Author Topic: any accountants out there that i can ask a question?  (Read 490400 times)

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #1680 on: February 18, 2019, 06:03:52 PM »
is there a difference between total income and earned income?
Is all your income W-2 or 1099 (earned income) etc  as oppose to real estate or interest (unearned income)? if yes the calculation is 25,000-2500*.15=3375. you may be entering something incorrect or not checking something off which you are supposed to

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1681 on: February 25, 2019, 11:39:41 PM »
When there is a real estate closing and lawyers,brokers etc are paid from closing proceeds via the escrow/title company, do these title companies issue 1099s to the lawyers?
Do most real estate businesses make sure to get a W-9 and 1099 these guys? Are they required to?

Offline JuryDuty

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Re: any accountants out there that i can ask a question?
« Reply #1682 on: February 28, 2019, 06:57:06 PM »
If I want to buy something using a taxexempt code but afterwards I want to pay tax (its on a 6 dollar purchase) is there any way I can do that? I can't return it or ask the store to fix it because the rest of the order needs to be tax exempt.
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Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #1683 on: February 28, 2019, 07:32:04 PM »
If I want to buy something using a taxexempt code but afterwards I want to pay tax (its on a 6 dollar purchase) is there any way I can do that? I can't return it or ask the store to fix it because the rest of the order needs to be tax exempt.
On your income tax form, you're asked if you made any purchases that you didn't pay tax on, like out of state purchases.  You can pay it then.
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Offline shmuelg

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Re: any accountants out there that i can ask a question?
« Reply #1684 on: March 01, 2019, 10:13:33 AM »
Anyone with experience/want to help with a NY State return for a resident who moved out of country mid year?

Offline farmbochur

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Re: any accountants out there that i can ask a question?
« Reply #1685 on: March 17, 2019, 04:05:26 PM »
Amex 1099'ed many of us for referral bonuses. Would it be justifiable to offset that income with the applicable credit card annual fees?
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Offline hvaces42

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Re: any accountants out there that i can ask a question?
« Reply #1686 on: March 17, 2019, 09:23:07 PM »
When there is a real estate closing and lawyers,brokers etc are paid from closing proceeds via the escrow/title company, do these title companies issue 1099s to the lawyers?
Do most real estate businesses make sure to get a W-9 and 1099 these guys? Are they required to?
No title/escrow company that I know of issues 1099s to anyone. Real estate businesses would report the transactions either as depreciation of capital costs amortized over the life of the property or as expenses associated with the sale of the property on their tax returns. If the government had a way of cross referencing the transactions they would, but they dont. So its an honor system on revenue reporting like every other business.   
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Offline Esther

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Re: any accountants out there that i can ask a question?
« Reply #1687 on: April 09, 2019, 01:41:10 PM »
From what I understand, all charitable contributions require documentation (with those over $250 requiring documentation from the organization). Must everything be attached to the return when filing or it's more to keep for your record?

Offline lunatic

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Re: any accountants out there that i can ask a question?
« Reply #1688 on: April 09, 2019, 03:48:55 PM »
No title/escrow company that I know of issues 1099s to anyone. Real estate businesses would report the transactions either as depreciation of capital costs amortized over the life of the property or as expenses associated with the sale of the property on their tax returns. If the government had a way of cross referencing the transactions they would, but they dont. So its an honor system on revenue reporting like every other business.   


IMO the burden of such reporting is on the entity that the closing costs are paid on behalf of

Offline Usflag

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Re: any accountants out there that i can ask a question?
« Reply #1689 on: April 09, 2019, 10:26:08 PM »
From what I understand, all charitable contributions require documentation (with those over $250 requiring documentation from the organization). Must everything be attached to the return when filing or it's more to keep for your record?

You need to keep for your record in case of an audit.

Offline Usflag

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Re: any accountants out there that i can ask a question?
« Reply #1690 on: April 09, 2019, 10:27:13 PM »
If I want to buy something using a taxexempt code but afterwards I want to pay tax (its on a 6 dollar purchase) is there any way I can do that? I can't return it or ask the store to fix it because the rest of the order needs to be tax exempt.

