Author Topic: any accountants out there that i can ask a question?  (Read 245962 times)

Offline cks33

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Re: any accountants out there that i can ask a question?
« Reply #1920 on: December 11, 2020, 02:09:39 PM »
Anyone an expert with stock trades/wash sales? I think I have ben entering them in wrong for the last few years, would love to chat with you.

Online ShimshonK

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Re: any accountants out there that i can ask a question?
« Reply #1921 on: December 23, 2020, 11:54:37 PM »
Very time sensitive question (kind of needed this sorted out by tomorrow, Thursday, afternoon), so I'd massively appreciate any advice here.

I'm trying to make certain NJ tax payments online and running into issues. This is a business opened in 2020 (and it is registered in NJ) and there have not been any payments made to date.
I'm trying to pay the corporation business tax (https://www1.state.nj.us/TYTR_BusinessFilings/jsp/common/Login.jsp?taxcode=20) and the new PTE BAIT (https://www1.state.nj.us/TYTR_BusinessFilings/jsp/common/Login.jsp?taxcode=09) but hitting error messages.

When I enter the taxpayer ID and business name, I get the message "You are not eligible to file this form. Please call (609) 292-6400 for assistance."
Meanwhile, they have not been taking any calls recently, and these taxes (at least the PTE BAIT) are required through the online payment system.

I tried multiple browsers and incognito with no success. Also opened an NJ Premier Business Services account to see if it would work that way, to no avail. Through there, I get the message "There are no eligible taxes for the business selected."
Relative of mine also with a new 2020 business is actually having this identical issue with the PTE BAIT tax, but the corporation business tax is working for him.

Any advice?

Offline Joe4007

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Re: any accountants out there that i can ask a question?
« Reply #1922 on: December 24, 2020, 11:54:24 AM »
Anyone an expert with stock trades/wash sales? I think I have ben entering them in wrong for the last few years, would love to chat with you.
Why don't you ask a question and we'll try to answer.

Online ShimshonK

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Re: any accountants out there that i can ask a question?
« Reply #1923 on: December 24, 2020, 05:17:57 PM »
Very time sensitive question (kind of needed this sorted out by tomorrow, Thursday, afternoon), so I'd massively appreciate any advice here.

I'm trying to make certain NJ tax payments online and running into issues. This is a business opened in 2020 (and it is registered in NJ) and there have not been any payments made to date.
I'm trying to pay the corporation business tax (https://www1.state.nj.us/TYTR_BusinessFilings/jsp/common/Login.jsp?taxcode=20) and the new PTE BAIT (https://www1.state.nj.us/TYTR_BusinessFilings/jsp/common/Login.jsp?taxcode=09) but hitting error messages.

When I enter the taxpayer ID and business name, I get the message "You are not eligible to file this form. Please call (609) 292-6400 for assistance."
Meanwhile, they have not been taking any calls recently, and these taxes (at least the PTE BAIT) are required through the online payment system.

I tried multiple browsers and incognito with no success. Also opened an NJ Premier Business Services account to see if it would work that way, to no avail. Through there, I get the message "There are no eligible taxes for the business selected."
Relative of mine also with a new 2020 business is actually having this identical issue with the PTE BAIT tax, but the corporation business tax is working for him.

Any advice?

Was able to get through via some other phone numbers and discovered the issue (was an NJ registration issue).

FYI, this may be of assitance to others out there, I was able to get through immediately by calling the tax practitioner line, 609-633-6657, and they didn't question me on being a practitioner or not. Though, I tried the number again later and couldn't get through, so no guarantees on this one either.
https://www.state.nj.us/treasury/taxation/organization/ts-customer.shtml
Quote
The Tax Practitioner Hotline is a special service for tax practitioners who need assistance resolving client problems that cannot be resolved through normal channels.
Tax Practitioner Business Line 609-633-6905
Tax Practitioner Individual 609-633-6657
Office Hours are Monday through Thursday, 9:00 a.m. to 4:00 p.m., except State Holidays. Closed Fridays.

Also discovered that some issues, such as registration, you need the Division of Revenue and Enterprise Services (https://www.nj.gov/treasury/revenue/), 609-292-9292. Was able to get through quickly over there too, after going through an automated menu.

Offline cks33

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Re: any accountants out there that i can ask a question?
« Reply #1924 on: December 26, 2020, 08:04:59 AM »
Why don't you ask a question and we'll try to answer.

If I close a position for a loss, but buy a call option in the same security within 30 days, would that count? It essentially is the same position, but obviously different due to the derivative instead of equity.  Thx!!

Offline Ephcc90

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Re: any accountants out there that i can ask a question?
« Reply #1925 on: December 26, 2020, 09:18:49 PM »
If I close a position for a loss, but buy a call option in the same security within 30 days, would that count? It essentially is the same position, but obviously different due to the derivative instead of equity.  Thx!!

