Tax Season

mac5155
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Tax Season

Postby mac5155 » Wed Sep 02, 2020 9:53 pm

They mentioned about that in my staff meeting and said my company wasn't going to participate because it doesn't make any sense.

dodint
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Tax Season

Postby dodint » Wed Sep 02, 2020 10:08 pm

Yeah, well, my company came up with it.

mac5155
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Tax Season

Postby mac5155 » Wed Sep 02, 2020 10:32 pm

:lol:

Sam's Drunk Dog
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Tax Season

Postby Sam's Drunk Dog » Thu Sep 03, 2020 7:11 am

*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!
Another brilliant idea brought to you by the current administration.

MrKennethTKangaroo
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Tax Season

Postby MrKennethTKangaroo » Thu Sep 03, 2020 8:27 am

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.

dodint
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Tax Season

Postby dodint » Fri Dec 18, 2020 1:14 pm

*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!
This still pisses me off.
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.
What a **** circlejerk.

NTP66
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Tax Season

Postby NTP66 » Fri Dec 18, 2020 1:16 pm

Source of the post What a **** circlejerk.

AuthorTony
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Tax Season

Postby AuthorTony » Fri Dec 18, 2020 1:17 pm

I can't wait for all the FB posts blaming this on Biden. :lol:

dodint
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Tax Season

Postby dodint » Fri Dec 18, 2020 1:21 pm

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.

King Colby
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Tax Season

Postby King Colby » Fri Dec 18, 2020 1:23 pm

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.
You're begging for reasons to quit

obhave
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Tax Season

Postby obhave » Sun Dec 20, 2020 8:40 am

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.

NTP66
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Tax Season

Postby NTP66 » Sun Dec 20, 2020 8:50 am

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.
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.

obhave
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Tax Season

Postby obhave » Sun Dec 20, 2020 8:56 am

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.
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.
Financials surrounding kids (school, life insurance, etc.).

Dickie Dunn
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Tax Season

Postby Dickie Dunn » Mon Dec 21, 2020 9:57 am

It appears that I have a correspondence audit arriving in the mail today...

NTP66
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Tax Season

Postby NTP66 » Mon Dec 21, 2020 10:08 am

You Dunn **** up now.

mikey
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Tax Season

Postby mikey » Mon Dec 21, 2020 10:12 am

Meh, as long as you have plausible deniability, these are generally pretty easy to work your way through...

Dickie Dunn
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Tax Season

Postby Dickie Dunn » Mon Dec 21, 2020 1:23 pm

2018? Shouldn't they be beyond that by now?

willeyeam
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Tax Season

Postby willeyeam » Mon Dec 21, 2020 1:25 pm

No. It's the government and more specifically the IRS. Slow af. Your last three years are always open to audit

dodint
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Tax Season

Postby dodint » Mon Dec 21, 2020 4:23 pm

*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!
This still pisses me off.
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.
What a **** circlejerk.
Hey, my complaining helped!

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.

NTP66
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Tax Season

Postby NTP66 » Mon Dec 21, 2020 4:27 pm

Huh, you think they could just waive the repayment to help people out.

dodint
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Tax Season

Postby dodint » Mon Dec 21, 2020 4:28 pm

Haha, nah.

We're people, not corporations.

mac5155
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Tax Season

Postby mac5155 » Mon Jan 04, 2021 9:53 am

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?

MrKennethTKangaroo
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Tax Season

Postby MrKennethTKangaroo » Mon Jan 04, 2021 9:57 am

a. are you sure it is a trust and not an estate

b. he should receive a k-1

dodint
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Tax Season

Postby dodint » Mon Jan 04, 2021 9:57 am

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.

Fire0nIce228
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Tax Season

Postby Fire0nIce228 » Mon Jan 04, 2021 10:08 am

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?

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