Author Topic: any accountants out there that i can ask a question?  (Read 490805 times)

Offline WonderingYid

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Re: any accountants out there that i can ask a question?
« Reply #2280 on: June 16, 2022, 09:51:18 PM »
Most probably no point in LLC and you are better off with c Corp.  C Corp doesn't carry through to personal.  LLC net income is literally your regular income. Which most probably you are trying to avoid. (Assuming that's the reason your boss isn't paying you on w2)
Doesn't want to pay on W2 for unemployment etc. I'm getting paid well tho.

Was wondering if I can open a LLC and claim the percentage of my car that I use for work etc, as a deduction.

Offline lcm

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Re: any accountants out there that i can ask a question?
« Reply #2281 on: June 16, 2022, 10:37:41 PM »
A few points.

Depends how much your making and how much you want to "pay" yourself and if want to leave some money in the LLC, but it can be worthwhile since it can reduce the amount you have to pay for Medicaid and SS tax.
A boss might want his business to be considered a small business so he doesn't have to pay benefits, and therefore keep less than 50 people on w2s.
You can claim deductions even without an LLC.

I am not an accountant.

Offline Dovdovmoneytree

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Re: any accountants out there that i can ask a question?
« Reply #2282 on: June 16, 2022, 10:39:22 PM »
Doesn't want to pay on W2 for unemployment etc. I'm getting paid well tho.

Was wondering if I can open a LLC and claim the percentage of my car that I use for work etc, as a deduction.

If it's an LLC earning the income (or 1099, doesn't make a difference so long as it's not W2 income, it's considered self employment income), then of course you can deduct the percentage you use you car for work. Just keep in mind, you're paying double tax since it flows right thru to your personal tax return as self employment income. It is almost always better, tax wise, to be paid W2, unless of course you're trying to avoid reporting it as income....

Online Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #2283 on: June 17, 2022, 12:12:32 AM »
If it's an LLC earning the income (or 1099, doesn't make a difference so long as it's not W2 income, it's considered self employment income), then of course you can deduct the percentage you use you car for work. Just keep in mind, you're paying double tax since it flows right thru to your personal tax return as self employment income. It is almost always better, tax wise, to be paid W2, unless of course you're trying to avoid reporting it as income....
Doesn't have to be double taxed.  You might be able to use the business taxes to be deducted from personal. Ask a professional.

This is why I tell people they shouldn't be cheap with accountants
#TYH

Offline Dovdovmoneytree

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Re: any accountants out there that i can ask a question?
« Reply #2284 on: June 17, 2022, 12:25:01 AM »
Doesn't have to be double taxed.  You might be able to use the business taxes to be deducted from personal. Ask a professional.

This is why I tell people they shouldn't be cheap with accountants

I should've been more clear. What I meant by double taxed is- when you work as a W2 employee you pay 7.65% in FICA (social security and medicare taxes) and your  boss also pays 7.65% When "self employed" you need to pay both portions yourself as you are effectively the employer and employee. It's not exactly double but close too it.

Online Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #2285 on: June 17, 2022, 12:35:14 AM »
I should've been more clear. What I meant by double taxed is- when you work as a W2 employee you pay 7.65% in FICA (social security and medicare taxes) and your  boss also pays 7.65% When "self employed" you need to pay both portions yourself as you are effectively the employer and employee. It's not exactly double but close too it.
That's correct. But this doesn't seem like an option regardless

Online cgr

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Re: any accountants out there that i can ask a question?
« Reply #2286 on: June 17, 2022, 03:38:52 AM »
Doesn't want to pay on W2 for unemployment etc. I'm getting paid well tho.

Was wondering if I can open a LLC and claim the percentage of my car that I use for work etc, as a deduction.
LLC is a broad term. If your LLC will be a sole proprietorship, it's no different than a 1099 as it'll be filed on the same exact tax form (Schedule C) and deductions like a % of your car or home (if you work from home) is the same. The only difference is that the LLC will give you limited liability if you keep things separate from your personal finances (like having a separate bank account), but it doesn't seem to be needed in your case.
If you elect to file the LLC as a 1065 or S Corp that's where it's very different from a 1099. Speak to a competent accountant to discuss the details, although you might be past the deadline for certain elections for 2022.

Offline Dovdovmoneytree

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Re: any accountants out there that i can ask a question?
« Reply #2287 on: June 17, 2022, 01:59:54 PM »
Question- When entering the amounts already received for the Recovery Rebate Credit (Form 1040 line 30), I mistakenly entered the amounts received for the Additional/Refundable Child Tax Credit. This results in my refund showing as higher with an incorrect Recovery Rebate Credit showing due. In actuality; I already received the stimulus.

