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fivre posted:I'm guessing 1099, since it's direct through the company I'd work at. I'm no tax guy, but as an IT guy that sees lots of different contracting scenarios, 5K isn't worth going 1099. The extra payroll taxes alone will eat that up completely. From what I've seen usually people that 1099 contract with companies make 2.5 to 3 times the hourly equivalent of a normal W2 Full Time Employee. No benefits, vacation, or payroll taxes with the 1099 person. Usually only for short term consultancies as well. 5K isn't worth going with a W2 contractor either, staffing firms have terrible (if any) benefits, no 401K match, no vacation time, etc. Personally I'm a big fan of normal FTE status if possible.
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Jan 9, 2013 19:45
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furushotakeru posted:Whelp, IRS is now saying 1/30 due to the bill that was passed on 1/1. Better than 2/14 or "late March" though? That's going to hammer the companies that rely on the "file with a paystub" people. Oh well.
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Jan 9, 2013 20:14
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So I'm trying to get a head start on taxes and I'm not quite sure I'm doing this right. I'm currently enrolled in a graduate student as of January 2012 and am paying for it out of pocket, but am being reimbursed through my employer. I didn't realize I got a 1098-T last year (I paid in 2011 for classes in 2012), would I have been able to deduct that from my taxes (I know it's too late now  )?This year, I just need to add the amount listed on the 1098-T as educational expenses and then subtract the amount reimbursed by the company, correct?
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Jan 9, 2013 21:01
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Just a quick question, trying to determine if and to what extent some people have been full of poo poo. Towards the beginning of this year, I worked in D.C. for just under a month. I live in Virginia. My D.C. job never took money out of my check to cover D.C. taxes, only Virginia. I brought this up with my boss multiple times, and he claimed I did not have to pay taxes in D.C., his reasoning being, "Virginia is a Commonwealth". This sounded like a load of poo poo to me then and now, but when I hear about D.C. traffic cams being used as a, "back door commuter tax" I wonder if maybe Virginia residents really don't pay taxes in D.C. I'm also worried about getting a w-2 from this employer as shortly after I left their D.C. location shut down. I don't know if the entire business did. What do I do if they don't send me a w-2, just guess how much money I made?
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Jan 9, 2013 22:06
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Tweek posted:he claimed I did not have to pay taxes in D.C., his reasoning being, "Virginia is a Commonwealth" Awesome.
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Jan 9, 2013 22:32
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SuperSpiff posted:This year, I just need to add the amount listed on the 1098-T as educational expenses and then subtract the amount reimbursed by the company, correct? Correct.
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Jan 9, 2013 22:32
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I know the thread title says "US tax questions," but hopefully this is broad enough that someone knows it. If you are a US citizen living in Ireland, and you make money via both a full-time job in Ireland and via book royalties paid into a US bank account by US-based publishers, do Irish taxes apply on the royalty income? I know I still have to file taxes in the USA for the full-time job, but almost certainly won't owe anything after the foreign tax exclusion. I have no idea what happens with royalty income, though, other than that in the USA I'd have to pay quarterly estimates and owe SE tax on it.
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Jan 10, 2013 01:41
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This is going to be my first year filing taxes since getting married and having a mortgage for a full year. I've been thinking that this is going to be A Big Deal that is going to make filing my own taxes a lot more difficult, but the more I'm looking at it, I might just be better off taking the standard deduction as usual rather than itemizing my mortgage stuff in there and making it complicated. We paid $1700 in property taxes in 2012 and my best calculation of the interest I would have paid on my mortgage comes out to about $7000 (haven't gotten a form from my mortgage company yet or my wife shredded it accidently, but this number is from using a loan calculator that I'm confident of). I'm not sure if PMI is deductable or not, but my calculations show that would have been around $1800 paid. I don't really have anything at all else that I would consider deductable since we're pretty much just both regular W2 earners with nothing else going and no kids or anything. Am I missing something big that would make itemizing a better idea, or do I have this figured out right? $11900 standard deduction better than $10500 or $8700 (if no PMI), yes?
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Jan 10, 2013 01:46
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smashthedean posted:This is going to be my first year filing taxes since getting married and having a mortgage for a full year. I've been thinking that this is going to be A Big Deal that is going to make filing my own taxes a lot more difficult, but the more I'm looking at it, I might just be better off taking the standard deduction as usual rather than itemizing my mortgage stuff in there and making it complicated. State and local income taxes or state and local sales taxes are also deductible in your itemized deductions. Those are the most likely things to push you over the standard deduction amount.
