Smash Allen
Banned
well to start, is the 31% combined state and fed?
Income tax thread 3.0
- Thread starter Owensdad
- Start date
well to start, is the 31% combined state and fed?
JesasaurusRex
Deleted User
.
afm199
Well-known member
Pay it. Apportionment is common in cities to gather income. I had the same thing in SF and Oakland.
afm199
Well-known member
This then add in your 7% contribution to FICA, SDI, etc.
Presently collecting last years paper evidence a Tax preparer requires. Have a 2016 1040 Client Information kit to follow. Will use 2015 tax returns and evidence as a model. Get a meeting with the CPA to review and inquire about new taxing or deductions.
Evolved doing one tax aspect to completion at a time. Versus putting everything out on a big surface. Seems to work for me.
Evolved doing one tax aspect to completion at a time. Versus putting everything out on a big surface. Seems to work for me.
Bowling4Bikes
Steee-riiike!
if I leased my electric vehicle then bought it outright this year, may I claim the purchase credit? Turbotax tells me yes for eveything except the question: when was the vehicle put into service? 2013. when did I buy it? 2016. I'm wondering if there's a way around this, or if I'm SOL.
thx
thx
Mike95060
Work In Progress
HALP!
I'm in uncharted territory this year with taxes. For the first time ever I did some consulting work on my own. I received a 1099-MISC form. I do my taxes thru turbo-tax. The federal portion went smooth but now I'm hung up on the State. Apparently I have to e file form 568 and pay $800. I'm not really upset about the money, I figured I would owe the state something when I did work outside my regular job. Anyway, I'm clueless about WTF i'm supposed to be doing in order to do this correctly. I have to create and register an LLC? The "employee business expense adjustment" and "business profit and loss adjustment" has me really confused. I did buy about $2800 worth of inspection tools and a computer this year that I would like to write off correctly.
I only did one consulting job all year and the pay was a one time check. Any help on this would be greatly appreciated.
I'm in uncharted territory this year with taxes. For the first time ever I did some consulting work on my own. I received a 1099-MISC form. I do my taxes thru turbo-tax. The federal portion went smooth but now I'm hung up on the State. Apparently I have to e file form 568 and pay $800. I'm not really upset about the money, I figured I would owe the state something when I did work outside my regular job. Anyway, I'm clueless about WTF i'm supposed to be doing in order to do this correctly. I have to create and register an LLC? The "employee business expense adjustment" and "business profit and loss adjustment" has me really confused. I did buy about $2800 worth of inspection tools and a computer this year that I would like to write off correctly.
I only did one consulting job all year and the pay was a one time check. Any help on this would be greatly appreciated.
jt2
Eschew Obfuscation
Mike, you shouldn't have to set up an LLC for a side business unless something has changed pretty significantly in the last decade.
You should be able to write off the expense against the income as a business without incorporating. You can even lose money against it for a few years before the IRS considers it a "hobby"
IIRC, you do a Federal schedule C, which flows into the state form. Done.
https://www.ftb.ca.gov/businesses/structures/sole-proprietorship.shtml
https://blog.freelancersunion.org/2015/02/10/got-side-hustle-heres-how-pay-your-taxes/
You should be able to write off the expense against the income as a business without incorporating. You can even lose money against it for a few years before the IRS considers it a "hobby"
IIRC, you do a Federal schedule C, which flows into the state form. Done.
https://www.ftb.ca.gov/businesses/structures/sole-proprietorship.shtml
https://blog.freelancersunion.org/2015/02/10/got-side-hustle-heres-how-pay-your-taxes/
DTM74
It's not my fault...
I used a guy in Pleasant Hill for the past 15 years that sadly passed away in February. But his son works at Maze and Assoc. (also in Pleasant Hill) and we went there. My wife was really impressed with them. They did a good job and it was $235.
Alan_Hepburn
Well-known member
Yeah - long ago we used an accountant, and his fee eventually went up to the several hundred dollar range. We still had to gather up all our paperwork, and fill out his form with all the numbers, and he would simply transfer the information from that form into his computer. We decided that, since we were doing all the work, we might as well input the data into the computer as well. We've been using TurboTax since it came on multiple floppy discs and it's been working for us. By answering all the questions it decides what forms to use, and handled the times I did contract work on the side with no problems. Now, we have a rental property and it handles everything for that easily as well.
And rather than paying somebody many hundreds of dollars to simply enter data into a computer we pay around $60 to enter it ourselves...
And rather than paying somebody many hundreds of dollars to simply enter data into a computer we pay around $60 to enter it ourselves...
bruceflinch
I love Da Whores
Turbotax had my info from last year. Took me 1.5 hrs. I hadn't done a tax form in 28 years.
Just finished Turbotax for 2016. Refund coming! :banana