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#TAX

281 posts95 participants3 posts today
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BOCVIP

Filed NJ-927, WR-30, 941s, 940, W-2 — Late Payroll Catch-Up for TDI Eligibility bocvip.com/827919/filed-nj-927 #tax

BOCVIP · Filed NJ-927, WR-30, 941s, 940, W-2 — Late Payroll Catch-Up for TDI EligibilityHello, Sorry for the long and detailed post. I know it’s probably a long-shot, but I wanted to see if anyone could potentially give me some insight. I’m a single-member LLC, taxed as an S-Corp, in NJ. The S-Corp tax election was approved in late May 2024. In 2024, I paid myself $20,000 in wages, all in Q3, and took a distribution of ~$18,000. My job is entirely remote and I’m the only employee. I didn’t file any payroll forms at the time because I was actively drinking and was in rehab from late September to late December. Now that
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BOCVIP

Sold shares in my brokerage account; do I need to make quarterly tax payments this year? bocvip.com/827852/sold-shares- #tax

BOCVIP · Sold shares in my brokerage account; do I need to make quarterly tax payments this year?Hi everyone, I opened a brokerage account with Vanguard in 2019 and have been contributing to it since then after every paycheck. 80% VTSAX/20% VTIAX. In February of this year, I sold $60k worth of shares as I am wanting to buy a house in the next couple of years and wanted to set aside some cash for the down payment in a HYSA. The total capital gains from this transaction was about $12k, almost all long-term. I believe that with my income, I will have to pay 15% in long-term capital gains taxes. My question is do I need
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BOCVIP

Can I elect to itemize even if it’s lower than standard deduction—to reduce AMT? bocvip.com/827775/can-i-elect- #tax

BOCVIP · Can I elect to itemize even if it’s lower than standard deduction—to reduce AMT?Hey all, I have a big AMT liability this year due to exercising ISOs. When I run the numbers, my itemized deductions are less than the standard deduction—mainly because the SALT deduction is capped at $10K. But I noticed that if I do itemize, even though it’s less than the standard deduction, my regular tax increases, which in turn reduces my AMT. That would mean a lower total tax liability overall. Is it allowed to elect to itemize even if it’s not higher than the standard deduction? And are there any downsides to doing that? Appreciate any insight from folks
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BOCVIP

Client Paying himself with his Credit Card through Square? bocvip.com/827483/client-payin #tax

BOCVIP · Client Paying himself with his Credit Card through Square?Maybe this doesn't really belong here, but I came across this while doing an individual tax return last week. The guy had a 1099-K from Square. There were 92 transactions that totaled about $22k for the year. I asked him if he started a business and he said no, he was paying himself with his credit card.What kind of TikTok hack is this? It looks like it's essentially a payday loan with roughly a 3% fee. Maybe there is some other perceived benefit of this? I'm genuinely curious here.https://www.reddit.com/r/tax/comments/1jwtded/client_paying_himself_with_his_credit_card/Posted by adamcp90
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