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I will probably be corrected on this, but I believe that a scholarship or fellowship grant that was not reported to you on a Form W-2 is not considered earned income for the earned income credit.
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Apr 1, 2011 02:26
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It seems odd, but according to the IRS instructions for the 1040, the taxable part of a scholarship not reported on a W-2 is reported on line 7,and on the dotted line to the left of the amount box, "SCH" is entered. SO, basically, any part of the scholarship used to pay for living expenses is included on your 1040. Does that mean it's exempt from the withholding taxes? source: http://www.irs.gov/individuals/students/article/0,,id=96674,00.html under How to Report
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Apr 4, 2011 20:26
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Wasn't there a 2% reduction in employee side social security tax this year? I had done a few quarterly payments this year and noticed that several employers were withholding too much money from employees wages, attributable to using 6.2% instead of 4.2% for this year. Of course, everyone who was doing this were doing their own payroll and not using Paychex or ADP.
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Oct 5, 2011 08:03
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furushotakeru posted:Yes SOMEONE'S GONNA GIT IT. Also, did they make any changes to the phase out for the American Opportunity Credit this year? If not, I think I may have found a misprint in my CPA review materials.  Oceanlife posted:I'm interested in learning about US taxes on international companies so I'd welcome recommendations to websites or books. Here's the kind of question I'd be looking to have the knowledge to answer. This won't specifically answer your question, but here's a short article on "The Global Tax Dance" by Edward D. Kleinbard. http://www.huffingtonpost.com/edward-d-kleinbard/the-global-tax-avoidance-_b_843318.html And here is a lenghty paper on more! http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1791769 rentilius fucked around with this message at 08:39 on Oct 5, 2011 |
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Oct 5, 2011 08:14
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http://www.irs.gov/uac/Newsroom/IRS-Gives-Additional-Time-to-Taxpayers-and-Preparers-Affected-by-Hurricane-Sandy;-File-and-Pay-by-Nov.-7 Posting from a phone but I thought this would be relevant. The Internal Revenue Service today announced it is granting taxpayers and tax preparers affected by Hurricane Sandy until Nov. 7 to file returns and accompanying payments normally due today. Additionally, http://www.tax.ny.gov/bus/multi/sandy_relief.htm The MCTMT protective claim deadline has also been extended.
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Nov 3, 2012 01:13
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furushotakeru posted:It's even worse in NJ, as they tax health insurance and flexible spending account contributions that are pre-tax for federal income tax, FICA, and Medicare purposes. Benefits provided under Section 125 plans being taxable in New Jersey is one of many little quirks of NJ State law. For example, we don't tax cancellation of debt income. At all. It's completely exempt from state tax in New Jersey.
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Jan 18, 2013 03:28
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Also, I don't know if it was touched on, but the IRS has announced a simplified option for claiming the home office deduction. This new option can be, at max, $1,500. Additionally, you cannot use the pro-rated amount of home mortgage interest and real estate taxes on that section of the house. This may affect any alternative minimum tax liability, but that's always a crapshoot.
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Jan 18, 2013 03:34
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AbbiTheDog did you take that straight from CCH
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Jan 22, 2013 00:11
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sellouts posted:Quick question regarding deductions. If you take out a credit card and use it for your business, no matter what type of Amex you get, for gods sakes please keep all of your receipts.
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Feb 1, 2013 13:25
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Dragyn posted:In a similar vein, what sort of thing do you see get inquired/audited often? I always claim a few hundred in non-cash donations, but I never get receipts. I'm always afraid I'm gonna get a letter one day. I've started seeing more and more audits on charitable deductions. But really the biggest triggers are multi-year Schedule-C losses and 2106 expenses rentilius fucked around with this message at 13:39 on Feb 1, 2013 |
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Feb 1, 2013 13:35
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SixtySix posted:Guys, I just got an unexpected tax bill for $15,000 that I'm not sure is correct. The particulars touch upon a promissory note that I signed with a former employer to the tune of approximately $48,000. I left the firm that I was working with and arbitration years later resulted in that amount be rewarded to the firm, which I later discharged in bankruptcy (in 2011). I have little experience with this but my research tells me that debt that was discharged in bankruptcy is non-taxable. If you read the following IRS publication, it talks about excluding debt that is canceled in a bankruptcy case under Title 11. Source: http://www.irs.gov/publications/p525/ar02.html#d0e4790 Gather up the documentation supporting your claim that it was discharged in bankruptcy. You will probably end up drafting up a quick letter explaining what the situation is, letting them know the full story. They're usually pretty good about abating penalties, too.
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Aug 15, 2013 03:27
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