Author Topic: any accountants out there that i can ask a question?  (Read 490579 times)

Offline AnonymousUser

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Re: any accountants out there that i can ask a question?
« Reply #920 on: April 05, 2016, 11:15:20 PM »
You file NY as joint. You do not pay taxes on your income. Your w2 should not have any NY source income so it won't be pulled into the right hand side of the return.  Similar if you are 1099 income. If the total income for NY doesnt match what your wife earned then you probably input something wrong.

Also, if you have any interest or dividends or capgains, do not report them to NY.
Let me clarify.
As of now, our income is low enough that we're not paying any NJ or federal taxes.
My wife made under $5k in NY. If NY would only tax that money, we would get a $2k refund for child tax credits. However, NY taxes you based on your federal AGI, which is much higher, so even after all the deductions, we would still have to pay a few dollars to NY
I don't understand why NY should tax you on money not made in NY.

Offline ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #921 on: April 05, 2016, 11:51:15 PM »
A 5498 wouldn't show it? How far back in the day?
Earliest contributions were probably around 1994 or 1995
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Offline hachover

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Re: any accountants out there that i can ask a question?
« Reply #922 on: April 06, 2016, 11:25:28 AM »
Let me clarify.
As of now, our income is low enough that we're not paying any NJ or federal taxes.
My wife made under $5k in NY. If NY would only tax that money, we would get a $2k refund for child tax credits. However, NY taxes you based on your federal AGI, which is much higher, so even after all the deductions, we would still have to pay a few dollars to NY
I don't understand why NY should tax you on money not made in NY.

NY determines the tax rate based on your Federal earnings, but then applies that rate only to the amount you earned in NY. I can see how that makes an issue for someone with high total earnings and extremely low NY earnings. Sorry I can't help further.
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline mringelheim

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Re: any accountants out there that i can ask a question?
« Reply #923 on: April 06, 2016, 12:20:06 PM »
can anyone recommend a good cpa who knows how to handle real estate investment llcs- specifically looking for help with allocating deprecitation and interest to management members- thanks.

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #924 on: April 06, 2016, 12:34:29 PM »
Does NJ require quarterly payments if i am making a payment now based on 2015 earnings?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #925 on: April 06, 2016, 01:43:16 PM »
Does NJ require quarterly payments if i am making a payment now based on 2015 earnings?
yes

Offline avrumy

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Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #927 on: April 06, 2016, 03:00:30 PM »
If I regularly work from home for the pleasure of my employer. - like nights and weekends, can I deduct daily commuting miles between my home office and my employers office?
Bump?

Offline AnonymousUser

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Re: any accountants out there that i can ask a question?
« Reply #928 on: April 06, 2016, 03:33:42 PM »
NY determines the tax rate based on your Federal earnings, but then applies that rate only to the amount you earned in NY. I can see how that makes an issue for someone with high total earnings and extremely low NY earnings. Sorry I can't help further.
That's exactly my situation. IMO it's a huge chutzpah that NY forces you to file jointly.

Offline Dawie

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Offline hachover

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Re: any accountants out there that i can ask a question?
« Reply #930 on: April 06, 2016, 06:49:47 PM »
That's exactly my situation. IMO it's a huge chutzpah that NY forces you to file jointly.

I hear that. At the end of the day, how much are you losing after applying the credit on sch. A of the NJ form? A lot or a little?

It sounds like you would either get $2k or pay to NY, is that right? The credit will only be a pct of the taxes paid to ny, but wont make up for any negative taxes that you lost.
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline churnbabychurn

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Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #932 on: April 07, 2016, 12:35:37 PM »
How does that address?
What if You Have a Home Office?

One way to avoid the harsh commuting rule is to have a home office that qualifies as your principal place of business. In this event, you can deduct the cost of any trips you make from your home office to another business location. For example, you can deduct the cost of driving from home to your outside office, a client’s office, or to attend a business-related seminar. The commuting rule doesn’t apply if you work at home because, with a home office, you never commute to work (you’re there already).
Your home office will qualify as your principal place of business
 if it is the place where you earn most of your income or perform the administrative or management tasks for your practice. If your home office qualifies as your principal place of business, you can vastly increase your deductions for business trips.
Example: Kim (from the above example) maintains a home office where she does the administrative work for her business; she also has an outside office where she does her other work. She can deduct all her business trips from her home office, including the 20-mile daily trip to her outside office. Thanks to her home office, she can now deduct 100 miles per week as a business trip expense, all of which was a nondeductible commuting expense before she established her home office.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #933 on: April 07, 2016, 12:48:12 PM »
My question is really if i can call my home office my principal place of business?

I am pretty sure that most employees do not take advantage of this deduction. So wanted to hear more opinions regarding the definition of principal place for an employee.

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #934 on: April 07, 2016, 02:12:02 PM »
My question is really if i can call my home office my principal place of business?

I am pretty sure that most employees do not take advantage of this deduction. So wanted to hear more opinions regarding the definition of principal place for an employee.
i wouldn;t call nights and weekends, principal for anything .. add a day or two then we can talk

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #935 on: April 07, 2016, 02:22:31 PM »
i wouldn;t call nights and weekends, principal for anything .. add a day or two then we can talk
Not so sure.. See pub 587. It all seems so subjective..

Btw, weekends means most of Sunday and all of motze Shabbos in our industry...

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #936 on: April 07, 2016, 03:53:15 PM »
Not so sure.. See pub 587. It all seems so subjective..

Btw, weekends means most of Sunday and all of motze Shabbos in our industry...
tell it to the Judge

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #937 on: April 10, 2016, 02:08:51 PM »
Does anyone know if there is a obligation of paying quarterlies following a year where one owed more then $1,500 on a federal return or is it just a piece of advice?

Offline elit

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Re: any accountants out there that i can ask a question?
« Reply #938 on: April 10, 2016, 02:46:36 PM »
Does anyone know if there is a obligation of paying quarterlies following a year where one owed more then $1,500 on a federal return or is it just a piece of advice?
I hope not

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #939 on: April 10, 2016, 04:17:28 PM »