Author Topic: any accountants out there that i can ask a question?  (Read 247271 times)

Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #1840 on: March 30, 2020, 05:14:23 PM »
I never had to file for tax stuff yet, this is the first year that I think I have to. Can I still file taxes for what I earned in 2019 and receive the Corona credit thing?

Also I'm still confused with the basics of taxes. The place I work at automatically takes off taxes from my paycheck each pay period. So I guess I only have to file taxes to get a tax refund. My question is, is that considered that I already filed taxes for 2019 or not?
It’s not considered that your files taxes.  But in terms of social security statement they may be able to pull the info.

Either way you should file ASAP.
We can help you get it done if you need.

Offline hvaces42

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Re: any accountants out there that i can ask a question?
« Reply #1841 on: March 30, 2020, 06:20:21 PM »
I usually claim my kids as dependents. Have 4 dependents 2 over 17 and 2 under. The oldest one has to file her own tax return this year so I obviously wont be claiming her. She should get her own $1200 stimulus payment. My next one has minimal income and I could claim him. The question is, do I file a return for his income, foregoing the dependent on my return? Will he get a separate $1200 Stimulus payment if he files right now? I wont get $500 for him because he is over 17. What am I giving up by not claiming him as a dependent this year?
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Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #1842 on: March 30, 2020, 08:12:05 PM »
I never had to file for tax stuff yet, this is the first year that I think I have to. Can I still file taxes for what I earned in 2019 and receive the Corona credit thing?

Also I'm still confused with the basics of taxes. The place I work at automatically takes off taxes from my paycheck each pay period. So I guess I only have to file taxes to get a tax refund. My question is, is that considered that I already filed taxes for 2019 or not?
One pays in taxes throughout the year by having 'withholding' taken off his paycheck.  By April 15 of the following year, one must 'file' his taxes, usually using a Form 1040.  This reconciles what one has paid in with what he actually determines that he owes.

Offline grodnoking

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Re: any accountants out there that i can ask a question?
« Reply #1843 on: March 30, 2020, 08:16:18 PM »
I usually claim my kids as dependents. Have 4 dependents 2 over 17 and 2 under. The oldest one has to file her own tax return this year so I obviously wont be claiming her. She should get her own $1200 stimulus payment. My next one has minimal income and I could claim him. The question is, do I file a return for his income, foregoing the dependent on my return? Will he get a separate $1200 Stimulus payment if he files right now? I wont get $500 for him because he is over 17. What am I giving up by not claiming him as a dependent this year?
Don't you save money on taxes by having dependents?
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Offline hvaces42

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Re: any accountants out there that i can ask a question?
« Reply #1844 on: March 30, 2020, 08:17:48 PM »
Don't you save money on taxes by having dependents?
For dependents over 17 its less. Thats essentially my question. What am I giving up?
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Offline sruly101

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Re: any accountants out there that i can ask a question?
« Reply #1845 on: March 30, 2020, 09:47:21 PM »
Hi,

Can someone running a S-Corp business in NYS file for unemployment? (no payroll involved, not a W2 or 1099)

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Re: any accountants out there that i can ask a question?
« Reply #1846 on: March 31, 2020, 12:37:58 AM »
One pays in taxes throughout the year by having 'withholding' taken off his paycheck.  By April 15 of the following year, one must 'file' his taxes, usually using a Form 1040.  This reconciles what one has paid in with what he actually determines that he owes.
Thanks. That part I happened to have known from before when I had to figure out what a w4 form does :)

Once were on the topic I'll continue. Who is considered dependent? From my previous googling I thought it could be anybody no matter the age as long as you are supported by your parents/guardian for over 50% of your expenses.

Then I was reading today that it's only for people up to 18 years old or up to 24 if you're a full time student. So apparently if you don't make any income at all and are fully supported by your parents you can still be independent if over that age.

Which one is correct?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1847 on: March 31, 2020, 10:44:35 PM »
For dependents over 17 its less. Thats essentially my question. What am I giving up?
$500
In theory if you are able to claim as a dependent, he would have to check that off on HIS return and he wont be able to get the stimulus payment
there is language in the stimulus law that ties it to section 151
there is almost no chance that the IRS will catch it
He should have at least some income though
even a small w2 from camp or something in order to file

Online shwarmabob

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Re: any accountants out there that i can ask a question?
« Reply #1848 on: April 01, 2020, 09:47:39 AM »
$500
In theory if you are able to claim as a dependent, he would have to check that off on HIS return and he wont be able to get the stimulus payment
there is language in the stimulus law that ties it to section 151
there is almost no chance that the IRS will catch it
He should have at least some income though
even a small w2 from camp or something in order to file
I am in similar boat. So if he had 0 income, can he file taxes?
Also he was in a yeshiva in Israel the entire year. Does he file as a NY state resident because that's his permanent US address?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1849 on: April 01, 2020, 10:47:13 AM »
I am in similar boat. So if he had 0 income, can he file taxes?
Also he was in a yeshiva in Israel the entire year. Does he file as a NY state resident because that's his permanent US address?
if he has no income (unless he's living off savings in a zero interest account) its usually a sign that he's a dependent of someone
he doesn;t have to file state regardless

Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #1850 on: April 01, 2020, 01:28:35 PM »
When calculating how much will be granted/loaned for PPP, does it only include wages, or company payroll taxes as well?

