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I have the following things impacting my taxes/income: My job has me buying hotel rooms and poo poo and reimbursing me + per diem. I just bought a house. I have hella student loans. My wife is in grad school. How do I maximize the impact of this stuff to reduce my tax burden? signalnoise fucked around with this message at 17:03 on Jul 17, 2015 |
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Jul 17, 2015 15:39
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The easiest way to reduce your tax burden is by contributing to retirement savings via your 401k or an IRA that you set up yourself. Your mortgage interest will also be a deduction.
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Jul 17, 2015 21:07
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moana posted:The easiest way to reduce your tax burden is by contributing to retirement savings via your 401k or an IRA that you set up yourself. Your mortgage interest will also be a deduction. There's also the student loan interest deduction (potentially - depends on AGI levels as there's a phaseout) for signalnoise's loans, assuming he's paying them back, and potentially the lifetime learning credit for his wife's tuition.
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Jul 17, 2015 21:57
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signalnoise posted:I have the following things impacting my taxes/income: The house most likely will push you into itemized deductions as opposed to just taking the standard deduction, so keep track of the following: -Your mortgage interest will be reported to you by something called a Form 1098, keep an eye out for that. In addition to the interest proper, any mortgage insurance premiums, points on the loan, and real estate tax are deductible. Depending on how you set up the loan (sometimes it's set up to escrow the funds for mortgage insurance premiums and real estate tax with the mortgage payments) this may be included on the 1098, otherwise look it up (your county should send you a form with your real estate tax info for example). -Any charitable contributions, itemized is when those start to matter. Start saving those receipts for donations, they aren't technically required for claiming small amounts (i.e. if you give a few bucks a week at church or the like) but get what you can anyway to ensure you remember them. Note this includes both cash and non-cash donations, dropping sacks of clothes at Goodwill counts. -State taxes, you have an option of using either state income OR state sales as a deduction. -Major medical expenses, anything out of pocket and NOT paid back by insurance. They have to be over 10% of your income, so unless God forbid one of you has cancer or something you are not likely to qualify, but it's worth remembering if that does happen. -Unreimbursed employment expenses, this is where those hotel expenses MIGHT apply. Note I say might because only the amount not repaid by the employer counts, and the expenses must be over 2% of your income. Check your math carefully, employment expenses can trigger closer IRS audit scrutiny because so many folks screw up what is an actual unreimbursed employment expense or try to get cute with them. Look up Schedule A for further details on itemized deductions. Also make sure itemizing gives a higher number than the standard deduction, no point doing it if it doesn't actually save you money obviously. Unless you started paying mortgage late in the year it should almost always be better to itemize though. As for the others, student loans are a deduction, and there is a lifetime learning credit for the grad school expenses, or a deduction if you don't qualify for the credit. They should send you a 1098 form for each of those with the info needed. The educational credit you can find info on by looking up instructions for Form 8863. Student loans just look up the info for line 33 in the 1040 instructions. Note I am simplifying quite a bit, itemized deductions are where I start seeing taxes getting complicated for many folks (then again, I am still somewhat amazed how many people pay me $90 for a 1040EZ, so mileage varies there apparently). There are a few little oddities that crop up, like state tax refunds with itemized deductions requiring you to include the refund as income on next year's tax return. If you itemize it may be worth it to you (if you don't already) to use tax software/a tax preparer if you are not confident with your understanding of what you're doing. Admittedly they will be a decent chunk of change to buy since you're crossing into the "things start getting at least slightly complicated" territory of tax prep as opposed to "just copy the crap off the W-2", I mainly recommend considering it because in addition to itemizing you're considering educational credits (one of the most commonly messed up parts of returns) and the employment expenses stuff which as I said can be screwed up and is likely going to get the IRS looking at the return more closely. Not really a problem if you do it right of course, but you are more likely to get a letter asking for proof than your average return so keep your records straight and available post-filing. The good news is itemizing will almost certainly increase your refund significantly, so the extra paperwork will at least pay for itself rather nicely. Itemizing also applies to many states, so double-check their info as well.