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Jan 10, 2013 01:55
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We're in Washington state so there are no state or local income taxes. We didn't save all of our grocery receipts and stuff to add up sales tax either so I'm guessing we'd be out of luck there.
smashthedean fucked around with this message at 02:03 on Jan 10, 2013 |
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Jan 10, 2013 02:00
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SuperSpiff posted:So I'm trying to get a head start on taxes and I'm not quite sure I'm doing this right. I'm currently enrolled in a graduate student as of January 2012 and am paying for it out of pocket, but am being reimbursed through my employer. If I understand you correctly and you got a 1098-T in 2011 and want to retroactively claim the credits, couldn't you just file an amended tax return (form 1040X)? Disclaimer: I know nothing about how to actually do this and could very possibly be completely wrong.
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Jan 10, 2013 02:05
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smashthedean posted:We're in Washington state so there are no state or local income taxes. We didn't save all of our grocery receipts and stuff to add up sales tax either so I'm guessing we'd be out of luck there. IRS posted:If you didn’t save all your receipts, you can still choose to claim state and local sales taxes. You could fill out the worksheet and use the optional general sales tax tables in the Instructions for Schedule A (Form 1040) , but why not take the easy route and use the Sales Tax Deduction Calculator! http://www.irs.gov/Individuals/Sales-Tax-Deduction-Calculator Use that to figure out how much you can deduct. This is one of those instances where the IRS is really nice about something. EDIT: I just tried to run it myself and the calculator hasn't been updated for 2012 yet. Someone earlier in the thread said that the state and local sales tax deduction has been renewed though so you're gonna have to wait until the IRS gets their poo poo together. Epi Lepi fucked around with this message at 02:13 on Jan 10, 2013 |
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Jan 10, 2013 02:09
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Nice! It actually looks like there is a sales tax calculator built into TaxAct's efile that is current for 2012, but it looks like I'm still coming up short compared to the standard deduction. I'm okay with this though. Thanks for your help! 
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Jan 10, 2013 02:26
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Epi Lepi posted:State and local income taxes or state and local sales taxes are also deductible in your itemized deductions. Those are the most likely things to push you over the standard deduction amount. If you deduct state/local INCOME tax, you are not allowed to exempt sales tax AT ALL? Or are you just not allowed to use the "calculator" method? e: In P519 (the 2011 version), I'm not seeing this explicitly extended to non-resident aliens (while deducting income tax is allowed). Bummer. shodanjr_gr fucked around with this message at 02:38 on Jan 10, 2013 |
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Jan 10, 2013 02:34
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shodanjr_gr posted:If you deduct state/local INCOME tax, you are not allowed to exempt sales tax AT ALL? Or are you just not allowed to use the "calculator" method? Can't deduct both at the same time. It's an either/or thing. The reason the sales tax deduction was implemented was to give a hand to people in states with no income tax.
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Jan 10, 2013 03:28
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Shear Modulus posted:If I understand you correctly and you got a 1098-T in 2011 and want to retroactively claim the credits, couldn't you just file an amended tax return (form 1040X)? That'd be awesome if I could, but I thought that the deadline for amended returns was March of last year? I am also possibly completely wrong about this.
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Jan 10, 2013 19:45
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SuperSpiff posted:That'd be awesome if I could, but I thought that the deadline for amended returns was March of last year? I am also possibly completely wrong about this. Typically up to your last three years' worth of returns are considered "open" and can be amended.
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Jan 10, 2013 19:50
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Sundae posted:I know the thread title says "US tax questions," but hopefully this is broad enough that someone knows it. You'll want to review the applicable tax treaty but you will most likely find a provision that says if the income is from a US based business and you are not operating that business in Ireland, the royalties are only taxable to the US and not to Ireland. Probably.
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Jan 10, 2013 20:04
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I filed through TurboTax last year, using the windows client. Both of my backups are gone. No idea, I've spent a ton of time looking for the printout I had saved, as well as the digital copies I had backed up. Cannot find any of it. Because I had used the client instead of the web interface, TurboTax doesn't keep your file online, so I can see the other years returns, but not 2011. I did some 179 business expenses last year, so I need to find the form to see what the heck I did last year. Any ideas? edit: They do it for free! Call the IRS at (800) 908-9946 milquetoast child fucked around with this message at 00:35 on Jan 11, 2013 |
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Jan 11, 2013 00:25
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JosephStalinVEVO posted:I filed through TurboTax last year, using the windows client. Both of my backups are gone. No idea, I've spent a ton of time looking for the printout I had saved, as well as the digital copies I had backed up. Cannot find any of it. Unfortunately the IRS won't have a depreciation schedule so they won't be able to tell you WHAT you §179'd, but it is a lot better than nothing and perhaps you can back into it.
