Tax Season
Tax Season
They mentioned about that in my staff meeting and said my company wasn't going to participate because it doesn't make any sense.
Tax Season
Yeah, well, my company came up with it.
-
- Posts: 6739
- Joined: Wed Mar 25, 2015 7:10 pm
- Location: Less Coronavirus; More Donnie Iris
- Contact:
Tax Season
Another brilliant idea brought to you by the current administration.*sigh*
Federal employees are not allowed to opt-out of the deferral of OASDI. So we're going to stop paying the 6.2% social security tax from Sept-Dec, and then pay it back Jan-April. Effectively I'll go from a 6.2% to a 0% to a 12.4% rate between now and April.
Dumb!
-
- Posts: 12493
- Joined: Sat Mar 28, 2015 3:50 pm
Tax Season
One of the primary problems with the PPP is that it took an extensive amount of time to figure and effort to figure out how much money a business was entitled to. The calculation was relatively complex and far to complex given the extenuating circumstances. Plus, it was run through two intermediaries (banks and the SBA).
In large part this payroll tax....loan, holiday, break, thing, whatever…..doesn't require any sort of math that isn't already being done. So from that standpoint, it is better.
It is dumb if employees can't opt out.
In large part this payroll tax....loan, holiday, break, thing, whatever…..doesn't require any sort of math that isn't already being done. So from that standpoint, it is better.
It is dumb if employees can't opt out.
Tax Season
This still pisses me off.*sigh*
Federal employees are not allowed to opt-out of the deferral of OASDI. So we're going to stop paying the 6.2% social security tax from Sept-Dec, and then pay it back Jan-April. Effectively I'll go from a 6.2% to a 0% to a 12.4% rate between now and April.
Dumb!
What a **** circlejerk.At the end of December, the 2020 Social Security tax deferral will end. Beginning January 2021, the normal 6.2% Social Security tax withholdings will again be deducted and you will also see an additional deduction for the deferred 2020 Social Security tax collection taken from your pay.
Collection Process:
Per IRS guidance, the Social Security taxes deferred in 2020 will be collected from your pay between January 1 and April 30, 2021.
- The amount of Social Security taxes deferred in 2020 will be collected in eight installments between pay period ending January 16 and April 24, 2021.
-
- Posts: 60916
- Joined: Sun Oct 04, 2015 2:00 pm
- Location: FUCΚ! Even in the future nothing works.
Tax Season
Source of the post What a **** circlejerk.
-
- Posts: 8961
- Joined: Wed Mar 25, 2015 11:18 am
Tax Season
I can't wait for all the FB posts blaming this on Biden.
Tax Season
Yeah. We're also staring down the barrel of the tax increases from the Trump plan, as well.
Might quit my job just to spite them. That'll show 'em. Can't payroll tax my no payroll.
Might quit my job just to spite them. That'll show 'em. Can't payroll tax my no payroll.
-
- Posts: 18132
- Joined: Wed Mar 25, 2015 6:35 pm
Tax Season
You're begging for reasons to quitYeah. We're also staring down the barrel of the tax increases from the Trump plan, as well.
Might quit my job just to spite them. That'll show 'em. Can't payroll tax my no payroll.
Tax Season
I don't know if this is the right thread for this, but I'm hoping people can point me in the right direction....
I am looking for a couple different financial people. I would like to start having someone professionally do my taxes, but I have not had the greatest experience with places like H&RBlock. Any advice for finding the right person? Right now my taxes are simple, but will get more complicated in the next year or so. I will also need someone who can explain all the tax implications of the 3 different types of equity grants I've been given at startup companies. Would that be the same person or different?
A financial advisor in general. Between startup equity qquestions, retirement, wanting to buy property, family planning, etc I am a bit over my head. I've been told that finding a financial advisor that can help with everything is not possible, but honestly don't even know where to start.
I am looking for a couple different financial people. I would like to start having someone professionally do my taxes, but I have not had the greatest experience with places like H&RBlock. Any advice for finding the right person? Right now my taxes are simple, but will get more complicated in the next year or so. I will also need someone who can explain all the tax implications of the 3 different types of equity grants I've been given at startup companies. Would that be the same person or different?
A financial advisor in general. Between startup equity qquestions, retirement, wanting to buy property, family planning, etc I am a bit over my head. I've been told that finding a financial advisor that can help with everything is not possible, but honestly don't even know where to start.
-
- Posts: 60916
- Joined: Sun Oct 04, 2015 2:00 pm
- Location: FUCΚ! Even in the future nothing works.
