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Author Topic: 1/18/2022  (Read 3380 times)

Travellin Dave

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Re: 1/18/2022
« Reply #75 on: January 18, 2022, 12:34:01 PM »

From the sounds of struggling cars I'm hearing outside, it seems our streets have still not been plowed.  >:( >:(
That's nuts. Don't you guys pay taxes there? WTF?
It IS nuts. And not only do I pay taxes, but I pay a lot more than I used to, since this is now listed as my work location as well as my residence.
I guess then you are allowed to write off these office expenses?
Don't really have any office expenses, since they gave me all the equipment I need. Would be nice to be able to get a tax refund for roads that can't be traversed, however. Lol
You can claim the "office"/room calculated as part (%) of the overall house cost.
But LTG isn't a contractor. He's an employee. Are you talking about the home office deduction? Last I checked, you couldn't do that as an employee. Did something change?
Not sure, but I've never heard of taxing for work at home either.
These are uncertain and changing times...
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Travellin Dave

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Re: 1/18/2022
« Reply #76 on: January 18, 2022, 12:39:52 PM »

irons delivered. 😊
We'll have to take your word for it without a pic. :D
Well...I guess we'll take his word for it....
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Travellin Dave

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Re: 1/18/2022
« Reply #77 on: January 18, 2022, 12:40:23 PM »

From the sounds of struggling cars I'm hearing outside, it seems our streets have still not been plowed.  >:( >:(
That's nuts. Don't you guys pay taxes there? WTF?
It IS nuts. And not only do I pay taxes, but I pay a lot more than I used to, since this is now listed as my work location as well as my residence.
I guess then you are allowed to write off these office expenses?
Don't really have any office expenses, since they gave me all the equipment I need. Would be nice to be able to get a tax refund for roads that can't be traversed, however. Lol
You can claim the "office"/room calculated as part (%) of the overall house cost.
But LTG isn't a contractor. He's an employee. Are you talking about the home office deduction? Last I checked, you couldn't do that as an employee. Did something change?
And I don't itemize anyways, so it doesn't really matter. The standard deductions I get from being a homeowner and having 3 kids far outweighs anything I'd get otherwise.
Yup.

I checked again on the IRS site, and they explicitly say in IRS Tax Tip 2021-136 (September 15, 2021) that employees are not eligible to claim the home office deduction.  You have to be self-employed as a proprietor, partner, or corporate officer. Employees working remotely due to the pandemic do not qualify.

In any case, that deduction can be a pain if you sell your home, because of the recapture requirements.  So it's kind of a double-edged sword.

I used it pretty effectively for years doing contract work on the side, including tech consulting, various music gigs, and worship arts work for the church. But several years ago the church decided to put me on staff because the IRS kept tightening the rules about what qualified as a contractor.  My contract specified that I was not paid for rehearsing or playing music for worship services, only for the planning, coordination and artist development I did from the home office. But the tax advisers said that was a distinction that the IRS wasn't likely to recognize, which would have incurred penalties for the church. So they put me on staff and that leaves little time or flexibility to pursue other contract work. So now I've got two jobs and no home office deduction.
Remind me not to let TD do my taxes this year.
That's probably a real good idea.
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FloridaDean

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Re: 1/18/2022
« Reply #78 on: January 18, 2022, 12:47:44 PM »

irons delivered. 😊
We'll have to take your word for it without a pic. :D
Well...I guess we'll take his word for it....
guess you'll have to. got a 12:50 tee time tomorrow too.
they look great.
https://www.bombtechgolf.com/
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Travellin Dave

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Re: 1/18/2022
« Reply #79 on: January 18, 2022, 12:49:35 PM »

Undersea volcanic eruption not good for Pacific islanders.  Surprised so much ash has been spread being as the eruption was underwater...
Before and after picture are something.

https://www.msn.com/en-us/news/world/first-images-of-tonga-volcanic-eruption-damage-show-communities-covered-in-thick-ash/ar-AAST94C?ocid=msedgntp
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razgueado

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Re: 1/18/2022
« Reply #80 on: January 18, 2022, 12:58:27 PM »

