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It depends on what and where you're trying to do things. A lot of those fees can't be deducted, but there's always exceptions. For example, If you pay state or local excise taxes on your vehicles and file schedule C with business use of your vehicle, even if you use the standard mileage deduction you can take your business portion of said excise taxes on schedule C. If you itemize your schedule A deductions, you can then take the remaining personal portion as an itemized deduction.
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Aug 22, 2014 03:27
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I started a new job with the state of WI, and when I got my first paystub, it looks like I was marked as married. I am single. There were the correct number of federal and state deductions marked, but just the M/S line was wrong. I contacted HR and they told me they would update it on the next paycheck (I filled out the form correctly, they just fat-fingered it into the system). Is this going to gently caress anything up? As far as I can tell on the internet, the difference only comes out to ~$60 or so for this paycheck (would have been taxed more as single), but I don't want the IRS to think I got quickie married and then divorced or something.
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Aug 22, 2014 05:36
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marchantia posted:I started a new job with the state of WI, and when I got my first paystub, it looks like I was marked as married. I am single. There were the correct number of federal and state deductions marked, but just the M/S line was wrong. I contacted HR and they told me they would update it on the next paycheck (I filled out the form correctly, they just fat-fingered it into the system). Is this going to gently caress anything up?
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Aug 22, 2014 20:23
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To be fair, there's a slight possibility he could go to federal prison for a year for that offense. Lottery ticket slight, but still!
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Aug 23, 2014 02:25
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baquerd posted:To be fair, there's a slight possibility he could go to federal prison for a year for that offense. Lottery ticket slight, but still!  Considering that the W-4 was filled in correctly, marchantia didn't do anything wrong so I don't see where there would a chance in hell of prison time involved...?
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Aug 23, 2014 03:21
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ThirdPartyView posted:
They could have lost the original form and claim marchantia filled it out incorrectly. 
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Aug 23, 2014 14:57
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I posted this over in the investing thread but I'll probably get a better answer here. I just graduated college and opened a Roth IRA but I have been "unemployed" for the whole of 2014 so far. I understand that to contribute to a Roth IRA you need earned income. I opened the Vanguard account with the 1k minimum. I have certainly earned over 1k this year between odd-jobs and gambling and I'm sure I can scrounge up receipts if I really need to but I hope that's going to be unnecessary. They mentioned that gambling isn't usually counted as earned income but even without that I can certainly cover 1k just by filling out some W9s. I've probably made something around 1.5k just doing some self-employed landscaping and stuff. It seems such a measly sum to the IRS that I shouldn't really be worried too much but I'd rather be safe than sorry. I will probably find actual employment before the year is up as well but the income will be earned after the account was opened. I think I'm being a big baby but ease my fears or just prepare my for the big time white collar prison I am destined for.
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Aug 23, 2014 20:43
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aw yiss posted:I posted this over in the investing thread but I'll probably get a better answer here. I just graduated college and opened a Roth IRA but I have been "unemployed" for the whole of 2014 so far. I understand that to contribute to a Roth IRA you need earned income. I opened the Vanguard account with the 1k minimum. I have certainly earned over 1k this year between odd-jobs and gambling and I'm sure I can scrounge up receipts if I really need to but I hope that's going to be unnecessary. They mentioned that gambling isn't usually counted as earned income but even without that I can certainly cover 1k just by filling out some W9s. I've probably made something around 1.5k just doing some self-employed landscaping and stuff. Gambling winnings are income, but not EARNED income. Note the excise tax penalty charged if you don't qualify for an IRA contribution and neglect to withdraw the funds timely.
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Aug 25, 2014 17:01
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I'm not sure if this is the right thread for this, but I'll give it a shot. I own a home where the first mortgage is current, but the 2nd mortgage is roughly 2 years delinquent with a roughly $60K balance. B of A finally charged off the 2nd mortgage to a creditor, who's been contacting me since about the beginning of August. I finally had occasion to talk with their representative, and they're willing to take $7500 in settlement. I was going to counter-offer for 5K, which is about all I could do right now. My tax question is this: since the Mortgage Forgiveness Debt Relief Act expired at the end of 2013, does that mean I'm on the hook to pay taxes on roughly $55K of forgiven debt? I saw this about short sales and forgiven debt so I have a little hope that it's not: http://www.california-shortsale.com/common-questions/mortgage-forgiveness-debt-relief-act/ Perhaps I should be talking to a CPA about all this.
