|
As a accountant: thank god. I was dreading busy season just extending forever into the distance.
|
#
¿
Mar 20, 2020 03:02
|
|
|
|
| # ¿ Apr 27, 2024 17:52 |
|
|
Hoodwinker posted:This is probably a simple question: Not if you’re adjusting your withholding to cover both of your tax liabilities
|
|
#
¿
Jun 30, 2020 00:30
|
|
|
As someone who has worked 130 hours already this month on returns, I dislike all of you who wait to the last minute after getting a 3 month extension to file.
|
|
#
¿
Jul 14, 2020 04:05
|
|
|
I would definitely get the company to increase your pay by 8% is to compensate. They’re just dumping the employer payroll tax onto you. I guarantee that’s why they want to set it up the way they are. Single person LLC is the way to go. It’s not even a separate return. You’d just be putting everything into Schedule C, and like mentioned above, you can plow money into a SEP if the money is as good as you’re saying. You can take small deductions and home office expense. All it’ll require will be a small annual report fee on the SOS side and maybe a PPT depending on your state (which you can deduct on C)
|
|
#
¿
Jul 31, 2020 04:30
|
|
|
Olothreutes posted:I have learned it's a non-refundable credit, 26% for 2020. My understanding is that a tax credit is going to reduce my tax liability by some number, x. If x is greater than my tax liability I roll the rest to the next year. Incorrect quote:Basically, the credit will probably still become money in the bank even if we usually get a refund, right? Yes, if it’s more than your tax liability for the year. The amount you’ve paid in has no effect on this.
|
|
#
¿
Aug 11, 2020 02:28
|
|
|
Epi Lepi posted:Any unused solar tax credit does roll over, what is incorrect about what he said? Did he not say it was a non refundable credit?
|
|
#
¿
Aug 12, 2020 00:02
|
|
|
Well there you go! Thanks everyone!
|
|
#
¿
Aug 12, 2020 00:19
|
|
|
gvibes posted:Recommendations of friends/co-workers who used them. Stop hiring bad accountants
|
|
#
¿
Oct 1, 2020 06:03
|
|
|
Hadlock posted:But this pass through taxes thing is sort of the key pillar of the 2017 tax cuts and jobs act right? We are mega hosed as a country if tax law designed to help small business owners is too complex to discuss on the internet Can't stop laughing at this.
|
|
#
¿
Feb 23, 2021 13:47
|
|
|
Cory Parsnipson posted:Ah shoot. The IRS site says in other places to use schedule 3. I guess I thought line 26 was only for 2019 refunds. Est. payments used to go on Schedule 3, and I'm guessing they haven't updated all their literature yet. Ungratek fucked around with this message at 17:03 on Mar 9, 2021 |
|
#
¿
Mar 9, 2021 14:05
|
|
|
Also odd that it completely cliffs at $150,000
|
|
#
¿
Mar 17, 2021 01:11
|
|
|
These are questions for the accountant who prepared your return
|
|
#
¿
Jun 22, 2021 02:57
|
|
|
H110Hawk posted:Dumb question before I make an estimated tax payment. On my 2020 return I carried over say $10,000 in short term capital loss on whatever worksheet that was. Now here in 2021 I've had a $15,000 short term capital gain and a $20,000 long term capital gain ($35k total, I'm making these numbers up.) Your understanding is correct. I’ll bill you the tenth of an hour later.
|
|
#
¿
Aug 13, 2021 03:12
|
|
|
Removes the tax drag even if you don’t convert to Roth afterwards
|
|
#
¿
Dec 27, 2021 21:52
|
|
|
Methanar posted:lol. Okay so traditional IRAs aren't an upfront tax break at all. Traditional IRA is a tax deferral on the capital gains growth. Roth IRA is a full waiver on capital gains growth. So traditional IRA is mostly garbage, but fill it out anyway through the 6k annual contribution limit. That's not what tax drag is. The dividends, interest and capital gains in an IRA/401k won't be taxed on an annual basis, where they would in a brokerage account. You'll pay ordinary income rates on the growth when distributed, but you'll more than likely still come out (way) ahead. Ungratek fucked around with this message at 18:40 on Dec 29, 2021 |
|
#
¿
Dec 29, 2021 18:30
|
|
|
KOTEX GOD OF BLOOD posted:This is not strictly an income tax question but I figured people in here would know. Has the IRS really not posted any new Form 990s online since TY2019? That seems pretty loving bad for 501c transparency. The extended deadline for 2020 990s was only 75 days ago plus nobody works at the IRS anymore
|
|
#
¿
Jan 28, 2022 01:58
|
|
|
Honestly this is why I don’t file any of my clients 1040s before March 1st. Too many random straggling tax docs cause issues.
|
|
#
¿
Feb 18, 2022 04:50
|
|
|
It is not correct. It’s treated like any other gift - basis transfers to the donee
|
|
#
¿
Apr 13, 2022 13:48
|
|
|
H110Hawk posted:My old accountant used to mail merge out extensions for his entire client list from the prior year as soon as the form was available in whatever he was using. I found out when I called him in early april because some form still hadn't come in (K-1 I think) "Oh yeah I extended everyone in late January don't worry about it." I assume he just put 0 down as amount expected to owe. A+ accountant, sad I moved away. 