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Jul 18, 2015 05:25
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If I hire a Chinese national living in China to perform a service on something that physically resides in the US, do I have to withhold taxes and issue a W-2? The IRS says services performed by NRAs in another country are not subject to the federal income tax, but I'm not sure if this counts. For example hiring a foreign webmaster to maintain a website hosted in the US. Can I still deduct his payroll expense from my business income if he's not subject to withholding? I'm setup as a sole proprietor. Gamesguy fucked around with this message at 01:07 on Jul 19, 2015 |
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Jul 19, 2015 01:01
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I sold some mutual funds in order to make a down payment on a house and I'm worried about owing capital gains tax at the end of the year. It looks like Wells Fargo can't provide a cost basis because they bought the fund managing company a few years back or something so they just sent me 20+ years of statements and told me to do it myself. I was planning on paying someone to do my taxes at the end of the year, but is this something I need to worry about now?
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Jul 20, 2015 05:19
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Gamesguy posted:If I hire a Chinese national living in China to perform a service on something that physically resides in the US, do I have to withhold taxes and issue a W-2? The IRS says services performed by NRAs in another country are not subject to the federal income tax, but I'm not sure if this counts. For example hiring a foreign webmaster to maintain a website hosted in the US. No, you would not withhold and issue a W2. If the income was US source FDAP you would withhold and issue a 1042S. Services are sourced according to the place the services are performed. If the Chinese individual performs these services in China (i.e., she does not actually come to the US to work) then the services are non-US source and there is no withholding or 1042s required. Note that royalties, for example, are completely different and are sourced according to the place the IP is used, so the character of income in question makes a difference.
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Jul 21, 2015 01:48
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Can you claim exemption from state tax the first year you live/have income in that state? Not sure if I technically had zero tax or just N/A for previous year. I just started working in Oklahoma and they have a 5k a year credit for aerospace engineers moving to and working in the state. My state tax would only come to about half the amount of the credit, so I'm confident any withholding will be refunded. Not a huge deal either way, but it would be nice to have that extra 150 a month now rather than in a lump sum a year from now.
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Jul 21, 2015 03:18
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PatMarshall posted:No, you would not withhold and issue a W2. If the income was US source FDAP you would withhold and issue a 1042S. Services are sourced according to the place the services are performed. If the Chinese individual performs these services in China (i.e., she does not actually come to the US to work) then the services are non-US source and there is no withholding or 1042s required. So I would just list his compensation as a business expense? Thanks!
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Jul 21, 2015 04:49
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Xenoborg posted:Can you claim exemption from state tax the first year you live/have income in that state? Not sure if I technically had zero tax or just N/A for previous year. I just started working in Oklahoma and they have a 5k a year credit for aerospace engineers moving to and working in the state. My state tax would only come to about half the amount of the credit, so I'm confident any withholding will be refunded. Not a huge deal either way, but it would be nice to have that extra 150 a month now rather than in a lump sum a year from now. You can have your payroll department change your OK withholding only (you can fill out a "state only" w-4).
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Jul 21, 2015 16:36
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AbbiTheDog posted:You can have your payroll department change your OK withholding only (you can fill out a "state only" w-4). I have the form. I just want to make sure that I qualify for checking that box, since I wasn't in this state last year. code:
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Jul 21, 2015 16:40
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I work remotely and sometimes (2 - 3 times a month) travel to see clients. Beginning in August, I'd like to rent my house out and travel the country for the next six months. Can I still deduct travel expenses/mileage when I am conducting business (e.g. on-site client consultations)? If so, how does this typically work? I usually record business travel when traveling from my home, but, in this case, I would be presumably traveling from a friends place or hotel or wherever I'm currently located. I have clients in all of these locations (that I would visit otherwise), but I'd like to take advantage of the next six months and enjoy the sites along the way.
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Jul 24, 2015 19:39
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Xenoborg posted:Can you claim exemption from state tax the first year you live/have income in that state? Not sure if I technically had zero tax or just N/A for previous year. I just started working in Oklahoma and they have a 5k a year credit for aerospace engineers moving to and working in the state. My state tax would only come to about half the amount of the credit, so I'm confident any withholding will be refunded. Not a huge deal either way, but it would be nice to have that extra 150 a month now rather than in a lump sum a year from now. Turns out Oklahoma wont let me claim exempt without also doing it on a Federal level. You win this time IRS.
