US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.

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furushotakeru: Jul 20, 2004; Your Honor, why am I pink?!

AbbiTheDog posted:

How does this work for you? I've hesitated to try it for the following:

1) Clients don't know what they're doing and we chase down their errors
2) They claim "I'm doing all the work, what am I paying you for?"

My biggest issue so far has been the fact that apparently about 20-25% of my clients use Mac only (e-org doesn't run on Mac, only on windows). Another 10-15% had issues opening it, and about 10% claim to not have received the email from Lacerte with the download link. Overall I'm pretty unimpressed, although it was nice not to have to spend hundreds of dollars and 2-3 days in January printing and mailing letters and organizers for all my clients.

I always worried about these two things as well but it hasn't been as much of an issue as I thought. Many clients just check their contact data and answer the questionnaire before sending it back and don't fill out anything else, which is fine with me. I stress in my cover letter that the organizer is only for those clients who find it useful to gather their information and that they are not required to fill it out if they don't want to.

I only had one client so far ask for a discount. I told him that it doesn't actually save me any time because I have to verify everything he inputs against his source documents. However, he bought a Leaf this year and so I didn't charge him anything extra for researching and claiming the $7500 credit and I think he was OK with that.

Client accuracy doesn't seem to be an issue so far, but perhaps my staff just doesn't tell me about it if there is a problem.

# ? Mar 26, 2012 18:39

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# ? May 9, 2024 21:49

AbbiTheDog: May 21, 2007

furushotakeru posted:

I stress in my cover letter that the organizer is only for those clients who find it useful to gather their information and that they are not required to fill it out if they don't want to.

Hmmm. I make my clients fill out at least the questionnaire part of the organizer, and put "PBC" (provided by client) next to numbers they verbally tell me in the interview. Liability risk if something is missed, client just blames you.

# ? Mar 26, 2012 19:01

Small White Dragon: Nov 23, 2007; No relation.

furushotakeru posted:

My biggest issue so far has been the fact that apparently about 20-25% of my clients use Mac only (e-org doesn't run on Mac, only on windows).

Honestly, I think it'd be better as a webservice.

# ? Mar 26, 2012 20:07

AbbiTheDog: May 21, 2007

Small White Dragon posted:

Honestly, I think it'd be better as a webservice.

Considering how bad Lacerte has gotten in terms of

a) feature creep
b) software bloat
c) crashing and other issues

I'm not sure I'd trust intuit not to screw it up. They keep throwing features at it without streamlining and making the drat software run better.

# ? Mar 26, 2012 20:52

furushotakeru: Jul 20, 2004; Your Honor, why am I pink?!

AbbiTheDog posted:

Considering how bad Lacerte has gotten in terms of

a) feature creep
b) software bloat
c) crashing and other issues

I'm not sure I'd trust intuit not to screw it up. They keep throwing features at it without streamlining and making the drat software run better.

I don't know what you are talking about. Lacerte only crashes about 4-5 times a day.

# ? Mar 26, 2012 20:54

Willsun: Dec 9, 2006; I willed too hard again...

It's been a while since I did my taxes on my own but I've still made less enough to file for a 1040EZ. However, since the last time I did it back around 2006 or so, I remember having to send them off to 3 different places for federal/state/local. This time around, all I'm finding is just the one address that seems to be just for federal, or is that address for state? Do I now just send everything to that one address or am I magically not finding the other addresses?

e: I'm in California.

Willsun fucked around with this message at 17:53 on Mar 28, 2012

# ? Mar 28, 2012 17:42

Jose Cuervo: Aug 25, 2004

I received a 1099-MISC from my graduate school, with the only non-zero amount being placed in Box 7 - Nonemployee Compensation. The cheque I received (that corresponds to the amount in Box 7) was listed as an 'Honorarium Payment' on the memo, and was given to me for guest lecturing twice during the summer (I graduated in May 2011, and I guest lectured in June 2011). Am I correct in thinking that I should report this amount on Line 21 - Other Income on Form 1040? If so, what do I put down as the type? From reading Pub 525 Miscellaneous Income, this payment does not appear to fall under anything listed.

# ? Mar 29, 2012 00:16

scribe jones: Sep 17, 2008; One of the key problems in the analysis of this puzzling book is to be able to differentiate a real language from meaningless writing.