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Aug 29, 2014 20:12
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coronaball posted:My tax question is this: since the Mortgage Forgiveness Debt Relief Act expired at the end of 2013, does that mean I'm on the hook to pay taxes on roughly $55K of forgiven debt? Probably, as it's cancellation of debt income and the only exceptions now (under Internal Revenue Code Section 108) around are Chapter 11 bankruptcy, insolvency, certain farm debt and certain real estate business property debt, none of which (besides maybe insolvency, which you can try to determine here using the worksheet) qualifies for exclusion from income.
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Aug 30, 2014 02:21
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coronaball posted:I'm not sure if this is the right thread for this, but I'll give it a shot. What's happening to the property related to the 2nd mortgage? You're actually able to keep it after making this 5k/7.5k settlement?
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Aug 30, 2014 15:30
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Admiral101 posted:What's happening to the property related to the 2nd mortgage? You're actually able to keep it after making this 5k/7.5k settlement? It's amazing what people have walked away from lately. Makes me feel like a sucker for paying my mortgage.
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Sep 2, 2014 16:16
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AbbiTheDog posted:It's amazing what people have walked away from lately. Makes me feel like a sucker for paying my mortgage. Unless the loan to value ratio is really low a bank in 2nd position is unlikely to foreclose. Usually the property will sell for about 80% of market rate and the first has to get paid off completely before they can see a dime. Better to take a settlement unless you are below 70% ltv as after lawyers fees you will likely get nothing.
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Sep 3, 2014 07:20
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Hi tax gurus. I received a CP2000 disputing my 2012 tax return, hoping you guys can help me figure this out. There's two issues. One is they're disputing how much we claimed for my wife's student loans deduction, but the amount is exactly equal to one of the student loan interest statements so we're just going to send them a copy of that 1099. The other is more complicated. My wife is an artist. In 2010 and 2011, we declared her artist income and expenses as a small business, using form c etc., and claimed a loss both years. We paid her self employment tax and that was fine. In 2012, she would have made another loss, and we looked at the self employment rules and realized we'd be breaking the "make a profit 3 years out of five" rule. So instead, we put in her income as hobby income, and declared expenses exactly equal to the hobby income. She actually had more expenses than that, but my reading of the rule is that you can only declare expenses up to the amount of hobby income and no more. The IRS is saying that she owes self-employment taxes on that hobby income. That seems wrong to me - surely if the IRS treats her hobby income as if it were small business income, then we are entitled to declare all of her actual expenses including her losses, and offset our income by that. If we're doing it as hobby income, though, surely it's ordinary income and not self employment? Am I wrong? I would consult a professional but the actual amount of money the IRS says we owe is $687. After figuring back in the $320 student loan interest deduction we're looking at $671 in self employment tax, minus $386 in self employment tax deduction, for a total of $285. So that does not seem likely to be less than what we'd pay an accountant. Of course we did this again in 2013, so it could be a bit more than that. And I don't know if disputing this means I'll have to file an amended return. If it helps, I did our taxes in Turbotax.
