|
AbbiTheDog posted: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. Oh awesome. I should already have the 1098 since I remember getting a tax form when I donated, and the home improvement is under 10k. Imma get my tax return on!  oh god why do I look forward to this every year, my brain is broke
|
#
?
Jan 16, 2013 06:54
|
|
|
|
| # ? May 15, 2024 18:12 |
|
|
Chokes McGee posted:Oh awesome. I should already have the 1098 since I remember getting a tax form when I donated, and the home improvement is under 10k. Imma get my tax return on! Won't matter, the IRS is not processing even simple 1040 returns until 1/30.
|
|
#
?
Jan 16, 2013 17:18
|
|
|
Probably a dumb question, but I'll ask it anyway. If there is a government shut down due to the debt ceiling being reached, does the IRS stop processing tax returns, and if yours hasn't been sent out yet, your SOL until things are up and running again? Or is the IRS considered some kind of essential service that would be exempt? I'm assuming IRS would be shutdown and tax returns will take longer to be sent out.
|
|
#
?
Jan 16, 2013 19:50
|
|
|
AbbiTheDog posted:Won't matter, the IRS is not processing even simple 1040 returns until 1/30. That's alright, I have yet to work for any company that didn't wait until literally the last possible day to send W2s, so I'll probably be waiting around anyway.
|
|
#
?
Jan 17, 2013 00:13
|
|
|
Is there some online calculator that will tell you how your taxes will change with an IRA?
|
|
#
?
Jan 17, 2013 01:25
|
|
|
I did a refi and my old lender sent me a check with the escrow balance plus a returned property tax payment. Total amount is around $4k. This wouldn't be considered income, correct? It's essentially my money in another account.
|
|
#
?
Jan 17, 2013 02:10
|
|
|
I worked for two different companies (consecutively) in 2012. One of them--though I'm not sure which--withheld my FICA taxes incorrectly. My first employer seems to have computed my FICA taxes (soc sec and medicare) based on taxable income. My second employer computed them based on gross income. (At both jobs I've had various pretax deductions, and at both my income taxes were properly withheld based on the taxable income.) I *think* that the second place did the FICA taxes right, but the Internet is inconsistent about this. If FICA taxes are indeed based on gross income, then I've underpaid a little bit (because my first employer ran payroll incorrectly). If they're based on taxable income, then I've overpaid substantially (because my second employer, who paid me a lot more money, ran payroll incorrectly). Which one is right? If I underpaid or overpaid, how do I address this with the tax authorities?
|
|
#
?
Jan 17, 2013 17:35
|
|
|
Actie posted:I worked for two different companies (consecutively) in 2012. One of them--though I'm not sure which--withheld my FICA taxes incorrectly. It is extremely unlikely that they made an error. Some "pretax" items such as retirement contributions are pretax for income tax purposes but are still subject to FICA and Medicare withholding, which might very well be where your confusion lies.
|
|
#
?
Jan 17, 2013 18:21
|
|
|
furushotakeru posted:It is extremely unlikely that they made an error. Some "pretax" items such as retirement contributions are pretax for income tax purposes but are still subject to FICA and Medicare withholding, which might very well be where your confusion lies. Ah, yes, that would explain it completely. I didn't have retirement contributions at employer #1, but I do at employer #2, hence the confusion. And it *is* after all kind of confusing, since retirement contributions are noted on my paycheck as a "pretax" deduction, and FICA is after all a "tax," yet with respect to that tax one of my pretax deductions doesn't apply. But whatever, there you are.
|
|
#
?
Jan 17, 2013 18:41
|
|
|
Actie posted:Ah, yes, that would explain it completely. I didn't have retirement contributions at employer #1, but I do at employer #2, hence the confusion. And it *is* after all kind of confusing, since retirement contributions are noted on my paycheck as a "pretax" deduction, and FICA is after all a "tax," yet with respect to that tax one of my pretax deductions doesn't apply. But whatever, there you are. It's even worse in NJ, as they tax health insurance and flexible spending account contributions that are pre-tax for federal income tax, FICA, and Medicare purposes. 
|
|
#
?
