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Old 02-23-2014, 05:42 PM   #1
Owensdad
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Income tax thread 3.0

It's that time of year again...

Barfers, your *hypothetical* income tax questions will be answered with general, and purely *hypothetical* guidance based on my understanding of your question and facts (I could be completely wrong on all counts).

Consult your professional tax advisor to conclude on the application of the law to your unique fact pattern.

Do not post any non public facts herein!

IRS circular 230 disclaimer: nothing in this thread constitutes tax advice within the meaning of IRS circular 230. Nothing in this thread is intended to be used nor may be used to avoid any penalty or tax imposed under the internal revenue code.

As flattering as it may be, I cannot and will not be engaged by any of you wonderful blokes to provide actual tax advice.

Now, boiler plate formalities concluded, post up!
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[Owensdad], you usually pull the trigger on a mouth full of buzz words without thinking.

Last edited by Owensdad; 02-23-2014 at 06:08 PM..
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Old 02-23-2014, 05:46 PM   #2
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Nice of you to do this.

I think this might be my last semi-complicated tax year for a bit.
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Old 02-23-2014, 05:53 PM   #3
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Nice of you to do this.

I think this might be my last semi-complicated tax year for a bit.
First question!

Answer: I'm sure it won't be!
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[Owensdad], you usually pull the trigger on a mouth full of buzz words without thinking.
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Old 02-23-2014, 05:50 PM   #4
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Ok, is taxation theft, or is the government just stealing our money?

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Old 02-23-2014, 06:04 PM   #5
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Ok, is taxation theft, or is the government just stealing our money?

My personal judgement of current tax policy notwithstanding, I hate to see anybody overpay.
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Old 02-23-2014, 05:52 PM   #6
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As flattering as it may be, I cannot and will not be engaged by any of you wonderful blokes to provide actual tax advice.
So I am clear... you are NOT available for hire in regards to tax pre and rep?

as I need someone this year
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Old 02-23-2014, 05:59 PM   #7
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So I am clear... you are NOT available for hire in regards to tax pre and rep?

as I need someone this year
I am not.

For personal tax matters I recommend Mike Tiret, Tiret & Co. 650 225 0400 or Mike Yates, Frank + Rimerman & Co. 408 279 5566

Both are top tier.
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Old 02-23-2014, 08:42 PM   #8
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2013 was a complicated year for me, with stock options exercised, three different jobs, an interstate move, a divorce, retirement account shuffling, and several months unemployed. Still gathering paperwork at my new address, but hopefully it all sorts out. If Turbo Tax can't give me reasonable results, I'll be back with some specific questions.
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Old 02-23-2014, 09:02 PM   #9
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Hypothetically, what's the rule of thumb to calculate the out of state purchases/taxes?

Thanks.
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Old 02-24-2014, 08:05 PM   #10
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Hypothetically, what's the rule of thumb to calculate the out of state purchases/taxes?

Thanks.
I assume you mean to *estimate* the use tax you owe? Unfortunately, there really isn't a rule of thumb in this regard that I am aware of as this is meant to be an actual amount of CA use tax.

Not a great answer but I don't have a better one.

Aside: all CA resident CPAs and EAs get a flyer from the BOE every year around this time reminding them to emphasize this issue to their clients. Perhaps a natural consequence of a relatively high use tax rate that encourages evasion.

PSA: this will be reviewed in every state audit of a personal return. Count on it.
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[Owensdad], you usually pull the trigger on a mouth full of buzz words without thinking.

Last edited by Owensdad; 02-27-2014 at 10:24 PM..
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Old 02-24-2014, 02:02 AM   #11
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Thread stuck. Let me know when to unstick Sam...
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Old 05-05-2014, 08:28 PM   #12
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Thread stuck. Let me know when to unstick Sam...
Berto, awesome mod, think we can unstick.

All, hope this was helpful. Let's do it again next year!
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Old 02-24-2014, 02:43 AM   #13
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Is it better to have a sit down with a Tax Rep for simple preparation? I've always enjoyed the ease of TurboTax.

Thanks in advance.
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Old 02-24-2014, 08:08 PM   #14
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Is it better to have a sit down with a Tax Rep for simple preparation? I've always enjoyed the ease of TurboTax.

Thanks in advance.
Probably not for a simple personal return.

That said, you will get the most mileage out of any capable paid preparer if you stick with that preparer over many years.

When your baller potential is realized in the future, a long term tax advisor will know where you came from, your priorities, goals, and will have in the forefront of their mind facts a new advisor will have to discover.
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[Owensdad], you usually pull the trigger on a mouth full of buzz words without thinking.

Last edited by Owensdad; 02-25-2014 at 07:06 PM..
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Old 02-24-2014, 09:56 AM   #15
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Say hypothetically I was to get a gig as a motorcycle riding instructor and that income was reported on a 1099. Would I be able to report that income on a Schedule C and then deduct a reasonable portion of my gear, mileage, training/education, parts/repairs, and the cost of the motorcycle?

Thanks.

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