Author Topic: any accountants out there that i can ask a question?  (Read 490410 times)

Offline avrumy

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Sep 2011
  • Posts: 806
  • Total likes: 5
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: NJ
Re: any accountants out there that i can ask a question?
« Reply #640 on: December 25, 2015, 12:31:25 AM »
Correct, I meant to say 90% of current year and yes I do believe you need to have filed at least something in the year before.

All this being said, I'm not really sure I understand the question. Are you saying exactly this, that you want to file and pay whatever minimal taxes you owe for 2015, and therefore not have to pay much if anything during the quarters of 2016?
My question is the following. In the past years i got paid on a W-2. This is my first year (2015) getting paid on a 1099. I ran my numbers and i see i will owe alot of money (well above the $1,500 threshold). If i make the over payment to the IRS today lets say- will i still be obligated to pay quarterly 2016 or am i exempt because i did not owe the $1500 by 4/15 which would require me to pay quarterly?

Offline MarkS

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2009
  • Posts: 3761
  • Total likes: 70
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #641 on: December 25, 2015, 12:38:06 AM »
My question is the following. In the past years i got paid on a W-2. This is my first year (2015) getting paid on a 1099. I ran my numbers and i see i will owe alot of money (well above the $1,500 threshold). If i make the over payment to the IRS today lets say- will i still be obligated to pay quarterly 2016 or am i exempt because i did not owe the $1500 by 4/15 which would require me to pay quarterly?
Still not positive why you're asking but if you paid taxes for tax year 2015 of $4,000 for example, whether you paid it in January 2015 or April 2016, it was paid for tax year 2015 and therefore in 2016 (assuming you make that much or more) you'd have to make quarterly payments of at least 1K

Offline avrumy

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Sep 2011
  • Posts: 806
  • Total likes: 5
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: NJ
Re: any accountants out there that i can ask a question?
« Reply #642 on: December 25, 2015, 12:46:55 AM »
Still not positive why you're asking but if you paid taxes for tax year 2015 of $4,000 for example, whether you paid it in January 2015 or April 2016, it was paid for tax year 2015 and therefore in 2016 (assuming you make that much or more) you'd have to make quarterly payments of at least 1K
i am trying to avoid making quarterly payments for 2016. I did not make any payments YET for 2015 as i was not obligated. To my understanding- i will be obligated to make quarterly payments IF i owe $1500 or more on -----What date---- ?

Offline thaber

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2008
  • Posts: 3784
  • Total likes: 465
  • DansDeals.com Hat Tips 4
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #643 on: December 25, 2015, 12:56:11 AM »

Offline MarkS

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2009
  • Posts: 3761
  • Total likes: 70
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #644 on: December 25, 2015, 12:58:51 AM »
i am trying to avoid making quarterly payments for 2016. I did not make any payments YET for 2015 as i was not obligated. To my understanding- i will be obligated to make quarterly payments IF i owe $1500 or more on -----What date---- ?
IF i owe $1500 or more FOR tax year 2015. Paying now won't help you.

My advice is worth what you paid for it. Although I am a CPA, I am an auditor, not a tax guy. See below disclaimer.

Offline MarkS

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2009
  • Posts: 3761
  • Total likes: 70
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #645 on: December 25, 2015, 01:00:37 AM »

Any tax advice in this e-mail should be considered in the context of the tax services we are providing to you. Preliminary tax advice should not be relied upon and may be insufficient for penalty protection.

PRIVILEGED AND CONFIDENTIAL
This communication and any accompanying documents are confidential and privileged. They are intended for the sole use of the addressee. If you receive this transmission in error, you are advised that any disclosure, copying, distribution, or the taking of any action in reliance upon this communication is strictly prohibited. Moreover, any such disclosure shall not compromise or waive the attorney-client, accountant-client, or other privileges as to this communication or otherwise. If you have received this communication in error, please contact me at the above email address. Thank you.

Disclaimer
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, (Firm) would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

________________________________________________________________________

Offline avrumy

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Sep 2011
  • Posts: 806
  • Total likes: 5
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: NJ
Re: any accountants out there that i can ask a question?
« Reply #646 on: December 25, 2015, 10:04:07 AM »
ty for you advice. I am actually a X tax accountant. This question i have asked may people and noone really ever thought about it so....

