Author Topic: any accountants out there that i can ask a question?  (Read 490505 times)

Offline Blazer

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Re: any accountants out there that i can ask a question?
« Reply #300 on: April 20, 2014, 09:35:51 AM »
Basically what I'm trying to say is that 1099 will usually not affect your eci more than it would affect your taxes without eci. Yes you have to pay more SS tax with 1099 but that is has nothing to do with eci so wen if you don't receive eci you 1099 income will cost you an extra 7% over W2 income.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #301 on: April 20, 2014, 10:05:33 AM »
Which they take of the EIC, and they don't allow the half of SE tax adjustment when calculating income for EIC.

Offline aj26

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Re: any accountants out there that i can ask a question?
« Reply #302 on: April 20, 2014, 10:25:21 AM »
Which they take of the EIC, and they don't allow the half of SE tax adjustment when calculating income for EIC.
uh...that really depends on your income level.
If you have 2 kids, your eic starts getting phased out at the greater of $22,900 agi or $22,900 earned income. So if your earned income is lower than your agi (ie you have some investment income) a deduction of 1/2 self employment tax that lowers your agi will help give you a higher eic.

Offline Blazer

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Re: any accountants out there that i can ask a question?
« Reply #303 on: April 20, 2014, 10:33:50 AM »
uh...that really depends on your income level.
If you have 2 kids, your eic starts getting phased out at the greater of $22,900 agi or $22,900 earned income. So if your earned income is lower than your agi (ie you have some investment income) a deduction of 1/2 self employment tax that lowers your agi will help give you a higher eic.

If you have 3 kids then your income would have to be around 13,400 and only then will the your 1099 affect you and it would only reduce your income by around 900$ so it won't have a really big affect on your income.

Offline Jkhein

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Re: any accountants out there that i can ask a question?
« Reply #304 on: April 20, 2014, 12:43:38 PM »
when filing taxes can I add a non us citizen spouse without a ssn?

Offline Blazer

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Offline Blazer

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Re: any accountants out there that i can ask a question?
« Reply #306 on: April 20, 2014, 01:04:21 PM »
when filing taxes can I add a non us citizen spouse without a ssn?
If your spouse is a nonresident alien and you file a joint or separate return, your spouse must have either a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). To get an SSN for your spouse, apply at a social security office or U.S. consulate. You must complete Form SS-5. You must also provide original or certified copies of documents to verify your spouse's age, identity, and citizenship. If your spouse is not eligible to get an SSN, he or she can file Form W-7 with the IRS to apply for an ITIN. Refer to Taxpayer Identification Numbers (TIN) for more information.

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #307 on: April 24, 2014, 12:22:18 PM »
If your spouse is a nonresident alien and you file a joint or separate return, your spouse must have either a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). To get an SSN for your spouse, apply at a social security office or U.S. consulate. You must complete Form SS-5. You must also provide original or certified copies of documents to verify your spouse's age, identity, and citizenship. If your spouse is not eligible to get an SSN, he or she can file Form W-7 with the IRS to apply for an ITIN. Refer to Taxpayer Identification Numbers (TIN) for more information.
Just a side note: without a ssn she wont be able to get the EIC.

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #308 on: April 24, 2014, 12:24:17 PM »
If a employee worked in NY every day and got paid on a 1099 and in the state box it says NY but not wages -and is a resident of NJ- do they have to file a nonresident NYS Return?

Offline Blazer

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Re: any accountants out there that i can ask a question?
« Reply #309 on: April 25, 2014, 10:54:58 AM »
Does anyone have an opinion on deducting cost of arba minim if purchased from a shul? I know goods were provided, but most of the goods' value was of a religious nature. Should any portion be deductible as a donation?
I'm attaching a very well written article by Judah I. Kupfer, Esq. that should answer your question.

Offline Sowhat

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Re: any accountants out there that i can ask a question?
« Reply #310 on: April 25, 2014, 10:59:03 AM »
My daughter is single and starting college.  I usually claim her.  Does it make sense for her to file her own return and claim herself to get a better benefit from FAFSA?

Offline michael

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Re: any accountants out there that i can ask a question?
« Reply #311 on: April 25, 2014, 11:20:40 AM »
I'm attaching a very well written article by Judah I. Kupfer, Esq. that should answer your question.

Thanks. I really enjoy his articles.

Offline dsw193

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Re: any accountants out there that i can ask a question?
« Reply #312 on: April 25, 2014, 11:25:45 AM »
I'm attaching a very well written article by Judah I. Kupfer, Esq. that should answer your question.
Thanks. Do You have the following week's article?

Online bubkiz

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Re: any accountants out there that i can ask a question?
« Reply #313 on: April 26, 2014, 11:21:10 PM »
My daughter is single and starting college.  I usually claim her.  Does it make sense for her to file her own return and claim herself to get a better benefit from FAFSA?

Her eligibility will still be based on your return unless she is 24 or married.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #314 on: May 13, 2014, 07:37:48 PM »
A new company that developed software for sale, (-by subscription) how do you value it on the B/S? (GAAP)
« Last Edit: May 13, 2014, 07:40:50 PM by churnbabychurn »

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #315 on: May 13, 2014, 08:20:28 PM »
A new company that developed software for sale, (-by subscription) how do you value it on the B/S? (GAAP)

Some of the costs (until market feasibility is established) are just expensed. Once you are allowed to start capitalizing, the amount capitalized is just what is spent. (Credit cash or AP, debit Capitalized Asset.)

Any increase in its value over its cost will be recognized as gain when it's sold.

Offline AtallD

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Re: any accountants out there that i can ask a question?
« Reply #316 on: May 13, 2014, 08:48:48 PM »
Some of the costs (until market feasibility is established) are just expensed. Once you are allowed to start capitalizing, the amount capitalized is just what is spent. (Credit cash or AP, debit Capitalized Asset.)

Any increase in its value over its cost will be recognized as gain when it's sold.

To clarify further...
Costs are expensed up to the point that the product meets its design specifications (i.e. planning, designing, coding, and testing have been completed and a working model is created). Once you have reached that point (technologial feasibility) you can begin to capitalize costs associated with the software development (including allocation of salaries) from that point forward and amortize over current and future periods

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #317 on: May 13, 2014, 08:50:47 PM »
Some of the costs (until market feasibility is established) are just expensed. Once you are allowed to start capitalizing, the amount capitalized is just what is spent. (Credit cash or AP, debit Capitalized Asset.)

Any increase in its value over its cost will be recognized as gain when it's sold.
Market feasibility has been established and there are some preliminary sales contracts in place.

At what point do they actually begin capitalizing, first sale, or when product was complete enough to be called available for sale?

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #318 on: May 13, 2014, 08:51:45 PM »
Market feasibility has been established and there are some preliminary sales contracts in place.

At what point do they actually begin capitalizing, first sale, or when product was complete enough to be called available for sale?
The latter

Offline churnbabychurn

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