Jose Cuervo posted:

I received a 1099-MISC from my graduate school, with the only non-zero amount being placed in Box 7 - Nonemployee Compensation. The cheque I received (that corresponds to the amount in Box 7) was listed as an 'Honorarium Payment' on the memo, and was given to me for guest lecturing twice during the summer (I graduated in May 2011, and I guest lectured in June 2011). Am I correct in thinking that I should report this amount on Line 21 - Other Income on Form 1040? If so, what do I put down as the type? From reading Pub 525 Miscellaneous Income, this payment does not appear to fall under anything listed.

"Honorarium Payment"

Should probably be paying self-employment tax on the line 21 amount too, depending on facts and circumstances.

# ? Mar 29, 2012 00:31

Jose Cuervo: Aug 25, 2004

scribe jones posted:

"Honorarium Payment"

Should probably be paying self-employment tax on the line 21 amount too, depending on facts and circumstances.

Do I need to fill out a Schedule C? Or can I just report the entire amount from the 1099-MISC Box 7 on Line 2 of Schedule SE (as a profit)?

# ? Mar 29, 2012 02:04

scribe jones: Sep 17, 2008; One of the key problems in the analysis of this puzzling book is to be able to differentiate a real language from meaningless writing.

Jose Cuervo posted:

Do I need to fill out a Schedule C? Or can I just report the entire amount from the 1099-MISC Box 7 on Line 2 of Schedule SE (as a profit)?

dumping it right on the Sch SE seems fine to me

# ? Mar 29, 2012 03:29

seymore: Jan 9, 2012

Willsun posted:

It's been a while since I did my taxes on my own but I've still made less enough to file for a 1040EZ. However, since the last time I did it back around 2006 or so, I remember having to send them off to 3 different places for federal/state/local. This time around, all I'm finding is just the one address that seems to be just for federal, or is that address for state? Do I now just send everything to that one address or am I magically not finding the other addresses?

e: I'm in California.

Did you receive a W-2 this year ? Did you make enough to have to file with the IRS, state and local ? Did your W-2 have state and local amounts also listed ?

# ? Mar 29, 2012 10:22

Molten Llama: Sep 20, 2006

Just to make sure I haven't suddenly gone crazy:

1. I did contract work for a company in 2011.
2. I paid travel and meals out of my own pocket.
3. I billed them and they later reimbursed me for the travel.

Because I am not their employee, this is deducted on my Schedule C, yes?

Someone else was telling me their tax preparer said reimbursed travel is never deductible, even for independent contractors, but that makes no sense: Without the deduction, I see no way for the IRS to know that $500 was offset by a $500 expense and isn't raging profit.

Publication 463 seems to support my understanding, stating that if I adequately and separately accounted to the client, I report the expenses on my Schedule C. Am I understanding this correctly?

Molten Llama fucked around with this message at 22:42 on Mar 29, 2012

# ? Mar 29, 2012 22:39

AbbiTheDog: May 21, 2007

Molten Llama posted:

Just to make sure I haven't suddenly gone crazy:

1. I did contract work for a company in 2011.
2. I paid travel and meals out of my own pocket.
3. I billed them and they later reimbursed me for the travel.

Because I am not their employee, this is deducted on my Schedule C, yes?

Someone else was telling me their tax preparer said reimbursed travel is never deductible, even for independent contractors, but that makes no sense: Without the deduction, I see no way for the IRS to know that $500 was offset by a $500 expense and isn't raging profit.

Publication 463 seems to support my understanding, stating that if I adequately and separately accounted to the client, I report the expenses on my Schedule C. Am I understanding this correctly?

They probably included the reimbursements on your 1099, so make sure you don't miss that (and then claim the deduction).

# ? Mar 29, 2012 22:57

smackfu: Jun 7, 2004

Willsun posted:

It's been a while since I did my taxes on my own but I've still made less enough to file for a 1040EZ. However, since the last time I did it back around 2006 or so, I remember having to send them off to 3 different places for federal/state/local. This time around, all I'm finding is just the one address that seems to be just for federal, or is that address for state? Do I now just send everything to that one address or am I magically not finding the other addresses?

The confusion is because the IRS is only going to tell you stuff about federal tax. So even that is a page for California people, it's only about federal; they just have different IRS offices around the country to send stuff to.

The California state tax info is over here:
https://www.ftb.ca.gov/index.shtml?disabled=true

I'd suggest trying to do their online filing because it's free and easy and saves you a stamp.

# ? Mar 29, 2012 23:51

furushotakeru: Jul 20, 2004; Your Honor, why am I pink?!

Molten Llama posted:

Just to make sure I haven't suddenly gone crazy:

1. I did contract work for a company in 2011.
2. I paid travel and meals out of my own pocket.
3. I billed them and they later reimbursed me for the travel.