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Jan 11, 2013 00:46
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noted: nm
dog nougat fucked around with this message at 09:01 on Jan 11, 2013 |
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Jan 11, 2013 02:16
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dog nougat posted:So for the past year or so I've been getting paid cash and have been paying no tax. I have however been paying back my student loans with this..approx $600/month. I know this will get reported to the IRS. How likely is it that the IRS will come after me? I'm not sure exactly how much I've worked the past year either, as I don't get any pay stubs. Nobody wants to help you figure out the best way to cheat on your taxes.
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Jan 11, 2013 06:15
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I have a 1098-T question. I'm a graduate student and the scholarship/grant amount exceeds the tuition/fee amount. It seems that the school isn't including the fees for health insurance and a couple of smaller things, but as a graduate student we receive some assistance for the health insurance, which is included in the scholarship amount. So it ends up like this: Tuition/Fees: $11,604 Scholarship/Grants: $12,141 Paid out of pocket to the school for fees: $988 I guess my question is, do things like health insurance provided by the school really not count as fees? I guess that would make sense, but if they were the tuition/fees should equal my scholarship/grants amount. dalp fucked around with this message at 06:22 on Jan 11, 2013 |
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Jan 11, 2013 06:19
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dog nougat posted:So for the past year or so I've been getting paid cash and have been paying no tax. Unlike Admiral killfun over here, I actually am willing to give you advice regarding cheating on your taxes. Don't post about it on a public forum.
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Jan 11, 2013 06:32
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wwb posted:So, my sister and I inherited a lovely property in upstate new york. So lovely no bank would write a loan against it, so when we were selling it we were forced to do a seller financed mortgage or hold it. We sold but now I'm dealing with the tax implications. Anyone? Happy to provide more details if it helps.
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Jan 11, 2013 15:59
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Tweek posted:Unlike Admiral killfun over here, I actually am willing to give you advice regarding cheating on your taxes. Way to kill the vibe, man. I mean, we have a forum dedicated to illegal drugs, but we can't talk about tax fraud?
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Jan 11, 2013 18:36
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Hey furu, I emailed you last week to get in touch again about my tax prep but I haven't heard back. Are you backlogged or should I send it again? I know last time I got caught in your spam filters so I just wanted to check in. Thanks For content: I went to file a DBA today for my sole proprietorship. I did it because I need a legal document stating that I can do business under a name that is not my own, for the records of a specific place I'll be working with (otherwise, they would display my full legal name on the internet and that is not ideal for me). So now I have a "company name." Will this affect my taxes at all? Should I re-submit W9s to all the places I work with, with the company name "business name if different from above" form, or does it not matter? Will I need to mention the name of the company when I file? Also I'm assuming I should save the receipt from the DBA filing costs, as that should be deductible. Parking was only $1 so I didn't bother getting a receipt, but for future reference, would that have been deductible as well?
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Jan 11, 2013 19:22
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Jessi Bond posted:Hey furu, I emailed you last week to get in touch again about my tax prep but I haven't heard back. Are you backlogged or should I send it again? I know last time I got caught in your spam filters so I just wanted to check in. Thanks I would think you don't need to send new W-9s unless you actually have a new EIN. The IRS only matches to your tax ID, so the DBA shouldn't matter to them. I also vote yes on deducting parking Also I sure hope you're putting "smut-peddler" on the "occupation" line of your 1040
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Jan 12, 2013 00:20
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Soooo I'm almost certain this is going to be a "hire a professional" response, but I want to check the relative complexity of the following tax setup: * Car donation to charity * Mortgage interest * Home improvement interest (need to ask about this, below) * Several 1099s, both self and spouse * IRA rollover (Traditional -> Roth) * Charity donations I'm planning on using TurboTax (I get a discount through my credit union  ), and I'm fairly certain most of these can be easily handled by the software and spit a number out at me. Still, it's worth checking if there's any ambiguous stuff that's going to make me hate myself.As far as the home improvement stuff goes, I basically have a loan I took out through Wells Fargo to repair our house's sewer line, which completely collapsed (  ) last year or so. Can I count interest from the loan automatically as a home improvement loan, or does there need to be special designation/paperwork for it?
