Author Topic: any accountants out there that i can ask a question?  (Read 490409 times)

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #280 on: April 13, 2014, 05:38:35 PM »
W2
Normal W2 shouldn't make any difference.
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Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #281 on: April 13, 2014, 06:09:10 PM »
Is there a difference on how I am taxed if I am paid a salary or commission or bonus?
bonuses are taxed differently than regular wages. Usually at the same rate.
They can be beneficial if you need to shift income to the next period. Otherwise a w2 is more straightforward.

Offline ya

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Re: any accountants out there that i can ask a question?
« Reply #282 on: April 13, 2014, 06:46:16 PM »
bonuses are taxed differently than regular wages. Usually at the same rate.
They can be beneficial if you need to shift income to the next period. Otherwise a w2 is more straightforward.
and commission vs salary?

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #283 on: April 13, 2014, 07:02:52 PM »
bonuses are taxed differently than regular wages. Usually at the same rate.


Time to clarify what you meant.
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Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #284 on: April 13, 2014, 07:13:55 PM »
Time to clarify what you meant.
The employer can withhold taxes on bonuses based on a different formula than the normal. The percentage method or aggregate. The net tax should be the same, I think, but w2 are simpler. 
Its called supplemental wages.

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #285 on: April 18, 2014, 05:53:18 AM »
New question, for those knowledgeable about tax filing for trusts:

Filing a 1041 for a trust. 
A 'simple' trust seems to not be allowed a deduction for charitable donations.
What about a 'complex' trust?

TurboTax had my trust as a simple trust last year, yet we had a charity deduction.  This year, it didn't ask me anywhere for my charity amount.  It ended up checking the box 'complex' trust, yet still didn't give me any place to insert my charity amount. 
The final tax form has an area on schedule A that allows charity with all sorts of conditions.

Was the law changed in the last year to eliminate/minimize charity deductions for trusts?
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Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #286 on: April 18, 2014, 07:27:39 AM »
Simple trusts cannot take a charitable contribution.
Complex can take only if its inscribed in the terms of the trust. On 1041A.
Gets complicated if capital is allocated to charity etc.

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #287 on: April 18, 2014, 12:31:51 PM »
Simple trusts cannot take a charitable contribution.
Complex can take only if its inscribed in the terms of the trust. On 1041A.
Gets complicated if capital is allocated to charity etc.
Ok, I get that I can't take the deduction I wanted to.  >:(  Thanks.
Is this something new for this year?  TurboTax asked me about charity last year, and put in on a return for my complex trust.
I just compared the TT business questionnaire for 2012 and 2013.  I see where the charity question is missing.  I guess it is a change for this year.   :(
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Offline Fan of Dan

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Re: any accountants out there that i can ask a question?
« Reply #288 on: April 18, 2014, 02:22:06 PM »
Does it make sense that my federal refund posted to my bank account on the 15th but my state (NJ) still isn't showing? I e filed on April 3rd or 4th.

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #289 on: April 18, 2014, 02:24:26 PM »
Does it make sense that my federal refund posted to my bank account on the 15th but my state (NJ) still isn't showing? I e filed on April 3rd or 4th.
Yes
Airlines sending me "We're in this together" emails.

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Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #290 on: April 18, 2014, 02:24:47 PM »
Does it make sense that my federal refund posted to my bank account on the 15th but my state (NJ) still isn't showing? I e filed on April 3rd or 4th.

Yes. Ime this year the State (NY) came about a week later..

Offline Fan of Dan

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Re: any accountants out there that i can ask a question?
« Reply #291 on: April 19, 2014, 09:49:01 PM »
Yes. Ime this year the State (NY) came about a week later..
Yes
Thanks, that's good to know.

Offline Joe4007

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Re: any accountants out there that i can ask a question?
« Reply #292 on: April 19, 2014, 09:53:26 PM »
Yes. Ime this year the State (NY) came about a week later..
+1. Always been like that.

Offline Blazer

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Re: any accountants out there that i can ask a question?
« Reply #293 on: April 19, 2014, 10:43:19 PM »
Does it make sense that my federal refund posted to my bank account on the 15th but my state (NJ) still isn't showing? I e filed on April 3rd or 4th.
Yes, the New Jersey refund take much longer than the Federal (This year unlike prior years New York State refunds are coming before Federal)

Offline Joe4007

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Re: any accountants out there that i can ask a question?
« Reply #294 on: April 19, 2014, 10:47:54 PM »
(This year unlike prior years New York State refunds are coming before Federal)
Not IME.

Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #295 on: April 19, 2014, 11:54:24 PM »

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #296 on: April 20, 2014, 01:58:51 AM »
The IRS and the state tax people each have their own bureaucracy.  They'll each have their own  turn-around time.
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Offline Blazer

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Re: any accountants out there that i can ask a question?
« Reply #297 on: April 20, 2014, 08:54:46 AM »
Fica is usually the main issue. If you wanted to get the EIC, being a 1099 will do you serious damage.
1099 income doesn't affect EIC it's more than it affects someone that doesn't get EIC w2 you get withheld you SS on your pay check with 1099 it's withheld when you file you tax plus another approx 7%. That will reduce the amount of your EIC but if you don't get EIC it will raise your liability. Concerning the reduction of your income for half the SS that would affect very few people only if that amount reduces you income to below the EIC threshold

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #298 on: April 20, 2014, 09:13:41 AM »
1099 income doesn't affect EIC it's more than it affects someone that doesn't get EIC w2 you get withheld you SS on your pay check with 1099 it's withheld when you file you tax plus another approx 7%. That will reduce the amount of your EIC but if you don't get EIC it will raise your liability. Concerning the reduction of your income for half the SS that would affect very few people only if that amount reduces you income to below the EIC threshold
+.9
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Offline aj26

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Re: any accountants out there that i can ask a question?
« Reply #299 on: April 20, 2014, 09:30:11 AM »
1099 income doesn't affect EIC it's more than it affects someone that doesn't get EIC w2 you get withheld you SS on your pay check with 1099 it's withheld when you file you tax plus another approx 7%. That will reduce the amount of your EIC but if you don't get EIC it will raise your liability. Concerning the reduction of your income for half the SS that would affect very few people only if that amount reduces you income to below the EIC threshold

Not sure I really understand what you are trying to say, but you can get eic as an independent contractor filing a schedule c.
Just keep in mind that since you are going to deduct the 7.65% self employment tax to arrive at agi, when he reimburses you, you will have to include that reimbursement on your 2014 tax return