Author Topic: any accountants out there that i can ask a question?  (Read 290325 times)

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2060 on: October 12, 2021, 11:34:48 PM »
What do I put in Box 20 on the K-1?

 

QBI Schedule


Offline ushdadude

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Re: any accountants out there that i can ask a question?
« Reply #2061 on: October 13, 2021, 03:09:52 PM »
Looking into the new NY PTET. At assuming the math works out,the only downside I really see is cash flow. Am I missing anything?
Trolls will always post stupid replies

Offline ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #2062 on: October 13, 2021, 03:32:32 PM »
Looking into the new NY PTET. At assuming the math works out,the only downside I really see is cash flow. Am I missing anything?

I am having a similar question. Haven't filed 2020 return yet for my S corp (or personal) and I really have no idea where things are at. If the tax is due one way or the other (or if there's not tax due), what's the downside to making the election?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline cgr

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Re: any accountants out there that i can ask a question?
« Reply #2063 on: October 13, 2021, 03:45:01 PM »
Looking into the new NY PTET. At assuming the math works out,the only downside I really see is cash flow. Am I missing anything?
Don't both require estimated tax anyway? How would cash flow be affected?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2064 on: October 14, 2021, 11:01:13 AM »
Got A letter from the IRS pertaining to a 941 from Q4 2020

I'm getting a fine for late payments. This is a mistake and it seems they have payments allocated wrong.

I'm trying to call them for a few weeks already. Keep on getting we are too busy to take your call back later message.

Does anyone know how to get someone on the phone or a different way of handling this?
How Do I Reach a Real Person at the IRS?
 Before calling the IRS, take a deep breath with me.
Please remember that there are some wonderful people working at the IRS. They have families and souls, just like the rest of us. They pay taxes and have to follow the same laws that we do.
With that being said, here are the steps you need to take to reach a real person on the phone at the IRS.
 
When to call
The IRS is available from 7 a.m. – 7 p.m. Monday thru Friday. The best time to call is early in the morning.
Make sure you're prepared
Before you call, make sure you have all of the information that you need.
•   Social Security cards and birth dates for those who were on the return you are calling about.
•   An Individual Taxpayer Identification Number (ITIN) letter if you don't have a Social Security number (SSN)
•   Filing status – Single, Head of Household, Married Filing Joint or Married Filing Separate
•   Your prior-year tax return. We may need to verify your identity before answering certain questions
•   A copy of the tax return you're calling about
•   Any letters or notices the IRS sent you
 How do you speak to a live person at the IRS?
1.   The IRS telephone number is 1-800-829-1040.
2.   The first question the automated system will ask you is to choose your language.
3.   Once you've set your language, do NOT choose Option 1 (regarding refund info). Choose option 2 for "Personal Income Tax" instead.
4.   Next, press 1 for "form, tax history, or payment".
5.   Next, press 3 "for all other questions."
6.   Next, press 2 "for all other questions."
7.   When the system asks you to enter your SSN or EIN to access your account information, do NOT enter anything.
8.   After it asks twice, you will be prompted with another menu.
9.   Press 2 for personal or individual tax questions.
10.   Finally, press 4 for all other inquiries. The system should then transfer you to an agent.

Offline ari3

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Re: any accountants out there that i can ask a question?
« Reply #2065 on: October 14, 2021, 06:17:15 PM »
would I be able to claim yeshiva tuition for my preschool age child for the child care credit?

Offline yosefsv

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Re: any accountants out there that i can ask a question?
« Reply #2066 on: October 14, 2021, 06:49:05 PM »
would I be able to claim yeshiva tuition for my preschool age child for the child care credit?
Always worked for me. 
If it benefits even just one fellow DDFer, its worth posting it.

Offline Smartypantz

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Re: any accountants out there that i can ask a question?
« Reply #2067 on: October 14, 2021, 06:52:47 PM »
Always worked for me.

Until what age?

Offline yosefsv

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Re: any accountants out there that i can ask a question?
« Reply #2068 on: October 14, 2021, 07:17:08 PM »
Until what age?
5 (and Day Camp for the older kids)
If it benefits even just one fellow DDFer, its worth posting it.

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2069 on: October 15, 2021, 06:54:53 AM »
Until what age?
The year prior to 1st grade (whatever you call it in your localle) does not qualify. Everything before that does.

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2070 on: October 15, 2021, 06:56:11 AM »
5 (and Day Camp for the older kids)
Day camp and certain other items until age 13. Sleep-away camp does not qualify.

