E46 BMW Social Directory E46 FAQ 3-Series Discussion Forums BMW Photo Gallery BMW 3-Series Technical Information E46 Fanatics - The Ultimate BMW Resource BMW Vendors General E46 Forum The Tire Rack's Tire Wheel Forum Forced Induction Forum The Off-Topic The E46 BMW Showroom For Sale, For Trade or Wanting to Buy

Welcome to the E46Fanatics forums. E46Fanatics is the premiere website for BMW 3 series owners around the world with interactive forums, a geographical enthusiast directory, photo galleries, and technical information for BMW enthusiasts.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact contact us.

Go Back   E46Fanatics > Everything Else > The Off-Topic > General Off-Topic

General Off-Topic
Everything not about BMWs. Posts must be "primetime" safe and in good taste. You must be logged in to see sub-forums.
Click here to browse all new posts.

Reply
 
Thread Tools Search this Thread Rating: Thread Rating: 1 votes, 5.00 average. Display Modes
Old 01-22-2016, 11:00 AM   #21
evolved
Registered User
 
Join Date: Dec 2007
Location: Saint Louis, MO
Posts: 848
My Ride: 2011 BMW 335d
Quote:
Originally Posted by bimmerfan08 View Post
Damn. I may just ignore it.
If everything else is on the straight and narrow, your audit risk is still very low.

Think about it this way....the IRS doesn't have a ton of motivation to audit middle income people. Hell, even people earning in the low-to-mid 6 digit range...what's the IRS going to get....a couple thousand bucks? That's not a cost efficient prospect for them in a lot of cases. They want to target the 7 figure earnings and above.

Can a home office deduction trigger an audit? Sure, if you have a bunch of other shady shite going on in your return. Will it trigger one often? Absolutely not.
__________________

Present
2014 Jeep Cherokee Trailhawk V6
Past
2011 BMW 335d, 2011 BMW 135i, 2006 Mazdaspeed 6 GT, 2000 BMW 323ci, 2003 Evolution VIII, 1995 Nissan 240sx w/ SR20DET


evolved is offline   Reply With Quote
Old 01-22-2016, 11:07 AM   #22
NFRs2000nyc
Registered User
 
Join Date: Feb 2004
Location: NYC/NJ
Posts: 962
My Ride: S2000+Wrangler
Quote:
Originally Posted by bimmerfan08 View Post
What are some deductions you all commonly take or loopholes you take advantage of when filing taxes? I've had this discussion with some of you in the past but now I'm opening it up for the forum as the discussion may benefit others.

Off the top of my head from filing my own taxes in past years:

-Student loan interest
-Mortgage interest
-Out of pocket business expenses
-Personal property taxes
-Job search expenses
-Charitable contributions/donations
-Charity work expenses
I have all of the above except charitable work and job search. Should have a nice refund.
__________________
NFRs2000nyc is offline   Reply With Quote
Old 01-22-2016, 11:08 AM   #23
NFRs2000nyc
Registered User
 
Join Date: Feb 2004
Location: NYC/NJ
Posts: 962
My Ride: S2000+Wrangler
Quote:
Originally Posted by samdoe1 View Post
idgaf, i'm fvcking my accountant so she does all of my taxes for free and deals with this stuff for me.
ftw.
__________________
NFRs2000nyc is offline   Reply With Quote
Old 01-22-2016, 11:10 AM   #24
NFRs2000nyc
Registered User
 
Join Date: Feb 2004
Location: NYC/NJ
Posts: 962
My Ride: S2000+Wrangler
Quote:
Originally Posted by trizzuth View Post
if you have kids, and put your child in preschool or daycare, and that preschool or daycare costs you money, that is deductable. Had a tax acct once that completely told me I could not claim this for my daughter because rather than putting her in daycare for the age of 4, we put her in a private preschool for that one/two years before public school. It was a few grand each year, and she told me I could not submit it because it was a private school. Well, come the next year, I called the school to ask about this as I was suspicious, they confirmed to me that yes, you can claim their expenses on taxes and provided me with their Tax ID! Went back to said tax acct, shoved it in their face, was APPALLED that I actually paid money for them to do my taxes when I had to come personally back into the office and refute one of their accountants blatant mistakes. Remember, I specifically asked this lady about this, and she told me NO you cannot claim it. They didn't even refund any of the fees I paid either, a$$holes!

