Tax guy fee is deduction as is insurance cost if
Posted By: you pay it. Tax guy should tell of many deduct. on 2008-01-16
In Reply to: I have a tax question ...sm - Thinking of going IC
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- I have a tax question ...sm - Thinking of going IC
- Tax guy fee is deduction as is insurance cost if - you pay it. Tax guy should tell of many deduct.
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What does it cost you in insurance to be
BS
Cost of insurance..is this a good rate?
I have just been oferred a job with a company that offers insurnace at $385 a month to cover me and my husband. But, we would have a $2000 deductible and after that is met then a $20 co-pay. Since I have been an IC my entire MT life, I'm not sure if this is good insurance or not? Is this the norm for MT companies?
Everyone is PAYING for health insurance now because of soaring cost
of health insurance to employer. Retirement plans are also being retracted. It's a tough world out there and it's not the employer's responsibility to absorb the cost of insurance for employees. I know my company keeps raising my rate for family coverage and I pay for it or go to Sam's Club to buy it myself.
By the way, if you are interested in why companies are outsourcing it is because of the costs of the benefits for employees. I am working on a hospital account for my national MT company who has turned all work over to my company. It is a HUGE teaching hospital. They find it cheaper to pay my company than to pay employees an hourly wage plus benefits. And that is why so many jobs are being outsourced.
I bet other insurance carriers have insurance for their employees. Why not Wal-Mart? nm
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Pay deduction with DQS
Well, when I started DQS, I was told by the regional manager I would increase my pay with this program so they were cutting everyone's pay who was transitioning to DQS because of that..So my pay was cut three quarters of a cent per line. I agreed, thinking this was happening to everyone. Well, MQ tried this for a while until a few brave souls quit and others threatened to quit due to the reduction in pay. Now, mind you, I have not had a raise since 1998 and yet they chose to decrease my pay. Even though they have stopped this decision of decreasing pay of people transitioning to DQS, I remain at the deducted pay rate. Do you think I have an argument to try to get my pay rate back?
25% deduction
So, I'm not real clear, are you saying you are a statutory status worker and thus federal is deducted which is what ?? 25% and is withheld. If you were and IC independent contractor, nothing is withheld and you send in the taxes on your own. . Employee and statutory have all or some taxes taken out.
Another Deduction (sorry)
So sorry, I forgot one of the most important deductions, your IRA or SEP IRA,your accountant will know which is best -- this was something my accountant insisted I do years ago; now they are worth "plenty" and I am so grateful to him for insisting I do this. It's all deductible and a wonderful way to save for your retirement.
Get a tax guy, his fee is deduction. FYI, if you
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Deduction is 100%, not 50.
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100% deduction for me too as IC.
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about deduction from mortage
You seem to know quite a bit about this. I have rented in the past and so always deducted proportionally off my rent. I was under the impression there were some not so favorable consequences about deducting off home mortgage, which would be my situation this year, something about having to ante up somehow after you sell the house for the deductions you claimed, depreciating, etc. Can you clarify this any for me or refer me to a site that would explain this in "simple" :-) terms that I could understand? Not sure what I should do this year!!
Office deduction
I can use the money now more than I expect to need it later, as property values continue to go up. Also, after so many years of NOT claiming office deduction, isn't that penalty withdrawn?
Isn't the standard deduction much more than $2K? nm
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I think you just don't take the deduction for it the year before...ask your CPA
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the SEP IRA is a huge deduction...
but I can't say that I've seen people frequently posting they take $10K in deductions. That also means they spent $10K. You may be imagining that. Maybe do an archive search and then try to repost and contact them? As has been frequently said on this post, the only difference between IC and SE is an IC pays another 7.5% self employment tax but then takes deductions. Don't see how that adds up to 10 grand.
Deduction in pay for errors....
 I was just offered a job at a measly 8 cpl after I took this ridiculously long and time consuming test. I get an email with FAQ and there is a whole section about how much they are going to deduct from your pay for errors. Someone over there has a screw loose. I wish I had not wasted my time. I already have one account that I make about 12 cpl, but I just lost one due to outsourcing, where I started at 9 cpl. I love my first account, but I always like to have 2 just for backup. I so far have been offered 7-1/2 cpl, 7 cpl and 8 cpl. I turned them all down. These people are crazy! If you want a good transcriptionist, PAY FOR IT!!!!
