Author Topic: any accountants out there that i can ask a question?  (Read 490332 times)

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #720 on: February 05, 2016, 10:47:41 AM »
The question is too vague. Married? Children? What type of deduction?
regardless youll pay 15.5 % SE tax

Offline sruly101

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Re: any accountants out there that i can ask a question?
« Reply #721 on: February 05, 2016, 11:10:08 AM »
regardless youll pay 15.5 % SE tax
Ouch

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #722 on: February 05, 2016, 12:00:03 PM »
Ouch
actually 15.3% after subtracting expenses and getting an above the line credit for 1/2 the SE Tax

Offline Crazy tools

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any accountants out there that i can ask a question?
« Reply #723 on: February 06, 2016, 07:09:10 PM »
Can some one please explain the 1098-T?
I got one from Bmg, and when I enter the information it takes $1200 away from my return.
The amount in box 5 is like $12,000 more than box 2- if that makes a difference. I did not pay a penny to Bmg (at least not since I got married)
Do I need to enter this info?
Thanks
« Last Edit: February 06, 2016, 07:13:51 PM by Crazy tools »

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #724 on: February 06, 2016, 09:09:59 PM »
Can some one please explain the 1098-T?
I got one from Bmg, and when I enter the information it takes $1200 away from my return.
The amount in box 5 is like $12,000 more than box 2- if that makes a difference. I did not pay a penny to Bmg (at least not since I got married)
Do I need to enter this info?
Thanks
Hmm, it shouldn't take away from your return - it should add to it. Although if box 5 has a lot of money in it (more than box 2) it's probably because of a Pell Grant and then it's making it seem like you earned money from that...

Either way, if you're not getting benefit from it you probably can just ignore it

http://www.ecsi.net/taxSelect/faq.html
https://ttlc.intuit.com/questions/1900852-what-is-form-1098-t
http://www.forbes.com/sites/kellyphillipserb/2015/03/22/understanding-your-forms-1098-t-tuition-statement/#40da95244b60

Disclaimer: My advice is worth what you paid for it.

Offline Crazy tools

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any accountants out there that i can ask a question?
« Reply #725 on: February 06, 2016, 10:39:56 PM »
Hmm, it shouldn't take away from your return - it should add to it. Although if box 5 has a lot of money in it (more than box 2) it's probably because of a Pell Grant and then it's making it seem like you earned money from that...

Either way, if you're not getting benefit from it you probably can just ignore it

http://www.ecsi.net/taxSelect/faq.html
https://ttlc.intuit.com/questions/1900852-what-is-form-1098-t
http://www.forbes.com/sites/kellyphillipserb/2015/03/22/understanding-your-forms-1098-t-tuition-statement/#40da95244b60

Disclaimer: My advice is worth what you paid for it.
Thanks.
I did get a pell grant but only $1,750 this year (I think)
I think the reason box 5 is higher than 2 is because of the following
Note: I do not get kollel, so it wasn't really from financial gain to me.
I hope it's ok to skip reporting this doc
« Last Edit: February 06, 2016, 11:59:35 PM by Crazy tools »

Offline Crazy tools

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Re: any accountants out there that i can ask a question?
« Reply #726 on: February 07, 2016, 12:03:59 AM »
On turbo tax there is a question if any of the scholarship listed on 1098-T was not designated for 2015. I subtracted box 2 from box 5 (assuming that the reason box 5 is higher is because some of that scholarship was to pay for 2014, and I'm not getting kollel)
Now I see I'm getting an American opportunity credit.
Am I filling this correctly?

Offline mgarfin

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Re: any accountants out there that i can ask a question?
« Reply #727 on: February 07, 2016, 11:29:53 AM »
I hope this is the right place to ask

I run a small business and need to do books for the year, my accounted wants me to put it all in to QB (I use a different software that calculates my P&L but doesn't have balance sheet)
I got a copy of QB but I'm overwhelmed and lost as what to do, where can I learn basics of QB?

Offline Ephcc90

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Re: any accountants out there that i can ask a question?
« Reply #728 on: February 07, 2016, 11:38:20 AM »

I hope this is the right place to ask

I run a small business and need to do books for the year, my accounted wants me to put it all in to QB (I use a different software that calculates my P&L but doesn't have balance sheet)
I got a copy of QB but I'm overwhelmed and lost as what to do, where can I learn basics of QB?
YouTube is a great resource

Offline mgarfin

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Re: any accountants out there that i can ask a question?
« Reply #729 on: February 07, 2016, 11:50:16 AM »
YouTube is a great resource

A search brings up hundreds of courses, I'm looking for a recommendation?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #730 on: February 07, 2016, 11:51:46 AM »
A search brings up hundreds of courses, I'm looking for a recommendation?
You have inventory that you need to track? Forget it. just pay someone to do your bookkeeping. Focus on making money.

Just mho.

Offline mgarfin

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Re: any accountants out there that i can ask a question?
« Reply #731 on: February 07, 2016, 12:01:11 PM »
You have inventory that you need to track? Forget it. just pay someone to do your bookkeeping. Focus on making money.

Just mho.

It will take hours to explain every transaction I did. I can trace back everything I did but how will he understand?

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #732 on: February 08, 2016, 06:05:29 PM »
On turbo tax there is a question if any of the scholarship listed on 1098-T was not designated for 2015. I subtracted box 2 from box 5 (assuming that the reason box 5 is higher is because some of that scholarship was to pay for 2014, and I'm not getting kollel)
Now I see I'm getting an American opportunity credit.
Am I filling this correctly?
http://www.thelakewoodscoop.com/news/2016/02/new-tax-provision-to-benefit-yeshivah-parents.html

Offline Mplace

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Re: any accountants out there that i can ask a question?
« Reply #733 on: February 09, 2016, 01:24:08 AM »
Was just wondering,
Im thinking about opening an LLC or a s Corp
Do accountents charge to discuss different options for my business?
If ye what's a normal fee
(I plan on discussing with a family friend, and I doubt he'll bill me, I'm just wondering what it costs)
What's your plan for yud shvat?

Offline peacenlove613

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Re: any accountants out there that i can ask a question?
« Reply #734 on: February 09, 2016, 12:41:06 PM »
My wife received short term disability income for not working in Dec 2015. We didn't get the checks until Jan 2016. Is that considered income for 2015 or 2016?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #735 on: February 09, 2016, 01:19:28 PM »
My wife received short term disability income for not working in Dec 2015. We didn't get the checks until Jan 2016. Is that considered income for 2015 or 2016?
the first question is, is it income at all

Offline cozmohoot

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Re: any accountants out there that i can ask a question?
« Reply #736 on: February 09, 2016, 01:38:04 PM »
Dw doesn't work since she watches my 1 and 3 year old.
Can I get a larger refund because of this?
I'm in NY and I also pay a lot for other kids tuition if that makes a difference. Tia.

Offline peacenlove613

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Re: any accountants out there that i can ask a question?
« Reply #737 on: February 09, 2016, 08:03:50 PM »
the first question is, is it income at all

They took off taxes on it. The question is do I get it back as part of 2015 income or 2016 income.

Offline CS91

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Re: any accountants out there that i can ask a question?
« Reply #738 on: February 09, 2016, 09:28:18 PM »
Dw doesn't work since she watches my 1 and 3 year old.
Can I get a larger refund because of this?
I'm in NY and I also pay a lot for other kids tuition if that makes a difference. Tia.
Nope.

Offline akivak

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Re: any accountants out there that i can ask a question?
« Reply #739 on: February 10, 2016, 12:13:25 AM »
How much does it cost to open a LLC?
can I do it myself online?
Is there an annual fee for a llc?