Author Topic: any accountants out there that i can ask a question?  (Read 160533 times)

Offline sruly101

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Re: any accountants out there that i can ask a question?
« Reply #1845 on: March 30, 2020, 09:47:21 PM »
Hi,

Can someone running a S-Corp business in NYS file for unemployment? (no payroll involved, not a W2 or 1099)

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Re: any accountants out there that i can ask a question?
« Reply #1846 on: March 31, 2020, 12:37:58 AM »
One pays in taxes throughout the year by having 'withholding' taken off his paycheck.  By April 15 of the following year, one must 'file' his taxes, usually using a Form 1040.  This reconciles what one has paid in with what he actually determines that he owes.
Thanks. That part I happened to have known from before when I had to figure out what a w4 form does :)

Once were on the topic I'll continue. Who is considered dependent? From my previous googling I thought it could be anybody no matter the age as long as you are supported by your parents/guardian for over 50% of your expenses.

Then I was reading today that it's only for people up to 18 years old or up to 24 if you're a full time student. So apparently if you don't make any income at all and are fully supported by your parents you can still be independent if over that age.

Which one is correct?
Jack of all trades, master of none.

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1847 on: March 31, 2020, 10:44:35 PM »
For dependents over 17 its less. Thats essentially my question. What am I giving up?
$500
In theory if you are able to claim as a dependent, he would have to check that off on HIS return and he wont be able to get the stimulus payment
there is language in the stimulus law that ties it to section 151
there is almost no chance that the IRS will catch it
He should have at least some income though
even a small w2 from camp or something in order to file

Online shwarmabob

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Re: any accountants out there that i can ask a question?
« Reply #1848 on: April 01, 2020, 09:47:39 AM »
$500
In theory if you are able to claim as a dependent, he would have to check that off on HIS return and he wont be able to get the stimulus payment
there is language in the stimulus law that ties it to section 151
there is almost no chance that the IRS will catch it
He should have at least some income though
even a small w2 from camp or something in order to file
I am in similar boat. So if he had 0 income, can he file taxes?
Also he was in a yeshiva in Israel the entire year. Does he file as a NY state resident because that's his permanent US address?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1849 on: April 01, 2020, 10:47:13 AM »
I am in similar boat. So if he had 0 income, can he file taxes?
Also he was in a yeshiva in Israel the entire year. Does he file as a NY state resident because that's his permanent US address?
if he has no income (unless he's living off savings in a zero interest account) its usually a sign that he's a dependent of someone
he doesn;t have to file state regardless

Offline A3

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Re: any accountants out there that i can ask a question?
« Reply #1850 on: April 01, 2020, 01:28:35 PM »
When calculating how much will be granted/loaned for PPP, does it only include wages, or company payroll taxes as well?

Offline uo

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Re: any accountants out there that i can ask a question?
« Reply #1851 on: April 01, 2020, 02:33:31 PM »
Can anyone advise...

25yr old American in college in Isreal no income in america...Can he receive the stimulus check & if yes, how?

He did not file taxes as he had no income.

Offline jose34

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Re: any accountants out there that i can ask a question?
« Reply #1852 on: Yesterday at 07:39:37 AM »
Can anyone advise...

25yr old American in college in Isreal no income in america...Can he receive the stimulus check & if yes, how?

He did not file taxes as he had no income.

Let him file taxes.