Tax Season
I can't really help with your first paragraph, but what do you mean by 'family planning'? Our accountant also handles retirement, estate planning, and to a lesser degree, help with life insurance. There's a good chance that you'll be able to find somebody who can handle most of it, which I think makes everything easier.Source of the post A financial advisor in general. Between startup equity qquestions, retirement, wanting to buy property, family planning, etc I am a bit over my head. I've been told that finding a financial advisor that can help with everything is not possible, but honestly don't even know where to start.
Tax Season
Financials surrounding kids (school, life insurance, etc.).I can't really help with your first paragraph, but what do you mean by 'family planning'? Our accountant also handles retirement, estate planning, and to a lesser degree, help with life insurance. There's a good chance that you'll be able to find somebody who can handle most of it, which I think makes everything easier.Source of the post A financial advisor in general. Between startup equity qquestions, retirement, wanting to buy property, family planning, etc I am a bit over my head. I've been told that finding a financial advisor that can help with everything is not possible, but honestly don't even know where to start.
-
- Posts: 28164
- Joined: Thu Mar 26, 2015 12:12 pm
- Location: Methuselah Honeysuckle
Tax Season
It appears that I have a correspondence audit arriving in the mail today...
-
- Posts: 60916
- Joined: Sun Oct 04, 2015 2:00 pm
- Location: FUCΚ! Even in the future nothing works.
Tax Season
You Dunn **** up now.
-
- Posts: 42587
- Joined: Thu Mar 26, 2015 10:58 pm
- Location: More of a before-rehab friend...
- Contact:
Tax Season
Meh, as long as you have plausible deniability, these are generally pretty easy to work your way through...
-
- Posts: 28164
- Joined: Thu Mar 26, 2015 12:12 pm
- Location: Methuselah Honeysuckle
Tax Season
2018? Shouldn't they be beyond that by now?
Tax Season
No. It's the government and more specifically the IRS. Slow af. Your last three years are always open to audit
Tax Season
Hey, my complaining helped!This still pisses me off.*sigh*
Federal employees are not allowed to opt-out of the deferral of OASDI. So we're going to stop paying the 6.2% social security tax from Sept-Dec, and then pay it back Jan-April. Effectively I'll go from a 6.2% to a 0% to a 12.4% rate between now and April.
Dumb!
What a **** circlejerk.At the end of December, the 2020 Social Security tax deferral will end. Beginning January 2021, the normal 6.2% Social Security tax withholdings will again be deducted and you will also see an additional deduction for the deferred 2020 Social Security tax collection taken from your pay.
Collection Process:
Per IRS guidance, the Social Security taxes deferred in 2020 will be collected from your pay between January 1 and April 30, 2021.
- The amount of Social Security taxes deferred in 2020 will be collected in eight installments between pay period ending January 16 and April 24, 2021.
Federal employees now have all year to repay it, instead of four months. Was one of the small items buried in the 5,500 pages of the COVID/2021 budget bill.
-
- Posts: 60916
- Joined: Sun Oct 04, 2015 2:00 pm
- Location: FUCΚ! Even in the future nothing works.
Tax Season
Huh, you think they could just waive the repayment to help people out.
Tax Season
Haha, nah.
We're people, not corporations.
We're people, not corporations.
Tax Season
General question (you can tell me there's not enough info to answer)
My dad received 15k this year (2020) from a trust from his mother's estate after settling it.
How is this treated as taxable income?
My dad received 15k this year (2020) from a trust from his mother's estate after settling it.
How is this treated as taxable income?
-
- Posts: 12493
- Joined: Sat Mar 28, 2015 3:50 pm
Tax Season
a. are you sure it is a trust and not an estate
b. he should receive a k-1
b. he should receive a k-1
Tax Season
IANATL, but, generally income from a trust is not taxable as the money that goes into the trust is usually already taxed. Similar to a Roth IRA. There is some fuzziness about the trust's funds being principle or interest but that's a tax burden for the trust, not the beneficiary.
-
- Posts: 637
- Joined: Sat Mar 19, 2016 3:35 pm
- Location: Houston :)
Tax Season
For the last several years wife and I have used turbo tax to file state and fed taxes and have managed okay. We have simple taxes with some small investment profit/loss from E trade as the one outlier.
In 2020 however we sold a house, bought a house, relocated with my company to a new state (although effective 1/1 so no state tax from old state), and had a baby.
With several large life events happening to us in 2020 would it be recommended to go to an HR block type of place or try to find a tax person locally, or would turbotax be adequate for this type of events this year?
In 2020 however we sold a house, bought a house, relocated with my company to a new state (although effective 1/1 so no state tax from old state), and had a baby.
With several large life events happening to us in 2020 would it be recommended to go to an HR block type of place or try to find a tax person locally, or would turbotax be adequate for this type of events this year?
Who is online
Users browsing this forum: iamjs, Pavel Bure and 143 guests