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Assuming you can take a $100 hit to your paycheck and still be able to pay your bills.
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Apr 27, 2011 23:02
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Cyrezar posted:Certified letter from the IRS? Nothing important *throws in trash* Well to be fair he didn't throw it away, he just never claimed it from the PO.
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Apr 28, 2011 23:16
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Insurrectum posted:So somehow I guess I misread my 1098-T form and thought it was for 2010 when it was actually for 2009 (I don't know how, as I very specifically remembered it being for 2010 but I can't seem to find the file and it's not on the website, so I must have been hallucinating or something), but anyway, I'm figuring I'm going to have to amend my 2010 return and give back the credit I got (around $2000, my original tax refund was going to be $2). Late payment penalties are .5% (.005) per month and interest currently runs at 4% per year.
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May 3, 2011 21:34
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Voodoofly posted:I practice law as a sole practicioner, and also do legal work as an independent contractor, so I have been paying quarterly estimated taxes. Make your 6/15 payment for what you earned from self employment through 5/31, then have taxes withheld from your paycheck going forward. As long as your withholding is sufficient to cover your tax you won't need to make further estimated tax payments.
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May 3, 2011 21:36
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El Asso posted:I applied for the first version of the First Time Home Buyers tax credit on my 2008 return, the one where you have to pay back $500 a year starting this year. However, I later sold this house on 7/23/09 and made approx $132 off of it, after ~10k or so went to the realtor. I realize this is not a lot of money and needed to get out from under the home. If you sold the residence your repayment should be the lesser of $7,500 or the amount of gain realized. From what you describe that means you should only need to repay $132.
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May 6, 2011 00:20
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Pissingintowind posted:How long does it take for the state of NJ to process an adjustment? I received my original refund ($3) before I realized that I forgot to subtract out income earned in NY state. They owe me another $79 and it's been a month, dammit! Generally paper returns are processed within 6-8 weeks. Not sure if NJ specifically is any different.
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May 25, 2011 20:44
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The funny thing is that he is looking specifically for a CPA even though none of the things he wants this adviser to do for him are covered on the CPA exam. Myself, I like to hire a licensed insurance broker to work on my car, and a DDS pumps my gas.
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Jun 13, 2011 16:53
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TraderStav posted:I didn't mean they wouldn't do my returns, but I see that as a baseline expectation. I am seeking someone who does that and works well with the other goals I have. I'm just poking a little fun, don't take it personally. FYI, as far as I am aware the CPA exam also does not include any testing on taxation either. However, most people who sit for the exam will have a BS in Accounting, which normally requires at least one or two tax classes. I'm sure Abbi will chime in if I am mistaken. I am not trying to say that CPA's don't know how to do taxes, only pointing out that the license they hold doesn't confer expertise in matters outside of accounting.
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Jun 13, 2011 18:33
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Admiral101 posted:The exam actually does test on a variety of taxation and finance topics. Only two sections are "pure" accounting. That's good to know. I had wondered about that but apparently never enough to actually research the matter. I withdraw my previous statement then.
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Jun 13, 2011 19:27
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AbbiTheDog posted:Hey, I don't pay $400 in dues to the AICPA every year for nothing! No but apparently I pay some $330 a year to the national and state EA associations for not very good brand recognition. Oh well, I mostly pay the dues because they advocate in the local and national legislatures to make sure those rear end in a top hat CPA's and attorneys don't succeed in taking away (or limiting) my right to practice  In CA some salvos have been exchanged between EA's and CPA's in recent years over the right for EA's to serve as professional fiduciaries, at least in the same capacity that CPA's can. There has also been some scuffling at the national level regarding the new preparer regulations. CPA's and Attorneys seem to think for some reason they should be grandfathered in for a lot of things but that EA's should not get that same treatment. furushotakeru fucked around with this message at 18:32 on Jun 14, 2011 |
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Jun 14, 2011 18:30
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AbbiTheDog posted:That's because you only have two initials, I have three. I'm 50% awesomer. drat your logic! 
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Jun 14, 2011 20:18
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scribe jones posted:He's calling it a loan, so if he's charging below the required rates then there could be an imputed interest issue too I guess??? I don't know anything about Japanese tax law so I have no idea. The dad is not in the US and therefore our rules do not apply.
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Jun 18, 2011 05:54
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Helmet Jap posted:I am a US citizen and my father is not a US citizen You should definitely make sure to file a TDF 90-22.1 by June 30th then. The IRS is getting very aggressive about foreign accounts so it is set to disclose it. Besides, it's not like the account in Japan is earning any interest so it won't impact your US taxes. 
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Jun 22, 2011 05:57
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Mattism posted:Did you put the maximum amount of allowances on your W-4? Infinity? Also, I find it amusing to hear of someone who thought they were going to be 1099 and ended up an employee. The other way around happens thousands of times a day but this may be a first that I have heard of!