Offline ae123

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Re: any accountants out there that i can ask a question?
« Reply #2071 on: October 29, 2021, 08:25:50 AM »
Is there any free site that has an advanced calculator to figure out how much tax would need to be paid for kids' capital gains vis-a-vis the parent's income?
If not, are there any paid ones or software?

Offline buchir

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Re: any accountants out there that i can ask a question?
« Reply #2072 on: October 31, 2021, 06:45:27 PM »
Is there any free site that has an advanced calculator to figure out how much tax would need to be paid for kids' capital gains vis-a-vis the parent's income?
If not, are there any paid ones or software?
Isn't a child's unearned income above $2,200 (2021) automatically taxed on the parents' marginal rate? Am I missing something...

Offline ae123

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Re: any accountants out there that i can ask a question?
« Reply #2073 on: November 01, 2021, 01:05:05 PM »
Isn't a child's unearned income above $2,200 (2021) automatically taxed on the parents' marginal rate? Am I missing something...
I believe so.
But what about if multiple children have capital gains, a) do they combine, b) do they get added to the parents' marginal rate, at least to raise the tax rate for the kids, c) do they raise the tax rate for the parents?
It seams to me that many accountants are unclear about this and just run the numbers through their software.
Hence, I'm looking for a website or software myself to run different calculations.

Offline googwallet

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Re: any accountants out there that i can ask a question?
« Reply #2074 on: November 01, 2021, 02:51:17 PM »
I believe so.
But what about if multiple children have capital gains, a) do they combine, b) do they get added to the parents' marginal rate, at least to raise the tax rate for the kids, c) do they raise the tax rate for the parents?
It seams to me that many accountants are unclear about this and just run the numbers through their software.
Hence, I'm looking for a website or software myself to run different calculations.
Are the gains in UTMA accounts held in the child's name? If so,
The first $1,100 of unearned income is tax-free. The next $1,100 is taxed at the minor beneficiary’s rate, which is often zero;

Offline ari3

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Re: any accountants out there that i can ask a question?
« Reply #2075 on: November 01, 2021, 04:04:25 PM »
Are the gains in UTMA accounts held in the child's name? If so,
The first $1,100 of unearned income is tax-free. The next $1,100 is taxed at the minor beneficiary’s rate, which is often zero;
For short term gains 10% bracket for long term 0%

Offline ari3

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Re: any accountants out there that i can ask a question?
« Reply #2076 on: November 01, 2021, 04:10:41 PM »
I believe so.
But what about if multiple children have capital gains, a) do they combine, b) do they get added to the parents' marginal rate, at least to raise the tax rate for the kids, c) do they raise the tax rate for the parents?
It seams to me that many accountants are unclear about this and just run the numbers through their software.
Hence, I'm looking for a website or software myself to run different calculations.
if you have multiple children they can each make up to 2200 without being subject to the kiddie tax. If you have multiple children making over 2200 it gets very complicated to figure because according to the rules you need to add everyone's income to reach the marginal rate

Offline ae123

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Re: any accountants out there that i can ask a question?
« Reply #2077 on: November 01, 2021, 11:44:06 PM »
if you have multiple children they can each make up to 2200 without being subject to the kiddie tax. If you have multiple children making over 2200 it gets very complicated to figure because according to the rules you need to add everyone's income to reach the marginal rate
So if someone's income is 5k below the next bracket and there are 5 children each with 3k in capital gains (totaling 15k), will the parents pay more in taxes as if their income is 10k above the bracket, or will each child be taxed at the higher rate (for the $800 above $2200 or the whole $2200?) but not the parents, or a 3rd option?
(Not an exact scenario but trying to understand the way it works.)
Thank you.

Offline ae123

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Re: any accountants out there that i can ask a question?
« Reply #2078 on: November 04, 2021, 11:02:33 PM »
So if someone's income is 5k below the next bracket and there are 5 children each with 3k in capital gains (totaling 15k), will the parents pay more in taxes as if their income is 10k above the bracket, or will each child be taxed at the higher rate (for the $800 above $2200 or the whole $2200?) but not the parents, or a 3rd option?
(Not an exact scenario but trying to understand the way it works.)
Thank you.
Bump.

Offline yitzgar

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Re: any accountants out there that i can ask a question?
« Reply #2079 on: November 04, 2021, 11:04:17 PM »
Will the childcare credit from 2021 be extended to 2022? Need to know if I should fund my childcare FSA for next year or not...