They had to file an amendment to that prior year's taxes as well as that current year. Brought me back $600 PER YEAR. That is a $1200 mistake. Needless to say, I made it known as much as possible to that place and the community that everyone should stay away and took my tax work elsewhere.
Yea, that's fvcking stupid. I definitely deduct my child care expenses, which happen to be a private daycare.
__________________
NFRs2000nyc is offline   Reply With Quote
Old 01-22-2016, 11:10 AM   #25
NFRs2000nyc
Registered User
 
Join Date: Feb 2004
Location: NYC/NJ
Posts: 962
My Ride: S2000+Wrangler
Quote:
Originally Posted by evolved View Post
Be careful with that....it's one of the leading reasons why people get audited.
Yup.....people get audited because their home office doesn't qualify...you know why? Because it doesn't have a door, and yes, Im serious.
__________________

Last edited by NFRs2000nyc; 01-22-2016 at 11:13 AM.
NFRs2000nyc is offline   Reply With Quote
Old 01-22-2016, 11:15 AM   #26
evolved
Registered User
 
Join Date: Dec 2007
Location: Saint Louis, MO
Posts: 848
My Ride: 2011 BMW 335d
Quote:
Originally Posted by NFRs2000nyc View Post
Yea, that's fvcking stupid. I definitely deduct my child care expenses, which happen to be a private daycare.
Our daycare lady is paid in cash, so it's not deductible. The upside is that it's cheaper than a place where we could deduct the expenses. Oh well.

Quote:
Originally Posted by NFRs2000nyc View Post
Yup.....people get audited because their home office doesn't qualify...you know why? Because it doesn't have a door, and yes, Im serious.
lol, yup. It has to be segregated from the rest of the household.
__________________

Present
2014 Jeep Cherokee Trailhawk V6
Past
2011 BMW 335d, 2011 BMW 135i, 2006 Mazdaspeed 6 GT, 2000 BMW 323ci, 2003 Evolution VIII, 1995 Nissan 240sx w/ SR20DET


evolved is offline   Reply With Quote
Old 01-22-2016, 11:16 AM   #27
NFRs2000nyc
Registered User
 
Join Date: Feb 2004
Location: NYC/NJ
Posts: 962
My Ride: S2000+Wrangler
Quote:
Originally Posted by evolved View Post
Our daycare lady is paid in cash, so it's not deductible. The upside is that it's cheaper than a place where we could deduct the expenses. Oh well.



lol, yup. It has to be segregated from the rest of the household.
Oh, daycare I meant school. For my little one I have a nanny that I pay cash to as well, so I can't deduct her. Agree on the still cheaper to pay cash than to have her as an employee and have to pay all the other stuff associated with it.
__________________
NFRs2000nyc is offline   Reply With Quote
Old 01-22-2016, 11:18 AM   #28
NFRs2000nyc
Registered User
 
Join Date: Feb 2004
Location: NYC/NJ
Posts: 962
My Ride: S2000+Wrangler
Edit...if you meant a daycare daycare.....I pay mine cash as well, (they give me a small discount) but I still deduct it....it's their problem to declare their own taxes, not mine.
__________________
NFRs2000nyc is offline   Reply With Quote
Old 01-22-2016, 11:18 AM   #29
boostedisbetter
Registered User
 
boostedisbetter's Avatar
 
Join Date: Mar 2011
Location: Tampon
Posts: 1,621
My Ride: NiNe tHoUsAnD!!!
Anyone ever claim gambling loses?
__________________
Quote:
Originally Posted by Green_Shine View Post
(2/14/2017)Trump, by definition is a nitwit. He has every opportunity to make sound decisions, and he is incapable. I can't see this guy lasting 4 years without resigning or being impeached.
boostedisbetter is offline   Reply With Quote
Old 01-22-2016, 11:33 AM   #30
217Bimmer
Registered User
 