Because I am not their employee, this is deducted on my Schedule C, yes?

Someone else was telling me their tax preparer said reimbursed travel is never deductible, even for independent contractors, but that makes no sense: Without the deduction, I see no way for the IRS to know that $500 was offset by a $500 expense and isn't raging profit.

Publication 463 seems to support my understanding, stating that if I adequately and separately accounted to the client, I report the expenses on my Schedule C. Am I understanding this correctly?

You only deduct the expense if you include the reimbursement in your gross income. Most companies that issue 1099's fail to differentiate between reimbursements and service fees when totaling up what they pay you, so check their math. In most cases it is a zero net difference anyhow (ie: add $1,000 to your income and deduct $1,000 in expenses), but if they were reimbursing you for meals or entertainment remember that these expenses are only 50% deductible (ie: add $1,000 to your income and deduct $500) so that can burn you.

# ? Mar 29, 2012 23:58

Kwik: Apr 4, 2006; You can't touch our beaver.

So when I (don't) win half a billion bucks in the Mega Millions tomorrow night, what sort of tax issues should I be on the lookout for?

# ? Mar 30, 2012 01:56

scribe jones: Sep 17, 2008; One of the key problems in the analysis of this puzzling book is to be able to differentiate a real language from meaningless writing.

Kwik posted:

So when I (don't) win half a billion bucks in the Mega Millions tomorrow night, what sort of tax issues should I be on the lookout for?

Don't do this: http://www.givnerkaye.com/tax-court-serves-big-loss-to-waffle-house-waitress/

# ? Mar 30, 2012 02:15

AbbiTheDog: May 21, 2007

Kwik posted:

So when I (don't) win half a billion bucks in the Mega Millions tomorrow night, what sort of tax issues should I be on the lookout for?

Every few years some clown declares his lotto winnings as capital gains and loses badly in tax court. Don't do that.

# ? Mar 30, 2012 03:25

smackfu: Jun 7, 2004

I read somewhere that taking the annuity is much better from a tax perspective, but not sure if that is true.

# ? Mar 30, 2012 04:28

Kwik: Apr 4, 2006; You can't touch our beaver.

smackfu posted:

I read somewhere that taking the annuity is much better from a tax perspective, but not sure if that is true.

If someone wants to crunch the numbers, right now the jackpot is estimated to be 540 million, though it's probably going to grow based on sales (figure that on Wednesday, the initial estimate was a 476 million jackpot. I'm thinking we're gonna settle in somewhere in the 580-600 million range.) If there is only one winner, their option is either a lump sum payout of somewhere around 390 million, or 26 annual payments of around 21 million. Of course, if there is more than 1 winner, then the pot starts getting divvied up.

# ? Mar 30, 2012 04:47

furushotakeru: Jul 20, 2004; Your Honor, why am I pink?!

Kwik posted:

If someone wants to crunch the numbers, right now the jackpot is estimated to be 540 million, though it's probably going to grow based on sales (figure that on Wednesday, the initial estimate was a 476 million jackpot. I'm thinking we're gonna settle in somewhere in the 580-600 million range.) If there is only one winner, their option is either a lump sum payout of somewhere around 390 million, or 26 annual payments of around 21 million. Of course, if there is more than 1 winner, then the pot starts getting divvied up.

Well, see the maximum rate of taxation starts at about $330K of taxable income, so...

# ? Mar 30, 2012 05:38

smackfu: Jun 7, 2004

Kwik posted:

So when I (don't) win half a billion bucks in the Mega Millions tomorrow night, what sort of tax issues should I be on the lookout for?

I'm thinking establishing residency in a state with no income tax would be a good first step, ASAP. I'm not sure how well that would work, but I would definitely explore it.

Kwik posted:

If someone wants to crunch the numbers, right now the jackpot is estimated to be 540 million, though it's probably going to grow based on sales (figure that on Wednesday, the initial estimate was a 476 million jackpot. I'm thinking we're gonna settle in somewhere in the 580-600 million range.) If there is only one winner, their option is either a lump sum payout of somewhere around 390 million, or 26 annual payments of around 21 million. Of course, if there is more than 1 winner, then the pot starts getting divvied up.

