Author Topic: any accountants out there that i can ask a question?  (Read 345050 times)

Offline bubkiz

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Re: any accountants out there that i can ask a question?
« Reply #2160 on: January 11, 2022, 12:14:57 PM »
Regarding the saver's tax credit (by contributing to a retirement account...) I know it's a non refundible credit but what if I would of have a tax bill but they just witheld the whole thing in advance so I don't actually have a tax liability by the end of the year does that make me not eligible for the non refundible tax credit or is it based on before witholdings thanks so much.
If I am understanding you correctly, the amount set on your withholdings will not make a difference.

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #2161 on: January 12, 2022, 11:29:11 PM »

Does a 17 year old have to report self employed income?  Is there a minimum amount he has to earn in order to be obligated to report?

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2162 on: January 13, 2022, 03:09:13 AM »
Does a 17 year old have to report self employed income?  Is there a minimum amount he has to earn in order to be obligated to report?
No minimum age. If he has $400 of net self-employment income then he is required to file a tax return.
https://www.irs.gov/pub/irs-pdf/p501.pdf

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #2163 on: January 13, 2022, 10:49:53 AM »
No minimum age. If he has $400 of net self-employment income then he is required to file a tax return.
https://www.irs.gov/pub/irs-pdf/p501.pdf

Thanks!

so parent has the option to claim him(17 year old son) as a dependent if he meets the criteria and then income still has to be reported(over $400)?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2164 on: January 13, 2022, 10:54:12 AM »
Thanks!

so parent has the option to claim him(17 year old son) as a dependent if he meets the criteria and then income still has to be reported(over $400)?
one thing has very little to do with the other
Children can work and still be dependents
as well as students
you can however possibly use it to your advantage
If the child/student earns enough not to be your dependent (1/2 his upkeep) he can be on his own (especially if more beneficial tax rate wise and stimulus v'ain kan makom l'harich)

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #2165 on: January 13, 2022, 10:56:17 AM »
Some people love to spread fake news and create mass hysteria for no reason.

(Not an accountant)
It would just go by business accounts or personal accounts where the transaction is classified as goods / services.

But apps may start cracking down more / flagging personal accounts that do large amount of large payments not categorized as they thing it should be.

so this new law will practically apply to personal accounts with Zelle etc. as well meaning when sender marks off good/services that amount will have to be reported to the IRS by Zelle?

Do personal accounts like Zelle ask you to mark off if its for good/services?

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #2166 on: January 13, 2022, 10:59:15 AM »
one thing has very little to do with the other
Children can work and still be dependents
as well as students
you can however possibly use it to your advantage
If the child/student earns enough not to be your dependent (1/2 his upkeep) he can be on his own (especially if more beneficial tax rate wise and stimulus v'ain kan makom l'harich)

I see thanks either way over $400 net income has to be reported  by someone(either parent or himself).  Even if income over $400 is seasonal like only during the summer or Holidays?

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2167 on: January 13, 2022, 11:09:42 AM »
I see thanks either way over $400 net income has to be reported  by someone(either parent or himself).  Even if income over $400 is seasonal like only during the summer or Holidays?
Either way, over $400 net income has to be reported  by himself even if income over $400 is seasonal like only during the summer or holidays.
« Last Edit: January 13, 2022, 11:48:29 AM by Jack out of the box »

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #2168 on: January 13, 2022, 11:28:19 AM »
Either way over $400 net income has to be reported  by himself even if income over $400 is seasonal like only during the summer or holidays.

Technically Parent can also report the son's income as part of their household income if he is a dependent?
« Last Edit: January 13, 2022, 12:37:41 PM by davidd75 »

Offline Dawie

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Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2170 on: January 30, 2022, 06:26:45 AM »

Offline sddd

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Re: any accountants out there that i can ask a question?
« Reply #2171 on: February 01, 2022, 10:06:47 PM »
IS this legit? Seems like a too good to be true deduction. Haven't heard of anyone actually utilizing

https://www.accountingtoday.com/news/an-unexpected-inventory-deduction-in-the-tcja

Offline Dawie

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Offline sddd

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Re: any accountants out there that i can ask a question?
« Reply #2173 on: February 02, 2022, 01:17:54 PM »
https://www.forbes.com/sites/peterjreilly/2020/08/15/irs-carves-back-tcja-inventory-relief/?sh=1930b1cc3bac

Thanks. My inventory is less than 2500 per item. So door #1 in the article you linked says I can expense all inventory in year of purchase?
Seems too good to be true - can anyone confirm this is actually "legit"

Offline Wizard

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Re: any accountants out there that i can ask a question?
« Reply #2174 on: February 04, 2022, 12:23:06 AM »
Got a 1099MISC from chase today for 2 of my credit cards. Says “Payer made direct sales totaling $5,000 or more of consumer products to recipient for resale”. One card has $100 of other income and the other $400. No clue what this is from. Any ideas?
Oddly enough these docs don’t show up on my online account.
If you are trying to get my attention/assistance and I'm not responding, please feel free to PM me. :)

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #2175 on: February 04, 2022, 02:57:55 AM »
Got a 1099MISC from chase today for 2 of my credit cards. Says “Payer made direct sales totaling $5,000 or more of consumer products to recipient for resale”. One card has $100 of other income and the other $400. No clue what this is from. Any ideas?
Oddly enough these docs don’t show up on my online account.
1099-MISC? It actually shows the credit card accounts? Strange, as credit cards are for paying for merchandise, not for receiving payments. Possibly some rewards you received at that value?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2176 on: February 04, 2022, 09:37:32 AM »
Got a 1099MISC from chase today for 2 of my credit cards. Says “Payer made direct sales totaling $5,000 or more of consumer products to recipient for resale”. One card has $100 of other income and the other $400. No clue what this is from. Any ideas?
Oddly enough these docs don’t show up on my online account.
Box 7 is checked off?
or just a number in box 3

Offline Wizard

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Re: any accountants out there that i can ask a question?
« Reply #2177 on: February 04, 2022, 11:54:27 AM »
Oh sorry you're right. box 7 is empty. only box 3 has the amounts. What does this mean? Yes, it shows the credit card account numbers. So odd...
If you are trying to get my attention/assistance and I'm not responding, please feel free to PM me. :)

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2178 on: February 04, 2022, 12:30:43 PM »
Oh sorry you're right. box 7 is empty. only box 3 has the amounts. What does this mean? Yes, it shows the credit card account numbers. So odd...
Means they gave you a bonus of some sort and they want you to decalre it

Offline yaakovely

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Re: any accountants out there that i can ask a question?
« Reply #2179 on: February 04, 2022, 02:58:42 PM »
Got a 1099MISC from chase today for 2 of my credit cards. Says “Payer made direct sales totaling $5,000 or more of consumer products to recipient for resale”. One card has $100 of other income and the other $400. No clue what this is from. Any ideas?
Oddly enough these docs don’t show up on my online account.
Got the same thing today. Really strange.