about deduction from mortage
Posted By: ? please on 2005-09-12
In Reply to: That's a bit simplistic and not really accurate at all, but... - former bank manager
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!!
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If it will the pymt. of my mortage or pay off my mortage I care, otherwise I could give a toot! :)
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
x
Deduction is 100%, not 50.
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100% deduction for me too as IC.
xx
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
x
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.
Tax guy fee is deduction as is insurance cost if
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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
x
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.
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