You should be able to add this when filing your personal return. There is a box for sales tax

Offline Usflag

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Re: any accountants out there that i can ask a question?
« Reply #1691 on: April 09, 2019, 10:28:07 PM »
Amex 1099'ed many of us for referral bonuses. Would it be justifiable to offset that income with the applicable credit card annual fees?

I don't think that would hold up, since the annual fee has nothing to do with the referral income

Offline yitzgar

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Re: any accountants out there that i can ask a question?
« Reply #1692 on: April 09, 2019, 10:33:39 PM »
I don't think that would hold up, since the annual fee has nothing to do with the referral income
Why not? You can't get the referral bonus unless you hold the card

Offline Usflag

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Re: any accountants out there that i can ask a question?
« Reply #1693 on: April 09, 2019, 11:06:33 PM »
Why not? You can't get the referral bonus unless you hold the card

Yes, but the annual fee is for the right to use the card regardless whether you refer people or not. If you don't use the card and you could show that you just pay for the card for the referral that would be a different story

Offline zagguru

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Re: any accountants out there that i can ask a question?
« Reply #1694 on: April 09, 2019, 11:23:54 PM »
Yes, but the annual fee is for the right to use the card regardless whether you refer people or not. If you don't use the card and you could show that you just pay for the card for the referral that would be a different story


I wrote it off. You can have the credit card for the sole purpose of generating referrals. Just because there are other benefits, doesn’t mean you can write it off as the cost of doing business.

Offline yelped

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Re: any accountants out there that i can ask a question?
« Reply #1695 on: April 11, 2019, 11:10:08 PM »
I made an estimated payment for 2018 taxes in order to meet a CC spend threshold, and entered that additional amount paid into my 1040 and requested a refund for that amount, plus whatever I was owed besides that additional payment. I just got my refund and it's only for the original amount, not the full amount with the estimated payment. It seems it's because they didn't process the additional estimated price at the time they processed the tax return, so they just adjusted it down to the original amount without the additional estimated payment.

What can I do now to get the refund for the estimated payment?

Offline yelped

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Re: any accountants out there that i can ask a question?
« Reply #1696 on: April 13, 2019, 11:52:06 PM »
I made an estimated payment for 2018 taxes in order to meet a CC spend threshold, and entered that additional amount paid into my 1040 and requested a refund for that amount, plus whatever I was owed besides that additional payment. I just got my refund and it's only for the original amount, not the full amount with the estimated payment. It seems it's because they didn't process the additional estimated price at the time they processed the tax return, so they just adjusted it down to the original amount without the additional estimated payment.

What can I do now to get the refund for the estimated payment?
Bump.

Offline googwallet

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Re: any accountants out there that i can ask a question?
« Reply #1697 on: April 14, 2019, 02:47:53 PM »
I made an estimated payment for 2018 taxes in order to meet a CC spend threshold, and entered that additional amount paid into my 1040 and requested a refund for that amount, plus whatever I was owed besides that additional payment. I just got my refund and it's only for the original amount, not the full amount with the estimated payment. It seems it's because they didn't process the additional estimated price at the time they processed the tax return, so they just adjusted it down to the original amount without the additional estimated payment.

What can I do now to get the refund for the estimated payment?
I'm not fully understanding that happened here, but it sounds like you need to write a letter to the IRS requesting this. Don't waste your time trying to call, it's not worth it.

Offline yelped

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Re: any accountants out there that i can ask a question?
« Reply #1698 on: April 14, 2019, 04:09:03 PM »
I'm not fully understanding that happened here, but it sounds like you need to write a letter to the IRS requesting this. Don't waste your time trying to call, it's not worth it.
Ah.. sounds like something that could take a while.... Can I refile my tax return? Would that be faster?

Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #1699 on: April 14, 2019, 10:33:45 PM »
Ah.. sounds like something that could take a while.... Can I refile my tax return? Would that be faster?
It’ll be rejected unless it amended.

Sometimes r corrects itself, but you can call and at least get an explanation per the phone.

Also sign up for irs.gov and you can download an account transcript and see everything.

Maybe the estimated payment wasn’t applied correctly