Author Topic: any accountants out there that i can ask a question?  (Read 117265 times)

Offline Meno

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Re: any accountants out there that i can ask a question?
« Reply #1665 on: January 10, 2019, 09:04:29 AM »
If a Yeshiva calls Pre-K kindergarten (4 years old at the beginning of the school year), will I have any problems claiming the Child and Dependent Care Tax Credit for that?

Offline tzifanya54

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Re: any accountants out there that i can ask a question?
« Reply #1666 on: January 10, 2019, 02:30:02 PM »
If a Yeshiva calls Pre-K kindergarten (4 years old at the beginning of the school year), will I have any problems claiming the Child and Dependent Care Tax Credit for that?
No BTDT. Just make sure they will have your back if there were to be an issue.

Offline mahnishma

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Re: any accountants out there that i can ask a question?
« Reply #1667 on: January 21, 2019, 05:25:18 PM »
Wondering if anyone can help with this- would be greatly appreciated!
If I sold airline tickets to a company and used my miles to buy them , can I deduct the value of the miles as expenses? and if so what would be the value- (I'm assuming 1 cent per mile)

Also is there a difference if I report the income on my own or ask the company for a 1099? I'm assuming a 1099 has a lower chance of me getting audited?

Thanks so much!!

Offline Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #1668 on: January 21, 2019, 06:12:02 PM »
Wondering if anyone can help with this- would be greatly appreciated!
If I sold airline tickets to a company and used my miles to buy them , can I deduct the value of the miles as expenses? and if so what would be the value- (I'm assuming 1 cent per mile)

Also is there a difference if I report the income on my own or ask the company for a 1099? I'm assuming a 1099 has a lower chance of me getting audited?

Thanks so much!!
For your first question,  do you claim the sale as income?

I believe 1099 any time is higher risk for audit

Online lunatic

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Re: any accountants out there that i can ask a question?
« Reply #1669 on: January 21, 2019, 06:28:46 PM »
If I sold airline tickets to a company and used my miles to buy them , can I deduct the value of the miles as expenses?


I would say no. Your basis in the miles is zero, unless you paid an AF or money for MS

Offline mahnishma

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Re: any accountants out there that i can ask a question?
« Reply #1670 on: January 21, 2019, 06:29:36 PM »
For your first question,  do you claim the sale as income?
I would claim as income as it's not substantial income and would receive a refund

I believe 1099 any time is higher risk for audit
So me self reporting is better then asking for a 1099? Would there be an advantage either way?

Thanks
« Last Edit: January 21, 2019, 06:37:04 PM by mahnishma »

Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #1671 on: January 22, 2019, 10:32:49 AM »
As a non resident of NY. If I have property in NY which I have been reporting under a NY S-Corp. however property records search still shows it under my personal name do I need to complete form it-2663 on sale or just report the sale through  the Corp?
How can I complete the sale through the Corp if the deed was never properly transferred?

Offline Deal Guy

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Re: any accountants out there that i can ask a question?
« Reply #1672 on: February 01, 2019, 03:05:47 AM »
Let's say for example, a babysitter MFJ (or any other self employed) is reporting 30k (or any other amount that makes my question relevant below) on her tax return on a schedule C. She lives in New Jersey and has 3 kids. They also pay 4k for dependent care for their kids.

Obviously the new qbi rule will let then lower their taxable income, and then the rest of their tax, if any, will go away via the 2441 dependent care credit and child tax credit.

Being that NEW JERSEY is allowing a new dependant care credit that is based as a percentage of the federal credit, you would want your federal 2441 credit to be as high as possible, so that it would help you for the NJ credit, since the nj credit is a percentage of the federal credit.

QUESTION? On your federal tax return, is there a way/ are you allowed to decline to take the QBI DEDUCTION? By doing so, you would rather knock out your tax liability by using the 2441 dependent care credit, thus having a bigger credit to utilize for your NJ return.
Is this allowed? If yes, how to do it?
« Last Edit: February 01, 2019, 03:10:33 AM by Deal Guy »

Online bermo

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Re: any accountants out there that i can ask a question?
« Reply #1673 on: February 13, 2019, 11:17:02 PM »
Is the Child and Other Dependent Tax Credit $1400 refundable and $600 non refundable
or $1400 refundable or $2000 non refundable?

TIA

Offline Deal Guy

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Re: any accountants out there that i can ask a question?
« Reply #1674 on: February 14, 2019, 12:07:26 AM »
Is the Child and Other Dependent Tax Credit $1400 refundable and $600 non refundable
or $1400 refundable or $2000 non refundable?

TIA
1400 is refundable and 600 non refundable

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #1675 on: February 14, 2019, 12:40:03 AM »
Let's say for example, a babysitter MFJ (or any other self employed) is reporting 30k (or any other amount that makes my question relevant below) on her tax return on a schedule C. She lives in New Jersey and has 3 kids. They also pay 4k for dependent care for their kids.

Obviously the new qbi rule will let then lower their taxable income, and then the rest of their tax, if any, will go away via the 2441 dependent care credit and child tax credit.

Being that NEW JERSEY is allowing a new dependant care credit that is based as a percentage of the federal credit, you would want your federal 2441 credit to be as high as possible, so that it would help you for the NJ credit, since the nj credit is a percentage of the federal credit.

QUESTION? On your federal tax return, is there a way/ are you allowed to decline to take the QBI DEDUCTION? By doing so, you would rather knock out your tax liability by using the 2441 dependent care credit, thus having a bigger credit to utilize for your NJ return.
Is this allowed? If yes, how to do it?

Is there any rule that requires you to take every deduction available? 

Offline Deal Guy

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Re: any accountants out there that i can ask a question?
« Reply #1676 on: February 14, 2019, 12:45:34 AM »
Is there any rule that requires you to take every deduction available? 
Its not like the software asks you if you would like to take the qbi deduction or not.

The question it asks is: "Is this activity a qualified trade or business?"  Hence my question is, are you allowed to check off NO, that it isn't qualified?

Offline mendy1234

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Re: any accountants out there that i can ask a question?
« Reply #1677 on: February 15, 2019, 01:21:31 AM »
Doing my taxes on turbo tax and had a question that i couldnít figure out.
Background: Income 25k and Married with 4 dependents. When turbo tax calculates the child credit it comes up with $1950. Even if itís limited  to 15% of income it should still be more that that.
Why would the Child credit only be $1950? What am i missing?

Offline googwallet

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Re: any accountants out there that i can ask a question?
« Reply #1678 on: February 18, 2019, 04:34:42 PM »
In case anyone is looking for a cheap online tax option, I've used Free Tax USA the past two years and I'm very happy with them
Federal is free and state is only $13. That's the price you pay, not like Turbotax which up-sells you 5 along the way for investment income and itemizing...

https://www.freetaxusa.com

Offline gozalim

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Re: any accountants out there that i can ask a question?
« Reply #1679 on: February 18, 2019, 05:23:37 PM »
Doing my taxes on turbo tax and had a question that i couldnít figure out.
Background: Income 25k and Married with 4 dependents. When turbo tax calculates the child credit it comes up with $1950. Even if itís limited  to 15% of income it should still be more that that.
Why would the Child credit only be $1950? What am i missing?
is there a difference between total income and earned income?