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Thanks guys!
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Nov 21, 2011 21:02
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furushotakeru posted:Also note that partners in a partnership/LLC/LLP or employees of an S-Corp that own more than 2% of the company cannot receive tax free education benefits. Does this apply to family members of said 2% S-Corp owner/employees?
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Nov 21, 2011 21:05
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quote:per AbbiTheDog, "Education expenses to train for a new profession are not deductible as business expenses." http://forums.somethingawful.com/sh...0#post394578792 Whoa now, Abbi was referring to deducting business expenses on Schedule A. TotallyGreen is asking about running a tuition reimbursement program for his employees through his company. This is not the same as an individual deducting his higher education expenses as a business expense. TotallyGreen can do this, and deduct the expense. Any tuition expenses would have to reported on the employee's wages as income, unless TotallyGreen has a educational assistance program, which Furu linked. Educational Assistance programs have separate rules, and the idea is that the first $5,250 of tuition payments by the employer to the employee's tuition expenses can be excluded from the employee's wages. It has nothing to do with deducting the expense from the employer's perspective. The employer can deduct the expense regardless of what the employee is studying, as long as the tuition is being reported on the employee's W-2. It's just a different form of compensation. Again, I'm assuming the employee in question is not related to TotallyGreen. Admiral101 fucked around with this message at 23:46 on Nov 21, 2011 |
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Nov 21, 2011 21:19
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Mandalay posted:Does this apply to family members of said 2% S-Corp owner/employees? I believe yes. Constructive ownership would be what is considered, which means the family unit would be considered as one owner and any employee that is part of that unit would be considered a 2% shareholder. Otherwise every S-corp owner would be paying for their kid's college tuition this way.
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Nov 21, 2011 21:20
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Admiral101 posted:Whoa now, Abbi was referring to deducting business expenses on Schedule A. *grumbles* Takes my notes out of context....grrrrrr.....*grumbles*
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Nov 21, 2011 23:10
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AbbiTheDog posted:*grumbles* Takes my notes out of context....grrrrrr.....*grumbles* My bad. Thanks for setting things straight, Admiral101.
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Nov 21, 2011 23:21
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I have been living and working overseas for nearly 4 years now. I haven't set foot in the U.S. in that time, so I wasn't really concerned about taxes and all that due to mix of short-sightedness and laziness. I actually didn't even file in this country even though I was supposedly getting taxes deducted from my pay. Anyways, I haven't filed a tax return at all during this time, but at the same time, I haven't made anywhere near the cap on the exemption amount. My income has been like half that on or even less some years. I am actually preparing to move back to the U.S. in a couple weeks and will be preparing to wire over 10k USD back to the U.S. before I leave here (maybe around 15k total depending on the exchange rate). Can I expect to be getting a call from the IRS asking for a nice chunk of my money? Or can I file the returns retroactively and be okay? Or can I just safely assume the IRS won't be calling me regardless of what I do. I should probably add that I have probably sent over 10k back to my U.S. account via wire transfer during my four years here, if that matters at all Also, all this may or may not be further complicated by the fact that I worked as a contractor for the better part of 3 years, so I have no pay stubs or anything like that to prove my income. I usually just got paid in cash. Any information would be appreciated.
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Nov 24, 2011 04:14
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madcow posted:I have been living and working overseas for nearly 4 years now. I haven't set foot in the U.S. in that time, so I wasn't really concerned about taxes and all that due to mix of short-sightedness and laziness. I actually didn't even file in this country even though I was supposedly getting taxes deducted from my pay. I would file for two reasons. 1) Keep the IRS from hassling you over filing 2) Start the statute of limitations for examinations running. Second issue - look into From TDF 90-22.1. The IRS and FBI do examine overseas wires, and they have been some rule changes in the past few years regarding the penalties for not filing the form. Hate to see your wires trigger an examination and penalties.
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Nov 28, 2011 17:36
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I'm about to start a new job and I've decided that I'd like to take home as much of my paycheck as possible and pay any taxes I owe at the end of the year. In order to do this, how many deductions should I be looking to take?
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Nov 28, 2011 21:39
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quote:I'm about to start a new job and I've decided that I'd like to take home as much of my paycheck as possible and pay any taxes I owe at the end of the year. In order to do this, how many deductions should I be looking to take? After shaking my magic 8-ball, it recommends "Yes"
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Nov 28, 2011 21:51
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Admiral101 posted:After shaking my magic 8-ball, it recommends "Yes" 42.
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Nov 29, 2011 00:41
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And don't forget to claim Alien. e: Anyone else remember the days that if a person claimed a huge amount on the W-4, it had to be sent to the IRS?
