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| Favorite team: | LSU  |
| Location: | Monroe |
| Biography: | LSU grad |
| Interests: | Sports |
| Occupation: | CPA |
| Number of Posts: | 397 |
| Registered on: | 8/14/2006 |
| Online Status: | Not Online |
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re: BP Claim question - non-profit
Posted by LSUMon on 8/27/13 at 4:00 pm to The Connoisseur
You can still make a claim. It is not a class action suit. Depending on what region/zone you are in, you have to show a decline in monthly income. It is a pretty simple formula.
The starting point is to determine what zone you are in, then compile monthly income ( no expenses) for the years 2007-2011. Then contact a lawyer.
The starting point is to determine what zone you are in, then compile monthly income ( no expenses) for the years 2007-2011. Then contact a lawyer.
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re: Do you still get the $3000 LA Tax Credit for buying a hybrid vehicle?
Posted by LSUMon on 8/27/13 at 1:19 pm to tenderfoot tigah
Flex fuels do not count anymore. They did originally, but after Jindel stepped in and halted the filings on June 16th, 2012, all claims for flex fuel credits were rejected. There is a class action law suit in the works right now though.
re: IRS Mileage Log
Posted by LSUMon on 8/14/13 at 3:57 pm to Paul Allen
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my tax professor told us that he would keep a log for 2 different months out of the year and would just use that as justification for the rest of the year
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This would get disallowed so fast. The only reason you would need a log book is if you get audited. If you do get audited, you will need a detailed record of all mileage/trips that tie in to what you took on the tax return. You can not use 2 months as justification. If your mileage is about the same every month you can do this to come up with a number, but if it gets called into question that will not work.
re: gift tax question
Posted by LSUMon on 8/1/13 at 2:19 pm to Bear Is Dead
quote:
Second, you would have to report it as a debt when you applied for a mortgage or borrow money, which is dumb because it would throw your income/debt ratio out of whack, for no good reason.
You are by the books. If no one, ie. your parents, aren't showing this loan on a personal financial statement or any other government submitted documents with their sons social security number on it, there is NO record of this.
quote:
And the IRS can commonly sniff this out if you were ever audited.
First the chances of getting audited for your personal income tax return is slim unless you give them a reason to look.
Second 80% of audits are now computer/letter audits. Meaning all they do is match social security/EIN numbers with what you have on your return and what was submitted by other parties in that same number. If no one submitts the loan there is no record of it.
And that 80% is going to climb higher with all the current problems the IRS is having and a reduction in manpower.
Is there a risk doing it this way, yes. But I belive it is minute.
re: gift tax question
Posted by LSUMon on 8/1/13 at 1:27 pm to Bear Is Dead
quote:
Also, the loan thing is a terrible idea. It has become a red flag that is commonly snuffed out.
Out of curiosity, how is this a red flag and how/who is commonly snuffing this out? Not arguing just wondering.
re: Rental property:LLC or not?
Posted by LSUMon on 8/1/13 at 1:24 pm to Ace Midnight
The LLC is set up to provide coverage for your personal items, that is not to say that the coverage is ironclad, but the bottom line is that is take about 15 minutes to set up an LLC online, and $75 to file with the state, and 25 to keep it in good standing every year. As a single member LLC the income would be taxed the exact same way as is no LLC existed.
So why not, just for piece of mind.
So why not, just for piece of mind.
Best thing to do is have him give you whatever amounts he wants, say 20,000, and write up a loan schedule for the money to be repaid, and just never pay it back. No gift tax returns have to be filed, so no one will be looking.
re: Employee Payroll Tax Withholdings-Question
Posted by LSUMon on 7/31/13 at 9:04 am to Oenophile Brah
Yes.
The rental income goes on Schedule E of the return. The income is then reduced by the expenses associated with the property. The net amount is what you include as part of your adjusted gross income.
You then still get to take your standard deduction and personal expemption to get to yout taxable income.
If you file your own return, or use turbo tax, I would highly suggested using a CPA this year. You can see how everything is properly reported, and you can always go back after that.
The rental income goes on Schedule E of the return. The income is then reduced by the expenses associated with the property. The net amount is what you include as part of your adjusted gross income.
You then still get to take your standard deduction and personal expemption to get to yout taxable income.
If you file your own return, or use turbo tax, I would highly suggested using a CPA this year. You can see how everything is properly reported, and you can always go back after that.
re: Employee Payroll Tax Withholdings-Question
Posted by LSUMon on 7/30/13 at 3:52 pm to Poodlebrain
quote:--------------------------------------------------------------------------------
I will be going from standard deduction($5950) to itemized(interest+prop tax+homeowners ins+expenses). Does that sounds correct?
These items that are associated with your Rental property need to be deducted against the rental income. They should not go on your Schedule A - Itemizied deductions.
You will actually get more deductions this way: Deduct 100% of interest, insurance, real estate taxes, and expenses against the rental income on your Schedule E, and still take the standard deduction of 5,950.