From the sounds of struggling cars I'm hearing outside, it seems our streets have still not been plowed.  >:( >:(
That's nuts. Don't you guys pay taxes there? WTF?
It IS nuts. And not only do I pay taxes, but I pay a lot more than I used to, since this is now listed as my work location as well as my residence.
I guess then you are allowed to write off these office expenses?
Don't really have any office expenses, since they gave me all the equipment I need. Would be nice to be able to get a tax refund for roads that can't be traversed, however. Lol
You can claim the "office"/room calculated as part (%) of the overall house cost.
But LTG isn't a contractor. He's an employee. Are you talking about the home office deduction? Last I checked, you couldn't do that as an employee. Did something change?
Not sure, but I've never heard of taxing for work at home either.
These are uncertain and changing times...
Not sure how you mean "taxing for work at home."

If you run a business, you pay taxes. You can get away with operating at a loss for a while, but do it too long and the IRS gets hinky about it, and, oddly, they get hinkier if your revenue stream is low. If you're capitalized at $20k, and generate $50k or more of revenue, they'll take you seriously, even if you report a loss and even if you are otherwise employed. That's okay. But if you're undercapitalized, paying as you go, generating $10-$20k, and deducting losses, you can get away with it for a couple of years, but eventually they start to wonder if you're really trying or just manufacturing a deduction. It becomes a question of whether it's a business or a hobby, especially when a guitar or studio gear gets expensed. So I took losses in years that economic conditions could justify it, but in years that didn't I paid some taxes. It tends to mollify them if you actually do pay taxes.

As for my church contract, the problem there was that the Church obviously had to dictate where and when I did some work, even though on paper, and in fact, actually, I was considered to be volunteering when I conducted rehearsals and played worship services. If they'd contracted me to be a janitor, it would have been different, but as a musician, drawing the line between administration and performance got tricky when expensing instruments and equipment as tools when the tools only got used for volunteer work. See the difficulty?

By the letter of the law, it was legal, by the spirit of the law it was legal and ethical, but that doesn't mean much to the IRS.
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LuvTooGolf

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Re: 1/18/2022
« Reply #81 on: January 18, 2022, 01:17:20 PM »

From the sounds of struggling cars I'm hearing outside, it seems our streets have still not been plowed.  >:( >:(
That's nuts. Don't you guys pay taxes there? WTF?
It IS nuts. And not only do I pay taxes, but I pay a lot more than I used to, since this is now listed as my work location as well as my residence.
I guess then you are allowed to write off these office expenses?
Don't really have any office expenses, since they gave me all the equipment I need. Would be nice to be able to get a tax refund for roads that can't be traversed, however. Lol
You can claim the "office"/room calculated as part (%) of the overall house cost.
But LTG isn't a contractor. He's an employee. Are you talking about the home office deduction? Last I checked, you couldn't do that as an employee. Did something change?
Not sure, but I've never heard of taxing for work at home either.
These are uncertain and changing times...
Perhaps I wasn't clear. I simply meant that I'm now paying more in taxes to my home city, whereas previously, the majority went to the city where my office is located. Since we're working from home now, we were required to change our work residence location, so now my home city is getting more tax dollars from me than they were prior to the world going berserk. I'm not paying any more personally, it's just a matter of where it's being sent. Which makes the lack of plowing all the more irritating.

Though, I will say it is completely plowed now, and the sun is even out. Once I log off, I can clear the heavy shit off the end of the drive left by the plows and the wife will be able to go to work. Much to her disappointment, I'm sure.
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razgueado

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Re: 1/18/2022
« Reply #82 on: January 18, 2022, 02:18:46 PM »

From the sounds of struggling cars I'm hearing outside, it seems our streets have still not been plowed.  >:( >:(
That's nuts. Don't you guys pay taxes there? WTF?
It IS nuts. And not only do I pay taxes, but I pay a lot more than I used to, since this is now listed as my work location as well as my residence.
I guess then you are allowed to write off these office expenses?
Don't really have any office expenses, since they gave me all the equipment I need. Would be nice to be able to get a tax refund for roads that can't be traversed, however. Lol
You can claim the "office"/room calculated as part (%) of the overall house cost.
But LTG isn't a contractor. He's an employee. Are you talking about the home office deduction? Last I checked, you couldn't do that as an employee. Did something change?
Not sure, but I've never heard of taxing for work at home either.
These are uncertain and changing times...
Perhaps I wasn't clear. I simply meant that I'm now paying more in taxes to my home city, whereas previously, the majority went to the city where my office is located. Since we're working from home now, we were required to change our work residence location, so now my home city is getting more tax dollars from me than they were prior to the world going berserk. I'm not paying any more personally, it's just a matter of where it's being sent. Which makes the lack of plowing all the more irritating.