Will the IRS merely correct it and send the refund or do I need to file an amended return? TIA!

Can anyone answer this?

Offline WonderingYid

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Re: any accountants out there that i can ask a question?
« Reply #2288 on: June 17, 2022, 02:36:08 PM »
Doesn't have to be double taxed.  You might be able to use the business taxes to be deducted from personal. Ask a professional.

This is why I tell people they shouldn't be cheap with accountants
Does anyone have any accountant recommendations? NJ.

Offline herb

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Re: any accountants out there that i can ask a question?
« Reply #2289 on: June 17, 2022, 02:37:28 PM »
Does anyone have any accountant recommendations? NJ.
for a basic return, they're probably all the same

Offline Dawie

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Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2291 on: June 20, 2022, 01:37:26 PM »
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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 #2292 on: June 21, 2022, 06:09:08 PM »
Can anyone answer this?
If you asked for too much then the IRS should correct it automatically though it is likely to cause a delay. You'll need some patience though not nearly as much as if you would have filed an amended return (upwards of half a year these days for amended).

Offline monoso

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Re: any accountants out there that i can ask a question?
« Reply #2293 on: June 21, 2022, 09:49:44 PM »
An employee who lives and works in NJ for a NY company, for some reason the company insists on paying NY state taxes and unemployment etc.
I am losing out on the higher NY tax rate vs NJ and I have to file NY taxes, I am under the impression that it will be tough to get the taxes back from NY. Any insights? Will I be eligible for NY unemployment benefits?

Offline Dovdovmoneytree

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Re: any accountants out there that i can ask a question?
« Reply #2294 on: June 21, 2022, 11:07:06 PM »
If you asked for too much then the IRS should correct it automatically though it is likely to cause a delay. You'll need some patience though not nearly as much as if you would have filed an amended return (upwards of half a year these days for amended).

Yeah, I figured they should be able to correct it themselves. I too figured amending will add to the delay. Thank you for responding.

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2295 on: June 22, 2022, 09:03:52 AM »
An employee who lives and works in NJ for a NY company, for some reason the company insists on paying NY state taxes and unemployment etc.
I am losing out on the higher NY tax rate vs NJ and I have to file NY taxes, I am under the impression that it will be tough to get the taxes back from NY. Any insights? Will I be eligible for NY unemployment benefits?
you work in NJ at your convenience or the company has an office in NJ?


Offline monoso

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Re: any accountants out there that i can ask a question?
« Reply #2296 on: June 22, 2022, 09:56:04 PM »
They allow remote work

Offline nescafe

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Re: any accountants out there that i can ask a question?
« Reply #2297 on: June 22, 2022, 11:39:42 PM »
Question- When entering the amounts already received for the Recovery Rebate Credit (Form 1040 line 30), I mistakenly entered the amounts received for the Additional/Refundable Child Tax Credit. This results in my refund showing as higher with an incorrect Recovery Rebate Credit showing due. In actuality; I already received the stimulus.

Will the IRS merely correct it and send the refund or do I need to file an amended return? TIA!

IME, the IRS will adjust it

Offline zh cohen

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Re: any accountants out there that i can ask a question?
« Reply #2298 on: June 24, 2022, 09:32:31 AM »
They allow remote work

Even if you don't live or work in NY, you have to pay NYS taxes on any income from a NY company (unless your job requires that you work out of state).

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2299 on: June 26, 2022, 02:15:03 PM »
They allow remote work
https://www.wbrickerlaw.com/post/new-york-based-employees-who-work-remotely-out-of-state-are-subject-to-new-york-income-tax#:~:text=Nov%208%2C%202020-,New%20York%2DBased%20Employees%20Who%20Work%20Remotely%20Out%2Dof%2D,to%20New%20York%20Income%20Tax&text=New%20York%20State%20taxes%20New,a%20New%20York%20tax%20resident.

If a nonresident employee of a New York employer telecommutes from his or her home outside of New York, days spent telecommuting are generally considered days worked in New York if the nonresident’s principal office is in New York. Since 2006, New York has taken the position that a “convenience of the employer test” applies in determining whether telecommuting days are non-New York days.[3]  It is extremely difficult to satisfy this test because an employee must show that he or she was assigned by the employer to a primary work location at an established or other bona fide place of business of the employer outside of New York.[4]  Thus, if an employee chooses to work at home (i.e., for his or her own convenience and not for the convenience of the employer), days worked outside of New York are treated as if the employee were physically located in New York.