Offline iwlw2

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Re: any accountants out there that i can ask a question?
« Reply #1926 on: January 02, 2021, 11:13:22 PM »
Question:
I have a 18 year old daughter, obviously did not get either first or second stimulus for her. A) would it be possible to file taxes for her eseperately for 2020, (she would have about $2000 in income from various odd jobs she did and a camp she ran in the summer) and would that mean she would automatically get the 1200 + 600? B) Is there any downside to not claiming her as a dependent this year (beyond what I lose from having one less dependent) such as not being able to file her as a dependent in the future or anything like that? Thanks in advance for any help on this!

Offline Deal Guy

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Re: any accountants out there that i can ask a question?
« Reply #1927 on: January 06, 2021, 11:02:16 AM »
Are you all ready to learn a new tax code?

Offline Dovdovmoneytree

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Re: any accountants out there that i can ask a question?
« Reply #1928 on: January 10, 2021, 01:30:16 PM »
I have heard that many accountants are hesitant to use the "home office" deduction. I have heard this specifically about Lakewood accountants. I've been told they consider it a red flag for an audit.

Is there any substance to this?? My grandfather practiced tax for several decades and told me he never had an audit relating to the home office deduction. He never hesitated using it. Any info would be appreciated!

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1929 on: January 10, 2021, 03:46:36 PM »
I have heard that many accountants are hesitant to use the "home office" deduction. I have heard this specifically about Lakewood accountants. I've been told they consider it a red flag for an audit.

Is there any substance to this?? My grandfather practiced tax for several decades and told me he never had an audit relating to the home office deduction. He never hesitated using it. Any info would be appreciated!
its a red flag if you use actual expenses that are high
especially now that there is a simplified option

Offline Dovdovmoneytree

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Re: any accountants out there that i can ask a question?
« Reply #1930 on: January 10, 2021, 04:03:31 PM »
its a red flag if you use actual expenses that are high
especially now that there is a simplified option

So basically, even if the expenses are valid, try to tone it down, not to get too greedy. That what you're saying in essence?

Offline yomo

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Re: any accountants out there that i can ask a question?
« Reply #1931 on: January 10, 2021, 07:37:47 PM »
its a red flag if you use actual expenses that are high
especially now that there is a simplified option
What's the simplified option?

Offline Dovdovmoneytree

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Offline zh cohen

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Re: any accountants out there that i can ask a question?
« Reply #1933 on: January 15, 2021, 03:38:17 PM »
Regarding 2020 Roth IRA contributions made between now and the deadline (April 15), is it technically supposed to be only money that I had from 2020, or can I give from funds that came in in 2021?

Offline gozalim

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Re: any accountants out there that i can ask a question?
« Reply #1934 on: January 16, 2021, 10:45:42 PM »
Regarding 2020 Roth IRA contributions made between now and the deadline (April 15), is it technically supposed to be only money that I had from 2020, or can I give from funds that came in in 2021?
dollars are fungible. Who would know which dollar it is?

Offline daybyday

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Re: any accountants out there that i can ask a question?
« Reply #1935 on: January 19, 2021, 01:53:29 PM »
Question for the mavens: I bought a second house this year for personal use and its getting rented out as a Airbnb. I had to put in some investment to make it into a profitable short term rental. Should i expect to get a return for the money invested? Its under my own name not under a company name.

Offline dovy2

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Re: any accountants out there that i can ask a question?
« Reply #1936 on: February 10, 2021, 11:34:03 AM »
This year they allow you to choose which Year's income to use for calculating different credits, you can choose either 2019 income or 2020 income.
Being that I earned more income in 2019, so for the EIC, I prefer to use 2020 income.
But for the child tax credits, using 2019 income would be more beneficial.
I'm using turbotax, and they ask the question of which year's income to use by each credit separately, so I can choose different answers for different credits.

 Is that allowed?

ETA:

Called the IRS, (surprisingly, someone answered right away), and they said I can do it.
« Last Edit: February 10, 2021, 12:55:08 PM by dovy2 »

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #1937 on: February 10, 2021, 12:20:36 PM »
Question for the mavens: I bought a second house this year for personal use and its getting rented out as a Airbnb. I had to put in some investment to make it into a profitable short term rental. Should i expect to get a return for the money invested? Its under my own name not under a company name.
You can file things like a company even if it's just under your name.
How do you do your taxes?  If it's tax software, get the right one.  For example, TurboTax Home and Business will work for this.

Offline cgr

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Re: any accountants out there that i can ask a question?
« Reply #1938 on: February 15, 2021, 05:30:45 PM »
Accountants: I did a roundup of all individual and business tax changes for 2020.

Link in my signature block.
I intentionally left off QIP and IRA changes, but if there's anything else missing, I'd love to know.

(Posted this to the wrong thread before and didn't realize).

Offline ual902

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Re: any accountants out there that i can ask a question?
« Reply #1939 on: February 17, 2021, 01:49:04 AM »
What is the best free way to convert PDF one full  year bank statement to CSV format?

Thanks-