Tax Season!

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Re: Tax Season!

Postby ExPatriatePen on Fri Jan 20, 2012 4:57 pm

Shyster wrote:I did my PA taxes using the PA Direct File site last night. I noticed that the site (as well as the new PA-40 paper form) now asks you to calculate and submit use taxes. Use taxes are the inverse of sales tax; when you buy something out of state (like from Amazon, for example), you are supposed to send Pennsylvania the same amount that you would have paid in sales tax had you bought that in state. Not surprisingly, nobody ever does that, and that tax largely goes uncollected.

Using the anonymity offered by the internet, does anyone actually plan on going back through all of your online 2011 purchases and sending the state 6% use tax (7% if you live in Allegheny County) on everything the Commonwealth considers taxable? I must admit that the amount I entered might have been slightly "inaccurate."


Oh yeah... I feel an obligation to pay the government as much as I can possibly afford to.
Spoiler:
/EndSarcasm
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Re: Tax Season!

Postby mac5155 on Fri Jan 20, 2012 5:02 pm

lol do you really have to enter that baloney?
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Re: Tax Season!

Postby KennyTheKangaroo on Fri Jan 20, 2012 5:13 pm

Shyster wrote:I did my PA taxes using the PA Direct File site last night. I noticed that the site (as well as the new PA-40 paper form) now asks you to calculate and submit use taxes. Use taxes are the inverse of sales tax; when you buy something out of state (like from Amazon, for example), you are supposed to send Pennsylvania the same amount that you would have paid in sales tax had you bought that in state. Not surprisingly, nobody ever does that, and that tax largely goes uncollected.

Using the anonymity offered by the internet, does anyone actually plan on going back through all of your online 2011 purchases and sending the state 6% use tax (7% if you live in Allegheny County) on everything the Commonwealth considers taxable? I must admit that the amount I entered might have been slightly "inaccurate."


we actually had a client of ours call us-on his own volition-and ask us for help with filing his use tax form. the guy bought a tv on amazon. kenny the kangaroo admires this mans honesty. or duty. or something.
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Re: Tax Season!

Postby Shyster on Fri Jan 20, 2012 5:28 pm

mac5155 wrote:lol do you really have to enter that baloney?

See page 21 of the pdf:
http://www.revenue.state.pa.us/portal/server.pt/document/1215210/2011_pa-40_book_pdf
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Re: Tax Season!

Postby shmenguin on Mon Jan 30, 2012 10:24 pm

paying NJ property taxes and having a mortgage where i'm pretty much only paying interest right now.

Spoiler:
cha ching
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Re: Tax Season!

Postby mac5155 on Mon Jan 30, 2012 11:55 pm

Got my w2 today.

What is the form for LT capital gains via selling some stock?? Is that a 1099-DIV? I'm waiting on etrade to get it to me and they said not until 2/15 boo.
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Re: Tax Season!

Postby Kraftster on Tue Jan 31, 2012 12:29 am

mac5155 wrote:Got my w2 today.

What is the form for LT capital gains via selling some stock?? Is that a 1099-DIV? I'm waiting on etrade to get it to me and they said not until 2/15 boo.


Yeah, 1099-DIV for any sales regardless of whether you will characterize them as short or long term cap gains.
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Re: Tax Season!

Postby mac5155 on Tue Jan 31, 2012 9:03 am

Kraftster wrote:
mac5155 wrote:Got my w2 today.

What is the form for LT capital gains via selling some stock?? Is that a 1099-DIV? I'm waiting on etrade to get it to me and they said not until 2/15 boo.


Yeah, 1099-DIV for any sales regardless of whether you will characterize them as short or long term cap gains.


Thought so. Is it legal for them to withhold that until Feb 15th? I thought everything had to be available by 1/31.
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Re: Tax Season!

Postby KennyTheKangaroo on Tue Jan 31, 2012 10:48 am

there are different deadlines for different forms. keep waiting, bro.
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Re: Tax Season!

Postby mac5155 on Tue Jan 31, 2012 10:49 am

KennyTheKangaroo wrote:there are different deadlines for different forms. keep waiting, bro.


ghey. i should just make something up.
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Re: Tax Season!

