Author Topic: any accountants out there that i can ask a question?  (Read 490454 times)

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #1020 on: May 08, 2016, 09:47:41 PM »
thanks.
 i divided the ss tax by paycheck and only after i deducted for childcare did it come out to .062 , so what does that mean?

You're good. Use option B since the amount deducted for child care is not included in income.

(The info provided is for informational purposes only and not for the purpose of providing legal or accounting advice).

Offline joe1234

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Re: any accountants out there that i can ask a question?
« Reply #1021 on: May 08, 2016, 09:49:44 PM »
You're good. Use option B since the amount deducted for child care is not included in income.

(The info provided is for informational purposes only and not for the purpose of providing legal or accounting advice).
thanks

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1022 on: May 09, 2016, 03:40:06 PM »
you dont need licensed, only a SS#, name and address
Very often the babysitter is claiming at least some of the income, but still wont give out their info, for all sorts of other reasons, (ID Theft worries etc., Red flag on her return worries.. even if they aren't rational) absolutely borderline stealing. I wonder if the LOR would allow this information to be passed on when asked for a reference. (IMHO yes, if not said maliciously)
Let her get an EIN and then she won't need to worry about identity theft from her SS#. Doesn't cost anything.

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1023 on: May 09, 2016, 03:46:56 PM »
Children attend a day care that refuses to take checks (and something tells me, they're off the books). Any suggestions for claiming expenses for child care credit? Same thing with occasional babysitting while my spouse and I are at work. Can I claim the related expenses for the caregiver who refused to provide a SSN?
Read instructions for Form 2441 Line 1
https://www.irs.gov/pub/irs-pdf/i2441.pdf

Offline Blazer

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Re: any accountants out there that i can ask a question?
« Reply #1024 on: May 09, 2016, 03:50:51 PM »
Read instructions for Form 2441 Line 1
https://www.irs.gov/pub/irs-pdf/i2441.pdf
Instructions Line 1. I know people that used this and it usually works.
 If the provider does not give
you the information, complete the entries you can on
line 1. For example, enter the provider's name and
address. Enter “See Attached Statement” in the columns
for which you do not have the information. Then, attach a
statement to your return explaining that the provider did
not give you the information you requested.

Offline Ephcc90

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any accountants out there that i can ask a question?
« Reply #1025 on: May 09, 2016, 03:59:01 PM »
Instructions Line 1. I know people that used this and it usually works.
 If the provider does not give
you the information, complete the entries you can on
line 1. For example, enter the provider's name and
address. Enter “See Attached Statement” in the columns
for which you do not have the information. Then, attach a
statement to your return explaining that the provider did
not give you the information you requested.
Just remember that if the babysitter meets the definition of a household employee and the wages are above the threshold then you, as the employer, have to pay the SS and Medicare tax, withhold the employees amounts, file all the paperwork, and fulfill all the state obligations.

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #1026 on: May 18, 2016, 04:15:47 PM »
Interesting decision just came out where the Third Circuit reversed a Tax Court decision about deducting accrued fuelpoints.

http://www2.ca3.uscourts.gov/opinarch/143961p.pdf

(I'm not lawyer, but the opinion did mention (pg. 5) that they didn't revoke any accumulated discounts during the tax years in question, maybe another reason for companies not to confiscate rewards).

Offline theblakdavid

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Re: any accountants out there that i can ask a question?
« Reply #1027 on: May 29, 2016, 11:12:48 PM »
If I'm registered to collect sales tax in a specific state, must I collect on all items I sell? What if I paid sales tax to the merchant on the item I am now selling? And if I purchase an item from an out of state merchant, which they won't have to charge me sales tax, must I charge sales tax when I resell that item? Tia

Offline claker

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Re: any accountants out there that i can ask a question?
« Reply #1028 on: May 29, 2016, 11:25:31 PM »
If I'm registered to collect sales tax in a specific state, must I collect on all items I sell? What if I paid sales tax to the merchant on the item I am now selling? And if I purchase an item from an out of state merchant, which they won't have to charge me sales tax, must I charge sales tax when I resell that item? Tia
Sales Tax rules vary by state/jurisdiction but in general if you are registered to collect Sales Tax in a specific state, you must collect the tax on all products you sell in the state, that are subject to Sales Tax.