Jan 17, 2013 18:50
|
|
|
Gift tax question time! I forget if I've asked this before. We're looking at houses, and a set of parents are planning on helping us out with money, on the order of 30k+. Now, they can give it to us as a gift, but have to: fill out a form to make sure the bank will know that it's a gift, not a loan, and then it can be used towards the down payment. Or, they can give it to us as a gift, but we don't use it towards the down payment (we can handle it without) and then just use the money towards paying off the mortgage faster. Or, they can structure it in smaller amounts and give it to us over the course of years. Does that sum it up? What are the numbers involved that require structuring, or that form? I'm pretty sure that regardless, there's no tax implications on our end, just on the givers' end. Correct?
|
|
#
?
Jan 17, 2013 19:44
|
|
|
silvergoose posted:Gift tax question time! I forget if I've asked this before. Each of your parents can give each of you up to $14K per year without having any gift tax complications. Meaning, one could give $14K to you, the other could give $14K to you, and either one could give $2K to your spouse/significant other/investment partner. If you can get through the buying process without needing to rely on the gift that will probably simplify the financing, but that has nothing to do with tax issues. Otherwise, at least locally, you would need to get a letter/statement from your parents certifying that it is a gift and not a loan, and provide documentation proving that the funds are coming where you say they are (ie a parent's bank statement). Additionally, some lenders have requirements that a certain amount of your downpayment cannot be from gifted funds and must come from your own resources. furushotakeru fucked around with this message at 22:11 on Jan 17, 2013 |
|
#
?
Jan 17, 2013 22:09
|
|
|
Above 14k a year (each), the gift tax implications kick in. What are those?
|
|
#
?
Jan 17, 2013 22:15
|
|
|
silvergoose posted:Above 14k a year (each), the gift tax implications kick in. What are those? The amount over the $14k limit then comes out of the donor's lifetime gift/estate tax exemption, currently sitting at $5.25mm per person. If they then exhaust that exemption, any other gifts will be taxable.
|
|
#
?
Jan 17, 2013 22:32
|
|
|
scribe jones posted:The amount over the $14k limit then comes out of the donor's lifetime gift/estate tax exemption, currently sitting at $5.25mm per person. If they then exhaust that exemption, any other gifts will be taxable. That's what I thought. Which is, for all intents and purposes, infinite, for these sorts of purposes. Thanks! They would just note this on their tax return, and it would put a teensy dent into that number, and that's it.
|
|
#
?
Jan 17, 2013 22:35
|
|
|
silvergoose posted:That's what I thought. Which is, for all intents and purposes, infinite, for these sorts of purposes. Thanks! They would actually need to file a separate gift tax return, but otherwise yes. However, they can potentially give you and your other person up to $56K in 2013 without triggering the need to file a gift tax return.
|
|
#
?
Jan 17, 2013 23:27
|
|
|
furushotakeru posted:They would actually need to file a separate gift tax return, but otherwise yes. However, they can potentially give you and your other person up to $56K in 2013 without triggering the need to file a gift tax return. I thought you said it was just 2k for the spouse? Regardless, very helpful, thanks so much!
|
|
#
?
Jan 18, 2013 02:57
|
|
|
furushotakeru posted:It's even worse in NJ, as they tax health insurance and flexible spending account contributions that are pre-tax for federal income tax, FICA, and Medicare purposes. Benefits provided under Section 125 plans being taxable in New Jersey is one of many little quirks of NJ State law. For example, we don't tax cancellation of debt income. At all. It's completely exempt from state tax in New Jersey.
|
|
#
?
Jan 18, 2013 03:28
|
|
|
So, just got my W2's and I work out of state. Around mid-November my company told me they "can't do courtesy taxes" and stopped taking out my local taxes. Now none of the local taxes taken out show on my W2's its just blank under local. WTF? Where did the money go? I can pull up old pay stubs and see they took out 300 over the course of the year.
|
|
#
?
Jan 18, 2013 03:33
|
|
|
Also, I don't know if it was touched on, but the IRS has announced a simplified option for claiming the home office deduction. This new option can be, at max, $1,500. Additionally, you cannot use the pro-rated amount of home mortgage interest and real estate taxes on that section of the house. This may affect any alternative minimum tax liability, but that's always a crapshoot.
|
|
#
?