Here's my try:
https://docs.google.com/spreadsheet/ccc?key=0Avgl73A7ZcthdGNjRFNYMFFqNnlKMjRQSGRJbDNWVXc

Assuming this is right, it looks like the only important variable is investment return rate (modified by capital gains tax rate). If you can get over 3.65% returns, you should take the lump sum. Under, you should take the annuity.

smackfu fucked around with this message at 15:49 on Mar 30, 2012

# ? Mar 30, 2012 15:47

furushotakeru: Jul 20, 2004; Your Honor, why am I pink?!

The question was "from a tax perspective". Strictly from a tax perspective it doesn't matter which you do, assuming tax rates stay the same over the next 20 years. If you assume tat tax rates will increase it might make sense to take the lump sum, but who knows.

# ? Mar 30, 2012 16:33

AbbiTheDog: May 21, 2007

smackfu posted:

I'm thinking establishing residency in a state with no income tax would be a good first step, ASAP. I'm not sure how well that would work, but I would definitely explore it.

Problem is you've "constructively received" the income when the winning numbers are drawn, so moving after the fact wouldn't do you much good.

# ? Mar 30, 2012 16:50

Jose Cuervo: Aug 25, 2004

Does anyone have any experience with filing their federal taxes through the Free File Fillable Forms? My return was rejected by them with the following reason given:

code:

Form 1040, Line 21 'TotalOtherIncomeAmt' must be equal to the sum of Line 21, 'NetOperatingLossDeductionAmt' 
and all occurrences of ( 'OtherIncomeAmt' in (OtherIncomeTypeStatement) attached to Line 21).

I asked a question earlier in the thread regarding an Honorarium payment. The payment is the only amount I put down on Line 21 - Other Income, and I attached the Schedule SE corresponding to SE tax paid on that amount to my return. So I am at a loss as to what this error is telling me to do. Any thoughts?

# ? Mar 30, 2012 18:01

Molten Llama: Sep 20, 2006

AbbiTheDog posted:

They probably included the reimbursements on your 1099, so make sure you don't miss that (and then claim the deduction).

It was a short job in a resort town during peak season, so I didn't get a 1099. Consult fee was below the reporting threshold, travel reimbursement (by my reading and the Fortune company's A/P department) didn't require reporting in this case. Hence my trepidation. Got a single check, a crazy idea from a colleague, and nothing but my own invoices dictating what the lump of cash was for.

furushotakeru posted:

You only deduct the expense if you include the reimbursement in your gross income. Most companies that issue 1099's fail to differentiate between reimbursements and service fees when totaling up what they pay you, so check their math. In most cases it is a zero net difference anyhow (ie: add $1,000 to your income and deduct $1,000 in expenses), but if they were reimbursing you for meals or entertainment remember that these expenses are only 50% deductible (ie: add $1,000 to your income and deduct $500) so that can burn you.

That meshes up with how I've always understood it. If I don't get a 1099, I've historically included the whole payment in the gross and then taken deductions. Maybe that's a terrible audit-inducing idea, but on its face it seems less likely to make my life a living hell if I do get audited. (And it's what my parents' tax preparer suggested several years ago.) "So, Mr. Llama, what's up with all these business deposits you didn't declare in your gross income?" vs. "Here are the books, here are my deductions, here's the supporting documentation for those deductions."

Thanks guys and/or girls.

# ? Mar 30, 2012 18:57

AbbiTheDog: May 21, 2007

Molten Llama posted:

Thanks guys and/or girls.

Pretty sure we have no females who post in this section. Heck, most of the questions asked are from guys.

# ? Mar 30, 2012 20:00

Actie: Jun 7, 2005

Has anyone in New York (or elsewhere, I guess) had issues with the Paycheck City paycheck calculator (http://www.paycheckcity.com/coCompuPay2/netpaycalculator.asp)? All the federal stuff matches my own calculations (made using tax-rate tables published by the IRS). But the NYS and NYC numbers are different from my calculations (made using state and city tax-rate tables).

My income is about to change, and I just want as accurate a picture as possible of what my new paycheck deductions will look like. It's hard to tell whether I'm messing up somewhere, or whether Paycheck City is. I'd assume I am, but then, I must be capable of calculating taxes, because my federal-income-tax number is the same as the calculator's . . .

# ? Apr 1, 2012 00:37

Jose Cuervo: Aug 25, 2004

Question about Maryland State taxes. I am a part-year resident for 2011 (I lived in NC from January through September 2011, and in MD from October through December 2011). I am having a hard time understanding the 'Additions to Income' and 'Subtractions from Income' portion of Form 502 (which I have to fill out as a part-year resident).

