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This isn't so much for 2014 but for 2015. I am partially self-employed flipping stuff on eBay, say I expect to have a profit of ~$10,000 for 2015. That would mean I have to pay approximately $2,500 in associated SE tax for that amount. Should I be sending in quarterly payments for that in addition to the amount I am withholding from my paycheck from my unrelated W2 job (where I will gross about $35k this year)?
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Feb 4, 2015 06:23
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| # ¿ May 10, 2024 06:20 |
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With the new tax law is there any tax benefit to establishing an LLC for self employment stuff that I have claimed on Schedule C in the past? We’re talking small time retail on ebay and stuff, probably under $20k in gross receipts this year.
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Jan 16, 2018 21:28
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JohnnyPalace posted:I don't know if there are any state reasons for doing that, but at least for federal purposes, a single member LLC is a disregarded entity and would show up on a schedule C anyway. If your gross receipts are that small, the net income probably wouldn't be high enough for the new pass-through deductions to make much difference either way. Thanks, thats what I figured initially and I did some more reading and saw the disregarded entity bit.
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Jan 20, 2018 17:04
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Anybody here done the EA thing? I’m thinking of seeing if the Bank I work for will pay for it. I don’t do tax work for the bank but I’m in commercial lending so it does intersect with my work, figured it might teach me some stuff and maybe I could do some volunteer stuff too. Any guidance on whether or not it’s worth someone else’s money or my time would be great. If you’ve done it and got prep stuff you like that would be cool too.
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Oct 5, 2018 01:23
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urnisme posted:
RIP to the parents whose kid is born late, and comes out after midnight on January 1 of the new year.
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Jan 22, 2019 15:27
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EugeneJ posted:TurboTax Free File (formerly TurboTax Freedom Edition) is free if your AGI is below 34k: gently caress TurboTax, the IRS FreeFile program is available to people making less than $66k/year. https://apps.irs.gov/app/freeFile/
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Jan 31, 2019 02:15
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DaveSauce posted:You kinda phrased that funny, so to be clear: making the contribution and taking a distribution are two different events. How would this work when you can reimburse yourself at any point down the road? If I take the tax benefit of spending 10% of my income now, and then reimburse myself 30 years later am I supposed to file an amendment?
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Feb 10, 2020 02:08
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H110Hawk posted:No you aren't supposed to reimburse for things you already took a distribution on. It's tax fraud. You're really exceedingly unlikely to get caught though. You mean deduction not distribution right? I don't have an HSA anyway, but what an easily cheated system.
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Feb 10, 2020 02:22
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H110Hawk posted:Today you deposit $1000 into your hsa. That is legally deducted from your agi, making it pre-tax money. Makes sense, just seems like a super easy way to cheat although I suppose in the grand scheme of things it isn't much money and relies on you having a ton of medical expenses.
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Feb 10, 2020 03:07
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OldSenileGuy posted:Right now when I try to request a tax transcript online at https://www.irs.gov/individuals/get-transcript it says "Service unavailable due to system maintenance." 4506-T system is hosed right now as I recall. There was some SBA guidance about it here that says its down indefinitely. That got issued 04/08/20.