Postby KennyTheKangaroo on Tue Jan 31, 2012 10:51 am

great idea.
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Re: Tax Season!

Postby viva la ben on Tue Jan 31, 2012 11:03 am

I efiled on Saturday...my federal return should be direct deposited to my bank account on 2/8.
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Re: Tax Season!

Postby mac5155 on Tue Jan 31, 2012 11:04 am

According to turbo tax I should be getting a nice refund. Im skeptical though. I still have to enter my forms from selling some small amounts of stock.
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Re: Tax Season!

Postby DropEmJayBird on Tue Jan 31, 2012 2:25 pm

AlexPKeaton wrote:I'm paying 15% regardless of what the IRS says I should pay. If it is good enough for Mitt Romney then it is good enough for me.


Sucker - I'm not paying anything, as in 0% because if it's good enough ... ah never mind. If they ask - I'll just say it's Turbo Tax's fault.
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Re: Tax Season!

Postby Kraftster on Tue Jan 31, 2012 3:09 pm

DropEmJayBird wrote:
AlexPKeaton wrote:I'm paying 15% regardless of what the IRS says I should pay. If it is good enough for Mitt Romney then it is good enough for me.


Sucker - I'm not paying anything, as in 0% because if it's good enough ... ah never mind. If they ask - I'll just say it's Turbo Tax's fault.


Image
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Re: Tax Season!

Postby mac5155 on Thu Feb 09, 2012 9:00 am

I was doing my parents taxes last night.

My mother, brother, and sister all 3 have paid tuition. On my parents, I claimed all their tuition, but claimed my mothers in the tuition and fees deduction, and claimed brother and sister as Education Credits using form 8863. Is that ok? Or should I claim all 3 as education credits?
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Re: Tax Season!

Postby 60sixx on Thu Feb 09, 2012 9:02 am

Guys--I do taxes for a living. (Corporate and Individual) If you have questions, feel free to PM me.
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Re: Tax Season!

Postby mac5155 on Thu Feb 09, 2012 9:52 am

60sixx wrote:Guys--I do taxes for a living. (Corporate and Individual) If you have questions, feel free to PM me.


Cool, would you mind answering in here? What's good for the goose is good for the gander :fist:
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Re: Tax Season!

Postby JeffDFD on Thu Feb 09, 2012 10:02 am

60sixx wrote:Guys--I do taxes for a living. (Corporate and Individual) If you have questions, feel free to PM me.


I have a business that I will call a "family" and we sell "merchandise" and if our customers don't pay us we give them "offers they can't refuse." My question is...if I buy my "product" from say...Colombia...where do I pay my taxes...and if I have to hire a "specialist" to a "contract" for an unpaying customer...can I write that off as a business expense. Also, if I have already taken into account depreciation on a horse I own...if, by some means...that horse is beheaded and found in someone's bed...can I write that off as a loss?
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Re: Tax Season!

Postby Tico Rick on Thu Feb 09, 2012 11:03 am

If you live in the US, you have to pay US taxes. If you live inside the tumor in Crosby's neck, you may have to pay Canadian taxes as well.
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Re: Tax Season!

Postby 60sixx on Thu Feb 09, 2012 1:59 pm

mac5155 wrote:
60sixx wrote:Guys--I do taxes for a living. (Corporate and Individual) If you have questions, feel free to PM me.


Cool, would you mind answering in here? What's good for the goose is good for the gander :fist:


I can try, but as you can imagine....this is sort of a busy time for me. :D Soooo.....if you've got a burning question, it's sort of easier if you PM me....'cause I'm not always on LGP with regularity.
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Re: Tax Season!

Postby mac5155 on Tue Feb 14, 2012 11:13 am

If my taxable income is less than the 25% tax bracket do I still have to pay 15% LT capital gains tax?
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Re: Tax Season!

Postby KennyTheKangaroo on Tue Feb 14, 2012 11:21 am

nay
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Re: Tax Season!

Postby mac5155 on Tue Feb 14, 2012 12:08 pm

and there was much rejoicing

I couldnt figure out for the life of me what I was missing but that was it. Boom eFiled
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Re: Tax Season!

Postby mac5155 on Tue Feb 14, 2012 12:29 pm

Still subject to PA State Tax though, correctomundo?
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