Suppose my income was as follows: $40000 of Form 1040 line 7 income, $500 in interest, -$3000 in capital losses, and $1000 in other income for an AGI of $38500. And suppose that $30000 of the W2 income, $300 of the interest, $2000 capital gains, and the $1000 other income were incurred was while I was in NC (-$5000 in capital losses were incurred during December 2011 while in MD). Finally, lines 23-35 on my 1040 are blank, except for line 27 because I filed a Schedule SE for the other income.

The instructions for line 5 of Form 502 state:

code:

OTHER ADDITIONS TO INCOME. a. Part-year residents: losses or adjustments 
to federal income that were realized or paid when you were a nonresident 
of Maryland.

Do the 'losses or adjustments' refer to:
a. Any amounts on lines 23-35 of Form 1040 (in my case this means only the amount on line 27)?
b. The $300 of the interest, $2000 capital gains, and the $1000 other income that were incurred was while I was in NC?
c. Something else?

The instructions for line 12 of Form 502 state:

code:

Complete the subtractions from income area using Instruction 13. You may 
include only subtractions from income that apply to income subject to 
Maryland tax. Include on line 12 any income received during the part of 
the year when you were not a resident of Maryland.

So for line 12 of Form 502 I put down the $30000 of the W2 income, $300 of the interest, $2000 capital gains, and the $1000 other income that was incurred was while I was in NC, correct?

# ? Apr 2, 2012 14:47

Nair McBoodles: Aug 24, 2003; This ain't nothing but a summer jam. We're gonna party as much as we can.

I'm trying to figure out what to do with two amounts that I got from banks that don't seem to fit under the standard Schedule B categories. First, I opened a checking account in 2011 that came with a $25 sign-up bonus. Second, I get 10 cents every time I use my debit card through my checking account which has netted me a total of nine dollars in 2011. If I do have to report the sign-up bonus, where do I put it in schedule B? Do I have to report my meager earnings through debit card use bonuses, and if so, where do I put it? My bank has not issued any forms for either of these.

Thanks a lot. I know that I'm dealing with the smallest amounts of money, but I'm terrified of the IRS.

# ? Apr 4, 2012 20:02

AbbiTheDog: May 21, 2007

Nair McBoodles posted:

I'm trying to figure out what to do with two amounts that I got from banks that don't seem to fit under the standard Schedule B categories. First, I opened a checking account in 2011 that came with a $25 sign-up bonus. Second, I get 10 cents every time I use my debit card through my checking account which has netted me a total of nine dollars in 2011. If I do have to report the sign-up bonus, where do I put it in schedule B? Do I have to report my meager earnings through debit card use bonuses, and if so, where do I put it? My bank has not issued any forms for either of these.

Thanks a lot. I know that I'm dealing with the smallest amounts of money, but I'm terrified of the IRS.

Interest income.

The under $10 amount might not have even come on a 1099-INT.

# ? Apr 4, 2012 20:29

Travic: May 27, 2007; Getting nowhere fast

Nothing to see here

Travic fucked around with this message at 09:10 on Apr 5, 2012

# ? Apr 5, 2012 08:51

seymore: Jan 9, 2012

Jose Cuervo posted:

Question about Maryland State taxes. I am a part-year resident for 2011 (I lived in NC from January through September 2011, and in MD from October through December 2011). I am having a hard time understanding the 'Additions to Income' and 'Subtractions from Income' portion of Form 502 (which I have to fill out as a part-year resident).

Suppose my income was as follows: $40000 of Form 1040 line 7 income, $500 in interest, -$3000 in capital losses, and $1000 in other income for an AGI of $38500. And suppose that $30000 of the W2 income, $300 of the interest, $2000 capital gains, and the $1000 other income were incurred was while I was in NC (-$5000 in capital losses were incurred during December 2011 while in MD). Finally, lines 23-35 on my 1040 are blank, except for line 27 because I filed a Schedule SE for the other income.

The instructions for line 5 of Form 502 state:
code:
OTHER ADDITIONS TO INCOME. a. Part-year residents: losses or adjustments 
to federal income that were realized or paid when you were a nonresident 
of Maryland.
Do the 'losses or adjustments' refer to:
a. Any amounts on lines 23-35 of Form 1040 (in my case this means only the amount on line 27)?
b. The $300 of the interest, $2000 capital gains, and the $1000 other income that were incurred was while I was in NC?
c. Something else?