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Jul 24, 2015 23:43
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ya dangus posted:I work remotely and sometimes (2 - 3 times a month) travel to see clients. Beginning in August, I'd like to rent my house out and travel the country for the next six months. Can I still deduct travel expenses/mileage when I am conducting business (e.g. on-site client consultations)? If so, how does this typically work? I usually record business travel when traveling from my home, but, in this case, I would be presumably traveling from a friends place or hotel or wherever I'm currently located. I have clients in all of these locations (that I would visit otherwise), but I'd like to take advantage of the next six months and enjoy the sites along the way. Pub 463 talks about this briefly, but it is very fact-dependent. So it is really impossible to say without a detailed consult. Just think, though, at some point you may be summoned to the deepest sub-basement of the local federal building, where the unpopular agencies have their offices. As you walk down the damp hallways, feet crunching on the bones of rats or pigeons that have gotten lost amidst the paperwork, remember there will be a bent, old man hunched over his desk, hands trembling with joy over the thought of crushing the entrepreneurial spirit of the small business man. How will he respond when you say your meeting just happened to be at Disneyland? What will he think of the 17 mai tais on the receipt for breakfast? Can you justify these expenses with only your shoebox of receipts to back gou up?
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Jul 24, 2015 23:51
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sullat posted:Pub 463 talks about this briefly, but it is very fact-dependent. So it is really impossible to say without a detailed consult. Just think, though, at some point you may be summoned to the deepest sub-basement of the local federal building, where the unpopular agencies have their offices. As you walk down the damp hallways, feet crunching on the bones of rats or pigeons that have gotten lost amidst the paperwork, remember there will be a bent, old man hunched over his desk, hands trembling with joy over the thought of crushing the entrepreneurial spirit of the small business man. How will he respond when you say your meeting just happened to be at Disneyland? What will he think of the 17 mai tais on the receipt for breakfast? Can you justify these expenses with only your shoebox of receipts to back gou up? Well when you put it that way... Also thanks for reference to Pub 463. Looks like I've got some heavy reading to do. Also good to know how IRS defines transient.
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Jul 26, 2015 16:20
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I have around $9000 in shares of a mutual fund in an investment account that's been in my name all my life. No idea what the basis is; my grandparents established it for me intending it to be for college. I put some additional money into it at (~$1500-2000) during the past several years with no long-term purpose in mind, and otherwise haven't touched it. Lately I've been considering different options for putting the money to use. The money isn't urgently needed for anything, and the fund is pretty volatile, so I'm thinking about moving it into a more stable long-term investment mix. The problem is, will anything I do to try and move the mutual fund into different investments trigger capital gains? There's some sort of notion scratching at the back of my head that I could sell them and buy shares in something else and have the basis of those reduced by the amount of capital gains instead of getting taxed, but I'm not sure whether that went away. I thought you could, but the IRS website is saying it can only be done if small business shares are purchased now, so 
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Jul 29, 2015 01:47
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Yes, you will be paying capital gains.
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Jul 29, 2015 03:58
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Not sure if this is the right place for this, but: I have dual US/UK citizenship from being born in the US but have lived in the UK since I was ~2 years old. I only applied for my first US passport this year at the age of 25 but otherwise have been functionally living as a UK citizen until now. I know that US citizens are supposed to file returns always, even when living overseas, but I've never filed a US return - I only found out that was a thing a year or so ago, and I thought I'd take care of that after the passport. I'm hitting up a few places for advice. My question is: what do I do? Am I going to have to file a bunch of retrospective returns?
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Jul 31, 2015 17:12
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Disinterested posted:Not sure if this is the right place for this, but: Yes, for each year in which you have a filing requirement—that is, any year for which your gross income exceeded the standard deduction + personal exemption in effect for that year. This will be a hassle, but it's likely that the foreign tax credit + foreign earned income exclusion will eliminate any tax due. Our firm does a bunch of expat returns, so feel free to PM me with questions.
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Jul 31, 2015 18:54
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scribe jones posted:Yes, for each year in which you have a filing requirement—that is, any year for which your gross income exceeded the standard deduction + personal exemption in effect for that year. This will be a hassle, but it's likely that the foreign tax credit + foreign earned income exclusion will eliminate any tax due. Yeah, that's what I figured. Just a timesink, but I doubt I'll owe anything. Thanks.
