:21
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Always remembering that donated services are not deductible, only cash or physical goods.
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Aug 2, 2011 22:42
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For 6 months I have been trying to get a nonprofit I volunteer for to take out the line from their newsletter about "volunteer and get a tax deduction for your time!" 
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Aug 2, 2011 23:45
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scribe jones posted:For 6 months I have been trying to get a nonprofit I volunteer for to take out the line from their newsletter about "volunteer and get a tax deduction for your time!" Come on, you get the awesome cents per mile deduction. What more do you need?
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Aug 4, 2011 15:12
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Stupid question time: working through the 1040ES as a employee not subject to W2 withholdings (but most certainly not an independent contractor, for whatever reason fellowships are not required to be withheld against and my attempts to get them to withhold from my paycheck have been met with claims of that it is against the law to do so, which seems wrong but whatever), I don't see a spot for determining the withholdings for social security, medicare, and medicaid. Is there a special form for this, or is it rolled into the main calculation?
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Aug 5, 2011 03:44
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EtaBetaPi posted:Stupid question time: working through the 1040ES as a employee not subject to W2 withholdings (but most certainly not an independent contractor, for whatever reason fellowships are not required to be withheld against and my attempts to get them to withhold from my paycheck have been met with claims of that it is against the law to do so, which seems wrong but whatever), I don't see a spot for determining the withholdings for social security, medicare, and medicaid. Is there a special form for this, or is it rolled into the main calculation? Only wage income or self employment income are subject to those. Fellowship income is neither.
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Aug 5, 2011 04:39
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Fellowships ARE still taxable though, except for any of it you spend directly on school supplies (but not housing). You can either pay the taxes quarterly or just do it on your yearly return. If you want to make sure you have enough to cover it, set up an auto deduction from your paycheck to go into a savings account or something. Then you will get used to not having that money, and you can use it to pay your taxes at the end of the year. You might even end up over-saving so you have a "refund" from yourself 
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Aug 5, 2011 16:15
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Eggplant Wizard posted:Fellowships ARE still taxable though, except for any of it you spend directly on school supplies (but not housing). You can either pay the taxes quarterly or just do it on your yearly return. If you want to make sure you have enough to cover it, set up an auto deduction from your paycheck to go into a savings account or something. Then you will get used to not having that money, and you can use it to pay your taxes at the end of the year. You might even end up over-saving so you have a "refund" from yourself Yeah, my question had to do with the medicare/caid/social security portion of the taxes, which apparently don't apply to fellowship income if I'm reading furushotakeru right.
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Aug 8, 2011 02:16
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EtaBetaPi posted:Yeah, my question had to do with the medicare/caid/social security portion of the taxes, which apparently don't apply to fellowship income if I'm reading furushotakeru right. You are
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Aug 8, 2011 04:27
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If I filed as a self employed musician, would I be able to deduct music lessons and classes as business expenses? Considering I don't think I'll be making any kind of profit off music related stuff for quite awhile, would the hassle of incorporating be worth it to be able to have tax deductions when otherwise I'm making about minimum wage?
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Aug 16, 2011 02:59
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Zewle posted:If I filed as a self employed musician, would I be able to deduct music lessons and classes as business expenses? Considering I don't think I'll be making any kind of profit off music related stuff for quite awhile, would the hassle of incorporating be worth it to be able to have tax deductions when otherwise I'm making about minimum wage? Those sound like legit business expenses to me. You don't need to incorporate to claim them. Many people just use their social security number on their schedule C. If you find that in the course of doing business that you are needing to share your social security number in places you would rather not, you can apply for an EIN, which is also super easy to do.
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Aug 16, 2011 05:18
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Zeta Taskforce posted:Those sound like legit business expenses to me. You don't need to incorporate to claim them. Many people just use their social security number on their schedule C. If you find that in the course of doing business that you are needing to share your social security number in places you would rather not, you can apply for an EIN, which is also super easy to do. Would there be an issue if I don't make any profit or have any sales yet? I'll be taking theory and professional audio tech lessons, and building website and imagery for band, but that's as professional as it would be by then. Should I be worried that that might not be seen as a legit tax... thing?