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Sep 3, 2014 18:44
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Leperflesh posted:Hi tax gurus. I received a CP2000 disputing my 2012 tax return, hoping you guys can help me figure this out. Remember you can only deduct student loan interest up to $2,500. Anything in excess of that, regardless of what's on the 1099, is non deductible. Is it potentially related to this? Leperflesh posted:
I'm confused - in one line you say you "In 2010 and 2011, we declared her artist income and expenses as a small business, using form c etc., and claimed a loss both years. We paid her self employment tax and that was fine." - why would you be paying self employment tax if you claimed a loss? Anyway, though - here's the answer I think you're looking for: yes, the hobby income is subject to SE tax. This IRS assessment is correct. But furthermore (what the notice isn't picking up on, probably because it's not recognizing the activity as a hobby as opposed to a business), you're reporting your hobby expenses improperly: Expenses related to hobbies aren't treated the same as expenses related to a business. Expenses related to a hobby are reported on Schedule A as a Miscellaneous deduction subject to the 2% AGI limitation. Meaning: if you don't itemize, you don't get any deduction from hobby expenses and just report all of the gross income generated by the hobby as taxable and subject to self employment tax. Admiral101 fucked around with this message at 19:21 on Sep 3, 2014 |
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Sep 3, 2014 19:17
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Sorry, I'll clarify. We itemized in all of these years - as homeowners our deductions exceed the standard deduction. Admiral101 posted:Remember you can only deduct student loan interest up to $2,500. Anything in excess of that, regardless of what's on the 1099, is non deductible. Is it potentially related to this? Student loan interest deduction on our return was a total of $1886, they show $1566, the -$320 difference is exactly equal to the sallie mae loan, and in the details they only show the nelnet loan. It's clear they simply didn't get, or missed, the sallie mae loan. quote:I'm confused - in one line you say you "In 2010 and 2011, we declared her artist income and expenses as a small business, using form c etc., and claimed a loss both years. We paid her self employment tax and that was fine." - why would you be paying self employment tax if you claimed a loss? Oh... yeah, I think you're right. For example, in 2011, schedule C, line 31 is -$3,017. That goes onto 1040, line 12. 1040 line 56 is empty, so I guess we didn't owe SE tax on the business income since we took a loss. quote:Anyway, though - here's the answer I think you're looking for: yes, the hobby income is subject to SE tax. This IRS assessment is correct. In 2012, we reported the art stuff on Schedule A, line 23, with "Hobby Expense" written in: $1462. Line 27 is 0. We did itemize (total itemized deductions on schedule A line 29 is $17,154). I used turbotax and it did not prompt me to fill out a schedule SE. We do have a 1099-MISC in the amount of $4000, which we classified as Nonemployee compensation - "other income", because it was a grant. As a grant, it comes with no strings attached - it's intended to support a particular project (which isn't done yet), but my wife did not "perform work" to get it, so I didn't classify it as compensation. And we did not file a Schedule C. Could this be the item the IRS is having trouble with? E.g., they think we owe $671 in self employment tax against this $4000 grant? I remember we struggled to figure out how exactly to classify this grant. I searched IRS publications and the web in general and could not find a definitive statement about how to treat an art grant - as ordinary income, nonemployee compensation, business income, or what. I think we eventually decided it was similar to a gift, even though there was a 1099 for it, hence the "other income" classification. e. Is it possible to call the IRS and talk to the person who reviewed our return, to ask a question about how to classify that $4k? Leperflesh fucked around with this message at 19:48 on Sep 3, 2014 |
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Sep 3, 2014 19:44
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Leperflesh posted:
Is this $4,000 the only revenue related to your wife's art business for that year? And where did the grant come from? How did your wife get it? What is this 'particular project' you're referring to and what happens to it when it's done?
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Sep 3, 2014 19:49
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Admiral101 posted:Is this $4,000 the only revenue related to your wife's art business for that year? Well again, it's a hobby in 2012, not a business. But no, 1040 line 21 is 5,462, which includes the $4k, plus $1462 in hobby income (offset by schedule A line 23, $1462 of hobby expense). The $4k is not included in "total wages, tips and compensation." The grant is from the Alliance of Artists' Communities. She got it by applying for the grant. Typically artist grants of this nature are awarded by a jury, who review grant requests from many artists and then select a few based on the merits of their applications. Applications describe art projects intended or in-progress. In my wife's case, she is building a robot that carries a garden of native plants on its back, walking around on articulated legs. It's been a multi-year project, partially funded by both this grant and another one, plus a residency at the Exploratorium which included an honorarium. In all of these cases, the grants almost never have legal strings attached. If you are unethical you can just take the money and run. If you got a reputation for doing that, you'd probably not get grants any more, though, because the art world is surprisingly insular and obviously to make it as an artist you need to get your name recognized. The $4k went into costs related to machining prototype parts from aluminum, 3d-printing, rent for workshop space at The Tech Shop in san francisco, etc. 100% of it was spent in 2012 on that stuff. I think given the nature of the grant that it is best considered as a gift. My wife has received other grants that did not have 1099s, but none as large as this one. It's a 1099-MISC, with Box 7 marked, "nonemployee compensation," but I don't know what the implications of that might be. It sounds like maybe the IRS is treating this as non-offset business income. If that's how it should be treated, we can offset the $5462: we can document $5724 of allowable business expenses.
