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PatMarshall posted:On fees, it varies. I won't bother with a return for less than 3,000. I see this a lot. I'm out of the Portland Metro area and in downtown, yeah the firms charge an arm and a leg. Out in the burbs a bit and you get "well, my friend's neighbors' uncle's cousin does it out his garage for $50, will you match that?" No, gently caress off.
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Nov 1, 2018 17:05
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One of the things I hear a lot is, "I shouldn't have let someone I met over Facebook prepare my return!" Haven't heard anyone complaining about goon prepared returns yet.
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Nov 1, 2018 17:20
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sullat posted:Haven't heard anyone complaining about goon prepared returns yet. I think there was some drama about furushotakeru, who started the tax advice thread, screwing people over and then disappearing a few years ago.
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Nov 1, 2018 17:31
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Droo posted:I think there was some drama about furushotakeru, who started the tax advice thread, screwing people over and then disappearing a few years ago. Some pages back (10? 20?) was the Goon complaining about Furu, not sure of the details. In all honesty, the tax subreddit has a lot of advice (some good, some bad) that is more active than this forum. Also has a taxpros subreddit as well.
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Nov 1, 2018 19:35
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Is there a guide for quarterly filing of the 1099-MISC? Never had to do this before.
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Nov 1, 2018 20:53
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Woof Blitzer posted:Is there a guide for quarterly filing of the 1099-MISC? Never had to do this before.
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Nov 1, 2018 20:55
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Hoodwinker posted:Do you have a regular W2 job also? If your present rate of withholding will either cause you to pay 90% of the taxes you'll owe (including taxes on the 1099-MISC income) or 100% of the taxes you paid last year, you shouldn't need to make a quarterly filing. I was W2 until May, then 1099 starting in September. The greater amount would probably be W2 for this year, but next year I’ll only be 1099.
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Nov 1, 2018 21:07
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Woof Blitzer posted:I was W2 until May, then 1099 starting in September. The greater amount would probably be W2 for this year, but next year I’ll only be 1099.
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Nov 1, 2018 21:31
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Hoodwinker posted:Can you put down some numbers on your W2/1099 earnings this year? It'd be easier to talk through with more specifics. It sounds like it's slightly possible you might not need to do quarterly filing but it really all depends. It's worth figuring that out before you figure out how and when (though if you're 1099 only next year then maybe it's worth doing now). Ballpark estimate the W2 is 19,200 plus 7,000 in severance pay (which I am assuming counts as income) and the 1099 will be 6,000. But like I said I will be 1099 only next year so I dunno.
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Nov 1, 2018 22:37
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Woof Blitzer posted:Ballpark estimate the W2 is 19,200 plus 7,000 in severance pay (which I am assuming counts as income) and the 1099 will be 6,000. But like I said I will be 1099 only next year so I dunno.
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Nov 2, 2018 01:35
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I have a really weird tax question - I'm not a US citizen and I've joined an LLC. I'm getting professional tax advice, but would this thread be a good question to ask about my US tax obligations?
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Nov 2, 2018 02:06
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Hoodwinker posted:Last little bit of info: how much do you have withheld for federal income tax so far this year? Your pay stub should have this information. Found it, around 2300. Woof Blitzer fucked around with this message at 02:56 on Nov 2, 2018 |
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Nov 2, 2018 02:13
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Woof Blitzer posted:No idea, I don’t have access to that system anymore. You don't have your paystubs? And not even the last one? You don't want to her this but you need to: this is basic adulting. You can't let poo poo like that go.
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Nov 2, 2018 02:38
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Motronic posted:You don't have your paystubs? And not even the last one? Thanks for the tax advice in the tax advice thread: the thread to give advice on taxes.
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Nov 2, 2018 02:49
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Woof Blitzer posted:Found it, around 2300. Subtract $12,000 for your personal deduction = $20,200, roughly the amount of taxable income you'll have. The first $19,051 of that will be taxed at 10%, so you'll owe $1,905.10 worth of taxes from that. The next $1,149 will be taxed at 12%, so you'll owe $137.88 worth of taxes from that. Add those two things together and you'll owe roughly $2,042.98. Since you've withheld $2,300 so far, even accounting for the additional ~7.65% you would need to withhold from your 1099-MISC income for your other half of FICA taxes (this comes out to $459), you would be over the 90% you would need because ($2,042.98 + $459) * 0.90 = $2,251.78 which is less than the $2,300 you withheld. This is all napkin math poo poo and you should absolutely make sure all of your numbers are exact before you take my word for it, but my surface level impression is that you're probably good and don't need to make any quarterly payments for this year. Next year you're going to need to figure it out anyway. I'm just some dude on the internet though, so do your own work. I'm just trying to offer you a baseline expectation to compare against. Absolutely either do your own meticulous research or hire a professional if you're at all concerned about it being hosed up.
