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dms666 posted:Which were going down this year, self employment taxes or estimated taxes?
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Mar 23, 2011 04:30
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entris posted:No. It demeans you, Abbi, and furu; ya'll are doing God's work in here. I guess he is a Republican after all!
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Apr 12, 2011 00:49
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AbbiTheDog posted:LLC/LLP/partnership owners are BANNED from taking payroll
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Apr 16, 2011 03:17
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Mandalay posted:You want to take your marginal tax rate at the federal, state, and local (if applicable) level and multiply it by that number. I imagine it will take you a bracket or two up so you can do a weighted average. In addition, you will owe another 6.2% in medicare and 1.45% in social security, assuming that you haven't maxed out on the former because your compensation is already above ~$106k. However, that is just the direct impact. If you take other tax credits and deductions, they may be limited and/or phased out by your higher adjusted gross income. http://www.hrblock.com/free-tax-tips-calculators/index.html
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May 25, 2011 20:27
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Admiral101 posted:He could deduct the cost of the plane ticket as an adjustment to arriving to AGI (as moving expenses). He doesn't have to itemize to do this. See line 26 of page 1. Also, if you're working overseas and not making a bunch of money, I think you can effectively exclude that income. Not sure what effect that might have.
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Jun 10, 2011 20:49
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furushotakeru posted:I know that ca can sometimes be dicks That sounds like an improvement.
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Jun 27, 2011 05:37
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furushotakeru posted:and an IDR.
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Jul 13, 2011 13:58
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Zewle posted:Would there be an issue if I don't make any profit or have any sales yet? I'll be taking theory and professional audio tech lessons, and building website and imagery for band, but that's as professional as it would be by then. Should I be worried that that might not be seen as a legit tax... thing?
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Aug 16, 2011 08:43
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Sharkface posted:If its a corp registered in the Cayman Islands and owned by American shareholders, even if they aren't doing American business, its my understanding that you owe American taxes. You basically end up paying taxes on corporate income whether or not you take a distribution. And I mean if that was really a concern, it's not like the US lacks S corps or LLCs.
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Sep 16, 2011 10:02
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If everyone understood taxes, what would you do with your life?
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Sep 19, 2011 19:05
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This question came up in a conversation today, and I'm sure you gurus would know the answer. If you pay for a product or service, and the person you paid goes bankrupt before delivery of said product or service (and therefore you do not receive it), does this render you any taxable benefit/deduction?
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Oct 12, 2011 04:58
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I know convenience fees on taxes are deductible as miscellaneous payments subject to the 2% AGI floor, but what about convenience fees on OTHER (partially or fully) deductible items?
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Dec 1, 2011 09:10
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furushotakeru posted:Like what?
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Dec 1, 2011 10:23
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Dr. Kyle Farnsworth posted:Is there a good guide somewhere for finding a tax accountant, like what to look for and what to avoid? My situation is going to be complicated this year and going forward and I'd like to have a professional involved.
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Jan 4, 2012 05:54
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Capsaicin posted:I have a question about Medicare and Social Security tax rates. I assume that my "medicare wages" and my "Social Security Wages" are just my total income (not self-employed, basic of most basic, I guess). TaxACT is telling me that my medicare tax withheld is supposed to be 1.45% of my wages and my social security is supposed to be 4.2% of my income. Also, if the percentages come out to 2.9% and 10.4%, it's possible your employer included their payments. Edit: And if your employer really did screw up, you're going to need to get them to fix it. Small White Dragon fucked around with this message at 05:15 on Jan 17, 2012 |
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Jan 17, 2012 05:07
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AbbiTheDog posted:The example we got from some CA law professor in our state tax update:
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Feb 10, 2012 23:38
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AbbiTheDog posted:NY and CA have become highly aggressive, some of the other states are gearing up as well (WA is starting to crack down a bit on us Oregon taxpayers). furushotakeru posted:Well at least a year or two ago there was an automatic $5 or so of use tax added to the state return. If you took this off, Lacerte gave me a diagnostic (no I am not kidding) that stated that the NY attorney general's opinion was that a return that did not leave that $5 on might be more likely to be selected for audit.
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Mar 5, 2012 00:27
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furushotakeru posted:Actually to legally prepare tax returns for pay you now have to be at least a Registered Tax Return Preparer, which involves taking a test from the IRS.
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Mar 17, 2012 21:27
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ThirdPartyView posted:Did you actually receive that desk? If so, look at a copy of the invoice to see if sales tax was charged; if not, you owe use tax at 6% (apparently). If you need to, contact the company where you bought the goods. You can't ignore it as they are notifying you of a potential tax liability assessment and you need to address it or they may eventually put a lien on your bank account and other assets to try and satisfy the liability. P.S. Can I show this to people? No one seems to believe that use tax laws are enforced. I could probably win a few bets.
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Mar 22, 2012 06:22
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furushotakeru posted:My biggest issue so far has been the fact that apparently about 20-25% of my clients use Mac only (e-org doesn't run on Mac, only on windows).
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Mar 26, 2012 20:07
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What the best/most interesting gift you guys have gotten from a client?
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Apr 17, 2012 00:28
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AbbiTheDog posted:Easiest part would just to read the Form 1040 instructions. Poke around on the IRS website for a bit in the "individual" section and see what you can pickup.
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May 22, 2012 18:44
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AbbiTheDog posted:You have no idea what poor is until you can only buy bread or milk in the grocery store, but not both.