Though, I will say it is completely plowed now, and the sun is even out. Once I log off, I can clear the heavy shit off the end of the drive left by the plows and the wife will be able to go to work. Much to her disappointment, I'm sure.
Ah, the joys of state and local taxes.
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LuvTooGolf

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Re: 1/18/2022
« Reply #83 on: January 18, 2022, 02:18:48 PM »

From the sounds of struggling cars I'm hearing outside, it seems our streets have still not been plowed.  >:( >:(
That's nuts. Don't you guys pay taxes there? WTF?
It IS nuts. And not only do I pay taxes, but I pay a lot more than I used to, since this is now listed as my work location as well as my residence.
I guess then you are allowed to write off these office expenses?
Don't really have any office expenses, since they gave me all the equipment I need. Would be nice to be able to get a tax refund for roads that can't be traversed, however. Lol
You can claim the "office"/room calculated as part (%) of the overall house cost.
But LTG isn't a contractor. He's an employee. Are you talking about the home office deduction? Last I checked, you couldn't do that as an employee. Did something change?
Not sure, but I've never heard of taxing for work at home either.
These are uncertain and changing times...
Perhaps I wasn't clear. I simply meant that I'm now paying more in taxes to my home city, whereas previously, the majority went to the city where my office is located. Since we're working from home now, we were required to change our work residence location, so now my home city is getting more tax dollars from me than they were prior to the world going berserk. I'm not paying any more personally, it's just a matter of where it's being sent. Which makes the lack of plowing all the more irritating.

Though, I will say it is completely plowed now, and the sun is even out. Once I log off, I can clear the heavy shit off the end of the drive left by the plows and the wife will be able to go to work. Much to her disappointment, I'm sure.
And that time has come. Hazzuh!
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LuvTooGolf

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Re: 1/18/2022
« Reply #84 on: January 18, 2022, 02:19:03 PM »

From the sounds of struggling cars I'm hearing outside, it seems our streets have still not been plowed.  >:( >:(
That's nuts. Don't you guys pay taxes there? WTF?
It IS nuts. And not only do I pay taxes, but I pay a lot more than I used to, since this is now listed as my work location as well as my residence.
I guess then you are allowed to write off these office expenses?
Don't really have any office expenses, since they gave me all the equipment I need. Would be nice to be able to get a tax refund for roads that can't be traversed, however. Lol
You can claim the "office"/room calculated as part (%) of the overall house cost.
But LTG isn't a contractor. He's an employee. Are you talking about the home office deduction? Last I checked, you couldn't do that as an employee. Did something change?
Not sure, but I've never heard of taxing for work at home either.
These are uncertain and changing times...
Perhaps I wasn't clear. I simply meant that I'm now paying more in taxes to my home city, whereas previously, the majority went to the city where my office is located. Since we're working from home now, we were required to change our work residence location, so now my home city is getting more tax dollars from me than they were prior to the world going berserk. I'm not paying any more personally, it's just a matter of where it's being sent. Which makes the lack of plowing all the more irritating.

Though, I will say it is completely plowed now, and the sun is even out. Once I log off, I can clear the heavy shit off the end of the drive left by the plows and the wife will be able to go to work. Much to her disappointment, I'm sure.
Ah, the joys of state and local taxes.
Amen to that.
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A Friend of Charlie

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Re: 1/18/2022
« Reply #85 on: January 18, 2022, 04:18:34 PM »

Today's Over/Under is 3
SleeplessInSeattle Over/Under is 5

See how you overachievers do today.
3 for me.
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