The only issue you should worry about, is that if you are counting on taking a loss on the rental property once you figure in all your expenses with repairs and ones mentioned above, and depreciation of the property, you may not be able to deduct it.
Passive Losses can be limited if your oridinary income is at a certain amount. Without looking at your taxes, I would not know. Just something to think about.
Also, I would not change anything on your withholding just yet.
re: Passive Income Discussion
Posted by LSUMon on 7/30/13 at 11:10 am to Poodlebrain
If you do not want to do real estate or stocks, there really isn't anything else besides investing in a start up business of some kind. Or you could appraoch friends or colleauges who already own a business about buying into it.
re: 401k Loans
Posted by LSUMon on 6/6/13 at 4:20 pm to tigerrocket
The loan is taxed if you are under 59 1/2 and you do not pay the entire amount back within 60 days.
You will get a 1099 Distribution from the 401K for the amount of the loan, it will be coded as 1 for an early withdrawl that goes to the IRS.
You will get a 1099 Distribution from the 401K for the amount of the loan, it will be coded as 1 for an early withdrawl that goes to the IRS.
re: Underpayment penalty on taxes......Paging Poodle...please see last post
Posted by LSUMon on 4/2/13 at 5:10 pm to PurpleAndGold86
All underpayment penatlies are based on the previous years tax liability. You have to have 110% of last years liability paid in the current year through either withholdings or estimates.
So the disability payment has no berring on your underpayment. More likely you changed your withholding to pay in less, that you thought would be compensated by the addtion of the girls, congrat by the way, but the disability payment raised you AGI to cancel out the extra dependents.
So the disability payment has no berring on your underpayment. More likely you changed your withholding to pay in less, that you thought would be compensated by the addtion of the girls, congrat by the way, but the disability payment raised you AGI to cancel out the extra dependents.
re: Can someone recommend some good blues songs
Posted by LSUMon on 8/8/12 at 3:54 pm to luvdatigahs
Buddy Guy - Five Long Years
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Yes there is. Your employer's unemployment insurance rate will increase in 2013 if the claim is succesfull.
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quote:
Is there future negative consequences filing against an employer?
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No there isn't.
Yes there is. Your employer's unemployment insurance rate will increase in 2013 if the claim is succesfull.
re: Patriotic Music Thread for the 4th of July
Posted by LSUMon on 7/3/12 at 2:20 pm to TigerTreyjpg
Born in the USA - the boss
Young Americans - David Bowie
American Girl - Tom Petty
Banned in the USA - 2 live crew
Ah Mary - Grace Potter
US Blues - Grateful Dead
Heart of Rock-n-Roll - Huey Lewis & the News
Young Americans - David Bowie
American Girl - Tom Petty
Banned in the USA - 2 live crew
Ah Mary - Grace Potter
US Blues - Grateful Dead
Heart of Rock-n-Roll - Huey Lewis & the News
re: Kings of Leon: Where'd the rock go?
Posted by LSUMon on 7/2/12 at 10:58 am to MontanaMax
Blame Bono. Convinced them to start writing "radio rock" that sounds good in an arena.
This happened after Because of the Times when they were supporting U2 on a leg of their tour that year.
This happened after Because of the Times when they were supporting U2 on a leg of their tour that year.
re: My Morning Jacket - Live Show
Posted by LSUMon on 6/29/12 at 11:37 am to weaglebeagle
re: My Morning Jacket - Live Show
Posted by LSUMon on 6/29/12 at 11:32 am to TheDrunkenTigah
CPA's or other people dealing with LDR - not Flex Fuel related
Posted by LSUMon on 6/28/12 at 3:25 pm
Anyone ever deal with the LDR once they have turned you over to a collection agency? Here is situation without details:
LDR turned in a taxpayer over something they did not know about.
They claim they sent 5 notices, and a warrant certified.
We have since found out they had the wrong address.
There are several issues with the amount of tax they are charging the taxpayer. Certain nontaxable items that are cleary written in the law.
The collection agency is about to put a lein on their accounts.
We have contacted the LDR stating our case and ask to put a hold on the collection until we can gather information.
There response: Once we turn an account over to DCS, we can do nothing more. Instructed us to pay the amount to the DCS, then apply for a refund based on our information. Sounds reasonable, but the difference is about $25,000. And a certified letter must be signed by the receipent.
Any thoughts? the taxpayer has contacted a lawyer, and I am trying to talk to someone higher up at LDR.
LDR turned in a taxpayer over something they did not know about.
They claim they sent 5 notices, and a warrant certified.
We have since found out they had the wrong address.
There are several issues with the amount of tax they are charging the taxpayer. Certain nontaxable items that are cleary written in the law.
The collection agency is about to put a lein on their accounts.
We have contacted the LDR stating our case and ask to put a hold on the collection until we can gather information.
There response: Once we turn an account over to DCS, we can do nothing more. Instructed us to pay the amount to the DCS, then apply for a refund based on our information. Sounds reasonable, but the difference is about $25,000. And a certified letter must be signed by the receipent.
Any thoughts? the taxpayer has contacted a lawyer, and I am trying to talk to someone higher up at LDR.
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