mikeman Posted October 27, 2021 Report Share Posted October 27, 2021 4 minutes ago, joeybagadonuts said: Senior Accounting Manager at midsized tech company during the day, and run an accounting consultancy business by night. Built the side gig out the last year or so. Have 3 CPAs including my lil buddy (poker guys will get this joke ) and a CFA to do modeling and valuation as well as a few on call book keepers. Plan to retire from the corporate world next year to go all in on the side biz How's the vaccine situation, last we heard your boss was going to look the other way? Quote Link to comment Share on other sites More sharing options...
joeybagadonuts Posted October 27, 2021 Report Share Posted October 27, 2021 13 minutes ago, mikeman said: How's the vaccine situation, last we heard your boss was going to look the other way? No issues so far. No one is forcing it…..yet Quote Link to comment Share on other sites More sharing options...
Jimmy Hoffa Posted October 27, 2021 Report Share Posted October 27, 2021 If one has a medical marijuana card and is fortunate enough to forego the tax at the store, can they use the marijuana cost as a medical expense towards their threshold when itemizing? Asking for a friend... Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted October 27, 2021 Report Share Posted October 27, 2021 4 hours ago, milwaukee mike said: joey... wow i thought you were just an accountant at a company higher... try to think about things you might not be deducting that are legitimate business expenses... meals are now 100% deductible so that's a big one, just discuss gambling or cryptos every time you eat lol... cell phone/internet/mileage are other ones often missed because there really aren't business checks going out for them If he hasn't elected as an S-corp, he's probably doing it wrong too. The biggest questions I had were concerning how much I can pull out as owner share payments at capital gains rates. Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted October 27, 2021 Report Share Posted October 27, 2021 1 hour ago, MonkeyF0cker said: If he hasn't elected as an S-corp, he's probably doing it wrong too. The biggest questions I had were concerning how much I can pull out as owner share payments at capital gains rates. Zero. Unless a c-corp. Then distributions are already taxed at corporate rate and the distribution itself is taxed as dividend income on the 1040. Almost the only time a business owner has capital gain income from his business ownership is on the sale of company stock or business assets. Quote Link to comment Share on other sites More sharing options...
brokerstip Posted October 27, 2021 Report Share Posted October 27, 2021 13 hours ago, joeybagadonuts said: Senior Accounting Manager at midsized tech company during the day, and run an accounting consultancy business by night. Built the side gig out the last year or so. Have 3 CPAs including my lil buddy (poker guys will get this joke ) and a CFA to do modeling and valuation as well as a few on call book keepers. Plan to retire from the corporate world next year to go all in on the side biz Looks like we are the same person. Did the exact same thing. Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted October 29, 2021 Report Share Posted October 29, 2021 On 10/27/2021 at 9:07 AM, brokerstip said: Looks like we are the same person. Did the exact same thing. Believe me you aren't the same person. Very Dumb Joey is as dumb as they come. Quote Link to comment Share on other sites More sharing options...
joeybagadonuts Posted October 29, 2021 Report Share Posted October 29, 2021 19 minutes ago, Bigrunner said: Believe me you aren't the same person. Very Dumb Joey is as dumb as they come. Says that fat slob diabetic who eat so much his foot almost fell off. Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted October 29, 2021 Report Share Posted October 29, 2021 On 10/27/2021 at 9:07 AM, brokerstip said: Looks like we are the same person. Did the exact same thing. 28 minutes ago, Bigrunner said: Believe me you aren't the same person. Very Dumb Joey is as dumb as they come. 9 minutes ago, joeybagadonuts said: Says that fat slob diabetic who eat so much his foot almost fell off. See what I mean? Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted October 29, 2021 Report Share Posted October 29, 2021 On 10/26/2021 at 8:16 PM, Bigrunner said: Zero. Unless a c-corp. Then distributions are already taxed at corporate rate and the distribution itself is taxed as dividend income on the 1040. Almost the only time a business owner has capital gain income from his business ownership is on the sale of company stock or business assets. I don't know why I said capital gains. I meant ordinary income. In other words, avoiding double taxation. Quote Link to comment Share on other sites More sharing options...
ERBtheGREAT Posted October 30, 2021 Report Share Posted October 30, 2021 I wish someone could help with taxes this year. Never went to anyone and don't want to get screwed. Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted October 30, 2021 Report Share Posted October 30, 2021 2 hours ago, ERBtheGREAT said: I wish someone could help with taxes this year. Never went to anyone and don't want to get screwed. You might already know this. Simple tip for taxpayers who know their tax liability will be greater this year than previous year. To avoid a penalty for underpayment of estimated taxes make sure you pay in 110% of your prior year's tax liability. Any deficit can be paid on April 15th without a penalty. Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 30, 2021 Report Share Posted October 30, 2021 12 hours ago, ERBtheGREAT said: I wish someone could help with taxes this year. Never went to anyone and don't want to get screwed. Do you itemize? Quote Link to comment Share on other sites More sharing options...