Jan 18, 2013 03:34
|
|
|
WS6 97 posted:So, just got my W2's and I work out of state. Around mid-November my company told me they "can't do courtesy taxes" and stopped taking out my local taxes. Now none of the local taxes taken out show on my W2's its just blank under local. WTF? Where did the money go? I can pull up old pay stubs and see they took out 300 over the course of the year. Ask the company (or maybe their payroll processor) to issue a corrected W-2. If they can't or won't, you can use a Form 4852 when you file your local return using the withholding that you calculated.
|
|
#
?
Jan 18, 2013 03:39
|
|
|
silvergoose posted:I thought you said it was just 2k for the spouse? Regardless, very helpful, thanks so much! It's up to 56k. Dad pays 14k to you, 14k to your spouse. Your mom pays 14k to you, 14k to your spouse.
|
|
#
?
Jan 18, 2013 04:12
|
|
|
silvergoose posted:I thought you said it was just 2k for the spouse? Regardless, very helpful, thanks so much! You said they were giving you about $30K, so it was $14K to you from Mom and $14K to you from Dad and $2K to spouse = $30K.
|
|
#
?
Jan 18, 2013 18:13
|
|
|
furushotakeru posted:You said they were giving you about $30K, so it was $14K to you from Mom and $14K to you from Dad and $2K to spouse = $30K. Aha, gotcha. Thanks!
|
|
#
?
Jan 18, 2013 19:38
|
|
|
Retirement contributions are listed on the W-2 in box 12, code d. So when you're deducting contributions to an IRA (line 32 on the 1040), you enter the amount listed in box 12, right?
Brennanite fucked around with this message at 20:45 on Jan 18, 2013 |
|
#
?
Jan 18, 2013 20:42
|
|
|
Brennanite posted:Retirement contributions are listed on the W-2 in box 12, code d. So when you're deducting contributions to an IRA (line 32 on the 1040), you enter the amount listed in box 12, right? No. An IRA is not a 401(K), and the amount in box 12 code D is already excluded from your box 1 wages.
|
|
#
?
Jan 18, 2013 21:14
|
|
|
Is the new box 12 code DD value there for anything but informational purposes these days? I have really nice health insurance through work, and it's drat near 1/3 of my W-2 wages.
|
|
#
?
Jan 18, 2013 21:30
|
|
|
furushotakeru posted:No. An IRA is not a 401(K), and the amount in box 12 code D is already excluded from your box 1 wages. Well, that's good to know. Thanks!
|
|
#
?
Jan 18, 2013 21:41
|
|
|
skipdogg posted:Is the new box 12 code DD value there for anything but informational purposes these days? I have really nice health insurance through work, and it's drat near 1/3 of my W-2 wages. No, as far as I am aware it is just informational for Affordable Healthcare Act compliance.
|
|
#
?
Jan 18, 2013 21:48
|
|
|
How much can I expect to pay to have a professional (HR Block?) do my taxes? I bought a house, got married, and worked in one state (RI) while living in another (MA). I'm mostly looking for a ballpark estimate and opinions on how complicated a return this would be.
|
|
#
?
Jan 18, 2013 22:39
|
|
|
SwashedBuckles posted:How much can I expect to pay to have a professional (HR Block?) do my taxes? I bought a house, got married, and worked in one state (RI) while living in another (MA). I'm mostly looking for a ballpark estimate and opinions on how complicated a return this would be. Pricing is highly regional. I don't think it should cost more than ~$500 though.
|
|
#
?
Jan 18, 2013 22:42
|
|
|
furushotakeru posted:Pricing is highly regional. I don't think it should cost more than ~$500 though. If you're spending that much, go see someone that's "permanent" (CPA/LTC). Won't cost you more and you'll have a long-term financial relationship, and not be getting your taxes done by someone making $15/hr.
|
|
#
?