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Nov 2, 2018 03:11
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Hoodwinker posted:$19,200 + $7,000 + $6,000 = $32,200 in taxable income. I got some help from a friend now who files quarterly but thanks for the info. Woof Blitzer fucked around with this message at 03:25 on Nov 2, 2018 |
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Nov 2, 2018 03:20
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Woof Blitzer posted:Well once next year rolls around what’s the procedure then? From what I have read it’s complete a 1040-ES and submit it on the quarterly due dates. I will probably be doing this for a while so I want to avoid letting a preparer do all the work for me so understand how to do it.
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Nov 2, 2018 03:24
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Woof Blitzer posted:Thanks for the tax advice in the tax advice thread: the thread to give advice on taxes. Sorry if I was too subtle, but the tax advice is: you need to retain your documentation related to taxes or you're hosed when something out of the ordinary happens.
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Nov 2, 2018 04:34
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CelestialScribe posted:I have a really weird tax question - I'm not a US citizen and I've joined an LLC. I'm getting professional tax advice, but would this thread be a good question to ask about my US tax obligations? Going to need more background here. In which country do you have citizenship? Do you ever visit the US on business?
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Nov 2, 2018 12:11
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Motronic posted:Sorry if I was too subtle, but the tax advice is: you need to retain your documentation related to taxes or you're hosed when something out of the ordinary happens. I thought your advice was straightforward and fair but it's clear OP wasn't in any mood. "Guess my taxes" doesn't seem like a great question to come in here with no further information, though.
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Nov 2, 2018 13:39
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EAT FASTER!!!!!! posted:"Guess my taxes" doesn't seem like a great question to come in here with no further information, though. Lol that’s every client until you do a full interrogation.
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Nov 2, 2018 16:15
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Woof Blitzer posted:I got some help from a friend now who files quarterly but thanks for the info. FWIW I just go to the IRS website and submit a payment online, making sure to select the "Estimated Tax" option. I don't think I've ever submitted a 1040-ES but maybe I'm doing it wrong  https://directpay.irs.gov/directpay/payment?execution=e1s1
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Nov 2, 2018 16:32
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Ur Getting Fatter posted:FWIW I just go to the IRS website and submit a payment online, making sure to select the "Estimated Tax" option. I don't think I've ever submitted a 1040-ES but maybe I'm doing it wrong ya this is The Way just make sure you keep copies of your payment confirmation on PDF or something to tally up when tax time comes around
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Nov 2, 2018 16:55
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AbbiTheDog posted:Some pages back (10? 20?) was the Goon complaining about Furu, not sure of the details. FWIW, I've been a client of his for a while, he's always done well by me.
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Nov 3, 2018 02:59
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Small White Dragon posted:Would be curious to hear what happened. I went back 25 pages or so, searching for his username in every page but couldn't find it. Having been in this business 20+ years, you learn one main thing - there's always two sides to a disgruntled client story. Not picking sides, but without going through the list of who did/didn't do what, it's hard to pass judgment. I'm sure if you sat down with the client or Furu and gave them a few beers, you'd eventually get the truth of what happened. It's why I really am hesitant to solicit clients online and do work that way, it's better to work things out face-to-face and have the occasional client meeting.