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Jun 23, 2011 16:46
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sklnd posted:Part year, including all the associated forms associated. Then it's probably just a processing error, perhaps the w-2got separated from the return. I know that ca can sometimes be dicks about giving credit for withholding if you don't provide all the information on the return that they require, even if their own systems show the withholding from the employer's payroll tax filings!
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Jun 27, 2011 04:59
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AbbiTheDog posted:In his defense, I hear that all the time from my clients. I have quite a few that demand extensions based on this and file in October every year. I'm sure the IRS doesn't mind. Gives them six extra months on the back end to audit the return and lets them space out their return processing resources some.
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Jun 27, 2011 19:20
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AbbiTheDog posted:All the audits we see push the three year time limit. Are they faster down south? They typically target the middle year and then branch out if they find something. So they might pick 2009 and then expand to 2008 and 2010 if they find an error that they think might be recurring, such as lack of documentation to substantiate auto use, etc.(not that any of my clients would have any trouble documenting every business use mile they deducted of course). So if it goes back to the third year prior then yes they often push past the 3 year SOL and then they hold a gun to the taxpayer's head and make them sign consent to extend the statute.
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Jun 27, 2011 21:57
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Eggplant Wizard posted:An English relative left money for me in a fund to which I gained access on my 25th birthday. It's about 7,100 pounds, roughly $11,000 right now according to google. The inheritance itself is not taxable, but any income earned on the funds is taxable to the US, with proper credit given for any income taxes paid to the UK government. Whether you take it out of the account and repatriate the money to the US or not is not relevant. You do need to make sure to send in a TDF 90-22.1 each year though to report the foreign account since it has more than $10K USD in it. The report is due by June 30 each year.
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Jul 5, 2011 17:40
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Pfffffffffft posted:It's a state not federal request, would it be the same on a 540? If you file a state return like that they will require that you attach a copy of your federal return, so yes.
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Jul 11, 2011 21:57
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kaishek posted:Now that it is no longer tax season, I hope this question isn't too broad: You should be able to claim the saver's credit if you otherwise qualify, but your wife cannot. You can still elect to make a spousal IRA contribution if you have enough earned income to qualify, but she cannot claim the saver's credit. If you are working and she is not, you should see a big tax break by filing jointly since the lower tax brackets (10, 15, and I think 25%) are doubled up for joint filers. That means that if a single person would pay 10% on the first $10,000 they earn, a joint return will charge 10% on the first $20,000, etc. I am just making numbers up to illustrate, you can look up tax brackets on your own if you are interested in the specifics. You will also get to claim her exemption deduction and the standard deduction for a joint return is twice that of a single one.
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Jul 11, 2011 22:04
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This just in, Cyrezar nonchalantly and completely coincidentally pays a visit to Kaishek's house. Leaves a business card and an IDR.
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Jul 12, 2011 06:16
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It was meant as a sort of inside joke for the professionals in the thread. IDR = Information Document Request, which is, as Kaishek surmised, an audit document. It's what auditors use to let taxpayers know what records are being
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Jul 13, 2011 15:54
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I don't have a very high opinion of the IRS withholding calculator tool, but it may not be as far off as you think. The withholding tables assume a full year of earnings but this year you will only have income for 1/2 year from this job. If you did not have much income for the rest of the year you may not need a lot of withholding. Example, if your salary is $24,000 per year, your taxable income would be $24K - $5,700 standard deduction - $3,750 exemptions = $14,550 and your tax would be $1,758. If you worked that same salary for only 1/2 the year your taxable income would be $2,550 and your income tax would be $255. 50% of the income but only 15% of the tax! The withholding tables are quite dumb and don't have any mechanism to factor in when in the year the paycheck is being issued or what your year to date income is. The main thing to remember is to change your withholding rate back to Single with 1 or 2 exemptions next January so you don't end up under-withholding for 2012.
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Jul 14, 2011 21:13
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AbbiTheDog posted:Only the nerds snickered at that one. Nerd 
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Jul 14, 2011 23:55
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Nifty posted:How hard is preparing taxes using a K-1 form from investing and getting distributions from an MLP? There is an investment I'd like to make, but I do not know if its worth the tax hassle. I think it's pretty easy. You may find otherwise, depending on what software you use and how comfortable you are with the concept of a K-1.
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Jul 21, 2011 21:41
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Hillridge posted:I'm a director of a NH non-profit (not a 501c3), and we want to start offering classes through our organization. The current plan is to have each class run by whichever person wants to teach it, with the class fees being handled by our organization. We keep 40%, the instructor keeps 60%. What do we need to do as far as tax paperwork goes when we pay the 60% to these instructors? Would we need to fill out a 1099-MISC for each one? These are 1099 payments, meaning that yes a 1099 should be issued to any individual who receives more than $600 in compensation.
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Jul 25, 2011 19:37
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Always remembering that donated services are not deductible, only cash or physical goods.