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Sep 3, 2014 20:07
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Leperflesh posted:In my wife's case, she is building a robot that carries a garden of native plants on its back, walking around on articulated legs. I don't have anything useful to add here but I wanted to say that this is loving awesome.
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Sep 3, 2014 20:17
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Leperflesh posted:Well again, it's a hobby in 2012, not a business. But no, 1040 line 21 is 5,462, which includes the $4k, plus $1462 in hobby income (offset by schedule A line 23, $1462 of hobby expense). The $4k is not included in "total wages, tips and compensation." That's pretty cut and dry income and will/should be subject to SE tax. Again, the $5,462 of expenses may not offset anything. Based on what you told me about your Schedule A, your AGI is currently too high to actually deduct anything (which is why you have 1,462 on line 24 and -0- on line 27). The 5,462 wouldn't be fully deductible (though it should be close, again, depending on AGI). Regardless, you'll likely have a hard time explaining why it wasn't deducted on the original return (saying this is a hobby may bring into question prior year returns). It's hard to say exactly what's being assessed and why without seeing the notice, but my guess is the IRS is having trouble reconciling to where the 1099 is being reported on your 1040.
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Sep 3, 2014 20:17
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Admiral101 posted:That's pretty cut and dry income and will/should be subject to SE tax. The IRS computers are confused because there's no schedule SE. Even though he reported in on line 21, that's the "catch all" other income line (buried treasure, radio call-in awards, wheel of fortune, etc.) It's taxable income, but no SE tax. By slapping the $4,000 on the 1099 in box 7 by the grant payor, the IRS computers are now looking for that $4k to show up somewhere as gross self-employment income. Since it's not, they're assessing an extra $4k for ordinary taxes plus the SE tax on top of it. You can draft a letter and show the IRS you've included the $4k, but the SE tax issue is going to be something else. Side note - if you live in a state with income taxes, the IRS sends a copy of the initial notice to the relevant state agency. The state will assume the IRS is 100% correct UNTIL you can get a final adjustment from the IRS and then you will need to send that to your state agency as well. Here in Oregon the state is much more inclined to levy/seize funds than the IRS and it is entirely possible the state will snag your money (correctly or not) before you even get a correction notice from the IRS. Long story short, you've kind of messed up your taxes (sorry to put it bluntly) you might want to hire someone to sort you out from here on out. Turbotax only can carry you so far.
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Sep 3, 2014 20:40
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Christ. It's $600 worth of taxes at the most, but yeah I'm in California so I'm sure they'll bitch and moan too. I guess we're going to go spend a thousand dollars on a tax advisor to fix our taxes so we can save a few hundred dollars or something, I don't know. Thanks for the help.
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Sep 3, 2014 20:54
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Leperflesh posted:Christ. It's $600 worth of taxes at the most, but yeah I'm in California so I'm sure they'll bitch and moan too. The $600 of taxes is a kind-of. Since you already included the $4k in income, your ordinary federal and state taxes really shouldn't change much. The SE tax issue might be: 1) Screw it, pay the $600 and move on with life 2) Spend a few months of hassle and research and attempt to work the amount down. Good luck. Keep an eye out for the CA notice and at least start responding to the IRS ASAP to get the ordinary tax issue out of the way so you can get the corrected response to send to CA.
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Sep 3, 2014 21:16
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AbbiTheDog posted:The $600 of taxes is a kind-of. No, the $4k was not included in income. Essentially I treated it as a gift, albeit one with a 1099. quote:Keep an eye out for the CA notice and at least start responding to the IRS ASAP to get the ordinary tax issue out of the way so you can get the corrected response to send to CA. Yeah. We're looking for a tax advisor today. The IRS wants to receive a response by the 10th, which we will do regardless. (They have a fax number, so we can fax it if I'm not ready to mail something by like, tomorrow.)