RudyRuder Posted October 30, 2021 Report Share Posted October 30, 2021 what do you guys do with crypto at a sportsbook like nitrogen??? Quote Link to comment Share on other sites More sharing options...
trytrytry Posted October 30, 2021 Report Share Posted October 30, 2021 47 minutes ago, RudyRuder said: what do you guys do with crypto at a sportsbook like nitrogen??? usually I lose everything in that dice game they have. Quote Link to comment Share on other sites More sharing options...
RudyRuder Posted October 30, 2021 Report Share Posted October 30, 2021 24 minutes ago, trytrytry said: usually I lose everything in that dice game they have. Are you talking casino or some sports contest? I banned myself from their casino Quote Link to comment Share on other sites More sharing options...
ERBtheGREAT Posted October 30, 2021 Report Share Posted October 30, 2021 5 hours ago, mikeman said: Do you itemize? nope Quote Link to comment Share on other sites More sharing options...
Jimmy Hoffa Posted October 30, 2021 Report Share Posted October 30, 2021 26 minutes ago, ERBtheGREAT said: nope That needs to change ERB. Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 31, 2021 Report Share Posted October 31, 2021 5 hours ago, ERBtheGREAT said: nope Then your taxes should be very simple, stop worrying. Quote Link to comment Share on other sites More sharing options...
ERBtheGREAT Posted October 31, 2021 Report Share Posted October 31, 2021 6 hours ago, Jimmy Hoffa said: That needs to change ERB. I usually get a decent return. No clue how to itemize or if it would even help. Just plug in my w2, rental income, capital gains, subtract losses from the work at the houses. That's about it. Quote Link to comment Share on other sites More sharing options...
Jimmy Hoffa Posted October 31, 2021 Report Share Posted October 31, 2021 4 minutes ago, ERBtheGREAT said: I usually get a decent return. No clue how to itemize or if it would even help. Just plug in my w2, rental income, capital gains, subtract losses from the work at the houses. That's about it. You should be itemizing the mortgage interest on your primary, closing costs on the new rentals including points, healthy charitable contributions and more. Quote Link to comment Share on other sites More sharing options...
ERBtheGREAT Posted October 31, 2021 Report Share Posted October 31, 2021 3 minutes ago, Jimmy Hoffa said: You should be itemizing the mortgage interest on your primary, closing costs on the new rentals including points, healthy charitable contributions and more. all houses paid off, closing costs were only like 2000 on my last house. Should be like 2500 on the one nov. 18th. I can write off that 5500? Will donations save me taxes against capital gains? If I donate 500, that would take off 500 of my income right? Not worth it for tax purposes unless I'm missing something. Quote Link to comment Share on other sites More sharing options...
Jimmy Hoffa Posted October 31, 2021 Report Share Posted October 31, 2021 11 minutes ago, ERBtheGREAT said: all houses paid off, closing costs were only like 2000 on my last house. Should be like 2500 on the one nov. 18th. I can write off that 5500? Will donations save me taxes against capital gains? If I donate 500, that would take off 500 of my income right? Not worth it for tax purposes unless I'm missing something. Property taxes on your primary can be deducted when you itemize, charitable less than 5k is my rule. There are at least 4-5 others here with more tax knowledge than myself. Quote Link to comment Share on other sites More sharing options...
mikeman Posted October 31, 2021 Report Share Posted October 31, 2021 41 minutes ago, ERBtheGREAT said: all houses paid off, closing costs were only like 2000 on my last house. Should be like 2500 on the one nov. 18th. I can write off that 5500? Will donations save me taxes against capital gains? If I donate 500, that would take off 500 of my income right? Not worth it for tax purposes unless I'm missing something. Single you need $12400 to itemize, married $24K and change, that's the problem, even with fairly high prop taxes and state taxes its hard to get there - you cant claim you gave $8-9000 to charity. Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted October 31, 2021 Report Share Posted October 31, 2021 Again state and property tax deduction aka "Salt Deduction" is capped at a combined $10,000. $5,000 for married filing separately. So a married couple would need well over $15,550 in other itemized deductions to benefit from itemizing. Don't forget, non itemized taxpayers are allowed to take a page 1 deduction of $600 for cash donations. Quote Link to comment Share on other sites More sharing options...
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