My employer give me a 2nd W2 within which I did not earn the income stated contained by that 2nd W2.?
employer said the 2nd W2 was my bench take-home pay but i did not receive any bench pay. nil dollars. and they know that. what should i do?Answers: report the crook.
Tell the employer to prove you recieved the pay OR null and void the second W2 or you will have to report him to the IRS.
Otherwise you may owe spare taxes.
Can I claim mileage as a rates conjecture for my sports car?
My employer gives me a monthly sports car allowance and reimburses me for my gas.I was told I can claim roughly .47 cents a mile and discount everything they have compensated me (allowance and gas) Is this true? Any suggestions on what forms, etc. Thanks. Obviously this would be good for me because I drove going on for 45k miles last year for my errand.Answers: It depends on your profession. I'm no tax consultant but you should be capable of deduct business-related travel. Just gross sure you can prove it.
You can't claim mileage to and from work (reporting to work) but you can claim mileage beyond that. Although, I thought you couldn't if they reimbursed you for mileage but then again, I own a tax guy who take care of that for me :) If you've be reimbursed then it really wouldn't be a work related expense anymore - you've already gotten credit for it.
I do call in him saying though that reporting to work didn't count.
If your employer pays you milage and reimburses you for gas later NO you cannot deduct it. It would be getting salaried twice and Uncle Sam says that's a no-no.
www.irs.gov check for yourself
Commuting miles are never deductible. Any other business use is deductible to the extent that you are not reimbursed for the expenses.
If you are reimbursed beneath an accountable plan you can forget about the expenses and reimbursements; it's a wash. You are beneath an accountable plan if your employer requires you to track and report your miles driven and pays you the current IRS rate for ALL of those miles (48.5c for adjectives of 2007) OR if your employer requires you to track and report your actual costs and pays you that amount.
If you are not reimbursed under an adjectives plan then you must save track of your expenses and reimbursements yourself. If the reimbursements are MORE than your costs the excess is taxable income to you. If the reimbursements are LESS than your costs you may have a deductible expense. File Form 2106 to total the income or deductible expense. If you have a deductible expense it flows to the Miscellaneous Deductions division of Schedule A and is subject to a 2% AGI floor there. You must itemize to receive any benefit for the unreimbursed expenses.
At current gas prices, the amount that they rewarded you for gas plus the monthly allowance might be more than the $0.47 per miles... Check whether you will save any money in the past you do this.
Business use of your personal vehicle can be deducted. IF you are eligible to use the standard mileage rate, afterwards you multiply that rate by the miles you drove for work, excluding commuting, and subtract the reimbursements and allowances. IF you are not eligible to use the standard mileage rate, then you divide your total costs: tires, insurance, depreciation, etc.; pro-rate based on what fraction of use be for work; subtract the reimbursements and allowances; and wonder whether the refund be worth the math.
Let's assume you have the mileage logs.
Let's assume the monthly vehicle allowance is in your W-2 and the gas isn't.
You start by taking the 45,000
You multiply by .485
you subtract the gas money.
you subtract 2% of your AGI.
You hold enough money to itemize and your 1040 taxes move about down a little bit, counter acting the sports car allowance.
But then you look at your taxes and see that when you did the AMT form, it added the mileage estimate right back within...and now you owe AMT.
Won't know until you try, but it won't squirrel away you as much money as you are hoping.
It is true that you can claim the difference between what you were reimbursed and the standard rate; given your employer is not paying you .47 a mile. As far as documentation go make sure you own your mileage/toll sheet and or your check stubs or W-2 that may show the reimbursement. This information comes from my very experienced tariff guy who I just met next to yesterday. Grant it you might have to look for adjectives those logs (for safekeeping and honest evaluation) but given amount you travel your payoff could be well worth it.
Can I thwart my losses on UK shares against levy payable on other income?
As a private investor, I hold shares in a couple of UK-listed companies. Lately two of them hold gone out of business. I know gains on AIM tabled companies can be treated differently according to how long they have be held. I also heard somewhere that charge relief can be claimed against losses on AIM tabled shares. Is this correct? Where can I find the guides for claiming the relief??Those of you who believe yourselves to be really funny and can't resist sharing your "talent" by departure really hilarious replies - please try extra intricate and keep your wit to yourselves. Thanks ever so. There's bound to be a mirror somewhere in the neighbourhood you - go & consult to your best (& only?) friend..
Answers: Gains on AIM shares qualify for business cassette relief, so after 2 years you obtain 75% relief. Losses however are treated alike as normal losses and can just be carried forward against future gain.
Your warning seem to have worked. Perhaps we should put a standard document on all query?
I'd need to check my book, but the situation is roughly close to this:
You can't offset any losses against your income tariff but you can "roll up" any losses to take it against any adjectives capital gain you may receive from selling your shares in the adjectives. This "Roll up" is not limited and you can use it any time.
So if within ten years you make a means gain over and above your annual capital gain exemption limit (lb8,800 for 06/07 for example) after you can offset your current losses.
Hi within,
Your question is confusing. AIM shares are prearranged as unlisted shares. If indeed you hold these and it is your AIM shares that you have made losses on afterwards the CII states the following:
"Income Tax relief on lasting capital losses - Where an investor acquire shares in an unlisted UK trading company and realises a captial loss. This loss can be neutralize against any other income of the tax year of loss or the previous toll year, rather than gain on assets"
Now I don't know whether that helps as nearby is also "Interest Relief" and "Capital Gains Tax taper Relief" (which doesn't apply to you).
The previous poster was also correct, you do get hold of business taper relief roughly.
Your best bet is to talk to a financial advisor who will be capable of help your situation.