any accountants out there that i can ask a question?

[ae123]

Ok, thanks for the replies.

[Ralphie]

Tried googling. Found the following from 2016:
"Taxpayers with unincorporated business income of $95,000 or less are not required to file a UBT return."(NYC)
Is this the case for 2023 as well?

[Help]

Tried googling. Found the following from 2016:
"Taxpayers with unincorporated business income of $95,000 or less are not required to file a UBT return."(NYC)
Is this the case for 2023 as well?

Yes. The $95k threshold stayed the same. Keep in mind, it’s $95k gross income, not net income.

[Yosel]

Did anyone here apply for the SETC (self employment tax credit) that is available for the years 2020 and 2021??
Is this real? legit?
Many online companies offering service with a upfront fee
Thanks

[cgr]

Did anyone here apply for the SETC (self employment tax credit) that is available for the years 2020 and 2021??
Is this real? legit?
Many online companies offering service with a upfront fee
Thanks

SETC = FFCRA

[Help]

SETC = FFCRA

You know they’re legit when the “online companies” completely make up acronyms 😂

[Dawie]

https://www.forbes.com/sites/martinshenkman/2024/03/04/corporate-transparency-act-declared-unconstitutional-in-new-case/?sh=228ec0a929e1

CTA or BOI Reporting declared unconstitutional

[ae123]

Did anyone here apply for the SETC (self employment tax credit) that is available for the years 2020 and 2021??
Is this real? legit?
Many online companies offering service with a upfront fee
Thanks

Where can I find information about this?
Thanks.

[Eitan36]

I'm trying to decide whether to file my taxes now or wait until the Senate makes a decision regarding the proposed tax bill (7024). If the bill passes, the way the Child Tax Credit is calculated will be significantly altered. Is there any reason to wait or is it better to just file now and wait for the IRS to update my refund amount if/once the bill passes?

[tavster]

Is there any accountant I could hire for a one hour consultation about the IRS quarterly estimate payment process, refund etc.
Please PM
Thanks

[cgr]

Where can I find information about this?
Thanks.

https://forums.dansdeals.com/index.php?topic=116651.0

[tavster]

Is there any accountant I could hire for a one hour consultation about the IRS quarterly estimate payment process, refund etc.
Please PM
Thanks

Covered
Thanks

[herb]

Aside from books/seforim, anything else to deduct from a kollel check?
Is it still 10% that is deducted from your expenses?

I happened to have purchased a lot of seforim this year which almost equals the amount of scholarship. Is there a 'fair' number I can claim just to be safe?
I feel like claiming all of it looks bad

[CountValentine]

Are you required to claim the interest on matured EE bonds the year they mature or the year you cash them in?
A bond has matured but has not been cashed in.

[Definitions2]

Is it likely that an accountant would be able to do better than a commercial filing software. Situation is - single, regular W2, savings account interest, some selling on eBay (I split the profits)?

I can't think of anything major that would be able to go over the standard deductions. I'm not entirely sure what is considered eligible deductions.

I don't know if there are any special credits that I would be eligible for.

[Help]

Is it likely that an accountant would be able to do better than a commercial filing software. Situation is - single, regular W2, savings account interest, some selling on eBay (I split the profits)?

I can't think of anything major that would be able to go over the standard deductions. I'm not entirely sure what is considered eligible deductions.

I don't know if there are any special credits that I would be eligible for.

Make sure the software gives you QBID.

[Definitions2]

Make sure the software gives you QBID.

Thanks. I've never heard of that before. I'll have to Google it to figure out exactly when and what it applies to.

[Help]

Thanks. I've never heard of that before. I'll have to Google it to figure out exactly when and what it applies to.

It’s a 20% deduction for business income.

[herb]

When reconciling excess APTC, someone told me that there is a cap on what you need to pay back to the marketplace if you underestimated your income. Anyone familiar with that?

[David61]

So for NJ 529 (tax advantaged education savings account) plans my understanding is

The tax benefit are:
(1) that the money grows tax free (from both federal and state).
(2) While contributions used to be after-tax (and withdrawals are tax free), as of 2022, for households with AGI up to $200K there is a NJ state tax deduction on first $10,000 of contributions per year (per household?)
(3) For household with AGI of less than $75,000, the state has a matching grant of $750, subject to available funding, and funds need to remain in place for 3 years. (This is once per beneficiary, based on income of contributor)

Key features include:
--Can be set up for person of any age (child or adult)
--Can be used immediately following deposit (to pay current tuition bills)
--Can be used for K-12 (elementary school)
--Can be used for most beis medrash / seminary out of state schools that are accredited (I.e. that offer college credits in US)
--Can be used to pay up to $10,000 of student loans
--first $25,000 is ignored in NJ FAFSA (May not apply to federal FAFSA too?)
--Can easily switch beneficiaries to (siblings, grandchildren, nieces, nephews, cousins, spouse)
--investment options include about a dozen mutual fund type options that can be combined to create a well-rounded portfolio of equity/fixed-income/international/money market, or a target-date-based asset allocations

Sources:
https://www.njbest.com/why-njbest/njbest-benefits
https://www.njbest.com/products/investment-options#build-your-own-portfolio
https://www.nj.gov/treasury/taxation/individuals/collegededuction.shtml

Seems like 
--anyone with (1) AGI <$75K, could benefit $750 just by contributing $750,
and/or
--anyone with (1) AGI <$200K, and (2) paying NJ state taxes, (3) paying tuition (K-12, yeshiva, or post-high school) and (4) some cash available, could benefit by up to $637 in NJ state tax savings, by contributing $10,000, for immediate tuition use. 

That said, NJ tax rates are progressive, so this tax benefit is more valuable for those making over $80K, that are paying 5.5%+ in state tax (which would result in $550 of annual tax savings on a $10,000 contribution) (vs 1.4%-3.5% tax rate or less on first 80K - which is a savings of up to $140-$350 annually).

Would greatly appreciate if any accountants can verify the accuracy of this info  . . . from the thread on 529 plans. Thanks