Offline uo

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Re: any accountants out there that i can ask a question?
« Reply #1851 on: April 01, 2020, 02:33:31 PM »
Can anyone advise...

25yr old American in college in Isreal no income in america...Can he receive the stimulus check & if yes, how?

He did not file taxes as he had no income.

Offline jose34

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Re: any accountants out there that i can ask a question?
« Reply #1852 on: April 02, 2020, 07:39:37 AM »
Can anyone advise...

25yr old American in college in Isreal no income in america...Can he receive the stimulus check & if yes, how?

He did not file taxes as he had no income.

Let him file taxes.

Offline helpinghand

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Re: any accountants out there that i can ask a question?
« Reply #1853 on: April 06, 2020, 11:17:33 AM »
I am new to reselling any help would be greatly appreciated.

I currently am selling on amazon and I don’t yet have any business paperwork setup, although I plan to setup some kind of sole proprietorship in NJ sometime this year.

As far as sales tax I’m currently being charged on goods purchased for resale, would I be able to get a refund on those taxes that were paid before my business formation? How long after paying the sales tax (I.e. buying the goods) can i claim the refund? And so I have to save all receipts to get the refund?

Thanks

Offline grodnoking

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Re: any accountants out there that i can ask a question?
« Reply #1854 on: April 20, 2020, 10:56:09 AM »
Must I file as a dependent if I qualify as one, or can I file separate from my parents even if i am living at home (18+, and i want a stimulus check). I dont have to file federal taxes but i do it willingly because of all my large spending (BGs and stuff).

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Offline nobiggy

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Re: any accountants out there that i can ask a question?
« Reply #1855 on: April 20, 2020, 04:55:48 PM »
Has anyone here applies for PPP successfully through BOA?

As well if someone took no salary in 2019 but then began a salary in 2020 for $8k a month so now they want to apply for PPP and get 2.5 times salary which should be $24k will they get that?

Or since it's based on the past 12 months of salary you would divide that number by 12, so in this case they took $24k worth of salary in Q1 of 2020 and that's as well what they took in the last 12 months so really it's as if they took $2k per month based on a 12 month cycle so they would only get $5k?


Online Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #1856 on: April 21, 2020, 02:32:15 AM »
Has anyone here applies for PPP successfully through BOA?

As well if someone took no salary in 2019 but then began a salary in 2020 for $8k a month so now they want to apply for PPP and get 2.5 times salary which should be $24k will they get that?

Or since it's based on the past 12 months of salary you would divide that number by 12, so in this case they took $24k worth of salary in Q1 of 2020 and that's as well what they took in the last 12 months so really it's as if they took $2k per month based on a 12 month cycle so they would only get $5k?
I got stuck by the first part. $8k x 2.5 =$20,000 not $24k
#TYH

Offline nobiggy

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Re: any accountants out there that i can ask a question?
« Reply #1857 on: April 24, 2020, 09:20:49 AM »
I got stuck by the first part. $8k x 2.5 =$20,000 not $24k

I made a mistake, my bad.

Offline jackofall

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Re: any accountants out there that i can ask a question?
« Reply #1858 on: April 24, 2020, 12:15:51 PM »
When calculating how much will be granted/loaned for PPP, does it only include wages, or company payroll taxes as well?
FROM the SBA FAQ sheet.

Question: How should a borrower account for federal taxes when determining its payroll costs for purposes of the maximum loan amount, allowable uses of a PPP loan, and the amount of a loan that may be forgiven?
Answer: Under the Act, payroll costs are calculated on a gross basis without regard to (i.e., not including subtractions or additions based on) federal taxes imposed or withheld, such as the employee’s and employer’s share of Federal Insurance Contributions Act (FICA) and income taxes required to be withheld from employees. As a result, payroll costs are not reduced by taxes imposed on an employee and required to be withheld by the employer, but payroll costs do not include the employer’s share of payroll tax. For example, an employee who earned $4,000 per month in gross wages, from which $500 in federal taxes was withheld, would count as $4,000 in payroll costs. The employee would receive $3,500, and $500 would be paid to the federal government. However, the employer-side federal payroll taxes imposed on the $4,000 in wages are excluded from payroll costs under the statute.3
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Re: any accountants out there that i can ask a question?
« Reply #1859 on: April 27, 2020, 02:19:01 AM »
If there are any accountants that would like to answer any of my questions below I'd appreciate it. (I'm mainly asking for the computer screen time thing)

Do you work for a company? If yes do you work in their building or at home?

Is your job a 9-5 everyday type of job?

How much of your workday do you typically spend actually using a computer? Is there a way that you can technically but realistically cut out computer screen time (like printing out paper documents to read instead of reading on the screen)?

Where did you learn to be an accountant and how long did it take?

Which software do you use the most?

Do you think that it's relatively easy to get a job?

Thanks.

(You can pm me if you're uncomfortable posting publicly)