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Apr 13, 2020 01:10
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Framboise posted:You have got to be kidding me. Go here and enter your info to add your bank account for a direct deposit. https://www.irs.gov/coronavirus/get-my-payment
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Apr 16, 2020 04:03
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tangy yet delightful posted:Any advice about people who paid taxes for 2018 filing year so did not get a refund but yet the IRS has their bank account info and could DD the stimulus into it? (and by people I mean myself and my wife) I had to pay in 2019, use this link to put in your info (you’ll need your 2018 return handy) https://www.irs.gov/coronavirus/get-my-payment
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Apr 17, 2020 21:12
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I’m not a CPA but you’ll pay taxes on your pro rata share of the company’s income. If there’s say 1000 shares, and t he company makes $100,000 you’ll pay taxes on 100/1000 = 10% of $100,000. Ideally they’re distributing cash to you out of that net income number to account for that. My brain has melted and I realized that I didn’t answer your question, but the additional income from the company will be taxed at whatever your marginal rate is, regardless of the distributions to you. tumblr hype man fucked around with this message at 20:31 on Apr 18, 2020 |
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Apr 18, 2020 20:29
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Since the withholding calculator is currently down can someone make sure I’m thinking about this correctly? Total projected 2022 income: $128,065 401k Contribution: ($20,500) Standard Deduction: ($12,950) Taxable Income: $94,615 Then using the 2022 tax tables I come up with total tax liability of $16,543.10 (which is $15,213.50 plus 24% if the amount over $89,075). I’ve already withheld $7,200 this year leaving $9,343 to withhold the rest of the year, which when spread across 21 remaining paychecks means I should withhold $445/paycheck. I’m currently withholding $506. Can I just add dependents to my W4 to drop me down to the appropriate amount or should I use the deductions section and figure out the appropriate math? Does it matter if I claim dependents or exemptions if I get to the same place and don’t create a tax liability?
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Feb 2, 2022 17:11
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It’s due to getting bonused out in January, which front loads a lot of that income and the withholding, this year the bonus totaled $25k gross. It looks like I can just add $4k of additional deductions in the new W4 to get where I need to be. I guess I’d have to revisit it later in the year depending on any raise/job change/additional comp. Not a huge amount of money either way but I’d like to have it now rather than in a year or so.
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Feb 2, 2022 18:54
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actionjackson posted:last year i did paper but I got my refund in march I think Freetaxusa.com won’t charge you for a federal return at any income threshold just FYI. State return will have a fee but it’s probably still better than waiting a million years for a paper return to go through.
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Apr 14, 2022 22:37
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FWIW, freetaxusa has never had an issue carrying over whatever you filled in for the schedule onto the actual filed return if you want to avoid paying for an accountant.
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May 5, 2022 22:03
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actionjackson posted:I have a very simple situation, I just file a 1040, and then for my state (MN) just the regular income tax form (M1) and the property tax refund (M1PR). I do have a mortgage. my AGI is just barely too high to get the IRS free file. is there any free federal option available? I'd be okay doing state by paper as the refund doesn't take very long. what about freetaxusa? Freetaxusa should cover you. Honestly not sure if they’ll force you to do the state return though them or not since I’ve never had to do one. You could also use the fillable pdfs if your super confident in your abilities and hate yourself.
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Dec 20, 2022 15:13
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Dr Christmas posted:Yep, box 12a, code D - Elective Referrals to 401K. You can probably check and see what freetaxusa.com (not a scam) will cost to get you the savers credit.
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Apr 8, 2023 04:17
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Are you taking money out of the 401k, IRA or HSA or just saving into them? If you aren’t taking money out you can use freetaxusa.com and pay nothing.
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Jan 5, 2024 15:12
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sullat posted:The IRS is piloting it's own tax filing software, you should try using it if you are able. You have to have less than $1,500 in interest income so back to freetaxusa we go. I’ll see if my fiancée can use it I guess.
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Jan 7, 2024 16:06
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Just updated our W4s for this year. Excited to see how far off I end up from the estimation lol. Hopefully not as bad as the projected $6k+ I was gonna owe the feds if I didn’t make any changes.
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Jan 9, 2024 19:01
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UnfurledSails posted:My mother is a non-US citizen. She is unfortunately very ill and does not have much time left. Knowing this a few months ago she withdrew all her liquid assets from her bank accounts, over $500k in cash and gold, mostly to have me avoid paying any inheritance tax in that country. It's currently sitting in a safe. Your bank will ask about it, don't lie to them, and they'll file a Currency Transaction Report and a Suspicious Activity Report as required by FinCen. These will promptly be filed and ignored. Do NOT make a bunch of small deposits of this money to try and avoid this reporting, because that is a crime.
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Feb 25, 2024 17:48
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| # ¿ May 10, 2024 06:20 |
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Go use the IRS withholding calculator. https://www.irs.gov/individuals/tax-withholding-estimator
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Apr 5, 2024 15:10
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