Author Topic: any accountants out there that i can ask a question?  (Read 256333 times)

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #1620 on: October 04, 2018, 01:38:44 PM »
I had some unused dependent care fsa at the end of 2017. When I put it in turbotax, my refund changes.

Why?  Is the unused fsa a deduction?

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #1621 on: October 04, 2018, 02:15:10 PM »
I had some unused dependent care fsa at the end of 2017. When I put it in turbotax, my refund changes.

Why?  Is the unused fsa a deduction?
I don't believe there is a deduction for the unused portion, but in the W-2 input section there should be a question about unused FSA and that should stop them from taxing you on the unused amount.

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #1622 on: October 04, 2018, 02:50:08 PM »
I don't believe there is a deduction for the unused portion, but in the W-2 input section there should be a question about unused FSA and that should stop them from taxing you on the unused amount.

It's definitely giving me a larger refund if I have more unused

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #1623 on: October 04, 2018, 03:22:18 PM »
It's definitely giving me a larger refund if I have more unused
Is that after entering the unused amount in the W-2 input section? That would be because if you don't tell them that it's unused but you also don't claim it on form 2441, it will charge you federal taxes on the unclaimed amount (because you didn't pay taxes on that amount on your paycheck). See form 2441 line 26.

Offline EJB

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Re: any accountants out there that i can ask a question?
« Reply #1624 on: October 04, 2018, 03:54:37 PM »
Anybody over here works in ernst & young?
I worked there

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #1625 on: October 04, 2018, 03:55:05 PM »
ok, i think the answer is that if your spouse doesn't work, then you can't have a dependent care fsa, and if you make one, it adds the used amount back into income

Offline Buruch

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Re: any accountants out there that i can ask a question?
« Reply #1626 on: October 08, 2018, 11:37:05 PM »
If I live outside the US, and have a Non-Resident Alien spouse who earns all of our income, can I legally claim benefits/refundable child tax credits etc. by filing as head of household, and reporting no income?

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #1627 on: October 23, 2018, 09:31:43 PM »
IRS sent me a notice that I owe $, the letter was dated the same day that I paid them (the letter included additional penalties though)

I logged in online - says 2017 info not available.

I tried calling with the info on the notice and got nowhere.


Any ideas how to find out what I owe? Or if I owe...
ďTo avoid criticism say nothing, do nothing, be nothing.Ē


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Offline yesitsme

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Re: any accountants out there that i can ask a question?
« Reply #1628 on: October 23, 2018, 09:39:01 PM »
https://www.irs.gov/newsroom/what-you-need-to-know-if-you-get-a-letter-in-the-mail-from-the-irs

  • If you agree with the notice, you usually donít need to reply unless it gives you other instructions or you need to make a payment.
  • If you donít agree with the notice, you need to respond. Write a letter that explains why you disagree, and include information and documents you want the IRS to consider. Mail your response with the contact stub at the bottom of the notice to the address on the contact stub. Allow at least 30 days for a response.
  • For most notices, you wonít need to call or visit a walk-in center. If you have questions, call the phone number in the upper right-hand corner of the notice. Be sure to have a copy of your tax return and the notice with you when you call.
  • Always keep copies of any notices you receive with your tax records.
["-"]

Offline Yehuda25

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Re: any accountants out there that i can ask a question?
« Reply #1629 on: October 25, 2018, 08:56:48 PM »
https://www.irs.gov/newsroom/what-you-need-to-know-if-you-get-a-letter-in-the-mail-from-the-irs

  • If you agree with the notice, you usually donít need to reply unless it gives you other instructions or you need to make a payment.
  • If you donít agree with the notice, you need to respond. Write a letter that explains why you disagree, and include information and documents you want the IRS to consider. Mail your response with the contact stub at the bottom of the notice to the address on the contact stub. Allow at least 30 days for a response.
  • For most notices, you wonít need to call or visit a walk-in center. If you have questions, call the phone number in the upper right-hand corner of the notice. Be sure to have a copy of your tax return and the notice with you when you call.
  • Always keep copies of any notices you receive with your tax records.
Ok.. will try to reach them again, thanks.
ďTo avoid criticism say nothing, do nothing, be nothing.Ē


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Offline RavChik

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Re: any accountants out there that i can ask a question?
« Reply #1630 on: November 02, 2018, 11:13:59 AM »
Have a question for accountant -

I am registered as corporation and sell items on Amazon, Wish.com and Ebay. I buy inventory from online and offline retails and pay state tax at the time of the purchase when applies. I do not collect any tax from my costumers (only Amazon collects tax from WA and PA and keep/process it). All my sales are online only

Am I doing it right? Am I requires to collect any state tax from the online customers?

