Author Topic: any accountants out there that i can ask a question? (Read 500417 times)

Dawie · « **Reply #780 on:** February 16, 2016, 04:14:39 PM »

it means they paid for the child care as if they hired the caregiver and it's not eligible for the credit ]
if it was in box 10 then possibly it would be

Ydad · « **Reply #781 on:** February 16, 2016, 05:19:48 PM »

Thanks

Mordyk · « **Reply #782 on:** February 20, 2016, 07:13:37 PM »

If a boss gives 1099 to salesman and the salesman pays for his own car. How can he deduct the expenses from personal return?

Bostener · « **Reply #783 on:** February 20, 2016, 07:41:18 PM »

Quote from: Mordyk on February 20, 2016, 07:13:37 PM

If a boss gives 1099 to salesman and the salesman pays for his own car. How can he deduct the expenses from personal return?

See instructions for schedule C

Buruch · « **Reply #784 on:** February 22, 2016, 08:39:07 PM »

Can a small family company buy individual/family health plans for employees through the business - pretax?

ExGingi · « **Reply #785 on:** February 22, 2016, 11:22:10 PM »

Quote from: Buruch on February 22, 2016, 08:39:07 PM

Can a small family company buy individual/family health plans for employees through the business - pretax?

Question number 1 to ask is who is on the payroll.

Back in the day, the easiest/best way to get health insurance for a small business owner with no employees was to put spouse on payroll, thus having a small "group" and shopping for small group plans. Obamacare outlawed this. If the only employees are husband and wife, it no longer qualifies as small group.

If business has employees other than owner and spouse, it could buy group health insurance, but: 1. Cannot discriminate between employees as to what share the business pays. 2. Pre-tax salary deductions for Owners might not be available, depending on business structure and payroll composition (cannot be tilted to the benefit of owners or highly compensated employees).

Buruch · « **Reply #786 on:** February 24, 2016, 02:15:34 PM »

Father is the owner, but on Medicare, and son and daughter-in-law are employees. The plan would be for daughter-in-law and possibly son.

ExGingi · « **Reply #787 on:** February 24, 2016, 04:05:02 PM »

Quote from: Buruch on February 24, 2016, 02:15:34 PM

Father is the owner, but on Medicare, and son and daughter-in-law are employees. The plan would be for daughter-in-law and possibly son.

What is the business structure? Sole proprietorship? C-Corp? S-Corp? LLC?
Are those the only employees, or are there any others?

If indeed son and daughter-in-law are on the payroll, should qualify for small group health insurance (I am talking NY, though I presume most other states would be similar, but a lot depends also on what insurers make available, and not only the law).

If son and daughter-in-law have NO OWNERSHIP whatsoever in company, it could be set up as a pre-tax expense (whether employer paid or employee pre-tax payroll deduction, would depend on some additional details about business structure).

ejb123 · « **Reply #788 on:** February 24, 2016, 05:51:54 PM »

Any idea on estimated cost for an accountant to file a tax return and produce k1s (there are two investors ) for an LLC that owns interests in 2 real estate projects (ie will get 2 K1s)?

Buruch · « **Reply #789 on:** February 24, 2016, 06:01:24 PM »

Quote from: ExGingi on February 24, 2016, 04:05:02 PM

What is the business structure? Sole proprietorship? C-Corp? S-Corp? LLC?
Are those the only employees, or are there any others?

If indeed son and daughter-in-law are on the payroll, should qualify for small group health insurance (I am talking NY, though I presume most other states would be similar, but a lot depends also on what insurers make available, and not only the law).

Scorp. Father is sole owner. What about an individual/family plan?

If son and daughter-in-law have NO OWNERSHIP whatsoever in company, it could be set up as a pre-tax expense (whether employer paid or employee pre-tax payroll deduction, would depend on some additional details about business structure).

zer0k1 · « **Reply #790 on:** February 25, 2016, 09:10:53 AM »

Anyone with accounting knowledge with regards to points brokering?

Ephcc90 · « **Reply #791 on:** February 25, 2016, 09:33:06 AM »

Quote from: zer0k1 on February 25, 2016, 09:10:53 AM

Anyone with accounting knowledge with regards to points brokering?

Any specific questions?

ExGingi · « **Reply #792 on:** February 25, 2016, 01:07:02 PM »

Quote from: Buruch on February 24, 2016, 06:01:24 PM

Scorp. Father is sole owner. What about an individual/family plan?

If it is set up as a small group plan, the employer can either pay for the premiums, or set up a Section 125 cafeteria plan and allow employees to pay the premiums with pre-tax dollars. This can be done regardless of whether the employee selects "employee only" "employee+spouse" "employee+children" or "family" coverage.

If the employees purchase the coverage on their own, outside of the business setting, there MIGHT be a way to legally reimburse them for it as a business expense, but it would probably require setup of an HRA (Healthcare Reimbursement Account) which would be specifically set up to allow health premium reimbursement, or some kind of other setup that might allow it (I don't know, and doubt whether it's worth the hassle and expense for just one or two employees).

In NY, unless you want to take subsidies (which many people don't) whenever you have a choice you are much better off doing it as a small business group.

mitchel89 · « **Reply #793 on:** February 26, 2016, 12:42:00 PM »

If i open an LLC with a partner and i take out x amount of $ every week for my self, do i have to pay income tax? and do i have to file a separate 1099?

yitzf · « **Reply #794 on:** February 26, 2016, 01:17:53 PM »

Quote from: mitchel89 on February 26, 2016, 12:42:00 PM

If i open an LLC with a partner and i take out x amount of $ every week for my self, do i have to pay income tax? and do i have to file a separate 1099?

Get an accountant!
Yes you will have to pay income tax, but it won't necessarily be the amount you withdrew.

Also your share of the partnerships income will be treated differently than the payments (self emplyment tax etc).

jackofall · « **Reply #795 on:** February 28, 2016, 03:40:12 PM »

Quote from: mitchel89 on February 26, 2016, 12:42:00 PM

If i open an LLC with a partner and i take out x amount of $ every week for my self, do i have to pay income tax? and do i have to file a separate 1099?

For the business you file a 1065 assuming it's a partnership and not a Corp. your share gets passed to you on a K-1.

noturbizniss · « **Reply #796 on:** February 28, 2016, 10:31:47 PM »

Can a speech therapist who works in a school directly with kids deduct the educator expense? DO hours spent on paperwork, note taking, prep work etc. count toward the 900 hour requirement,or only direct student contact time?

elikay · « **Reply #797 on:** February 29, 2016, 12:38:52 AM »

Quote from: Crazy tools on February 06, 2016, 10:39:56 PM

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

you are reporting tuition which you did not pay that credit is only for tuition payers someone CMIIW

Zalc · « **Reply #798 on:** March 01, 2016, 12:12:59 AM »

Quote from: Zalc on February 28, 2016, 07:18:54 PM

So if one's only income are 1099-INTs, how much can you "earn" before needing to file? Anyone want to jump in on this please?

RE: This thread. I'm cross posting here instead of bumping there, as it's more relevant here.
TIA!

Bostener · « **Reply #799 on:** March 01, 2016, 06:12:28 PM »

Quote from: Zalc on March 01, 2016, 12:12:59 AM

RE: This thread. I'm cross posting here instead of bumping there, as it's more relevant here.
TIA!

Are they a depended of someone else?