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Small White Dragon posted:What the best/most interesting gift you guys have gotten from a client? No way I am answering that in a public channel. Happy April 17th guys, hope you can go relax some. I am off to eat, and drink, too much.
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Apr 18, 2012 00:16
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If I graduated with $20,000 in student debt and paid $800 in interest but was unemployed and had zero income, can I carry forward this deduction? Can I carry forward other deductions? Googling online doesn't say no -- but I've founds lots and lots of yes to charitable and capital loss deductions.
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Apr 18, 2012 01:57
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quote:If I graduated with $20,000 in student debt and paid $800 in interest but was unemployed and had zero income, can I carry forward this deduction? No. quote:Can I carry forward other deductions? Maybe? As you've already read, it can vary. Stuff like charitable contributions, capital losses, foreign taxes can carry forward. Student Loan interest, mortgage interest, real estate taxes, etc cannot. Most deductions cannot be carried forward.
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Apr 18, 2012 02:02
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Admiral101 posted:No. Thanks. The only other expenses are job-search related and educational expenses. gently caress THIS SYSTEM
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Apr 18, 2012 02:13
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I don't even know what I'm supposed to file here. I have one W-2 and one 1099-MISC. I had a normal job for a couple of months, that's where the W-2 comes from (I know how do deal with that). For most of the year I worked and was paid straight cash for my other job, that's where the 1099-MISC comes from (he lists all his "employees" as Independent Contractors, so no taxes withheld or taken out). Do I really have to use a 1040? Cause I was just trying that and when I got to Line 21 the instructions said not to list "nonemployee compensation" on that line.
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Apr 18, 2012 06:12
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I'm going to donate part of my insect collection to a certified institution's extension office. They say I can write it off, and I am the one who judges the value of what I'm donating. I did some research and it seems quite a few collectors do this every year around the country, to the average tune of $4,995, just below the amount where you would need to get the donation appraised. My question is, what's keeping me from saying that what I donate is worth that amount? Or for that matter, any donation of clothing or household items I make to Goodwill? Is there anything standing in my way? How much benefit can I expect to make from the donation?
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Apr 18, 2012 07:43
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quote:I don't even know what I'm supposed to file here. You will be reporting it on Schedule C, and then schedule SE. Enjoy your self-employment tax (also, you're late, and are risking late filing penalties at this point if you owe - which you probably will) quote:My question is, what's keeping me from saying that what I donate is worth that amount? Or for that matter, any donation of clothing or household items I make to Goodwill? Is there anything standing in my way? How much benefit can I expect to make from the donation? You will need to file form 8283. You can find more information, such as recordkeeping requirements etc, on http://www.irs.gov/charities/charitable/article/0,,id=123202,00.html Whether you actually receive much or any benefit from this depends on whether you itemize or not.
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Apr 18, 2012 12:27
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Admiral101 posted:You will be reporting it on Schedule C, and then schedule SE. Enjoy your self-employment tax (also, you're late, and are risking late filing penalties at this point if you owe - which you probably will) Yeah, hoping that since 1/4 of my income was handled normally (W-2 and all that) and that since I barely broke into 5 figures last year, it'll all even out.  Thank you, my friend.
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Apr 18, 2012 12:56
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BirdOfPlay posted:Yeah, hoping that since 1/4 of my income was handled normally (W-2 and all that) and that since I barely broke into 5 figures last year, it'll all even out. You'll still be liable for the flat 13.3% self employment tax on the 1099 income, regardless of how much you made overall. Make sure to deduct whatever expenses you may have had as an "employee" on your schedule C (excluding stuff like lunches). What your employer is doing is illegal. You also may be eligible for the earned income tax credit, depending on your circumstances.
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Apr 18, 2012 13:18
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Oh look, another thank you video from Jill Ward at Lacerte. Must mean they are about to express their appreciation by jacking up their prices another 15% like last year. Probably someone decided that DMS and Lacerte crashing 5 or 6 times a day for each of my staff is insufficient so they'll make it do that more frequently too.