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Nov 29, 2011 03:32
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I just started getting paid at my new job and am very confused about the change in how this state does things. I was getting paid by the state of Texas. There I got paid a salary, and my benefits were just benefits, I didn't have to pay my health insurance deductible. I moved with my boss to the godawful State of Maryland, where they do things differently. Here I still get my healthcare "paid for" but instead of just paying it themselves they give me extra money on my paycheck and then I have to pay for my health insurance with the state out of my checking account. This is a very not-insignificant amount of money compared to my salary, and it appears that I pay both state and federal income taxes on this "extra salary". The internet appears to tell me that I can only deduct these premiums (since I am paying taxes on them) if I pay over $7500 in medical expenses (which won't happen). Am I just hosed, paying $160 more per month in taxes because the state of Maryland pays me a medical insurance stipend instead of just paying my premium for me? Somehow I got a new job that pays $2k more per year (not including the stipend) which nominally has the same benefits, but even excluding state income taxes which I didn't have to pay for in Texas I take home $200 less per month. OnceIWasAnOstrich fucked around with this message at 22:10 on Nov 30, 2011 |
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Nov 30, 2011 22:03
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quote:I just started getting paid at my new job and am very confused about the change in how this state does things. I was getting paid by the state of Texas. There I got paid a salary, and my benefits were just benefits, I didn't have to pay my health insurance deductible. It sounds like your employer is just having you pay for part of your health insurance premiums. This is not uncommon. It also sounds like you have an option to elect out of the medical insurance in favor of a slightly higher salary. This isn't uncommon either. It has nothing to do with living in Texas vs Maryland, except for how those governments evidently handle their employees' medical insurance. You can potentially deduct these premiums on your taxes. However, you first have to itemize on your taxes. Second, your total medical expenses for the year have to exceed 7.5% of your agi. Your AGI is just your salary/income less any adjustments such as student loan interest or moving expenses (you may want to look into the latter - unreimbursed moving expenses are potentially deductible for you regardless if you itemize or not). If your medical expenses do exceed 7.5% of your agi (which it probably doesn't), then the excess is deductible from your taxes. It's a lovely deduction in general.
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Nov 30, 2011 22:18
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Don't forget the floor increases to 10% of AGI in January! THANKS OBAMACARE!!!!
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Nov 30, 2011 22:23
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I know convenience fees on taxes are deductible as miscellaneous payments subject to the 2% AGI floor, but what about convenience fees on OTHER (partially or fully) deductible items?
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Dec 1, 2011 09:10
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Small White Dragon posted:I know convenience fees on taxes are deductible as miscellaneous payments subject to the 2% AGI floor, but what about convenience fees on OTHER (partially or fully) deductible items? Like what?
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Dec 1, 2011 09:14
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furushotakeru posted:Like what?
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Dec 1, 2011 10:23
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Small White Dragon posted:Rent or utilities (at least, for the percentage allowed for home business use), courses taken for work purposes, .etc. I would include them in the deductions
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Dec 1, 2011 15:12
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furushotakeru posted:Don't forget the floor increases to 10% of AGI in January! THANKS OBAMACARE!!!! More the reason to have an HSA (which is being gimped as well) 
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Dec 1, 2011 18:33
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LorneReams posted:More the reason to have an HSA (which is being gimped as well) What is changing on for HSAs?
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Dec 1, 2011 19:33
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taqueso posted:What is changing on for HSAs? Limits dropping, and more exclusions.
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Dec 1, 2011 19:41
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Could use any tips you guys may have. I'm not much of an income tax guy, here's my facts: Client has owned buckets of foreign currency in physical form, which she may or may not have just cashed in at a bank. The question is whether she owes US income tax upon converting the currency into the US dollar. At least, I think that's the question at the moment. I am assuming for the moment that the currency was not akin to a coin collection - the currency was not worth anything above its face value. Any thoughts on where to look for a discussion of this? I just read sections 985-989 but they don't seem applicable. edit: ok I think I found some resources, but I'll leave this up in case someone has any thoughts entris fucked around with this message at 20:02 on Dec 1, 2011 |
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Dec 1, 2011 19:59
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entris posted:Could use any tips you guys may have. http://www.taxbarron.com/articles/currency_conversions.php http://www.rpifs.com/offshoretax/otcurrency.htm This help? Also see my above note about the TDF form requirement several posts up.
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Dec 1, 2011 20:02
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LorneReams posted:Limits dropping, and more exclusions. Is this for 2013? When I searched for "HSA changes 2012" I found pages saying the individual contribution limit is increasing by $50.
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Dec 1, 2011 20:04
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AbbiTheDog posted:http://www.taxbarron.com/articles/currency_conversions.php Quite helpful, thanks - easier to read those articles and then dive into the technical treatises. I don't think we have to file that TDF form: as far as I know, she doesn't have any foreign accounts, she physically possessed the foreign currency in (essentially) a suitcase. I have no idea how long she's held it for, or where she got it; hopefully those facts will come out tomorrow when we meet with her.