HomeOffice Deduction
Can I deduct my home office if I live with a roommate and am not on the lease? I have a room that is used solely for my office.
Sorry, but no 'blanket' 100% deduction
First, forget about a catastrophic illness - if you have a gallbladder or appendix, you can lose your home, right down to just keeping the shirt on your back. I know this for a fact because it happened to me.
Secondly, I fell into the insurance premiums are 100% covered trap personally (2006/2007). When my accountant actually did my taxes and explained the formula used for determining how much of insurance premiums (and out-of-pocket expenses) are figured, my deduction ended up less than 50% of my oop amount. I was disbelieving and demanded my accountant prove this, so they called the IRS and believe me, they proved it. If someone tells you, without reviewing the details of your estimated premium/OOP yearly costs and estimated yearly earnings, that your premiums will be automatically 100% deductible, they do not know what they are talking about. My point is not to be argumentative, it is to remind you that guessing without expert advice about your personal situation can be very costly. Learn from those of us who have paid dearly for poor judgement and bad advice.
Your standard deduction -
Do you have other things to count such as mortgage interest, etc? If you don't, then yes, your standard deduction would be the better deal.
I just finished a personal income tax preparation class in my accounting program in college. I always thought I was doing something with those deductions too until I took this class. Went back and looked at my old returns and lo and behold, always just took the standard deduction.
Personally, I am just upset that I took so much time keeping up with all those receipts and so forth!!!
Can you take home office deduction if you are sm
an employee and how would one guestimate if they would qualify? Looking into this option this year.
Home office deduction
No, but unreimbursed work-related expenses may be deduced on Schedule A.
nix the home office deduction
If you plan on selling your house later on. The deductions you claimed in previous years will be lost when you try to sell. So, if you were planning on selling for $150,000, but you claimed $500 a year in home-office deductions, per year, over ten years, that's $5000 you'll lose out at the end.
Rephrase Deduction Question
I am considered an at-home employee. Not an IC or statutory. I have no itemized expenses to carry forward on the 1040. I take the standard deduction because don't have enough to itemize. My CPA says because of that, I cannot deduct my MT expenses. It does not seem quite fair. Has anybody else had this problem?
get an accountant -- you can take off their fee as a tax deduction and to me, it's worth it to ma
sure my taxes go in quarterly and correctly so that I don't get slammed at the end of the year!
Home Office Deduction
I rent my apartment. I have a home office, which is a room used soley for the purpose of an office, which is the restriction, cannot be part of living room, etc. I deduct portion of rent, all supplies, telephone, cell phone, electric, gas, and oil heat. I don't think your name has to be on the lease, just that you live there and use that room solely as an office. Also, if you travel to and from your job you can deduct mileage, oh and internet connection, which I use mainly for work. Hope that helps you.
Home Office Deduction
I have 2 jobs, one as an employee and one as an IC. I was living in a house with a separate room for an office. I have now moved to an apartment. Will I still be able to deduct some portion of my rent and utilities if I don't have a separate office? I would still be able to deduct office supplies and a percentage of internet and cell phone charges, correct? Thanks in advance for your advice.
Another problem with home office deduction
It has to be exclusive use, so you can't take it if you use the area for other activities than strictly work. Also, I did the depreciation thing with my home and it can come back to bite you if you sell the house and make a profit.
You need to talk to accountant. His fee is tax deduction, you will want several dedections each
6
Acct fee is a tax deduction. Find a good one.
:P
yepper - automatic deduction from invoice
and was not told about it before the fact - just that the account was switching over - was sent the e-mail about "rental" after the fact - then when the foot pedal broke they wanted to charge me for the replacement. Hello? It's a RENTAL??? I still work there but am branching out. It is not the norm.
You don't have to but I take morgage, etc deduction. Need the help now raising family. Plan on
:+
I do not agree with deduction for errors, don't do it and don't understand why other MTSO do i
can you take part of the water bill under the home office deduction? (nm)
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don't need to depreciate computers anymore. take the deduction in the year purchased
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I can use the deduction now, and when old and ready to sell, hope sell price is high enough won't
matter. Also, I think there is a time frame of not working that negates the job deduction factor.
cost??
