the SEP IRA is a huge deduction...
Posted By: IC MT on 2006-03-24
In Reply to: Another Deduction (sorry) - Tired
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.
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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
x
Deduction is 100%, not 50.
x
100% deduction for me too as IC.
xx
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
x
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
YUP, huge fan!!!!
x
OMG, thanks!! That would be a huge (sm)
mistake personally for me, as I do not know how I would make out with the kids, and then to go through all that, train, and not have it work. Will look elsewhere. Thanks for the input!!
Huge, I think it's small on my end (NM)
NM
:::huge applause for you::: nm
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DH is a HUGE fan! I watch only for him.
x
I smell a huge rat
Is your husband up to no-good with this loser? First of all any "my baby's daddy" situation has scumbag written all over it. Second of all, if your husband doesn't mind being used by this lazy bum for a free place to live, he has to be getting something out of the bargain. I'd be doing some serious checking around if I were you.
Meanwhile, you're right to keep this piece of crap away from your kids. If your husband likes him so much let him live with this waste of oxygen alone.
Good luck.
So what if it's with huge templates....
600 lines an hour is 600 lines an hour whether it's straight typing or using templates. I WISH I had huge templates.
Anyone here Bayscribe? Have a huge ?
for you. When you hit SUBMIT and go into the spell check, and say there's a spelling error it picks up (for example, it's a medicine that I need to look up and verify), is there ANY WAY I can do this without having to completely close down the spell check, go to another window, look up the word, and then re-hit SUBMIT and spell check again?
I've still new to Bayscribe, but so far this has been a huge time eater-upper. For some reason it won't let me do anything but close up the spell checker, look up the word, and then re-spell check (and of course it doesn't remember any of the fixes I've already made so I need to go back through them again).
Ideas??????????? THANK YOU!!
Well there is already a huge thread...
Why keep it going and going? If you all are just now realizing that AHDI is against the MT, then have you had your head in the sand the past few years or what? Get a grip! Life is what you make it! This OP obviously wants to keep bringing it up and bringing it up blocking the entire board with this crap.
I got rid of my HUGE desk...sm
i use a 20 inch widescreen laptop and i just ordered a very small rolling desk. i use wireless keyboard, mouse, and headphones. that way, I can roll my office outdoors when the weather is nice or in my bedroom or any place I will be comfortable as I suffer from chronic back problems.
You can't. It's a huge ripoff.
It sucks plain and simple. If you're not terribly interested in making enough money to pay the bills it might be okay for you. Not for me.
We have a huge 4 day celebration in our little town
There is something going on from tonight right through until the fireworks on the 4th. There is a street dance, a bean hole bean supper, a lobster bake and just tons of stuff going on.
Our town is only population 7500, but the celebration has grown to over 30,000 attendees for the 2 hour parade, followed by fun, games, entertainment and music in the park and then fireworks that start at 9:00 and last for hours. It's great fun!
I'm lucky too. I live just a mile from the festivities, so I'm home for a long time while people are still waiting in traffic. The traffic goes smoothly though. The events have always been very well organized with our school bus drivers giving free shuttle bus rides.
Happy 4th everyone!
I have never been SO embarassed, but I called, and its A HUGE NO!! Oh well!
nm
Thanks! My friend's kid is a huge fan & will love this :)
NO. We have committed to huge OT today
and all weekend.
Whatever, but it would be a huge meal and take me months to eat it. nm
:+
Huge room in a very old house.
Walls are a dark greenish gold with hardwood floors. Standard Office Max computer table where I do all my work. Bookshelves all around the room. Only other furniture is an old desk that is covered with all the stuff I don't have room for on the computer table. Four large windows facing south and east. When working I have all the important stuff like reference books, printer, etc within reach.
To all ICs claiming huge deductions...(sm)
I just met with my accountant yesterday. I am so sick I cannot think straight. I asked alot of people before moving ahead with an IC position and leaving employee status. EVERYONE stated that the deductions you can write off are more than worth paying the extra SS taxes that you no longer have an employer to pay. I even saw several people specifically state they lowered their taxable income by $10,000 or more so the IC status was well worth the headache of paying the extra taxes.
Well, I would sure love to know how in the world you ladies come up with these deductions. The accountant said my total deductions for my home office came to about $2400. But then my SS taxes I owed ate up that plus about another $1500. Are those of you reaping in huge deductions working strictly via the internet? I have no gas, mileage, vehicle wear/tear deductions because I'm strictly internet based. But even with considering those deductions, if I had them, I still cannot see where in the world you all are coming out so much better. Someone please offer suggestions/comments....have I just completely screwed myself over here or do I need a new accountant?? 
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Hey everyone, I have a huge amount of strawberries from my
want to make a different kind of dessert with them. Every year I always wind up making strawberry shortcake or strawberry ice cream and well those are great but I'm such a creature of habit that I really want to make something completely different. If you have any great ideas, PLEASE let me know!
Thanks!
once I went to a huge outdoor Colorado BBQ..
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