Author Topic: any accountants out there that i can ask a question?  (Read 326240 times)

Offline googwallet

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Re: any accountants out there that i can ask a question?
« Reply #1980 on: April 06, 2021, 02:15:40 PM »
Should I wait for NY to announce whether they will exempt the first $10,200 of UI income from taxes or just file? Seems highly unlikely at this point, wondering if others feel the same.

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1981 on: April 09, 2021, 05:56:29 AM »
He didn't want refundable child tax credit in the past?
He probably didn't have earned income.

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1982 on: April 09, 2021, 05:57:12 AM »
Anyone know, a usa citizen living abroad, filed as a single filer for the last few years, now in order to get the stimulus check for his kids he wants to add them to his tax return,
1)wil it raise to many unwanted questions as to why he only added his kids now ?
2) he has filed for 2020 and received his cheque already, can he still update it and add the kids ?
3)if yes will they automatically send the stimulus cheque for the kids ?
Should be fine.

Offline Jack out of the box

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Re: any accountants out there that i can ask a question?
« Reply #1983 on: April 09, 2021, 05:58:46 AM »
Should I wait for NY to announce whether they will exempt the first $10,200 of UI income from taxes or just file? Seems highly unlikely at this point, wondering if others feel the same.
NY announced this week that UI income is not exempt in NY so you'll have to make an adjustment after preparing your Fed return.

Offline bubkiz

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Re: any accountants out there that i can ask a question?
« Reply #1984 on: April 22, 2021, 10:41:44 PM »
EITC 2020 Q:
Individual got a 1099-INT of $4000 plus a few hundred in small bank 1099-INT. However, he also got a K1 from an investment with an $18,xxx loss
Does the $3650 cap on investment income look at the bottom line total or would that one 1099-INT disqualify?

Offline Cat18

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Re: any accountants out there that i can ask a question?
« Reply #1985 on: April 25, 2021, 12:37:40 PM »
What's the salary range for a tax accountant at small-mid sized firms (think 25-100) with 10+ yrs experience? I am leaving my 1st & only job at manager level and trying to figure out the salary i should be negotiating for. The numbers I've been getting are so much lower then anticipated.

Offline AtallD

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Re: any accountants out there that i can ask a question?
« Reply #1986 on: April 25, 2021, 12:42:05 PM »
What's the salary range for a tax accountant at small-mid sized firms (think 25-100) with 10+ yrs experience? I am leaving my 1st & only job at manager level and trying to figure out the salary i should be negotiating for. The numbers I've been getting are so much lower then anticipated.
$150k-$180k depending on your expertise level

Offline mahnishma

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Re: any accountants out there that i can ask a question?
« Reply #1987 on: May 02, 2021, 05:34:24 PM »
It seems on turbotax it saying I need to pay an underpayment penalty as I owe taxes, i didn't know about this as previously I've always received a refund. Its saying if in 2019 my tax liability was zero i quality for an exemption. would a refund be considered 0 liability?

Offline Cat18

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Re: any accountants out there that i can ask a question?
« Reply #1988 on: May 03, 2021, 09:39:01 AM »
$150k-$180k depending on your expertise level

Any other accountants that can chime in? The above numbers donít seem to match to small-midsize firm offers Iíve been getting and definitely not to the amount Iím currently making :(

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #1989 on: May 03, 2021, 09:46:33 AM »
It seems on turbotax it saying I need to pay an underpayment penalty as I owe taxes, i didn't know about this as previously I've always received a refund. Its saying if in 2019 my tax liability was zero i quality for an exemption. would a refund be considered 0 liability?
You can pay just your amount owed and the IRS will bill you for the rest.  Without adding interest, if you pay by their due date.
My favorite cause: cssy.org

Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #1990 on: May 03, 2021, 09:55:29 AM »
It seems on turbotax it saying I need to pay an underpayment penalty as I owe taxes, i didn't know about this as previously I've always received a refund. Its saying if in 2019 my tax liability was zero i quality for an exemption. would a refund be considered 0 liability?
A refund is not necessarily a 0 liability in terms of taxes owed.
It just means you paid your liability in advance.

Offline mahnishma

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Re: any accountants out there that i can ask a question?
« Reply #1991 on: May 03, 2021, 12:03:30 PM »
A refund is not necessarily a 0 liability in terms of taxes owed.
It just means you paid your liability in advance.
So i won't qualify for an exemption?  Thanks

Offline jose34

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Re: any accountants out there that i can ask a question?
« Reply #1992 on: June 06, 2021, 06:11:42 PM »
For those familiar with Parsonage in Ohio- its where any clergy gets there living expenses paid directly from the shul/school to there landlord, bank etc... offically does not count as income however my question is on the form it says you need to put as self employment.

If its counts as self employment which is 14 % how does that help as not counting towards income?
Maybe its goes a self employment but not taxable?

Offline zh cohen

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Re: any accountants out there that i can ask a question?
« Reply #1993 on: June 06, 2021, 09:12:06 PM »
For those familiar with Parsonage in Ohio- its where any clergy gets there living expenses paid directly from the shul/school to there landlord, bank etc... offically does not count as income however my question is on the form it says you need to put as self employment.

If its counts as self employment which is 14 % how does that help as not counting towards income?
Maybe its goes a self employment but not taxable?

Parsonage is only exempt from income tax. You still have to pay (both halves of) payroll tax.

Disclaimer: I'm not an accountant or lawyer

Offline Kobe Bryant

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Re: any accountants out there that i can ask a question?
« Reply #1994 on: June 06, 2021, 10:21:26 PM »
What's the salary range for a tax accountant at small-mid sized firms (think 25-100) with 10+ yrs experience? I am leaving my 1st & only job at manager level and trying to figure out the salary i should be negotiating for. The numbers I've been getting are so much lower then anticipated.
What were you anticipating?
$150k-$180k depending on your expertise level
Is accurate.

Offline jose34

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Re: any accountants out there that i can ask a question?
« Reply #1995 on: June 07, 2021, 03:04:29 AM »
Parsonage is only exempt from income tax. You still have to pay (both halves of) payroll tax.

Disclaimer: I'm not an accountant or lawyer

So still have to pay the other half of income tax such as social security, Medicare etc..?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1996 on: June 07, 2021, 09:50:27 AM »
So still have to pay the other half of income tax such as social security, Medicare etc..?
As quoted before Parsonage is exempt from income tax.... (subject to actual expenses spent on housing, but that's a separate discussion)
it is subject only to self employment tax (which is both halves of SS and Medicare tax) so the tax would be 15.3% and you get an above the line deduction of half the tax

Offline YoelFried

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Offline Cat18

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Re: any accountants out there that i can ask a question?
« Reply #1998 on: June 08, 2021, 09:20:02 AM »
What were you anticipating? Is accurate.

Hoping for $150k, but all offers are coming in at the $110-135k range.

Am just horrified that I've been so grossly underpaid for past 10 years. Let's this be a lesson for everyone out there, never get too comfortable in your job.
« Last Edit: June 08, 2021, 09:24:04 AM by Cat18 »

Offline cks33

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Re: any accountants out there that i can ask a question?
« Reply #1999 on: June 12, 2021, 10:24:37 PM »
Hi guys -

I got a bonus to sign onto my job in 2019. I am leaving my job a year early, so I have to return 1/3 of it.  I have to return it post tax.  Is there a way to claim it to get the tax back I had to pay on that amount? It seems really complicated from my google search