Jan 19, 2013 01:02
|
|
|
AbbiTheDog posted:If you're spending that much, go see someone that's "permanent" (CPA/LTC). Won't cost you more and you'll have a long-term financial relationship, and not be getting your taxes done by someone making $15/hr. Block employees make that much up there? As far as I know down here they are paid minimum wage which draws against their commission, then at the end of the season they get whatever is leftover as a bonus.
|
|
#
?
Jan 19, 2013 02:02
|
|
|
Oh and btw apparently the courts just told the IRS that they have no authority to regulate un-enrolled preparers (ie RTRP).
|
|
#
?
Jan 19, 2013 02:03
|
|
|
furushotakeru posted:Oh and btw apparently the courts just told the IRS that they have no authority to regulate un-enrolled preparers (ie RTRP). Hahaha, link? Someone in my office has been bitching about the RTRP exam, this should make her day
|
|
#
?
Jan 19, 2013 02:11
|
|
|
Casull posted:Might as well get the ball rolling: I found a list of online sites to do it and FreeTaxUSA was on there. Usually spent $200+ to get it professionally done. (Used my father's CPA, he used to run a business) $9.95 is a hell of a lot better than $250. Site seemed pretty drat simple to use, although they barely have 100 Twitter followers. I'll blame you if I get hosed.
|
|
#
?
Jan 19, 2013 06:08
|
|
|
scribe jones posted:Hahaha, link? Someone in my office has been bitching about the RTRP exam, this should make her day http://naea.org/newsroom/breaking-news
|
|
#
?
Jan 19, 2013 20:28
|
|
|
Not controversial at all, IMO. The IRS has authority to regulate representatives in front of the IRS (such as CPAs, EAs and Attorneys) according to the underlying statutes, but they have no explicit or viable implied authority to oversee mere preparation of the returns (which in of itself does not constitute representation under any reasonable standard), which is what Loving v. IRS is about. Pretty black and white case that will vastly limit the scope of the RTRP to that of the EA (since people that have no intention of representing wouldn't have to be overseen by the IRS given their lack of authority on preparation), which means it's dead as an exam/licensing standard (since EA does the same thing), unless they're going to keep it as a tiered "Power to represent" thing since I believe RTRP are somewhat limited compared to EAs in the extent of IRS representation that they can do. Horseshoe theory fucked around with this message at 21:34 on Jan 19, 2013 |
|
#
?
Jan 19, 2013 21:23
|
|
|
M3wThr33 posted:I found a list of online sites to do it and FreeTaxUSA was on there. Usually spent $200+ to get it professionally done. (Used my father's CPA, he used to run a business) I got all the way to the end of this only to find out that you can't find a non-resident state through them. Anyone have a suggestion for one that will let me? I'm not giving H&R Block at Home another $40 just to file my RI return.
|
|
#
?
Jan 20, 2013 00:27
|
|
|
|
| # ? May 15, 2024 18:12 |
|
|
So I was doing some work today calculating business expenses for various things. Sole proprietor, cash accounting. I traveled to cons this year and sold artowrk that I had printed. There's one in particular where I had to travel to the west coast, and the trip was about a week long. I was a vendor at the convention and the convention was three days long. I made an income on the trip from the convention. I did do some pleasure/sightseeing, but I did not stay at a hotel (I stayed at a friend's place to cut down cost). My question is whether or not I could legitimately claim this particular airfare as a business expense, since I was out there for a week instead of flying in on Wednesday and leaving on Sunday. I had a second west coast con where I flew in on Friday and left on Sunday (and got destroyed in the process by jetlag) and i know 100% that I can write that airfare off. It's unclear whether or not I could prorate the airfare, given that the IRS seems to say that hotel days that you were on business would be deductible, while the hotel days not-on-business would not be. I have my other expenses (along with income and sales taxes) for that event all sorted out, it's just the airfare. My guess is no, I cannot claim that airfare because the majority (4 out of 7) days out there can't be claimed for business. For the first time doing a schedule C with inventory and these kinds of expenses, I think I've done everything by the book as I could. kefkafloyd fucked around with this message at 02:09 on Jan 20, 2013 |
|
#
?
Jan 20, 2013 00:40
|
|