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Sep 3, 2014 22:10
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Update! We went to a CPA. They have advised us that Alliance of Artists' Communities hosed up by putting the grant money in Box 7 of the 1099. It should have been in Box 3. We correctly reported the income as a grant. They said we should send the letter to the IRS explaining this. We have a letter from AAC that my wife got when the grant was awarded, which will corroborate the claim. We will also contact AAC to ask them to amend their 1099s, but the CPA said it was unlikely that AAC would want to/agree to do that, since they would have to potentially amend all of the 1099s they hosed up in 2012 or something. So I feel pretty vindicated, we did our taxes right and it's someone else's mistake.  e. also the CPA didn't charge us anything, free consult. They were super nice.
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Sep 3, 2014 23:52
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Leperflesh posted:Update! This CPA told you that the grant was not income? Was he located in a strip mall? Admiral101 fucked around with this message at 00:08 on Sep 4, 2014 |
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Sep 4, 2014 00:04
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Box 3 is "other income". Description for Box 3:quote:...The amount shown may be payments received ... prizes, awards, taxable damages, ... That's pretty clear cut. I did declare the $4k, as part of "other income" on Line 21; so we paid income tax on it. (I did not include it on Line 7 as Wages, salaries, tips.) So when I said Leperflesh posted:No, the $4k was not included in income. Essentially I treated it as a gift, albeit one with a 1099. That's wrong, I did include it in the income, it's just not on any W2, it's on a 1099. The IRS naturally assumed a 1099 box 7 income is self employment and said "hey you owe self employment tax" but it's because the payer hosed up. Shoulda been box 3, which the IRS would accept as being something to go on Line 21. I'm sorry for being a bit unclear, I keep having to go back and look at forms to remember exactly what I did. This is all a bit confusing but I'm pretty sure I've got it straight now.
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Sep 4, 2014 00:37
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Leperflesh posted:Box 3 is "other income". Description for Box 3: You still might be able to get the IRS to budge on the SE issue. I had a client that had a strip mall and one of the tenants gave him a 1099 with "nonemplpyee comp" checked for the rent. Couldn't get the tenant to change it, but wrote a letter to the IRS explaining the whole thing and they accepted it. Good luck.
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Sep 4, 2014 16:39
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I'm not current on my quarterly taxes, and need to get on an installment plan for the remainder of last years tax return. Am I right in my understanding that they won't allow me to get on an installment plan because of the quarterly taxes, and not just roll it all together? Can I just eat the penalties until Jan 1st and 'then' roll my quarterlies (as if they were a complete 2014) into my 2013s?
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Sep 7, 2014 01:58
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uG posted:I'm not current on my quarterly taxes, and need to get on an installment plan for the remainder of last years tax return. Am I right in my understanding that they won't allow me to get on an installment plan because of the quarterly taxes, and not just roll it all together? Can I just eat the penalties until Jan 1st and 'then' roll my quarterlies (as if they were a complete 2014) into my 2013s? So you filed in 2013 and have a balance due. You also aren't current on your 2014 estimated tax payments. You want to know if you can enter into an installment agreement? Assuming that you meet the IRS's criteria, you should be able to enter into an installment agreement, regardless of the 2014 quarterly payments. Obviously, it would be best to catch up on those payments before the end of the year to avoid any penalties, but if that isn't possible, just keep in mind that if you have a balance due at the end of 2014, the IRS will charge you an additional fee to add the new balance to the existing installment agreement. If you've received letters from the IRS regarding the 2013 balance, you should definitely respond to them either by mailing in an installment agreement request (Form 9465) or calling up them up and setting one up over the phone. Even if they haven't sent you a letter, you should probably call them up and get one set up.
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Sep 7, 2014 05:33
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I made ~3k as a freelance tutor in 2013. I filed a Schedule C-EZ with my 1040 claiming that profit and have been expecting my federal return of a few hundred dollars since March. I e-filed and checking my return status says my "return is still being processed." Five months seems like something must be wrong, but I haven't received anything in the mail, or electronically. Looking at this again, I may have had to file a Schedule SE as well. If that's the case, what do I do at this point?
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Sep 8, 2014 02:07
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Is there a good and simple way, preferably hawked by a guy in a suit with question marks, for minimizing capital gains tax? I have $20K worth of shares in a single stock that I want to convert into a total stock market fund. Its current value is roughly double the cost basis, so theres a non-inconsequential amount of taxes involved. The only thing that I can think of is selling half at the end of December and the other half at the beginning of January, so that I can delay paying half of the tax until next year. Is there anything else?
