irasmilo’s Activity

Yesterday

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Boards Post

irasmilo replied to the Tax Strategies board. 6:44 PM

Re: MFJ vs MFS

crocket838:

<<<Sorry - I didn't address that part.>>>

"I know you didn't. Instead you dissed Ohio. Next time, keep your opinions to yourself."

That is not a very nice response to a tax
[more]

Fri Mar 27

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irasmilo replied to the Tax Strategies board. 10:39 AM

Re: Schedule C office expenses?

I'm not aware of any tax professionals doing this.

I claim that we have to allocate it along with the utilities, and at least keep them from shooting themselves in the foot. It's much easier to claim the IRS is the bad guy instead
[more]

Wed Mar 25

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irasmilo replied to the Tax Strategies board. 6:00 PM

Re: Schedule C office expenses?

Pub 535 doesn't have anything about internet that I could see. It specifically says how to handle telephone service, but not internet.

It's a legitimate business expense. If you're looking for specific guidance on how to allocate [more]

Tue Mar 24

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irasmilo replied to the Tax Strategies board. 3:43 PM

Re: Schedule C office expenses?

I didn't see internet deduction specifically addressed in the Schedule C instructions. Anyone know what section I should be looking at?

She can deduct any reasonable and customary business expenses (some are limited such as meals and [more]

Fri Mar 20

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Boards Post

irasmilo replied to the Tax Strategies board. 1:36 PM

Re: File for child?

That being said, is there an advantage to naming him as the primary?

Yes. As it is now, technically, you've violated the law. The money to open the account came from a custodial account which was owned by your son, but overseen by [more]

Wed Mar 18

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Boards Post

irasmilo replied to the Tax Strategies board. 8:29 PM

Re: When to have a pro do your taxes

What tax situations do you think require a professional for preparation? I usually use a tax-prep software, but I have a few items this year that are new to me. One is restricted stock units that vested and taxes were withheld in the form of [more]

Tue Mar 17

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Boards Post

irasmilo replied to the Tax Strategies board. 12:30 AM

Re: A question on worthless securities

Definitely worthless. Here's the SEC filing confirming: http://www.sec.gov/Archives/edgar/data/896842/00011931251407...

For tax return purposes, [more]

Mon Mar 16

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irasmilo replied to the Tax Strategies board. 12:41 PM

Re: Do I need to do Estimated Qrtly Tax Payments

Going to reply to this part of your post first, since it's the easiest.
I'm most definitely working for a completely different company. In my post I stated I was working for one of my former bosses, but she is also now working for a different
[more]

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irasmilo replied to the Tax Strategies board. 12:35 PM

Re: 1099B not the same as trade confirmations

Thanks for the reply. So, even though the 1099 cost basis does not match the resultant cost basis on the tax form from importing the data, as long as the profit/loss is correct just leave it go? That is what I assumed,but seemed like it would be [more]

Sun Mar 15

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Boards Post

irasmilo replied to the Tax Strategies board. 11:30 AM

Re: 1099B not the same as trade confirmations

If the net gain/loss on the transaction is correct, don't make any adjustments on your tax return. The IRS instructions on how to report these transactions are ambiguous and different brokers have interpreted them differently. Since this is the first [more]

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irasmilo replied to the Tax Strategies board. 11:24 AM

Re: Do I need to do Estimated Qrtly Tax Payments?

The answer to your question is a definite "maybe". Here's what you need to think about in order to get to a more definitive answer. Based on what you already know, it appears that you will have a federal tax liability at the end of the year [more]

Fri Mar 13

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Boards Post

irasmilo replied to the Tax Strategies board. 6:22 PM

Re: Must I file form 8938?

I wouldn't worry too much about the back years since the form can't be filed on its own. The steep penalty is due to the objective of FATCA - to identify assets that are being hidden overseas (think really big numbers) - not really to go after [more]

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Boards Post

irasmilo replied to the Tax Strategies board. 5:36 PM

Re: Must I file form 8938?

Form 8938 was introduced in 2012. Failure to file penalty is $10,000.

Ira

NL

Boards Post

irasmilo replied to the Tax Strategies board. 1:19 PM

Re: Must I file form 8938?

Given the new information, I think the answer about Form 8938 is "maybe". I can't answer definitively because I don't have enough experience with these issues to know the answer, but I do enough that I can't flatly say [more]

Thu Mar 12

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irasmilo replied to the Tax Strategies board. 11:21 PM

Re: Must I file form 8938?

I think more information is necessary. Is this an annuity that just happens to be offered by an insurance company based in Switzerland, but is actually a US annuity, or is it an annuity that was purchased in Swtizerland, denominated in Swiss francs, [more]

NL

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irasmilo replied to the Apple board. 10:07 AM

Re: $100 difference in AAPL price predictions

That said, in the case of Apple, the sell side analyst's opinion should, in theory, be more objective than almost all other opinions on covered securities since Apple doesn't need loan services nor underwriting, although to what extent Apple uses [more]

Tue Mar 10

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Boards Post

irasmilo replied to the Tax Strategies board. 2:50 AM

Re: Received stock as gift

You can't use average cost basis for DRIP stock purchases before 201x (it's too late at night to look up whether it was 2012, 2013 or 2014), so you'll have to determine the actual cost basis for the shares you sold. Generally, you will start with the [more]

Mon Mar 9

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Boards Post

irasmilo replied to the Tax Strategies board. 6:39 PM

Re: Roth IRA Contribution Penalty-What to do?

No and no. There is a 6% penalty that applies to the excess contribution each year until it is removed or can be absorbed in a new year's permissable contribution. Or, if you remove the excess contribution, you pay regular income tax on the [more]

NL

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irasmilo replied to the Tax Strategies board. 6:10 PM

Re: Roth IRA Contribution Penalty-What to do?

Whoops, forgot the part of your post where you talked about prorating the stuff.
So the pro-rated gains would be ~$66. So that's what I'd have to somehow report for being taxed on (LT Gain at this point?) and a $6.63 early withdrawal
[more]

Sat Mar 7

NL

Boards Post

irasmilo replied to the Tax Strategies board. 11:34 PM

Re: Over-Reported Tip Income

I would have her fill out a Form 4070A.
http://www.irs.gov/pub/irs-prior/f4070a--2005.pdf


If she can reconstruct her 2014 tip history, this is the documentation I [more]

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