Why is Andrews so much higher than Career Step? Do you think it's worth it in the end?
cost?
You will not be disappointed with Career Step. It is affordable, thorough and helpful.
TAT cost
A few years back, we got a mass email out of my office about just how much the out of TAT issue had cost over a particular week...somewhere in the ballpark of over 30 grand for just the top 3 major accounts.
Yes, we've been told that the company has to pay hefty fines to the accounts for not being within TAT. Not sure how it is today, but I can't assume much has changed.
CMT cost?
how much does it cost to take the test to be CMT?
It DOES cost a lot more to be IC - SM
On top of the self-employment tax, etc., you don't get the benefit of your company paying 1/2 of your social security so that is where most of your money at tax time goes to. If you are an employee, they match what you pay into social security so it's not as much. I went through the same thing and decided it was not worth my time to work any extra as an IC. I saw the difference in the taxes I paid. Good luck to you.
You can, but it's going to cost you. sm
Several references on Google that will cost you between $40 and $80 for a search, but it would have to be worth what you're looking for before coming up with that kind of money and I really thing that these sites will not give you adequate information.
Check with your post office. They may not be able to give you information, but if you or someone you know is getting unwanted mail from a P.O. box address, they can stop it for you.
cost (nm)
x
cost
Don't know if you ever got an answer for that. I purchased a model 0421 a couple month ago. While this is an older model, it works just as well as long as you get an honest seller. They are expensive and you tend to go out on a limb when trusting that they one you are buying actually works. I paid $145 for mine. Total w/S&H was 170, which was an excellent deal. Either deal through ebay or this site. You can find them in the 150-175 range. Read instructions on ebay closely some say not tested. I actually emailed a seller and gave him him a number of how to test the machines and he was tickled to death. He had no clue what the machine was for. I would say buy a used one before spending the money on a new one. There are a lot of these floating around for sale that have just been collecting dust because people are downloading off the internet. Nothing wrong with the machine, these people just have no use for the machines right now.
You say it does not cost you anything? How about your
time? That is worth something, isn't it? Time is money in my book that I could be working instead.
It doesn't cost $800 either
Can't imagine a chair more comfortable that it.. i'm sure the Aeron is built much better, though. I noticed it does have a 12-year guarantee.
Sorry! Forgot the cost! They can run anywhere
from $10 to $50 range - definitely under $20 last I saw, which was only a few months ago.
the problem with that is the cost
Before deciding to get a BA in psych, I looked at many different quick fix schools. I was interested in cooking, the cheapest school is 15,000 up front, nine month course. Was also interested in aesthetics, 6000 bucks! If they would offer pay as you go for these schools so you could pay cash, that would be more feasible. Collins college, DeVry, all in the thousands. I pay about 500+ per semester...sure it will take me years BUT I think a BA degree opens many doors. The person who says it doesn't is crazy!
Cost of going digital
I am trying to decide if it's worth it to get a local office to go digital. They don't even have a website, so technology is not their thing. I assume that because of this I would still have to print/drop off reports? Is that right? This is a very small office, so I don't want to spend a lot of money to try to do this. When I try to do an internet search, there is way too much information that is way too complicated. I just want to know what I would need for the most basic setup. Anything advice/help you can offer would be helpful. Thanks! LL
we went last May, cost us a fortune!
Our expenses were for 2 adults....
We actually did one of those timeshare tours so we could get 3 nights free at our hotel. So we paid for 4 nights = $400, there was supposed to be a shuttle going to/from the parks but that didnt work out so we had to rent a car (dont remember how much that was), Disney tickets for a 4-day park hopper pass was nearly $500, Universal 2-day tickets were about $200, cab from the airport was about $80, food was very expensive - about $100 day.
We flew JetBlue & i thought they were wonderful & reasonably priced. I want to say our flight was a total of about $400-500.
All-in-all, I'd say about $2500 for the whole trip including gift shopping & food.
total cost
Total cost of $60 for two phone lines, which includes taxes, etc. It also includes call waiting and voice mail. But my C-phone line has nothing on it, no call waiting, etc. by my choice. First month on my residential phone is free because they are just starting up in my area.
Had you complained that you did not okay all this, they probably would have taken off the cost
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