Author Topic: any accountants out there that i can ask a question? (Read 497300 times)

iwlw2 · « **Reply #1480 on:** February 16, 2018, 10:33:03 AM »

If there are any NJ accountants who could help me with a quick question, I'd really appreciate it.
Basically regarding the HEZ credit from NJ where you can deduct the amount of receipts that you bring in as a sole proprietor that are being paid by Medicaid, for a speech therapist, residing and working with Lakewood kids who are within the HEZ, most of whom have JerseyCare paying their bill, is that included? Is speech therapy included in HEZ credit, and does this scenario sound like I'm applying it correctly? Thanks in advance!

Menachem613 · « **Reply #1481 on:** February 17, 2018, 09:37:33 PM »

That was one long sentence.

churnbabychurn · « **Reply #1482 on:** February 17, 2018, 10:27:39 PM »

Quote from: Menachem613 on February 17, 2018, 09:37:33 PM

That was one long sentence.

+1 it's called run on speech syndrome or something...

afro · « **Reply #1483 on:** February 19, 2018, 01:22:33 PM »

Any way to get Child Care Credit if the babysitter/morah don't report income?

shapsam · « **Reply #1484 on:** February 19, 2018, 02:30:29 PM »

Quote from: afro on February 19, 2018, 01:22:33 PM

Any way to get Child Care Credit if the babysitter/morah don't report income?

What does it have to do with what they report?

lunatic · « **Reply #1485 on:** February 19, 2018, 02:31:40 PM »

Quote from: afro on February 19, 2018, 01:22:33 PM

Any way to get Child Care Credit if the babysitter/morah don't report income?

yeah... just take the credit. and put zeros for missing SSN. and see if they stop you

afro · « **Reply #1486 on:** February 19, 2018, 02:32:37 PM »

Quote from: lunatic on February 19, 2018, 02:31:40 PM

yeah... just take the credit. and put zeros for missing SSN. and see if they stop you

and if I ch"v get audited...

edit
I wouldn't be able to get their ssn (no way they are gonna risk having to pay taxes on that $)

shapsam · « **Reply #1487 on:** February 19, 2018, 02:34:02 PM »

Quote from: afro on February 19, 2018, 01:22:33 PM

Any way to get Child Care Credit if the babysitter/morah don't report income?

BTW I don't think its refundable.

afro · « **Reply #1488 on:** February 19, 2018, 02:35:10 PM »

Quote from: shapsam on February 19, 2018, 02:34:02 PM

BTW I don't think its refundable.

than I should be fine - thanks

Berenstein Bear · « **Reply #1489 on:** February 19, 2018, 02:58:41 PM »

Sorry in advance if this question has been asked already- please just direct me to where it's been posted. Asking for a friend, obviously

. legit.

Any reason a kollel check would/wouldn't have to be reported?

Also, if that money was reported to Medicaid, would it be a problem not to report it for taxes?

There's no W-2 for this money.

Thanks!

AtallD · « **Reply #1490 on:** February 19, 2018, 03:08:07 PM »

Quote from: Berenstein Bear on February 19, 2018, 02:58:41 PM

Sorry in advance if this question has been asked already- please just direct me to where it's been posted. Asking for a friend, obviously . legit.

Any reason a kollel check would/wouldn't have to be reported?

Also, if that money was reported to Medicaid, would it be a problem not to report it for taxes?

There's no W-2 for this money.

Thanks!

It really depends on the circumstances... this is an interesting article which addresses SOME of the issues:
http://legalsupportservicesllc.org/wp-content/uploads/2014/06/Kollel-Pay-Article.pdf

yitzf · « **Reply #1491 on:** February 19, 2018, 03:15:16 PM »

Quote from: afro on February 19, 2018, 01:22:33 PM

Any way to get Child Care Credit if the babysitter/morah don't report income?

http://forums.dansdeals.com/index.php?topic=36024.msg1456601#msg1456601

lunatic · « **Reply #1492 on:** February 19, 2018, 10:48:13 PM »

Quote from: afro on February 19, 2018, 02:32:37 PM

and if I ch"v get audited...

edit
I wouldn't be able to get their ssn (no way they are gonna risk having to pay taxes on that $)

I have done this for 13 years. Only one year i had an issue, and the IRS just adjusted the return. Was not a big deal

Yammer · « **Reply #1493 on:** February 20, 2018, 01:04:46 AM »

Quote from: Berenstein Bear on February 19, 2018, 02:58:41 PM

Sorry in advance if this question has been asked already- please just direct me to where it's been posted. Asking for a friend, obviously . legit.

Any reason a kollel check would/wouldn't have to be reported?

Also, if that money was reported to Medicaid, would it be a problem not to report it for taxes?

There's no W-2 for this money.

Thanks!

Quote from: AtallD on February 19, 2018, 03:08:07 PM

It really depends on the circumstances... this is an interesting article which addresses SOME of the issues:
http://legalsupportservicesllc.org/wp-content/uploads/2014/06/Kollel-Pay-Article.pdf

There was a situation a few years ago with a Kollel that paid as a stipend and the local Daycare refused to recognize the Kollel as a workplace.

Yammer · « **Reply #1494 on:** February 20, 2018, 01:06:31 AM »

Is there a deadline to when a bonus needs to be deposited to still be considered income for 2017? ( Check is dated in Dec 2017 )

Jack out of the box · « **Reply #1495 on:** February 20, 2018, 02:48:27 AM »

Quote from: afro on February 19, 2018, 02:32:37 PM

and if I ch"v get audited...

edit
I wouldn't be able to get their ssn (no way they are gonna risk having to pay taxes on that $)

See instructions for Line 1, specifically the section on "due diligence".
https://www.irs.gov/pub/irs-pdf/i2441.pdf

Jack out of the box · « **Reply #1496 on:** February 20, 2018, 02:55:20 AM »

Quote from: afro on February 19, 2018, 02:35:10 PM

than I should be fine - thanks

But it may still increase your refund.

Jack out of the box · « **Reply #1497 on:** February 20, 2018, 03:08:40 AM »

Quote from: Yammer on February 20, 2018, 01:06:31 AM

Is there a deadline to when a bonus needs to be deposited to still be considered income for 2017? ( Check is dated in Dec 2017 )

If you received it in 2017 for work done in 2017 and the date on the check was 2017 then it is 2017 income. It makes no difference when you happened to drop it into the bank.

Jack out of the box · « **Reply #1498 on:** February 20, 2018, 03:13:22 AM »

Quote from: Yammer on February 20, 2018, 01:04:46 AM

There was a situation a few years ago with a Kollel that paid as a stipend and the local Daycare refused to recognize the Kollel as a workplace.

Another detail related to these two topics (kollel pay, childcare credit) is whether someone in kollel is considered a student. One requirement for claiming the childcare credit on a joint return is that both spouses need to be working or one working and the other a full-time student.

Dawie · « **Reply #1499 on:** February 20, 2018, 10:33:03 AM »

Quote from: Jack out of the box on February 20, 2018, 03:08:40 AM

If you received it in 2017 for work done in 2017 and the date on the check was 2017 then it is 2017 income. It makes no difference when you happened to drop it into the bank.

-.5
taxpayers are cash basis for the most part
if you were getting a w2 or 1099 the company would issue in 2017
if you;re not there is no reason that you couldn't defer