|
|
#
¿
Apr 16, 2022 02:31
|
|
|
Covok posted:Appro of nothing, but my client just showed me their vanguard retirement account page as confirmation they put the amount we agreed upon for SEP IRA Contributions for 2021. I'm pretty sure every single one of my clients overfunded in Year 1 because of this. They open the account and just fund without having the discussion with us.
|
|
#
¿
May 24, 2022 19:18
|
|
|
I had a bunch of people panic sell QSBS because they were going I cap the exclusion at 50% but that didn’t come to fruition. Of course it worked out because selling in October was like the perfect time for realization.
|
|
#
¿
May 25, 2022 01:40
|
|
|
1099-K is informational they ain’t doing matching on it
|
|
#
¿
Sep 13, 2022 04:55
|
|
|
You cannot take a loss on the sale of personal property - it wouldn't create an NOL. Funny that both accounting threads are talking about this - I haven't come across a single 1099-K yet.
|
|
#
¿
Sep 14, 2022 19:27
|
|
|
No it’s definitely funnier if they try this on their own so keep plugging away
|
|
#
¿
Sep 18, 2022 23:17
|
|
|
Busy Bee posted:Makes sense - thank you for your help. Nope, but maintain a permanent copy of your 709 since you're using your lifetime exemption to get out of paying tax this year.
|
|
#
¿
Dec 12, 2022 18:59
|
|
|
Small White Dragon posted:2) For self-employed individuals (or those with cash-basis small businesses), if a payment is mailed to you at the end of the year and it's unclear if it will arrive at the very end of 2022 or the very beginning of 2023, and you'll be out of town then... in what year do you include it? Man refuses to open mailbox to defer income -IRS hates this one weird trick!!
|
|
#
¿
Dec 22, 2022 05:43
|
|
|
sparkmaster posted:I got a 1099-DIV from a REIT, and it has a Section 897 capital gain in box 2F. I'm trying out Freetaxusa this year, and I don't see a space in there to put this (very small) amount. It's like $15, does it matter? Pretty sure 2f gain doesn't apply to US individual taxpayers and can be ignored - the amount is already included in the other boxes and it's just a reclass for REIT filers.
|
|
#
¿
Feb 7, 2023 19:22
|
|
|
Correct
|
|
#
¿
Feb 21, 2023 03:02
|
|
|
There's also a premium for engaging a CPA this close to a tax deadline, or there should be
|
|
#
¿
Mar 11, 2023 16:34
|
|
|
You possibly avoided probate because the house was in a trust and thus outside the estate. Unfortunately you may have other issues to resolve depending on what the trust document says
|
|
#
¿
Mar 23, 2023 03:14
|
|
|
Extremely normal
|
|
#
¿
Mar 23, 2023 19:49
|
|
|
Subvisual Haze posted:Thank you. That is very stupid, but I doubt I'm the first person to have that thought. It makes complete sense and I’m not sure why you would think otherwise
|
|
#
¿
Mar 28, 2023 23:02
|
|
|
Subvisual Haze posted:If the goal is to encourage investors to hold investments longer-term (as seems to be the case with long term cap gains having a lower tax rate), then the current method seems to be working at cross purposes as it encourages you to sell losses earlier. Market historically goes up over long periods so you’re more likely to have gains than losses on your long term holdings. You also get to use your long term losses against short term gains, provided you’ve already wiped out the long term gains in that year (and vice versa with short term losses against long term gains). You should always match losses and gains of the same type against each other before using them against other items. It’s a basic rule of tax and accounting, and the thing that makes tax frustrating is when it doesn’t adhere to these rules, which is not something 98% of taxpayers have to encounter.
|
|
#
¿
Mar 29, 2023 11:51
|
|
|
I'd deduct it without giving it much more thought. Edit: not to say it couldn't be challenged, but I think you'd be able to defend it if it was.
|
|
#
¿
Apr 10, 2023 17:46
|
|
|
MrMojok posted:Hi all, I have a question. This is for filing in 2024. You mean your 2023 tax year filing, to be submitted in 2024? If so, you have the right of it. You can either file MFJ or MFS in scenario #2 as far as I can tell.
|
|
#
¿
Apr 21, 2023 23:18
|
|
|
Note that the $10k limit also includes property taxes, so it’s not likely you’d even need sales tax in no income tax states
|
|
#
¿
Jun 9, 2023 12:47
|
|
|
Jaxyon posted:I believe that last year my partner was 1099-MISC and this year it was 1099-R I know nothing about your situation but there’s no way she received a 1099-R for work she did
|
|
#
¿
Jul 4, 2023 23:37
|
|
|
sullat posted:Good news then if you are a lawyer you are also able to talk to the IRS about any issue for your client, unlike those unenrolled tax preparers. Excellent reading comprehension
|
|
#
¿
Oct 25, 2023 16:26
|
|
|
He’s probably paying nearly 10k in income taxes anyway so it really doesn’t matter
|
|
#
¿
Nov 10, 2023 03:18
|
|
|
|
| # ¿ Apr 27, 2024 17:52 |
|
|
Deviant posted:Tried it. Still leaves me about $1000 below standard. Lmao good contribution to this thread
|
|
#
¿
Jan 9, 2024 01:00
|
|