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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 |
Recent Posts
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re: BP Claim question - non-profit
Posted by LSUMon on 8/27/13 at 4:00 pm
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 20...
0
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
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
[quote]quote:
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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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re: gift tax question
Posted by LSUMon on 8/1/13 at 2:19 pm
[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. [/quote]
You are by the books. If no one, ie. your parents, aren't showing this loan on a personal f...
re: gift tax question
Posted by LSUMon on 8/1/13 at 1:27 pm
[quote]Also, the loan thing is a terrible idea. It has become a red flag that is commonly snuffed out.[/quote]
Out of curiosity, how is this a red flag and how/who is commonly snuffing this out? Not arguing just wondering.
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re: Rental property:LLC or not?
Posted by LSUMon on 8/1/13 at 1:24 pm
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 inc...
re: gift tax question
Posted by LSUMon on 8/1/13 at 1:19 pm
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.
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re: Employee Payroll Tax Withholdings-Question
Posted by LSUMon on 7/31/13 at 9:04 am
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 t...
re: Employee Payroll Tax Withholdings-Question
Posted by LSUMon on 7/30/13 at 3:52 pm
[quote]I will be going from standard deduction($5950) to itemized(interest+prop tax+homeowners ins+expenses). Does that sounds correct? [/quote] --------------------------------------------------------------------------------
These items that are associated with your Rental property need to be de...
re: Passive Income Discussion
Posted by LSUMon on 7/30/13 at 11:10 am
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.
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re: 401k Loans
Posted by LSUMon on 6/6/13 at 4:20 pm
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.
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re: Underpayment penalty on taxes......Paging Poodle...please see last post
Posted by LSUMon on 4/2/13 at 5:10 pm
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 pa...
re: Which GOT actor played in Star Wars and Indiana Jones?
Posted by LSUMon on 11/5/12 at 11:46 am
Nice find.
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re: Can someone recommend some good blues songs
Posted by LSUMon on 8/8/12 at 3:54 pm
Buddy Guy - Five Long Years
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re: Unemployment Claim...
Posted by LSUMon on 7/5/12 at 1:21 pm
quote:
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[quote]Is there future negative consequences filing against an employer?
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No there isn't. [/quote]
Yes there is. You...
re: Patriotic Music Thread for the 4th of July
Posted by LSUMon on 7/3/12 at 2:20 pm
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
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re: Kings of Leon: Where'd the rock go?
Posted by LSUMon on 7/2/12 at 10:58 am
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.
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re: My Morning Jacket - Live Show
Posted by LSUMon on 6/29/12 at 11:37 am
Reason 3:
http://www.youtube.com/watch?v=tSHM5FiOChY&feature=related
Reason 4: Slow song, but go to the 3:15 mark
http://www.youtube.com/watch?v=d-1dFDrVHHk
Reason 5:
http://www.youtube.com/watch?v=ETQV7YODSxA&feature=related...
re: My Morning Jacket - Live Show
Posted by LSUMon on 6/29/12 at 11:32 am
Reason 1:
http://www.youtube.com/watch?v=Q4XMsUmOEVY
Reason 2:
http://www.youtube.com/watch?v=S0Wpx99Imq8&feature=related
Jim is a beast on stage - non festival settings suit the band better IMO. They embrace old rock shows....
re: CPA's or other people dealing with LDR - not Flex Fuel related
Posted by LSUMon on 6/29/12 at 8:53 am
Thanks for post. ...
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