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Apr 19, 2012 16:01
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Back again, if you were trying to find actual tax rules on IRA income is treated in an estate, where would you find them? Would it be online or in a library somewhere in DC? Does the IRS have a library go to look up this stuff? I live in DC and I do research at the Library of Congress all the time. There should be a book or something to look at somewhere. Edit: NM, found the actual publication online (559) after doing some digging. It seems to check out what everyone said. Ardennes fucked around with this message at 21:00 on Apr 19, 2012 |
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Apr 19, 2012 20:48
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Super Grub posted:I'm going to donate part of my insect collection to a certified institution's extension office. They say I can write it off, and I am the one who judges the value of what I'm donating. I did some research and it seems quite a few collectors do this every year around the country, to the average tune of $4,995, just below the amount where you would need to get the donation appraised. If your are audited, the IRS will ask that you prove your donation's fair market value. If you cannot do so to their satisfaction then you obviously run the risk of having the deduction denied which will in turn result in additional tax, penalties and interest being assessed. How much you benefit from the deduction basically depends upon what your tax rate is. Figure out your tax rate, multiply that rate times the value of the deduction. The result is your tax benefit.
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Apr 19, 2012 21:18
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Ardennes posted:It seems to check out what everyone said. Don't know why you wouldn't implicitly trust an anonymous internet message board. Would seem to be trustworthy.
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Apr 19, 2012 22:30
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Dude, why aren't you still drunk.
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Apr 19, 2012 23:33
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Payment question: I owe this year and chose to go the multiple payment route. I put in all my bank info and requested payment dates. My return was accepted. Now TurboTax is telling me I need to mail the IRS a 1040-V and a check. Why am I being told to mail the IRS a check when I gave them my payment info already?
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Apr 20, 2012 17:07
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When states charge penalties for not filing/paying on time, the penalty is a percentage of what's owed, right? So what do they do if you didn't owe anything but don't file on time?
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Apr 21, 2012 23:22
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I'm in a weird situation and can't figure out what to do. I'm currently claimed as a dependent by my parents. I am getting married this July, however, and recognize that I need to reflect that status in my taxes. My fiancee and I will both be full-time students working part-time for the school and are both under 24. I will still be being carried by my parents on their healthcare plan, however, and plan to for the next three years and I'm wondering if that has any impact on how taxes work. In case it matters, my parents live in Kentucky, her's in Ohio, and we will be living in Ohio. So, will we be safe filing MFJ or is there some special thing we need to consider?
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Apr 22, 2012 17:05
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NancyPants posted:When states charge penalties for not filing/paying on time, the penalty is a percentage of what's owed, right? But it also sounds like the $50 is at their discretion, and you can also request to get the penalty waived.
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Apr 22, 2012 19:23
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N. Senada posted:I'm in a weird situation and can't figure out what to do. Assuming that the two of you are providing the majority of your own support then you will file MFJ. Medical insurance coverage in and of itself does not affect filing status with the IRS.
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Apr 23, 2012 01:45
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Alright, too cool. Thanks so much!
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Apr 23, 2012 01:55
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I'm a US/Canadian dual citizen working in Canada, and have been for the past few years. I haven't filed my US taxes for the past few years because I was under the mistaken impression that filing wasn't immediately necessary if I made under the foreign earned income exclusion limit. I'm working to fix that now. However, we've run into a bit of a problem. We just finished up the 1040 forms for the last few years, and just discovered that we also have to file another form, 8891, for my RRSPs to defer the tax on those. Here's the question. Everything I've been reading about 8891 indicates that it can only be filed on an on-time return. Obviously, a few years aren't going to be on time. What can I do to properly defer the taxes? Also, I have a couple pension accounts from multiple companies/unions. What do I need to do to claim those? Finally, I earned some Canadian government grants in a couple years. Does this need to go under wages or somewhere else? Sorry to anyone who works there, but the IRS is a bastion of government ineptitude. Everything makes sense to them, but no one else. I'm borderline ready to renounce my US citizenship just so I don't have to deal with this bullshit anymore.
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Apr 26, 2012 02:37
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Not to whiteknight the IRS, but it's actually one of the best government agencies in terms of its service, transparency, and efficiency. You need to get an accountant who has experience handling cross-border tax issues. Renouncing your citizenship to escape US taxation is not easy and has all sorts of rules and conditions.