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Aug 2, 2011 22:42
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EtaBetaPi posted:Stupid question time: working through the 1040ES as a employee not subject to W2 withholdings (but most certainly not an independent contractor, for whatever reason fellowships are not required to be withheld against and my attempts to get them to withhold from my paycheck have been met with claims of that it is against the law to do so, which seems wrong but whatever), I don't see a spot for determining the withholdings for social security, medicare, and medicaid. Is there a special form for this, or is it rolled into the main calculation? Only wage income or self employment income are subject to those. Fellowship income is neither.
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Aug 5, 2011 04:39
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EtaBetaPi posted:Yeah, my question had to do with the medicare/caid/social security portion of the taxes, which apparently don't apply to fellowship income if I'm reading furushotakeru right. You are
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Aug 8, 2011 04:27
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onefish posted:Is there a "proper"/required way to calculate cost-basis on taxable investments sold? Via http://www.schwab.com/public/schwab/research_strategies/market_insight/financial_goals/tax/calculate_the_cost_before_you_sell.html, it suggests that First In First Out is IRS default... does that mean it's required, or could I calculate some other way. Any other resources I should know about for figuring this stuff out? If you want to sell specific lots of stocks you can, but you must designate a specific lot at the time you place the sale order, you cannot do it after the fact. Absent this, "first in, first out" is the rule. Well OK there is also an election that can be made for mark to market but hardly anyone would want to do that.
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Aug 17, 2011 18:51
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CraigK posted:I still live at home and am 24, as, because I picked oh-so-wonderfully in the college major department, I owe $35,000+ and can't find a job. Will what my parents make gently caress me over in terms of qualifying for stuff like income-based repayment and the like? Unfortunately this has absolutely nothing to do with taxes so I can't help you.
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Aug 22, 2011 05:57
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op187gb posted:This is a two part question. This week I got a letter from the IRS saying that there were some errors in my 2009 tax return and that I owed some money. The 2 errors were: lifetime learning credit, and retirement income gross. I claimed $2000 deductible in 2009 due to paying $10k in tuition for grad school. How do I prove this to them? I really can't answer either of your questions. Is the IRS asking you to prove your education expenses? That is an audit, which isn't what you describe really. Are they claiming you aren't eligible to claim the LLC? Also, if the stocks weren't sold then why would the IRS be claiming that it is incom? If they were sold, why is the IRS only claiming $4k of income rather than $14k since you apparently didn't report the sales (or cost basis) on your return?
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Aug 22, 2011 06:00
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My point is that the IRS doesn't know your gain was $4k unless you report it to them.
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Aug 22, 2011 15:54
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mastershakeman posted:Are there any circumstances under which I could claim a vehicle purchase as a work expense? I assume not, as it would fall under commuting? Use of your car for commuting purposes is considered a personal expense and is not deductible. If you are using the car for work too and not being reimbursed by your employer it might be deductible as an itemized deduction, subject to a floor equal to 2% of your income for the year.
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Aug 24, 2011 21:45
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mastershakeman posted:Right, and I was doing that for miles I was travelling for work, not including commuting. I'm asking about purchasing a vehicle - is there any way to deduct the purchase itself? To the extent that it is used for business, yes. And as an itemized deduction subject to a 2% floor as stated previously. There are 2 ways to deduct auto costs: standard mileage rate or % of actual costs. If you drive 10,000 in a year and 4,000 of these are for work and are unreimbursed, then you have a 40% business use vehicle. You can choose to deduct 40% of your costs for depreciation, maintenance, insurance, gas, etc. instead of taking the standard mileage rate. However, most of the time standard mileage rate yields a higher deduction unless you drive a real gas guzzler, or have a really expensive car, or it is more than 50% business use.
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Aug 24, 2011 23:26
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Eyeball posted:This whole winter and spring I was suicidally depressed. As a result, I never filed my taxes for 2010. If I go to H&R Block or whatever, will they just take care of everything for me, or will I have some extra hoops to jump through? If you can find an office open at this time of year they should e able to help you file.
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Aug 29, 2011 00:40
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Eyeball posted:So, if I can't find an office, what do I do? Just go to a regular accountant? Sure, there are tons around. Any of the tax people in this thread should be able to do it too if you're comfortable working long distance.
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Aug 29, 2011 03:30
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AbbiTheDog posted:Subtle. What? It is well known that most HRB offices are only open from mid Jan-April 15 (or 4/18 this year).
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Aug 30, 2011 18:24
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Bobx66 posted:So if I were to buy a new camera lens for my personal business (LLC, low 5 figure income) and I used it about 10% for personal use* how much do I get to write off? I know it isn't 90% because last year when I tried to do the same thing turbotax just didn't seem to bother including the deduction. You should be able to deduct 90% of the cost.
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Sep 1, 2011 19:22
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Bobx66 posted:Welp. Sounds like a waste of money to me. The IRS probably won't care as long as you can demonstrate that the extra room is regularly and exclusively used for business and that it is an ordinary and necessary expenditure. However, your extra out of pocket costs for maintaining said office will almost certainly vastly exceed your tax savings for doing so.
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Sep 1, 2011 20:34
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