Again, the rules vary by state but in general you can claim a credit on your sales tax return for sales taxes you paid out on goods you purchased for resale.

Yes, you have to collect sales tax on all goods you sell in a state where you are registered as a sales tax vendor, regardless of where you purchased the merchandise.

Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #1029 on: May 29, 2016, 11:25:54 PM »


If I'm registered to collect sales tax in a specific state, must I collect on all items I sell? What if I paid sales tax to the merchant on the item I am now selling? And if I purchase an item from an out of state merchant, which they won't have to charge me sales tax, must I charge sales tax when I resell that item? Tia

In most cases, charging sales or not, does not depend on the seller, but rather the buyer.
So unless the buyer is exempt, then yes you would have to charge sales tax.

Offline theblakdavid

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Re: any accountants out there that i can ask a question?
« Reply #1030 on: May 29, 2016, 11:31:18 PM »

In most cases, charging sales or not, does not depend on the seller, but rather the buyer.
So unless the buyer is exempt, then yes you would have to charge sales tax.
Ah, so even if sales tax was already collected on an item, the obligation on a buyer is still there. Did I get that right?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #1031 on: May 29, 2016, 11:53:31 PM »
What if I paid sales tax to the merchant on the item I am now selling?
You file a form with the state to get reimbursed. - Generally only the end user pays sales and use tax.

Offline theblakdavid

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Re: any accountants out there that i can ask a question?
« Reply #1032 on: May 30, 2016, 12:04:16 AM »
You file a form with the state to get reimbursed. - Generally only the end user pays sales and use tax.
Gotcha, thanks. Was wondering one more thing, mebbe u know. When you make a reseller account with retailers or suppliers, they ask for your resellers license, or certificate of authority to collect sales tax, wtvr. What if I gave them a NY or NJ one, and then I got from other states. Does it make a difference if I send them one state, as opposed to another?

Offline ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #1033 on: May 30, 2016, 12:18:29 AM »
Gotcha, thanks. Was wondering one more thing, mebbe u know. When you make a reseller account with retailers or suppliers, they ask for your resellers license, or certificate of authority to collect sales tax, wtvr. What if I gave them a NY or NJ one, and then I got from other states. Does it make a difference if I send them one state, as opposed to another?

Generally speaking, if they don't have a valid resale or tax exempt certificate on file for the state where the purchase is being made (delivered in the case of phone or Internet orders) they should and will collect sales tax.

So for example: if you have a NY resale certificate filed with Costco in NY, but then on occasion will walk into a Costco in a different state, you will pay sales tax in that other state.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline theblakdavid

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Re: any accountants out there that i can ask a question?
« Reply #1034 on: May 30, 2016, 12:23:28 AM »


Generally speaking, if they don't have a valid resale or tax exempt certificate on file for the state where the purchase is being made (delivered in the case of phone or Internet orders) they should and will collect sales tax.

So for example: if you have a NY resale certificate filed with Costco in NY, but then on occasion will walk into a Costco in a different state, you will pay sales tax in that other state.
Thanks.

Offline Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #1035 on: May 30, 2016, 08:13:22 AM »
Ah, so even if sales tax was already collected on an item, the obligations on a buyer is still there. Did I get that right?
This should not be the case.  If you paid already sales tax then usually its not an item that you must charge someone else sales rax
#TYH

Offline theblakdavid

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Re: any accountants out there that i can ask a question?
« Reply #1036 on: May 30, 2016, 08:32:32 AM »
This should not be the case.  If you paid already sales tax then usually its not an item that you must charge someone else sales rax
Ye I know, I just meant theoretically.

Online ushdadude

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Re: any accountants out there that i can ask a question?
« Reply #1037 on: May 30, 2016, 07:55:13 PM »
any reason to keep pay stubs if i get a w2 anyway?

Offline ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #1038 on: May 30, 2016, 08:13:34 PM »
any reason to keep pay stubs if i get a w2 anyway?
If in doubt use Evernote. Could come handy some time, and you can always delete from there
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Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #1039 on: May 30, 2016, 08:16:18 PM »
any reason to keep pay stubs if i get a w2 anyway?
Even if you think you won't need it, you never know when someone will ask for your last 4 stubs.