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Apr 26, 2012 15:07
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Do Canadians need to file if they're in the US earning US income? I did my gf's US taxes (she's Canadian but lives in Los Angeles) and never bothered to check 
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Apr 26, 2012 23:09
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We're going to try to talk to an accountant here who has experience dealing with US tax returns to get some answers in the next few days. We were a bit frustrated trying to slog through the poo poo ourselves, but now that I've calmed down a bit, it shouldn't be too bad. We weren't exactly too keen on having to pay huge amounts of money to file a $0 return, but should be able to get an accountant to answer our questions for a reasonable price so we can do it ourselves. Yeah, the IRS is one of the better government services. Which is very sad. At least Canadian taxes are fairly straightforward. We managed to get through all of it in less than an hour, with no outside help. US taxes, on the other hand, we worked on for over six hours and we still can't work through them. Mandalay That apparently depends on if she intends to return to Canada in the near future. If she can still be considered a resident of Canada, then she needs to file. Here is the CRA page with more information on that. My wife lived with me in the US for a couple years, and we initially didn't intend to return to Canada. She didn't have to file for the year she was completely out of the country with no residential ties or Canadian income. She DID have to file a form that stated that she had severed her residential ties to Canada, though.
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Apr 27, 2012 02:28
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I filed my taxes and just received a dollar refund from my state, I am very certain I didn't overpay, any way to find out what its about?
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Apr 28, 2012 18:50
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Xerin posted:I filed my taxes and just received a dollar refund from my state, I am very certain I didn't overpay, any way to find out what its about? You call your state's department of revenue and ask. Depending on the state hold times might not be too bad. I probably would pass on caring about $1...
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Apr 29, 2012 21:20
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So my company had my taxes right on the old payroll, they didn't take any which is right for SD state income tax. We switched yet again to a new payroll and now they took IL income tax. Is there anything they can do on their end so I don't have to gently caress with filing with IL to get back the one pay period's tax? Last time I had to do this took almost a full year to get the money.
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Apr 30, 2012 14:24
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I got married last fall and just got a new job. I had to fill out my W4 form and because my husband makes a lot more than I do and I followed the steps on the form to calculate how much to withhold from each check, I ended up with something like only $44 deducted per pay period. That seems really low and I'm worried about getting screwed when it's time to file our 2012 taxes. My husband hasn't re-filed his form and is still withholding at the single rate. Would it be a good idea for me to do the same, just to be safe? We're totally fine with having more withheld and getting a refund later so that we don't have to deal with the problems of not withholding enough.
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Apr 30, 2012 17:42
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squidtarts posted:I got married last fall and just got a new job. I had to fill out my W4 form and because my husband makes a lot more than I do and I followed the steps on the form to calculate how much to withhold from each check, I ended up with something like only $44 deducted per pay period. That seems really low and I'm worried about getting screwed when it's time to file our 2012 taxes. My husband hasn't re-filed his form and is still withholding at the single rate. Would it be a good idea for me to do the same, just to be safe? There are a variety of calculators that should tell you what your husband and your combined tax liability would be for the year. As long as his withholding + your withholding * number of paychecks = your liability, more or less, you'll be fine. Better to avoid having a huge refund at the end of the year so you can do more useful things with that money (like, say, having it). It doesn't matter whose paycheck it comes out of...he could withhold enough for both of you, and you could have nothing withheld and you'd be fine.
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Apr 30, 2012 20:13
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flyboi posted:So my company had my taxes right on the old payroll, they didn't take any which is right for SD state income tax. We switched yet again to a new payroll and now they took IL income tax. Is there anything they can do on their end so I don't have to gently caress with filing with IL to get back the one pay period's tax? Last time I had to do this took almost a full year to get the money. How much are you talking about ? Probably the fastest thing to do is file an IL return and get your refund.
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May 1, 2012 01:37
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I'm a relatively new part of the workforce. Just started my second-ever full-time job, and selected 1 federal tax allowance and 0 for state/city. Is it at all problematic that I'm claiming the same number of allowances across the board? (At my previous job, somehow I also claimed 1 for state and city, but as I filled out the paperwork for the new job I couldn't for the life of me figure out why I was claiming that allowance. This is NYC, btw.)