Join Date: May 2008
Location: Illinoise
Posts: 148
My Ride: Dodge Durango
Quote:
Originally Posted by boostedisbetter View Post
Anyone ever claim gambling loses?
Yes, if you itemize deductions you can claim gambling losses on your 1040 sch A. It's an other itemized ded, but you better have records of your gambling and it cannot exceed winnings.
__________________
** Political signature removed - Tim330i **

Quote:
I always have to laugh when I see a thread described as "Not Work Safe." Is there anything on the OT forum that's really "work safe"? If I were your boss, I'd be mad if you spent any time on this forum at work at all. How is a picture of a naked girl any less work safe than, say, a picture of a matador getting gored in the *** by an angry bull? - VaderDave
217Bimmer is offline   Reply With Quote
Old 01-22-2016, 11:39 AM   #31
VaderDave
Invictus
 
VaderDave's Avatar
 
Join Date: Aug 2004
Location: El Dorado Hills, CA
Posts: 12,032
My Ride: 330CiC ZHP
Quote:
Originally Posted by trizzuth View Post

They had to file an amendment to that prior year's taxes as well as that current year. Brought me back $600 PER YEAR. That is a $1200 mistake. Needless to say, I made it known as much as possible to that place and the community that everyone should stay away and took my tax work elsewhere.
I picked up a client at the end of the year who inherited about half a million bucks about five or six years ago. His old accountant told him that he would have to declare that inheritance as income, to the tune of about $150K in taxes.

The client started working with a new accountant last summer, who discovered the error (inheritances are gifts and not subject to income tax, generally). Unfortunately, the time to amend his tax return and get his money back has expired. So now he's going to be suing his old accountant. Hopefully the accountant's E&O insurance will be enough to cover the bill.
VaderDave is offline   Reply With Quote
Old 01-22-2016, 11:43 AM   #32
evolved
Registered User
 
Join Date: Dec 2007
Location: Saint Louis, MO
Posts: 848
My Ride: 2011 BMW 335d
Quote:
Originally Posted by VaderDave View Post
I picked up a client at the end of the year who inherited about half a million bucks about five or six years ago. His old accountant told him that he would have to declare that inheritance as income, to the tune of about $150K in taxes.

The client started working with a new accountant last summer, who discovered the error (inheritances are gifts and not subject to income tax, generally). Unfortunately, the time to amend his tax return and get his money back has expired. So now he's going to be suing his old accountant. Hopefully the accountant's E&O insurance will be enough to cover the bill.


How does one become an accountant and miss that fairly basic rule? That's concerning.
__________________

Present
2014 Jeep Cherokee Trailhawk V6
Past
2011 BMW 335d, 2011 BMW 135i, 2006 Mazdaspeed 6 GT, 2000 BMW 323ci, 2003 Evolution VIII, 1995 Nissan 240sx w/ SR20DET


evolved is offline   Reply With Quote
Old 01-22-2016, 11:45 AM   #33
VaderDave
Invictus
 
VaderDave's Avatar
 
Join Date: Aug 2004
Location: El Dorado Hills, CA
Posts: 12,032
My Ride: 330CiC ZHP
Quote:
Originally Posted by evolved View Post


How does one become an accountant and miss that fairly basic rule? That's concerning.
I have no idea. My jaw dropped when he was telling me the story.

EDIT: although you might be surprised at how little most CPAs know about estate and gift taxes. Anything outside the normal income tax regime--a lot of them never deal with those things.

Last edited by VaderDave; 01-22-2016 at 11:46 AM.
VaderDave is offline   Reply With Quote
Old 01-22-2016, 11:47 AM   #34
bimmerfan08
Registered User
 
Join Date: Feb 2009
Location: Somewhere over the rainbow
Posts: 4,905
My Ride: F
Quote:
Originally Posted by evolved View Post


How does one become an accountant and miss that fairly basic rule? That's concerning.
Even more cause to transition to a flat tax with limited deductions.
__________________
"You are free to make choices. You are not free to escape the consequences."
bimmerfan08 is offline   Reply With Quote
Old 01-22-2016, 12:06 PM   #35
Act of God
Registered User
 