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Jul 31, 2015 18:57
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I'm trying to wrap my head around Sec. 83. At least how I understand it now is if you don't make an 83(b) election: If the company is public options are taxable at the time they vest. If the company is non-public then they're taxable at the time you exercise. If the company becomes public then they're taxable at that point unless you're an officer of the company because SEC required lockups defer the revenue but contractual lockups do not. Is that more or less right?
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Aug 1, 2015 20:36
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If I have property in a living trust where I'm the grantor and the trustee, do I take real estate tax deductions as usual without any additional forms or do I have to do stuff differently because my property is in a trust as opposed to owning it directly?
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Aug 3, 2015 05:43
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Shaocaholica posted:If I have property in a living trust where I'm the grantor and the trustee, do I take real estate tax deductions as usual without any additional forms or do I have to do stuff differently because my property is in a trust as opposed to owning it directly? You'll take the deductions as normal.
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Aug 4, 2015 02:31
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I'm looking to take part in an employee stock purchase program. -I elect to contribute up 15% of my gross income for a 6-month window, which is taken out of my net after-tax pay -Stock price is recorded twice: day 1, and the last day of the 6-month window -Stock is purchased 15% off of the lower of those two prices -Employees are given immediate access to do whatever they'd like with the stock My plan is to immediately sell the stock after they purchase it for me to collect my gains (15% minimum, not accounting for inflation/opportunity cost of them holding the money for 6 months.) - I'm still still paying income tax on my contributions, Tesla just withholds that money from my net pay, correct? - Do I pay regular income tax on the discount (15% or more off current stock price)? - Do I pay any other taxes? Should I hold the stock for shorter/longer periods of time to lower these? - Can I transfer this money into a tax-sheltered account such as an IRA even if I've already hit my $5.5k annual limit? Blinky2099 fucked around with this message at 20:58 on Aug 11, 2015 |
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Aug 11, 2015 20:52
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Quick question: I messed up this year. For FSA deductions for childcare I listed $5000 for myself and my wife indicated $2500 for her. She did it right, I did it wrong as the max for a couple is $5000. Whats the penalty for this? Will the IRS bend me over and have their way with me for the extra $2500??
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Aug 11, 2015 22:45
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Blinky2099 posted:- I'm still still paying income tax on my contributions, Tesla just withholds that money from my net pay, correct? Yes, your contributions are made with post-tax money. Yes, in the situation you have described. No, in the situation you have described. You can hold the stock longer for long-term capital gains treatment on the increase of the stock price, and potentially even longer for a 'qualifying distribution' that can (in many, but not all cases) provide a tax advantage on the discount that you received. No. ESPPs are a pain in the rear end, tax-wise. Read this: http://financialgeekery.com/2012/05/15/the-ins-and-outs-of-espps-part-2-fun-with-taxes/
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Aug 12, 2015 03:34
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Bisty Q. posted:ESPPs are a pain in the rear end, tax-wise. Read this: http://financialgeekery.com/2012/05/15/the-ins-and-outs-of-espps-part-2-fun-with-taxes/
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Aug 12, 2015 04:01
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I'm interested in buying a house. Between two lenders, one offers a MCC and one doesn't. The loan officer is telling us that if we take exemptions based on the MCC, we'll get back every dollar of 20% of the mortgage interest. Through the first year, that's about $2200. ($312k loan at 3.25%) My wife is the only one with income now, I had income up until May of ~10k, and my wife started working in March at 55k(starting in august, 59k). This should give us a combined income for the year of about $53000. According to last year's return our AGI was $53700, leaving us with a federal tax liability of $4100(line 63, 1040). Is she correct that that 20% would reduce our total tax to $1900 and we'd actually get that money back? Where would this go on a W-4 so we could start seeing that money back monthly?
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Aug 13, 2015 08:43
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Let's assume a home is owned as a second/rental property for 20 years. Property tax over the years is paid, homeowners insurance is paid. After those 20 years the house is sold. Is the property tax and homeowners insurance which was paid considered tax deductible for purposes of any profit from the sale?