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May 1, 2012 13:18
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kaishek posted:There are a variety of calculators that should tell you what your husband and your combined tax liability would be for the year. As long as his withholding + your withholding * number of paychecks = your liability, more or less, you'll be fine. Better to avoid having a huge refund at the end of the year so you can do more useful things with that money (like, say, having it). It doesn't matter whose paycheck it comes out of...he could withhold enough for both of you, and you could have nothing withheld and you'd be fine. Considering that we got back about $3,500 between the two of us for 2011, and I'm making about 60% of what I made last year (because of months of unemployment), we should probably be safe if only he withholds at the single rate, then. I'll have the $44 per paycheck taken out just to cover the bases.
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May 1, 2012 13:48
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seymore posted:How much are you talking about ? Probably the fastest thing to do is file an IL return and get your refund. He might live in one state and work at home for a company based in another. We have a few clients like that here between CA/OR and they owe big to their home state and get a huge refund from the other.
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May 1, 2012 16:39
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I think he wants one wrongly done paycheck for this year to be fixed before tax filing time. I don't think that is possible.
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May 1, 2012 18:34
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Actie posted:I'm a relatively new part of the workforce. Just started my second-ever full-time job, and selected 1 federal tax allowance and 0 for state/city. Is it at all problematic that I'm claiming the same number of allowances across the board? It should not, generally, be a problem.
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May 2, 2012 05:26
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I have a surprising amount of tax problems for someone who made so little money. After last year's debacle I decided to go to H&R Block to get my taxes done. It was an absolute nightmare. the tax preparer I was scheduled to meet with called twenty minutes after our appointment was scheduled to start, to say she couldn't make it so they stuck me with someone else who only had about thirty minutes to help me. I live in NY but worked in NJ, so I expected I would have to pay NYS something but that I would also have a NJ and Federal refund to offset that. That proved to be the case, and I owed NY 1400 or so dollars. The H&R block rep was very specific that I would only have to pay the difference, and that he had set it up so that my NJ and Federal Refunds would be used to offset whatever I owed NY. I had him repeat this, but he was very clear that I would not receive a check from NJ or the Federal, and that I only owed 1400-NJ-Federal. I just received two checks in the mail from NJ and the IRS. Should I just cash them and cut a second check to NYS IRS in that amount? I am very confused and I don't want to owe anymore and I hate this tax system and I don't understand why this thread is the only place I can get sensible advice about taxes. I want to take it to the guy that has done my parents' taxes for the past 25 years, but apparently my father isn't speaking to him right now, so you goons are my only hope unless any goons happen to work in the Westchester, NY area want to help me out (yes I will pay you). Oh, and can any goons who have worked for H&R Block explain what the "Compliance fee" is? I asked on H&R's facebook page and they gave the most evasive, kind of snarky answers possible. Chef Bromden fucked around with this message at 05:29 on May 2, 2012 |
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May 2, 2012 05:26
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Chef Bromden posted:
Each entity, state and federal, is stand alone in regards to your need to either pay them, or get refunds from them. So yes, given what you have told us you need to deposit your checks, and write a seperate check to NY. Assuming of course that those amounts are correct. Maybe we should form a SA income tax firm.
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May 2, 2012 06:28
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seymore posted:Each entity, state and federal, is stand alone in regards to your need to either pay them, or get refunds from them. So yes, given what you have told us you need to deposit your checks, and write a seperate check to NY. Assuming of course that those amounts are correct. You're late in payment, so you'll get penalized. You should pay the taxes/penalties in full and then write a letter asking for a waiver of the late payment penalty due to your reliance on a paid professional that gave erroneous advice.
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May 2, 2012 17:00
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AbbiTheDog posted:You're late in payment, so you'll get penalized. You should pay the taxes/penalties in full and then write a letter asking for a waiver of the late payment penalty due to your reliance on a paid professional that gave erroneous advice. I'm always amazed that the IRS hasn't yet bludgeoned H&R Block and their ilk into bankruptcy with Circular 230 penalties.
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May 2, 2012 18:00
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ThirdPartyView posted:I'm always amazed that the IRS hasn't yet bludgeoned H&R Block and their ilk into bankruptcy with Circular 230 penalties. Well until recently Block wasn't really subject to Circular 230 for the most part since the vast majority of their employees aren't CPA's, EA's, or attorneys.
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May 2, 2012 18:14
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