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Sep 8, 2014 16:49
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Happiness Commando posted:Is there a good and simple way, preferably hawked by a guy in a suit with question marks, for minimizing capital gains tax? Have you hold onto the stock for 12 months or longer? That's the best way to minimize cap gains tax
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Sep 8, 2014 21:00
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Yes all the gains are long term except for reinvested dividends
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Sep 9, 2014 00:32
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Happiness Commando posted:Is there a good and simple way, preferably hawked by a guy in a suit with question marks, for minimizing capital gains tax? Only if you've got other stocks with unrealized losses you can sell to offset. Other option would be to start putting aside into a retirement account this year to shelter some of the gain. If you're in the lowest two tax brackets, the federal capital gains tax on long-term gains is zero % (state will vary), and keep in mind that your deductions (exemption deduction, itemized deductions, etc) reduce ordinary income first. You can also look at contributing the stock to charity instead of making cash donations, you get a deduction for the market value of the stock and don't need to recognize the gain.
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Sep 10, 2014 16:27
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I got a letter from my state (Oregon) IRS today in the mail. I joked that I was getting audited and I look down and gently caress it I am. Sounds like it is just for when I moved states and claimed credit for taxes paid to another state. I will painstakingly type out the list of crap they want here:quote:Please provide the following records for tax year 2011: I don't have kids or a house or do anything fancy on my taxes and I use TaxAct so I don't really know what I could have screwed up. I was hoping one of you experts could tell me 1) what the hell they want from me 2) that everything will be OK. Do I just dig up all my 2011 Wisconsin tax info and send it to them again? Also I'm pretty sure I paid my taxes online so I don't have copies of checks either. aaaaaaaaaugh whyyy 
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Sep 28, 2014 06:00
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HondaCivet posted:1) what the hell they want from me It seems to be a correspondence audit, which is pretty much "We want money, so prove to us that you don't actually owe us money by overstating the amount of taxes paid to other states or else we'll disallow the credit and you'll owe us taxes, interest and maybe also underpayment penalties." As far as audits go, they're relatively benign since it's just satisfying a state paper pusher. As for online payments, can't you print out a statement showing the wire? Horseshoe theory fucked around with this message at 16:25 on Sep 28, 2014 |
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Sep 28, 2014 16:21
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ThirdPartyView posted:It seems to be a correspondence audit, which is pretty much "We want money, so prove to us that you don't actually owe us money by overstating the amount of taxes paid to other states or else we'll disallow the credit and you'll owe us taxes, interest and maybe also underpayment penalties." As far as audits go, they're relatively benign since it's just satisfying a state paper pusher. As for online payments, can't you print out a statement showing the wire? So they just want me to prove that I paid taxes to other states that year? I should just dig up every bit of paper I have on paying my Wisconsin taxes? I had always assumed that audits were for when they think you messed something up or lied but I could be wrong. Thanks, I might have more questions later but let me just see what I can find first.
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Sep 28, 2014 19:30
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HondaCivet posted:I had always assumed that audits were for when they think you messed something up or lied but I could be wrong. It's when they suspect that you've somehow messed up (IE: apportioned income between the states incorrectly, etc), lied or, alternatively, if you messed up the Federal 1040 and the IRS notified the states of the gently caress-up. Basically, they're trying to verify that you legitimately owed that tax liability to WI and therefore were entitled to the credit. If not, they'll demand the difference and you'll have to amend your WI return before the statute for refunds (typically 3 years from the due date of the return with any extensions taken) to get the refund. The reason they're sending the correspondence audit now is because they only have until April (or October if you took an extension) of next year to go after you for any liability due, and states (and the IRS) tend to wait towards the end to accrue as much interest as possible.
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Sep 28, 2014 19:52
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I started an LLC with a partner a few months ago which is starting to generate significant income. The business itself has very little expenses (very specialized consulting), so almost all of the revenue is just passing through to us. I'm thinking of buying a nice sports car and was wondering the best approach to this. The car would almost exclusively be used for business (going to/from work sites and meetings), and some people have been telling me to lease it as I can write off almost the entire payment. Which is the best way to do this?
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Sep 29, 2014 03:59
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