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Aug 16, 2011 05:44
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Zewle posted:Would there be an issue if I don't make any profit or have any sales yet? I'll be taking theory and professional audio tech lessons, and building website and imagery for band, but that's as professional as it would be by then. Should I be worried that that might not be seen as a legit tax... thing?
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Aug 16, 2011 08:43
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Zewle posted:Would there be an issue if I don't make any profit or have any sales yet? I'll be taking theory and professional audio tech lessons, and building website and imagery for band, but that's as professional as it would be by then. Should I be worried that that might not be seen as a legit tax... thing? I'd say no. Education expenses to train for a new profession are not deductible as business expenses. See IRS Publication 970. And you're going to have audit flags all over the place with a schedule C with no revenue and nothing but expenses for a few years.
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Aug 16, 2011 16:09
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So basically, unless I manage to actually make a profit or some kind, don't try deducting expenses? Is there a line where lessons/classes go from being training for new profession to business expenses?
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Aug 16, 2011 17:10
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Zewle posted:So basically, unless I manage to actually make a profit or some kind, don't try deducting expenses? You are probably a better judge than anyone. If you are training to be a musician and that's it, then no. If you are a degree candidate, then you may be able to claim education credits, but they are not business expenses. But if you are actively putting yourself out there, networking, getting gigs, that is a different story, even if it is still a side project. Professional musicians still may take voice lessons and pay for training. Taking lessons isn't the disqualifier. Not trying to make money at it is. If you are not sure what you are, then keep records of what you are doing and you may need to consult with a tax professional to sort it out.
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Aug 16, 2011 17:42
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Zewle posted:So basically, unless I manage to actually make a profit or some kind, don't try deducting expenses? A) No, you can still claim expenses and lose money, but the burden of proof shifts from the IRS proving you're a hobby to you proving you're attempting to make a profit. B) Tough call, depends on the facts and circumstances. Pay someone for some advice, you cheap musician. 
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Aug 16, 2011 20:17
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Trying to make sense of the new rules for electing in/out of carry-over basis, including when and how to make GST elections, is seriously annoying. Since the due date for the election is 11/15/11, it'd be really great if we could get a reg or some more guidance other than one Rev. Proc. and one notice. It doesn't help that I have to present on this topic tomorrow to a whole bunch of people in my department. :\
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Aug 16, 2011 20:34
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Stupid Question: I'm doing some independent contract work this summer doing landscaping and property maintenance. I buy supplies like mulch, weedkiller, and tools, and my employer refunds me for them. I've been keeping the receipts on file. Who needs these for filing for taxes? Me or him? My employer seems to think I should, but I figure if he has covered the expense, then technically they're his, right?
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Aug 17, 2011 01:20
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WrongWay Feldman posted:Stupid Question: I'm confused. Are you an independent contractor or is he your employer? These are mutually exclusive things. As far as who can deduct the expenses for the supplies, he can since he is the one who ultimately paid for them.
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Aug 17, 2011 01:38
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WrongWay Feldman posted:Stupid Question: If the 1099-Misc includes the reimbursements then you would take the expenses.
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Aug 17, 2011 01:44
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catman posted:If the 1099-Misc includes the reimbursements then you would take the expenses. If he is going to turn around and send WrongWay a 1099 with these amounts added to it, then yes, you are right. But I have a feeling that this is quasi under the table and no one will be issuing anyone a 1099-Misc.
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Aug 17, 2011 02:52
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yeah, it's a kinda/sorta under the table kind of thing. I'm just doing some property work for a local landlord. I'm assuming that Zeta's first comment is probably the most accurate, though I'll have to talk with him to see exactly what his plan is on that.
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Aug 17, 2011 18:21
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Is there a "proper"/required way to calculate cost-basis on taxable investments sold? Via http://www.schwab.com/public/schwab/research_strategies/market_insight/financial_goals/tax/calculate_the_cost_before_you_sell.html, it suggests that First In First Out is IRS default... does that mean it's required, or could I calculate some other way. Any other resources I should know about for figuring this stuff out? Thanks.
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