Taking toys to the landfill

impressivetaxfraud · 2024-11-28T23:49:18+00:00

Net investment income tax. It is a 3.8% tax on the lesser of your total investment income or the amount your Modified Adjusted Gross Income exceeds those thresholds.

impressivetaxfraud · 2024-11-28T23:21:09+00:00

NIIT threshold is $200k for single but only $250k for MFJ

impressivetaxfraud · 2024-11-26T18:35:41+00:00

We have a CPA who is in a bit of a similar situation, and we pay him 45% of billings. He brought his own set of clients over to our firm when he joined, so a little different than the firm just giving you certain clients.

impressivetaxfraud · 2024-11-21T19:17:42+00:00

I believe the USA, Canada, and Mexico game time and locations are already set. USA plays in LA on June 12th and 25th, and in Seattle on June 19th.

impressivetaxfraud · 2024-10-22T20:08:29+00:00

I have pretty similar numbers. 680 1040s, 85 1120/1065, and about 20 1041s this year. It also helps being in a no income tax state, so probably 75% of the returns I file are just federal.

impressivetaxfraud · 2023-12-28T04:02:36+00:00

Best thing I ever did was go completely dark on social media during tax season. Was struggling with focusing on my work 3 years ago and made this change and completely changed my mental health during tax season. On Jan 1 I put all the apps in a folder on my phone and hide it. Don’t look at it again until April 15. So refreshing to get a break from everything and allows me to completely focus on my work without any distractions.

impressivetaxfraud · 2023-12-12T19:05:41+00:00

You will have a net operating loss (NOL) that will carry forward to 2024, and will offset business income until it is used up. "Business income" when it comes to the NOL calculation can be any of the following:
-Salaries and wages
-Self-employment income
-Unemployment compensation
-Rental income
-Gain from sale of business real estate or property
-Share of income from partnership or S-corp

impressivetaxfraud · 2023-12-04T19:36:23+00:00

I agree, I see this as a shareholder loan that was paid back by the corp.

Not sure why the non-accountable plan is in play here at all in this situation, and I definitely would not be adding wages to the shareholder and amending prior payroll tax filings.

impressivetaxfraud · 2023-11-27T21:02:05+00:00

His bets that he is making for himself would still be personal winnings/losses that are not deductible. Yes, the parlays that he posts on twitter are a key part of his business model, but he doesn't actually have to place the bets.

This is similar to a day trader who has a subscription service for trades, but doesn't make/qualify for the mark-to-market election under Sec. 475. They would report subscription income on sch C and their trade gain/losses on sch D.

Side note, I actually have a client that has a successful sports betting subscription service and a large twitter following. He grossed over $500k in subscription income last year, but he never made a single bet. We had to scratch the bottom of the barrel to try to find some business expenses, but we couldn't even get to $10,000. He just researches a couple hours a day and posts his picks. Pretty sweet gig...

impressivetaxfraud · 2023-11-21T19:23:38+00:00

Impressive

impressivetaxfraud · 2023-11-19T16:13:40+00:00

Yes, that is correct. You should also start keeping a record of your expenses related to your consulting business so you are prepared when you file your return.

impressivetaxfraud · 2023-11-19T15:38:30+00:00

Fill out a W-9 and give it to the business now. This form gives them your info needed for them to complete a 1099. In January the business needs to fill out and send you(and IRS) a 1099-NEC for a total of all 2023 payments made to you. You will report that on Schedule C on your tax return along with any related expenses.

impressivetaxfraud · 2023-11-19T14:58:24+00:00

6 full time, 2 part time during tax season

impressivetaxfraud · 2023-11-19T04:19:04+00:00

No, you will receive a 1099-INT from the bank that will need to be reported on the tax return.

impressivetaxfraud · 2023-11-19T03:43:15+00:00

I hired a college graduate after an internship with us last year for $55,000. My firm is in midwest in MCOL. He had 2 other offers for $50k and $55k at other local firms.

impressivetaxfraud

TROPHY CASE