The instructions for line 12 of Form 502 state:
code:
Complete the subtractions from income area using Instruction 13. You may 
include only subtractions from income that apply to income subject to 
Maryland tax. Include on line 12 any income received during the part of 
the year when you were not a resident of Maryland.
So for line 12 of Form 502 I put down the $30000 of the W2 income, $300 of the interest, $2000 capital gains, and the $1000 other income that was incurred was while I was in NC, correct?

I have been up since 3:30 am so I may be delirious but all you are doing is backing out on line 12 the income you received while living in NC.

# ? Apr 5, 2012 11:37

Trash Can Man: May 31, 2005; I work until beer o'clock.

Hey do I include the CUSIP Number with the description on the 1099-B form?

Edit:

Also if I have multiple purchases and sales of the same security but on different dates do I report the subtotal with "multiple dates" or enter each sale individually. (Also for 1099-B)

Trash Can Man fucked around with this message at 18:05 on Apr 5, 2012

# ? Apr 5, 2012 17:38

AbbiTheDog: May 21, 2007

Trash Can Man posted:

Hey do I include the CUSIP Number with the description on the 1099-B form?

Edit:

Also if I have multiple purchases and sales of the same security but on different dates do I report the subtotal with "multiple dates" or enter each sale individually. (Also for 1099-B)

No CUSIP required.

For multiple sales, IRS technically wants individual sales but I subtotal off the 1099-B entirely (example - "Charles Schwab #1234 L/T $XXXX). I've never had the IRS ask for details. Not sure the IRS is even auditing this - there's an auditor that lurks on the board, not sure they want to pipe up on this though.

You can efile with PDF attachments for detail as well.

# ? Apr 5, 2012 18:45

Tasty_Crayon: Jul 29, 2006; Same story, different version.

I sell jewelry in addition to my regular job. This year is the first I've had a sales tax permit and over Christmas I made around 800$ (non taxable since it was consignment). What do I need to fill out in addition to the w-2?

# ? Apr 5, 2012 20:17

scribe jones: Sep 17, 2008; One of the key problems in the analysis of this puzzling book is to be able to differentiate a real language from meaningless writing.

AbbiTheDog posted:

No CUSIP required.

For multiple sales, IRS technically wants individual sales but I subtotal off the 1099-B entirely (example - "Charles Schwab #1234 L/T $XXXX). I've never had the IRS ask for details. Not sure the IRS is even auditing this - there's an auditor that lurks on the board, not sure they want to pipe up on this though.

You can efile with PDF attachments for detail as well.

are PDF e-file attachments live yet? we do them for 1120s but I don't think they are working for personals yet.

I also like using CUSIPs, because gently caress keeping track of tickers. 9 digits for life :q:

# ? Apr 5, 2012 20:32

AbbiTheDog: May 21, 2007

scribe jones posted:

are PDF e-file attachments live yet? we do them for 1120s but I don't think they are working for personals yet.

I also like using CUSIPs, because gently caress keeping track of tickers. 9 digits for life

I make my admin staff efile. I have no idea if it's live or not.

# ? Apr 5, 2012 21:42

seymore: Jan 9, 2012

Tasty_Crayon posted:

I sell jewelry in addition to my regular job. This year is the first I've had a sales tax permit and over Christmas I made around 800$ (non taxable since it was consignment). What do I need to fill out in addition to the w-2?

I am not quite sure what you mean. If you " made " $ 800 does that mean you had profits of that much ? If so how is it nontaxable ?

# ? Apr 6, 2012 04:15

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# ? May 9, 2024 21:49

Damn Bananas: Jul 1, 2007; You humans bore me

This has nothing to do with my own taxes, but I was just curious about something I see constantly with a family business I know...

Background: One of the family members works at the company in Dallas but still lives in Houston because his wife doesn't want to move. It's been almost year, and he still drives up once a week to stay like 3-4 days in a row with his brother, then drives back. (that's a huge E/N on its own)

Whenever the parents (owners) take a trip down to Houston to visit their son and his wife and kids (like this weekend for Easter), they write it off as a business expense because they say if they talk about work with the son at all, it is a business meeting and therefor a business trip and can write it off as a business expense. I've been on these trips with them, and the "business meeting" is them, while driving to dinner or something, saying "Hey, should Bob get a raise? Hahahahaha alright, great meeting guys!". This happened even when the son didn't work for them. Just a joking 1-sentence blurb about work makes the entire weekend a business trip? They write off all the food, hotel rooms, and gas (almost always multiple cars for 3 maybe 4 people).

My nose most certainly doesn't belong, but I can't help but be curious. I feel it's really unethical but wondering about the legality.

# ? Apr 6, 2012 16:29

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.

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