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Aug 14, 2015 13:48
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lord1234 posted:Let's assume a home is owned as a second/rental property for 20 years. Property tax over the years is paid, homeowners insurance is paid. After those 20 years the house is sold. Is the property tax and homeowners insurance which was paid considered tax deductible for purposes of any profit from the sale? If it was a rental property, you should have been deducting those expenses each year along with depreciation which you are forced to take. Because of the forced depreciation, you will likely have a very large capital gain when you sell the property, and those two things will have no impact on that gain. As far as I know, if you haven't been taking the tax deductions/depreciation each year, you are completely boned and the IRS will assume you took it anyway. You could refile the last few years at least but not all 20. If it was more of a cash rental and you never really reported/treated it as a rental, then just treat is as a vacation house you are selling. You still get no deductions (but you could have been deducting property tax and mortgage interest each year), but you won't get screwed on the depreciated gain. You could also move into it for 2 years and then sell it to take advantage of the 250k/500k primary residence capital gain exemption.
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Aug 14, 2015 15:40
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spiralbrain posted:Quick question: Was this just on the tax forms, or did you accidently put too much money in the FSA? If the latter, that one's a little too complicated for my expertise, but I seem to recall extra money might actually default to your employer; but don't take my word for it. If it's just a screw-up on the forms, you can file an amendment; just recalculate the Form 2441 with the correct info and file a copy of the corrected 2441 with the 1040X form. You'll have to pay any additional tax you owe when you file the amendment (just include a check with the paperwork for whatever amount you come up with), but I doubt the difference is going to be so substantial the IRS will slam you with a massive bill for penalties/interest over it, especially if you come to them first (and only 4 or so months late to boot). The penalty is 0.5% per month since you did file; unless your child care credit was huge I'm skeptical the recalculation is going to affect the total return that badly penalty-wise, you can also attach a statement asking for an abatement of the penalty (worst case they'll just say no is all). Harmburger posted:I'm interested in buying a house. Between two lenders, one offers a MCC and one doesn't. The loan officer is telling us that if we take exemptions based on the MCC, we'll get back every dollar of 20% of the mortgage interest. Through the first year, that's about $2200. ($312k loan at 3.25%) My wife is the only one with income now, I had income up until May of ~10k, and my wife started working in March at 55k(starting in august, 59k). This should give us a combined income for the year of about $53000. According to last year's return our AGI was $53700, leaving us with a federal tax liability of $4100(line 63, 1040). Is she correct that that 20% would reduce our total tax to $1900 and we'd actually get that money back? Where would this go on a W-4 so we could start seeing that money back monthly? Mortgage credit certificates go on Form 8396, I'd check that for full details (IRS Publication 530 has homebuyer tax info also). And yes, as a credit it's directly subtracted out of your tax liability (though it's not a refundable credit, so it can't take you below $0 tax owed). Biggest concerns are how much of the total mortgage is certified indebtedness (if the full $312k value isn't on the certificate it adjusts the credit by whatever % is certified vs. the total mortgage value), and any interest you take out as a credit with Form 8396 has to be subtracted from any mortgage interest in your itemized deduction. Speaking of which, you'll want to learn about itemizing if you haven't been. Even subtracting out the $2200 you'd get as a credit, you'd have almost $8000 in mortgage interest that with real estate taxes and (probably) state tax alone is likely to get you past the $12,600 standard deduction for MFJ. If you buy the house late in the year there may not be enough interest to be worth itemizing that year, but the following year most probably would be. So look up Schedule A and start tracking all the items on there to be safe. As for changing withholding, I'm paranoid enough to recommend you wait and see how this affects your taxes the first time before playing with withholding; especially if you itemize you may want to see the actual numbers for that along with the MCC credit. You can work out your allowances with a W-4 calculator to ensure you withhold enough; do leave some extra slack because by design the amount withheld on the W-2 is supposed to cover things without withholding like bank interest and sudden windfalls. That's why most of us get refunds in the end. Your taxes are going to decrease enough it's worth altering withholding though eventually, I'm just of the "better to have an extra high refund the first time you make a major change than wind up owing a bunch because of a bad estimate" school of thought.
