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Old 02-23-2014, 05:42 PM   #1
Owensdad
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Income tax thread 3.0

It's that time of year again...

Barfers, your *hypothetical* income tax questions will be answered with general, and purely *hypothetical* guidance based on my understanding of your question and facts (I could be completely wrong on all counts).

Consult your professional tax advisor to conclude on the application of the law to your unique fact pattern.

Do not post any non public facts herein!

IRS circular 230 disclaimer: nothing in this thread constitutes tax advice within the meaning of IRS circular 230. Nothing in this thread is intended to be used nor may be used to avoid any penalty or tax imposed under the internal revenue code.

As flattering as it may be, I cannot and will not be engaged by any of you wonderful blokes to provide actual tax advice.

Now, boiler plate formalities concluded, post up!
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Last edited by Owensdad; 02-23-2014 at 06:08 PM..
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Old 02-23-2014, 05:46 PM   #2
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Nice of you to do this.

I think this might be my last semi-complicated tax year for a bit.
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Old 02-23-2014, 05:50 PM   #3
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Ok, is taxation theft, or is the government just stealing our money?

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Old 02-23-2014, 05:52 PM   #4
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Quote:
Originally Posted by Owensdad View Post
As flattering as it may be, I cannot and will not be engaged by any of you wonderful blokes to provide actual tax advice.
So I am clear... you are NOT available for hire in regards to tax pre and rep?

as I need someone this year
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Old 02-23-2014, 05:53 PM   #5
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Nice of you to do this.

I think this might be my last semi-complicated tax year for a bit.
First question!

Answer: I'm sure it won't be!
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[Owensdad], you usually pull the trigger on a mouth full of buzz words without thinking.
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Old 02-23-2014, 05:59 PM   #6
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So I am clear... you are NOT available for hire in regards to tax pre and rep?

as I need someone this year
I am not.

For personal tax matters I recommend Mike Tiret, Tiret & Co. 650 225 0400 or Mike Yates, Frank + Rimerman & Co. 408 279 5566

Both are top tier.
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Old 02-23-2014, 06:04 PM   #7
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Ok, is taxation theft, or is the government just stealing our money?

My personal judgement of current tax policy notwithstanding, I hate to see anybody overpay.
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Old 02-23-2014, 08:42 PM   #8
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2013 was a complicated year for me, with stock options exercised, three different jobs, an interstate move, a divorce, retirement account shuffling, and several months unemployed. Still gathering paperwork at my new address, but hopefully it all sorts out. If Turbo Tax can't give me reasonable results, I'll be back with some specific questions.
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Old 02-23-2014, 09:02 PM   #9
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Hypothetically, what's the rule of thumb to calculate the out of state purchases/taxes?

Thanks.
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Old 02-24-2014, 02:02 AM   #10
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Thread stuck. Let me know when to unstick Sam...
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Old 02-24-2014, 02:43 AM   #11
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Is it better to have a sit down with a Tax Rep for simple preparation? I've always enjoyed the ease of TurboTax.

Thanks in advance.
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Old 02-24-2014, 09:56 AM   #12
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Say hypothetically I was to get a gig as a motorcycle riding instructor and that income was reported on a 1099. Would I be able to report that income on a Schedule C and then deduct a reasonable portion of my gear, mileage, training/education, parts/repairs, and the cost of the motorcycle?

Thanks.

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Old 02-24-2014, 10:25 AM   #13
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Say hypothetically I was to get a gig as a motorcycle riding instructor and that income was reported on a 1099. Would I be able to report that income on a Schedule C and then deduct a reasonable portion of my gear, mileage, training/education, parts/repairs, and the cost of the motorcycle?
I don't see why not. And to the extent you have a home office and/or garage space to support that line of work, there's a nice deduction for those too (see form 8829, Expenses for Business Use of Your Home). Another good deduction for the self-employed is health insurance.
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Old 02-24-2014, 01:26 PM   #14
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I've got one Sam: What actions/ deduction are most likely to bring an audit?!!!
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Old 02-24-2014, 04:52 PM   #15
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A buddy of mine tried to convince me why it's better to claim 1 dependent versus 0. I was drunk, and totally forgot what he said, so I don't remember. What's your thoughts on the matter?
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