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Jun 8, 2012 06:19
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fordan posted:Not a tax pro, just a Jersey resident. You do have to pay any NYC wage taxes but you can claim them as a credit on your NJ tax return.
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Sep 4, 2012 09:10
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Farside posted:So assuming I donate the car and take the maximum $500 for it how does that affect my taxes? Will I get a full $500 back or will it be some fraction there of? Note that there are some factors to consider. If you don't itemize, the donation may be useless for you for tax purposes. (Disclaimer: I am not a CPA, EA, RTRP or what have you.)
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Sep 10, 2012 21:58
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Admiral101 posted:I'm not seeing the advantage of opening the S Corp in Delaware. It could make sense if you were concerned about PA capital stock tax liabilities, but ultimately because you are a PA resident, all income you earn in the S Corp will be taxed on your PA-40. Regardless of whether the S Corp was formed/located in DE or not. You may want to speak with that person again and see what was on his/her mind. There's many tax reasons to eventually operate out of DE for larger (huge) companies, but that's beyond the scope of your business.
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Sep 11, 2012 21:59
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I know when you sell stock, you're not taxed on the basis. But if some of your shares were acquired at different prices, and you're not selling them all, how is your basis (both for the sale and the remainder) determined?
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Sep 19, 2012 07:50
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Shampy posted:My business is in desperate need of a resell tax exempt license. We're in the distribution business and haven't been asked for one until now. We need to get this ASAP. What's the quickest way of doing this? I see 20 business days quoted but I'm willing to go anywhere to get this poo poo done NOW. But sales tax in Florida is administrated by the Florida Department of Revenue, so I'd go [strike]harass[/strike] pay them a visit. Small White Dragon fucked around with this message at 04:24 on Oct 9, 2012 |
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Oct 9, 2012 04:21
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Syjefroi posted:I didn't go to school for business or anything like that, but I am finding myself selling my work now and I need to figure this one out: That said, if sales tax is due, you should actually charge that on top of the $50, so $50 * 1.0825 = $54.13 And yes, you only have to charge sales tax to customers in the states where you physically do business.
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Oct 11, 2012 22:38
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Aren't 401(k)'s difficult and costly to administer?
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Oct 15, 2012 21:07
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furushotakeru posted:Depends on the kind and testing method you choose. A solo 401(K) is very inexpensive. I have a client with 401(K) for himself and two employees, electing a non discretionary match rather than the more complex methods of top-heavy testing, and he pays about $2-3K annually for administration (including filing the annual IRS form 5500 return). The 401(k) limit is currently $16,500 compared to the $11,500 limit of a SIMPLE IRA. Hardly seems worth that extra cost unless you have a lot of money to [strike]waste[/strike] shelter?
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Oct 16, 2012 01:16
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furushotakeru posted:The 401(K) employee deferral contribution is actually $17,000 in 2012. SIMPLE is still $11,500 because no one ever uses those things anyhow so the IRS doesn't care enough to index the limit  (SIMPLEs go up to $12,000 next year.) Small White Dragon fucked around with this message at 12:56 on Oct 20, 2012 |
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Oct 20, 2012 12:47
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Napoleon I posted:So my first student loan payments are about to come due, and I have enough money to make an over payment on my loans, enough to max out the $2,500 interest paid deduction. However, this site (http://www.irs.gov/taxtopics/tc456.html) says I must be "legally obligated to pay interest on a qualified student loan." That said, the loan company will send a form to the IRS that says how much qualifying interest you paid.
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Oct 23, 2012 08:14
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Hey tax goons, a 501(c)(3) charity has a link to where you can make donations to them online, but a convenience fee is assessed. The charity didn't think this convenience fee is deductible -- what sayeth you? Also, I know that over-the-counter medications aren't generally not deductible and all that medical expenses are subject to a 7.5% AGI base, but what if a doctor tells you to, say, apply antibiotic ointment and gause for a week on a wound, are those items then deductible? Also, is travel to/from a doctor's office deductible, subject to the usual AGI limitations?
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Oct 26, 2012 10:13
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Abel Wingnut posted:Is there anywhere I can plug in my numbers and get an estimate of my 2012 tax return? I would use last year as a basis but I'm in a completely different situation now.
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Oct 31, 2012 23:32
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Actie posted:Quick question about a hypothetical someone who was formerly an employee and is now an independent contractor. You can deduct business related expenses and part of your self-employment tax, but your overall bill will likely increase notably.
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Nov 7, 2012 01:44
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Actie posted:Fixed the Soc Sec tax rate. I realize the overall tax bill will likely be higher (simply due to the increased medicare and soc sec taxes); what I'm wondering is whether income taxes in particular would remain the same, assuming income doesn't change.
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Nov 7, 2012 14:36
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Spiro Agnew posted:IRA question. My employer has a simple IRA in which he matches our contributions. Including his matching, I have deposited just about the limits for 2012. This account is less than 2 years old, so I can't roll it into a Roth without a big penalty. Disclaimer: Not a CPA, EA, or anything of that sort, just someone who is in a similar situation.
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Dec 31, 2012 16:39
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So now that the tax bill has been approved by the House and the Senate, how long until everyone can get rolling?
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Jan 3, 2013 06:48
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TheReverend posted:I know this is probably asked nonstop here (maybe the OP can add something in the OP) but what are the most common and most significant itemized deductions? I bought a house in 2012 and I want all the money I can get.
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Jan 3, 2013 23:03
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