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Dec 1, 2011 20:17
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entris posted:as far as I know, she doesn't have any foreign accounts, she physically possessed the foreign currency in (essentially) a suitcase.  Enjoy when the FBI shows up asking about her. Don't drop the soap.
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Dec 1, 2011 21:06
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Were they Iraqi Dinars? (or Nazi Deutschemarks?) 
Hufflepuff or bust! fucked around with this message at 05:43 on Dec 2, 2011 |
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Dec 2, 2011 05:40
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No no you guys, I think she's crazy not criminal.
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Dec 2, 2011 05:44
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kaishek posted:Were they Iraqi Dinars? Hahahaha turns out that yes my client purchased several million dollars of Iraqi dinars ("million dollars" in Iraqi dinars, not US dollars). Now I have to figure out the tax treatment if the dinars rise in value and she exchanges them for US dollars. Also I have to address how this investment will affect her estimated payments and whatnot. Who the gently caress invests in Iraqi dinars? LOL
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Dec 2, 2011 18:06
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entris posted:Hahahaha turns out that yes my client purchased several million dollars of Iraqi dinars ("million dollars" in Iraqi dinars, not US dollars). A friend of mine bought $500 worth of dinar at some point, causing much laughter. I think he got it on ebay.
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Dec 2, 2011 18:12
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entris posted:Who the gently caress invests in Iraqi dinars? people who don't google "<x> scam" before investing all their money in <x>, apparently
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Dec 2, 2011 19:25
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scribe jones posted:people who don't google "<x> scam" before investing all their money in <x>, apparently So I just googled that and got this website which seemed like a legit article until I got to quote:As I have stated in previous articles, the world is moving towards hyperinflation and the elimination of all paper currencies. The PTB don't like cash because it is too difficult to monitor personal transactions and creates the opportunity for political dissidents to function outside of the grid. Hahahaha what the gently caress
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Dec 2, 2011 19:56
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You laugh now but I cashed out my 401(K) and invested it into silver bullets in preparation of the forthcoming werewolf uprising. They are currency AND ammunition! 
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Dec 2, 2011 20:06
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furushotakeru posted:You laugh now but I cashed out my 401(K) and invested it into silver bullets in preparation of the forthcoming werewolf uprising. They are currency AND ammunition! If you hurry, you can have a Nigerian prince help you move those to another bank account.
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Dec 2, 2011 20:47
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My gramdma died Dec 2010, They did not do the estate stuff until sometime early this year. My dad gave me some US savings bonds she had for me, some in her name payable on death to me and some only in my name. I don't know if these were mentioned in the will or if they were just found in her deposit box. I've not cashed them, Would I need to do anything for 2011 taxes on this? In the future when I cash them, since they are maybe or maybe not considered an inheritance, do I have to do anything outside of whatever is normally done on taxes for cashing a savings bond? edit: slightly o/t, if anyone reading knows, what I have is some series I savings bonds from 2001 and 2002 and some series EE from 2005. Is it best to leave the money in those bonds or put it into a cd or something? Vin BioEthanol fucked around with this message at 21:19 on Dec 2, 2011 |
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Dec 2, 2011 21:15
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Wagonburner posted:My gramdma died Dec 2010, They did not do the estate stuff until sometime early this year. What state are you in?
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Dec 2, 2011 21:37
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Hey guys, small non-profit income tax question but kind of a weird one. I live in a condo complex with a whole bunch of storefronts underneath me that have been vacant for months to years (poor area). I am an IT professional and have piles of hand-me-down computers. I'm thinking of convincing an owner there to let me plant a small non-profit operation in one of those spaces, basically just set up PCs, a cable modem, and appropriate insurance, as a kind of free internet cafe where people can come in and Skype back to their home countries or play facebook games. There's a lot of immigrants here and many have no access to decent computers. Plus I grew up here and I know there's gently caress-all for kids to do after school. I don't want to found some bigass charity with a board of directors and everything. I just want to know if there's a way I can tell the landlord "Hey instead of having this place sit empty, donate rent to me and you can write it off" and have it be cool with the IRS. I was reading if you don't make $5000 more than you spend, you can be tax-exempt automatically with no filing fees. Am I misinterpreting that or is this doable?
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Dec 2, 2011 21:41
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entris posted:What state are you in? OK. she was KS if that matters.
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Dec 2, 2011 22:05
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I recently completed a Masters Degree in Managing IT while working full time in IT. Is the cost of my education tax deductible in some way since I was paying for education to improve my job skills? There was a case last year where a nurse won a lawsuit with the IRS because she had written off her MBA as career related but my situation should be more straight forward, no? I used the Lifetime Learning credit during my 2010 filing but I am wondering if I am entitled to something else? Obviously, this is the kind of thing I need to go see an accountant for, but I don't want to show up for something stupid that I'm not entitled to. tadashi fucked around with this message at 22:54 on Dec 2, 2011 |
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Dec 2, 2011 22:52
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