Thanks in advance

Offline nobiggy

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Re: any accountants out there that i can ask a question?
« Reply #1631 on: November 02, 2018, 11:28:01 AM »
Have a question for accountant -

I am registered as corporation and sell items on Amazon, Wish.com and Ebay. I buy inventory from online and offline retails and pay state tax at the time of the purchase when applies. I do not collect any tax from my costumers (only Amazon collects tax from WA and PA and keep/process it). All my sales are online only

Am I doing it right? Am I requires to collect any state tax from the online customers?

Thanks in advance

I am not an accountant,  however....

One thing is for sure, if you sell items online and you have buyers in the state where you live then you need to register and collect sales tax for that state.

Once you do that you will then have the benefit of getting a sales tax refund for the products you bought to resell and paid sales tax.

Offline nucheiner

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Re: any accountants out there that i can ask a question?
« Reply #1632 on: November 02, 2018, 11:36:57 AM »
If someone has 4k in self employment 1099 income (and earns no other income besides this), and also has 4k in healthcare premiums for both spouses (through exchange after any subsidy, no insurance options available through any employer), does this reduce profits dollar for dollar effectively zero profit?

(The other spouse has w-2 income if that matters)

Offline RavChik

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Re: any accountants out there that i can ask a question?
« Reply #1633 on: November 02, 2018, 11:48:56 AM »
I am not an accountant,  however....

One thing is for sure, if you sell items online and you have buyers in the state where you live then you need to register and collect sales tax for that state.

Once you do that you will then have the benefit of getting a sales tax refund for the products you bought to resell and paid sales tax.

Thank you so much! Can accountant over here to confirm that? If that the case, is there a service that would assist me filing tax exempts in my and/or other states?

Offline AtallD

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Re: any accountants out there that i can ask a question?
« Reply #1634 on: November 02, 2018, 12:00:25 PM »
Thank you so much! Can accountant over here to confirm that? If that the case, is there a service that would assist me filing tax exempts in my and/or other states?

This is no longer a simple answer given the recent Wayfair decision (google it). I would suggest contacting a professional and discussing your specific details.

Offline RavChik

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Re: any accountants out there that i can ask a question?
« Reply #1635 on: November 02, 2018, 12:20:45 PM »
This is no longer a simple answer given the recent Wayfair decision (google it). I would suggest contacting a professional and discussing your specific details.

Thank you. I contacted my accountant, he told me it is complex and suggested to contact the State Dept of Revenue specialist. I am a little scary to do that to avoid problems in case I did something wrong in a past....

I know there a a lot of individual and small companies selling on line, there should be answers available...

Offline AtallD

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Re: any accountants out there that i can ask a question?
« Reply #1636 on: November 02, 2018, 12:26:40 PM »
Thank you. I contacted my accountant, he told me it is complex and suggested to contact the State Dept of Revenue specialist. I am a little scary to do that to avoid problems in case I did something wrong in a past....

I know there a a lot of individual and small companies selling on line, there should be answers available...

It is too new to have reliable online resources. My firm has a whole task-force dedicated to 'Wayfair'.

Offline JunkYardUnz

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Re: any accountants out there that i can ask a question?
« Reply #1637 on: November 07, 2018, 06:40:50 PM »
It is too new to have reliable online resources. My firm has a whole task-force dedicated to 'Wayfair'.
Just bury your head in the sand a play stupid. Wayfair is more complex than just sale tax, it can very well include income tax as well. We are all waiting to see how the states react to this.

Offline ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #1638 on: November 08, 2018, 05:24:12 PM »
I just had a thought/idea today, and was wondering if it's possible.

I have a traditional IRA and a ROTH IRA both with Level 2 option approval, which allows me to sell cash secured puts.

Let's assume I sell a cash secured puts for $200 in my traditional IRA, which require $3,000 of cash to secure the position.

Can I do a partial in kind ROTH conversion (assuming I have enough cash to secure the put in case it gets exercised in the ROTH account) of the short put position and a corresponding amount of cash ($200) in the above scenario, resulting in a $0 taxable event?
I've been waiting over 5 years with bated breath for someone to say that!
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Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1639 on: November 18, 2018, 10:36:49 AM »
BMG at the top again.
A frum professor told me he was at a conference, this was discussed and everyone wanted to know BMG's teaching methods etc..
Lol