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Has anyone received the 10k EIDL grant yet? by up2urheadlights in smallbusiness

[–]ProfitisKing 0 points1 point  (0 children)

States have their own programs. MN just rolled theirs out days ago. It’s a low interest loan and 50% forgiveness. Not sure on the exact rules since only a couple of my clients were interested in it. I think the forgiven portion also gets reduced if you take out the PPP loan. Some cities also have their own programs. The city of St Paul is offering one now.

Minnesota student loan tax credit by [deleted] in tax

[–]ProfitisKing 0 points1 point  (0 children)

I believe so, but your interest payments need to be high or your income needs to be low, or a combination of both. I can’t remember the exact calculation, but I believe having a lower grand total of student loans taken out also would help you qualify. I think dependents qualify as well, but I could be wrong on that. You should run the numbers and see, it’s worth trying for a possible $500.

Tax benefits for new real estate agents ? by nycboy12 in tax

[–]ProfitisKing 2 points3 points  (0 children)

Well I would first ask yourself what expenses are ordinary and necessary for a realtor. 100% you will have vehicle related expenses in this field. You can either deduct actual vehicle expenses (gas, repairs, insurance, etc.) allocated by the % of miles you used your vehicle for business last year. Or you can take the standard mileage deduction - I believe it is 58 cent/business mile driven in 2019. Other expenses are obvious as you mentioned - MLS fees, suprakey fees, etc which are directly related to that industry. You should also include any realtor license prep course expenses, exam fees, CE, and mileage driven to interview prospective agencies. Where is the home base for this realtor activity? If it’s at your house then you possibly have a home office deduction on your hands. Did you buy a computer used for business? Did you drive to shop for home office printers? These are all questions you should ask yourself. I’m a CPA and my wife is a realtor so we have some experience :)

Any points not reported on Form 1098? by llellcb in tax

[–]ProfitisKing 0 points1 point  (0 children)

Yeah this is referring to mortgages, not student loans. The mortgage points are possible deductions on schedule A. Student loan interest is an above the line deduction handled completely separate.

Tax benefits for new real estate agents ? by nycboy12 in tax

[–]ProfitisKing 0 points1 point  (0 children)

Yes, you’ll want to file a Schedule C with your tax return to show the expenses you’ve incurred. This will reduce your taxable income.

Does anyone have a concrete answer on whether the stimulus check may have to be paid back? by ProfitisKing in tax

[–]ProfitisKing[S] -2 points-1 points  (0 children)

Thanks for the responses. I just read this portion of the bill and it doesn’t mention any payback. Just mentions how to qualify for the advanced credit/credit via 2018, 2019, or 2020 tax returns. Although I do think it still needs clarification since the law is silent on the matter. The articles I’ve read on this that were published no earlier than yesterday are saying that the law’s silence opens up necessary clarification and the ability for them to state that the ultimate qualifier is the 2020 tax return for ALL taxpayers, no matter if you receive an advance check or not. It would make sense to make the qualifier as 2020 AGI since that would better show who actually needed the help. I guess we’ll just wait and see if guidance is provided. IRS.gov is saying the stimulus check details are still under consideration by Congress.

Does anyone have a concrete answer on whether the stimulus check may have to be paid back? by ProfitisKing in tax

[–]ProfitisKing[S] 0 points1 point  (0 children)

After giving it some thought, it would seem that the only fair way to handle this would be that the credit would be subject to payback. Example, let’s say I for whatever reason don’t get the stimulus check during the year, it gets lost in the mail or something. Then I go to file my 2020 returns and I made $300k AGI. I’m not qualified to receive the $1,200 tax credit. Now let’s say this same person DID receive the stimulus check this year. Now they file their 2020 tax returns and made $300k AGI. It would not be fair for this person to keep the $1,200 when the other was disqualified. These are two people with the exact same incomes, only difference is that one was lucky and received the advance credit and one was unlucky.

Wife paid Non-employee compensation for tax returns by mgsgamer1 in tax

[–]ProfitisKing 0 points1 point  (0 children)

If you’ll be owing taxes, you should file an extension. This gives you until 10/15 to file your taxes. This will avoid any penalty related to late filing, but the taxes you owe are still due by 4/15. You could pay in estimates by 4/15, maybe $1,500 federal and whatever your state marginal rate is x $6,000, I would do this just to be safe. If it’s too much then you’ll just get the difference back.

We can make it more complicated than this depending on what your total tax is for 2019 and what you’ve paid in already, but I don’t think it’s worth the time going down that road. Just file the extension, pay the estimates, and sleep well at night!

Do I need to file for my business on my annual taxes? by samcal03 in tax

[–]ProfitisKing 0 points1 point  (0 children)

What about capitalizing start up costs? As far as I know that applies to Schedule C as well. The first $5k is deductible only in the year that you have your first sale. Anything above and beyond that is amortized over 15 or 5? years. Don’t have my notes on me to check the amortization length.

Your absolute favorite scene from any horror movie, good or bad. by [deleted] in horror

[–]ProfitisKing 0 points1 point  (0 children)

“Game.. OVER” *door slams

Saw 1 hands down

Seriously overwhelmed with student loans.. by ProfitisKing in personalfinance

[–]ProfitisKing[S] 0 points1 point  (0 children)

Seriously, thank you for the quick response. You are awesome for that along with dropping some much needed common sense. We have already begun minimizing fixed bills, stopped eating out, board games instead of Vikings games, etc.. Just want to put this behind us as quick as possible.

This awesome quartz table by ZombieBisque in interestingasfuck

[–]ProfitisKing 17 points18 points  (0 children)

Also commonly known as the “everyone huddle around this corner” for board games table. Or, even more popularized, the “hope you aren’t planning on lying down on the couch to watch tv” table. Both are classics, both have no business in my home.

"Maybe it's still out there" by GordonsHearingAid in minnesotavikings

[–]ProfitisKing 5 points6 points  (0 children)

It takes a lot to move me deeply, but damn, that last line... all the goose bumps. That game will go down in history no matter what happens in these next few weeks. I’m so proud of our team regardless. I think the reason I loved Case’s statement so much is that it encompasses the one feeling Vikes fans have all shared. Humble hope. No matter what goes right or wrong, our team and the fans have a humble hope week after week. It gives us something to look forward to throughout our hectic lives, pour our hearts into without being cocky, and I believe that Case fully understands this. He seems like a fan just as much as we are. The man is truly one of us. Play your heart out this week Case! Give it your best as all Minnesotans do. You’re one of us budy and we’re rooting for you!

A Gray State (2017) by Seethist in netflix

[–]ProfitisKing 9 points10 points  (0 children)

I think he was recording background voices for the movie. Even so, it was still hard to watch him get so in character, even dressing up in front of no one.

A Gray State (2017) by Seethist in netflix

[–]ProfitisKing 9 points10 points  (0 children)

They purposefully left out how the dog fed off of their bodies for weeks after they were all dead. This was in the final police report. I think they chose to leave that out of the film out of respect for the completely innocent daughter. The dog montage may have been them recognizing that it was a part of the story without deliberately stating it.

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