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Jan 13, 2013 07:17
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I'm having trouble figuring out if I can deduct my tuition from my income for 2012. Most of the resources I'm finding refer to undergrad tuition, I'm working full time and paying for my MS out of pocket. If I itemize can I deduct tuition? What if I take the standard deduction?
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Jan 13, 2013 22:07
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Pretty simple question here. Me and my girl got married on the 28th of December of last year. Obviously all of her W-2 and school tuition forms state her maiden name for 2012. She changed her last name a few days ago at the Social Security office to mine. What should I put on the taxes as her name? (we're filing married joint) I am afraid to put her new last name because all of her forms and records (besides now just her social security card) still list her old name. I figure I might as well just do her maiden name this year, then for Taxes for 2013, put her new last name. For all intents and purposes, every record in 2012 will list her maiden name.
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Jan 14, 2013 00:00
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quote:I'm having trouble figuring out if I can deduct my tuition from my income for 2012. Most of the resources I'm finding refer to undergrad tuition, I'm working full time and paying for my MS out of pocket. If I itemize can I deduct tuition? What if I take the standard deduction? Depending on your income, you're going to be best off claiming the Lifetime Learning credit (too high of income can phase out lifetime learning credit eligibility). This is not affected by whether you itemize or not. quote:Pretty simple question here. Me and my girl got married on the 28th of December of last year. Obviously all of her W-2 and school tuition forms state her maiden name for 2012. She changed her last name a few days ago at the Social Security office to mine. Use the last name that she had at the end of the tax year. This is a really irrelevant question because the IRS identifies taxpayers by their social security numbers.
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Jan 14, 2013 00:13
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Admiral101 posted:
Disagree, they go off whatever the SSA has for her name, and if she tries to e-file with the wrong name it'll get rejected.
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Jan 14, 2013 00:49
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Quote is not edit
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Jan 14, 2013 00:50
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If you're filing as a self-employed person and didn't send in the quarterly payments, what kind of penalties are you looking at if you try to do it all at once at the end of the year?
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Jan 14, 2013 10:29
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Chokes McGee posted:Soooo I'm almost certain this is going to be a "hire a professional" response, but I want to check the relative complexity of the following tax setup: Car - They'll send you a 1098-C if you're going to try and claim more than $500 for the car deduction. This might hold you up, make sure you read up on this. Instructions are pretty clear. Mortgage interest - no problem as long as it's not over $1mm in loans Home imp int - go ahead and deduct on sch a, make sure the loan isn't over $100k or it might be disallowed. Just google if you still need help. 1099 - depends on what kind (int/div/c/a/misc) IRA - not a big deal either Charity - not a big deal
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Jan 14, 2013 17:44
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Unicorn Vomit posted:If you're filing as a self-employed person and didn't send in the quarterly payments, what kind of penalties are you looking at if you try to do it all at once at the end of the year? Underpayment penalties.
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Jan 15, 2013 01:45
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My company has two plants roughly 30 miles apart in different cities. Normally I work in one plant and rarely have to visit the other. This Summer I had to work at the other plant, driving there everyday from my house. Total miles, to and from, for the entire Summer added up to ~1800 miles. My company does not reimburse me mileage to visit the other plant. If I already itemize, can I deduct the mileage on my taxes? VVV Shucks
Stryguy fucked around with this message at 02:10 on Jan 15, 2013 |
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Jan 15, 2013 02:04
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Stryguy posted:My company has two plants roughly 30 miles apart in different cities. Normally I work in one plant and rarely have to visit the other. This Summer I had to work at the other plant, driving there everyday from my house. Total miles, to and from, for the entire Summer added up to ~1800 miles. My company does not reimburse me mileage to visit the other plant. You use the standard IRS mileage rate and it goes as a miscellaneous itemized deduction subject to the 2% AGI limitation. Practical answer: doesn't help much. Also, if you're ever examined, the IRS/state will demand to look at your employee manual to see what it says about mileage reimbursement, and then ask you if you ever submitted a request for reimbursement from your manager in writing. Fun times. TL; DR: not really worth it.
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Jan 15, 2013 02:07
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I worked for two employers this year. Between the two of them I contributed $17,080 in total across the two 401k traditional, non-roth plans (my mistake). I simply want to understand what my options are here. I am looking for the easiest course of action. Can I do nothing and just get automatically assessed some penalty on the over contribution? Or will I need to contact a plan administrator, go through all of that jazz, get a 1099R and an amended W2 (maybe?)? kansas fucked around with this message at 06:25 on Jan 15, 2013 |
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Jan 15, 2013 06:09
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