Join Date: Dec 2004
Location: NY
Posts: 335
My Ride: Longboard
Send a message via ICQ to Act of God Send a message via AIM to Act of God Send a message via Yahoo to Act of God
ITT evolved ruins my day
__________________
"In the modern welfare state, a vote becomes a license to take what others create" - Thomas Sowell
Act of God is offline   Reply With Quote
Old 01-22-2016, 12:09 PM   #36
evolved
Registered User
 
Join Date: Dec 2007
Location: Saint Louis, MO
Posts: 848
My Ride: 2011 BMW 335d
Quote:
Originally Posted by Act of God View Post
ITT evolved ruins my day


I think you would much rather me ruin your day, rather than the IRS ruin your day.
__________________

Present
2014 Jeep Cherokee Trailhawk V6
Past
2011 BMW 335d, 2011 BMW 135i, 2006 Mazdaspeed 6 GT, 2000 BMW 323ci, 2003 Evolution VIII, 1995 Nissan 240sx w/ SR20DET


evolved is offline   Reply With Quote
Old 01-22-2016, 12:10 PM   #37
SamDoe1
Registered User
 
Join Date: Oct 2010
Location: Minnesnowta
Posts: 3,667
My Ride: 4cyl of fury
Quote:
Originally Posted by VaderDave View Post
I picked up a client at the end of the year who inherited about half a million bucks about five or six years ago. His old accountant told him that he would have to declare that inheritance as income, to the tune of about $150K in taxes.

The client started working with a new accountant last summer, who discovered the error (inheritances are gifts and not subject to income tax, generally). Unfortunately, the time to amend his tax return and get his money back has expired. So now he's going to be suing his old accountant. Hopefully the accountant's E&O insurance will be enough to cover the bill.
If one is looking into matters of inheritance and such they should be talking to a financial planner/adviser not an accountant... Sometimes a person with a CFP will also have a CPA, those are the best to go see.
SamDoe1 is offline   Reply With Quote
Old 01-22-2016, 12:56 PM   #38
evolved
Registered User
 
Join Date: Dec 2007
Location: Saint Louis, MO
Posts: 848
My Ride: 2011 BMW 335d
Does anyone know the answer to this? I'm a board member of two 501c3's. Is my time/travel deductible?
__________________

Present
2014 Jeep Cherokee Trailhawk V6
Past
2011 BMW 335d, 2011 BMW 135i, 2006 Mazdaspeed 6 GT, 2000 BMW 323ci, 2003 Evolution VIII, 1995 Nissan 240sx w/ SR20DET


evolved is offline   Reply With Quote
Old 01-22-2016, 01:00 PM   #39
NFRs2000nyc
Registered User
 
Join Date: Feb 2004
Location: NYC/NJ
Posts: 962
My Ride: S2000+Wrangler
Quote:
Originally Posted by evolved View Post


I think you would much rather me ruin your day, rather than the IRS ruin your day.
So much troof
__________________
NFRs2000nyc is offline   Reply With Quote
Old 01-22-2016, 01:02 PM   #40
NFRs2000nyc
Registered User
 
Join Date: Feb 2004
Location: NYC/NJ
Posts: 962
My Ride: S2000+Wrangler
Quote:
Originally Posted by VaderDave View Post
I have no idea. My jaw dropped when he was telling me the story.

EDIT: although you might be surprised at how little most CPAs know about estate and gift taxes. Anything outside the normal income tax regime--a lot of them never deal with those things.
To be honest, most CPAs, especially low dollar CPAs (btw, many people do their taxes with non CPAs thinking they are CPAs) treat clients like an assembly line, and have their staff do all the work, and they just sign off on it at the end, without reading it. Same exact way as real estate attorneys (biggest scam in the history of law), closings, etc. Just have the 13 dollar an hour troll do all your paperwork, and hope the IRS is too busy to notice.
__________________
NFRs2000nyc is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Censor is ON





All times are GMT -5. The time now is 04:08 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
(c) 1999 - 2016 performanceIX Inc - privacy policy - terms of use