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Nov 5, 2018 18:23
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Working out how terrible a client is going to be over the phone is hard enough, can't imagine trying to gauge over the internet
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Nov 5, 2018 21:02
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Ur Getting Fatter posted:FWIW I just go to the IRS website and submit a payment online, making sure to select the "Estimated Tax" option. I don't think I've ever submitted a 1040-ES but maybe I'm doing it wrong Nothing wrong with doing that, like I tell most of my clients the IRS and state tax agencies are REAL helpful when it comes to the question of "How do I pay you?" so lots of methods work. Do keep records of the payment(s) available though, both for tax prep and also the occasional issue (I have had to walk the IRS through finding payments clients already made before, so proof and especially having a date/time help in those cases). AbbiTheDog posted:Having been in this business 20+ years, you learn one main thing - there's always two sides to a disgruntled client story. Not picking sides, but without going through the list of who did/didn't do what, it's hard to pass judgment. I'm sure if you sat down with the client or Furu and gave them a few beers, you'd eventually get the truth of what happened. Speaking as the guy in the offseason who has to bear the brunt of upset clients, yeah that about covers it. Probably the least fun part of my job is dealing with people who got messed up by a mistake on the preparer's end (naturally worst is cases where it's my own mistake, since I'm somewhat socially anxious/easily embarrassed that feels downright soul destroying  ).As for online, I was on one service that "double checked" self done online returns once, and oh dear God what a mess that was. Half of them were "Oh I accidentally added that service which is why I never sent any paperwork, can you take it off?" (naturally I cannot myself...) and the other half were nightmarishly messed up Schedule C returns and the like that are real fun to sort out over long distance correspondence, to put mildly. Too bad I'm suspicious that may be the way of the future once enough automation hits the industry, though the IRS is gonna have a field day with letters during the growing phase given some of the Lovecraftian horrors I've seen self prepared with the current stuff. Then again I'm not sure how well programmers can deal with tax law changes every few years, so may take longer than I'm thinking.
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Nov 6, 2018 05:04
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Needs content
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Nov 24, 2018 05:12
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Murderball posted:Needs content HAHAHAHAHAHAHAHAHAJAHAHAHA!
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Nov 24, 2018 14:23
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How does getting married work for a couple where both people are working? As I understand it, our filing status applies to the year we get married. If I got married in October, does that mean that for our taxes in 2018, all of our income for 2018 is going to get summed up, and that effectively one of our entire incomes is going to get taxed at a very high percentage, retroactively?
Residency Evil fucked around with this message at 23:42 on Nov 24, 2018 |
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Nov 24, 2018 23:37
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Residency Evil posted:How does getting married work for a couple where both people are working? As I understand it, our filing status applies to the year we get married. If I got married in October, does that mean that for our taxes in 2018, all of our income for 2018 is going to get summed up, and that effectively one of our entire incomes is going to get taxed at a very high percentage, retroactively?
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Nov 24, 2018 23:43
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Hoodwinker posted:Yes. Oh fuuuuuuuuuuuuuuck
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Nov 24, 2018 23:45
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Residency Evil posted:Oh fuuuuuuuuuuuuuuck
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Nov 24, 2018 23:47
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Hoodwinker posted:Single withholding is comparatively higher than MFJ withholding, so your withholding will likely already be roughly where it needs to be. Hopefully this works out. We're in the marriage penalty situation as it is. Is it possible that we could owe thousands in extra taxes? Edit: Ah, just used the tax calculator here: http://tpc-marriage-calculator.urban.org I should just look at "tax as an individual" and compare it to "tax as a married couple," right? Looks like it's a tiny bit higher but not tragic. Residency Evil fucked around with this message at 23:59 on Nov 24, 2018 |
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Nov 24, 2018 23:55
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Residency Evil posted:Hopefully this works out. We're in the marriage penalty situation as it is. Is it possible that we could owe thousands in extra taxes? Any place I could calculate this? Residency Evil posted:Edit: Ah, just used the tax calculator here: http://tpc-marriage-calculator.urban.org Hoodwinker fucked around with this message at 00:04 on Nov 25, 2018 |
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Nov 24, 2018 23:59
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Are either of you participating in the Marketplace for your insurance? Marriage can really screw up your Advanced Premium Tax Credit if eithrr of you are taking it.
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Nov 25, 2018 04:54
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Murderball posted:Needs content
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Nov 25, 2018 05:28
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So if my wife makes some money on the side selling her art is it possible to somehow put that into some kind of tax advantaged account? Would it involve setting up an LLC or something like that? I’m not sure if it matters but she also has a real job as a teacher with a pension and all that.
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Nov 25, 2018 16:25
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If you have self employment income, you can roll a SEP IRA or solo 401(k). This is in addition to the IRA's that are available to everyone. An additional legal entity does not need to be set up. Keep in mind that the IRS ignores single member LLCs, and any income made by an LLC is counted as if the business was a traditional sole proprietorship (unless you elect to be treated as a corporation for tax purposes).
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Nov 25, 2018 16:45
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Standard Deduction Amounts. The standard deduction amounts will increase to $12,000 for individuals, $18,000 for heads of household, and $24,000 for married couples filing jointly and surviving spouses. For 2018, the additional standard deduction amount for the aged or the blind is $1,300.
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Nov 25, 2018 19:31
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