Offline lunatic

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2009
  • Posts: 4430
  • Total likes: 29
  • DansDeals.com Hat Tips 8
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #647 on: December 27, 2015, 01:57:52 AM »
If this is my first year getting paid on a 1099 and i will owe money bh, can i make the payment now and avoid paying quarterly next year?
One more point to consider, is for state tax,  you may want to pay in the year that the deduction will benefit you more,  if any

Offline avrumy

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Sep 2011
  • Posts: 806
  • Total likes: 5
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: NJ
Re: any accountants out there that i can ask a question?
« Reply #648 on: December 27, 2015, 09:40:21 AM »
One more point to consider, is for state tax,  you may want to pay in the year that the deduction will benefit you more,  if any
I am not on a schedule A if that is what you mean, so that will not help. ty

Offline lunatic

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2009
  • Posts: 4430
  • Total likes: 29
  • DansDeals.com Hat Tips 8
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #649 on: December 27, 2015, 09:49:36 AM »
I am not on a schedule A if that is what you mean, so that will not help. ty
Correct,  only help if you are itemizing deductions

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7961
  • Total likes: 1044
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: any accountants out there that i can ask a question?
« Reply #650 on: December 28, 2015, 09:15:31 PM »
The NY 529 plan college savings account. I just want to check that I understand correctly.
I ask them to send me money from my account that will reimburse me for 'qualified' education expenses. I need the receipts of those expenses.  But does the plan ask for them? Do I have to file it with my tax return?
How far back can I get reimbursement?  Do I need to ask for 2015 reimbursement while it's still 2015?
thanks


My favorite cause: cssy.org

Offline pixi

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1945
  • Total likes: 13
  • DansDeals.com Hat Tips 1
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #651 on: December 29, 2015, 01:49:34 PM »
anyone has any idea how to avoid paying transfer tax when selling  a property  , respond or  PM  me . thanks
money doesn't talk......      it SCREAMS !

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7961
  • Total likes: 1044
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: any accountants out there that i can ask a question?
« Reply #652 on: December 29, 2015, 09:02:48 PM »
The NY 529 plan college savings account. ....
I called the NY 529 plan.  I got an American, knowledgeable person after only a short phone tree. (pause here to reread the previous sentence.)
Changing a beneficiary is easy and quick. Next business day.
Withdrawals must be made in the same year as the education spending.  It takes a few days for the withdrawal to go through.  I can withdraw the money to my bank account to reimburse me for education related expenses I paid.
My favorite cause: cssy.org

Offline world2see

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jul 2010
  • Posts: 453
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: israel
Re: any accountants out there that i can ask a question?
« Reply #653 on: December 30, 2015, 03:53:52 PM »
Random Question: If I work in NJ, am I better off having my legal residence in NJ or NY?

Offline Dawie

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1611
  • Total likes: 491
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
Re: any accountants out there that i can ask a question?
« Reply #654 on: December 30, 2015, 04:12:56 PM »
Taxwise, NJ (mostlikely even with credits etc.)

Offline world2see

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jul 2010
  • Posts: 453
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: israel
Re: any accountants out there that i can ask a question?
« Reply #655 on: December 30, 2015, 04:27:15 PM »
Thank you!
Any links I can research that from?

Offline Dawie

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1611
  • Total likes: 491
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM

Offline world2see

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jul 2010
  • Posts: 453
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: israel
Re: any accountants out there that i can ask a question?
« Reply #657 on: December 30, 2015, 04:53:38 PM »
Thank you!!!

Offline world2see

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jul 2010
  • Posts: 453
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: israel
Re: any accountants out there that i can ask a question?
« Reply #658 on: December 30, 2015, 04:57:09 PM »
Based on link seems like only advantageous if your living in New York City, not necessarily in NY State

Offline Dawie

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1611
  • Total likes: 491
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
Re: any accountants out there that i can ask a question?
« Reply #659 on: December 30, 2015, 05:43:57 PM »
Based on link seems like only advantageous if your living in New York City, not necessarily in NY State
Possibly as the NJ state rate is higher then NY state tax rate in certain brackets (over 500k )
here are the married 2015 rates
NJ
 0+   1.40%
$20,000+   1.75%
$70,000+   3.50%
$80,000+   5.53%
$150,000+   6.37%
$500,000+   8.97%

NY
$0+   4.00%
$16,450+   4.50%
$22,600+   5.25%
$26,750+   5.90%
$41,150+   6.45%
$154,350+   6.65%
$308,750+   6.85%
$2,058,550+   8.82%