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Aug 15, 2015 00:48
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MadDogMike posted:Was this just on the tax forms, or did you accidently put too much money in the FSA? If the latter, that one's a little too complicated for my expertise, but I seem to recall extra money might actually default to your employer; but don't take my word for it. If it's just a screw-up on the forms, you can file an amendment; just recalculate the Form 2441 with the correct info and file a copy of the corrected 2441 with the 1040X form. You'll have to pay any additional tax you owe when you file the amendment (just include a check with the paperwork for whatever amount you come up with), but I doubt the difference is going to be so substantial the IRS will slam you with a massive bill for penalties/interest over it, especially if you come to them first (and only 4 or so months late to boot). The penalty is 0.5% per month since you did file; unless your child care credit was huge I'm skeptical the recalculation is going to affect the total return that badly penalty-wise, you can also attach a statement asking for an abatement of the penalty (worst case they'll just say no is all). This was on the tax forms that my employer made me fill out. They actually asked me if that was correct and I told them yes because I thought it was $5K a person for FSA dependent care. Sounds like I need to fill out that correction and ask them for the penalty offset. I was just hoping that when at the end of the year when I do my taxes I wouldnt be penalized too much. I wouldn't be surprised if people make this mistake quite often.
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Aug 16, 2015 22:10
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Droo posted:If it was a rental property, you should have been deducting those expenses each year along with depreciation which you are forced to take. Because of the forced depreciation, you will likely have a very large capital gain when you sell the property, and those two things will have no impact on that gain. Try a Form 3115 for change in accounting method, automatic (incorrect method to a correct method). Claim the depreciation as a 481(a) adjustment to offset the section 1250 recapture on the sale.
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Aug 17, 2015 17:29
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I'm paying a little bit of my taxes in installments from last year, I have it currently set up to just directly withdraw from my checking account at the end of the month. Is it possible to switch to EFTPS (pay online whenever) instead at this point? I like the EFTPS set up much more and already have an account -- it's just not usable with the taxes I owe from last year. Figured it would be better asking here than waiting forever on the phone with the IRS. Thanks  I meant if it were possible to change or if you're stuck in one system or another... No. 9 fucked around with this message at 03:45 on Aug 20, 2015 |
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Aug 19, 2015 23:51
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No. 9 posted:I'm paying a little bit of my taxes in installments from last year, I have it currently set up to just directly withdraw from my checking account at the end of the month. Is it possible to switch to EFTPS (pay online whenever) instead at this point? I like the EFTPS set up much more and already have an account -- it's just not usable with the taxes I owe from last year. Figured it would be better asking here than waiting forever on the phone with the IRS. Thanks Unfortunately, it is probably best to call them and make the switch.
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Aug 20, 2015 02:45
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That and I think the auto-withdrawal service has lower fees than the other style, so you could get charged more.
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Aug 20, 2015 17:24
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I have a friend whom is being asked to fill out an 8962 by their insurance company. The company says they want it to figure out the subsidy that they will give her in '16. They didn't give her a 1095. The only things I have from her are her W2 from '14, what she'll make this year, her current monthly insurance payments, and what her APTC was for '15. Is this all I need?
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Aug 22, 2015 16:36
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My "real" job pays me about 60k/year, but this past year I also started working on a contract basis for $1500/day. All said, I should probably bring in about 25-30k in extra income but it's somewhat sporadic and I'm not sure exactly how much it will end up being by the end of the year. When I filled out my withholdings I just took 1 deduction on each W4, but does that sound right or am I going to get hit with a big tax bill?
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Aug 23, 2015 23:14
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For self-employed 401k plans, the limit for contributions in 2015 is $53,000. So for me and my husband married filing jointly, can we contribute $53,000 for EACH of us into our solo 401k plans for a total of $106,000? I couldn't find anything specifically about married couples on the IRS page so I wanted to double check that that was ok.
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Aug 25, 2015 19:15
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moana posted:For self-employed 401k plans, the limit for contributions in 2015 is $53,000. So for me and my husband married filing jointly, can we contribute $53,000 for EACH of us into our solo 401k plans for a total of $106,000? I couldn't find anything specifically about married couples on the IRS page so I wanted to double check that that was ok.
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Aug 25, 2015 19:19
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