Death and Taxes.... Ok Just Taxes... The personal income tax thread

[Mormon Red Death]

For a little background: I have a full time 40 hour a week job (normal w-2 process). Additionally, due to my experience and experiences I was hired to teach adjunct (1099 revenue). I don't have a normal place of where I teach and at times have to travel up 160 miles one way to the location. When I go to those locations the University pays me mileage, lodging and Meal per diems.

What I am wondering however are two things:

Since I was hired to teach due to my experiences can I deduct my commute to my regular job as research for the Classes I teach? I do incorporate things I experience and learn at my regular job into my lessons (I am expected to do this). Additionally, should I be able to deduct any meals where I do research for my teaching job as well?

My last question is since I am travelling longer distances to teach I want to get a newer more reliable car. Can I depreciate that new car as I am getting it for the purpose of having more reliable transportation to those locations?

[mUUser]

That time of the year again. Noticed several changes from 2012 to 2013 to can make a sizable dent in the pocketbook, such as.....higher tax rates for higher earners, phase out of personal exemptions, lower limits on deductions, & increased medicare tax due to Obamacare. I'm sure there are many more, but, these are fairly major and can create a substantially higher tax obligation. 27 more days and counting. Ugh.

[mUUser]

Are missionary payments to a specific missionary tax deductible like tithing and fast offerings?

[chrisrenrut]

Are missionary payments to a specific missionary tax deductible like tithing and fast offerings?

As far as I know, they are as long as they are donated through the church. The year end statement you get from the church should separate those contributions that are considered "charitable", and those that aren't.

If you send a $20 check to a missionary in the mail, it would not be.

[Sullyute]

As far as I know, they are as long as they are donated through the church. The year end statement you get from the church should separate those contributions that are considered "charitable", and those that aren't.

If you send a $20 check to a missionary in the mail, it would not be.

Correct. I believe that is one of the main reasons the church went to the fixed missionary fee in the late 80's early 90's instead of parents paying the mission cost directly, was to ensure the charitable tax benefit.

[mUUser]

Ok. We've been sending money to the missionary's bishop in question each month. Since I don't see the donations on my year-end donation statement, I assume I didn't qualify for the deduction and need to change my payment strategy.

Gracias.

[Rocker Ute]

Ok. We've been sending money to the missionary's bishop in question each month. Since I don't see the donations on my year-end donation statement, I assume I didn't qualify for the deduction and need to change my payment strategy.

Gracias.

You may want to ask that bishop (sounds like it is not yours) for a year end tax statement. If he is collecting money from you, it is going into the system and you should get a receipt. If you are writing a check directly to that bishop and he is cashing it or something and then depositing, he shouldn't be doing that for reasons beyond your tax deductions.

[LA Ute]

You may want to ask that bishop (sounds like it is not yours) for a year end tax statement. If he is collecting money from you, it is going into the system and you should get a receipt. If you are writing a check directly to that bishop and he is cashing it or something and then depositing, he shouldn't be doing that for reasons beyond your tax deductions.

Right. muuser, the funds are deposited into the ward's missionary account - and should be dedicated to the particular missionary you're helping. There must be a record of that in the MIS system and that bishop should be able to have his ward clerk send it to you. (Assuming he's been doing this the routine way.)

[chrisrenrut]

You may want to ask that bishop (sounds like it is not yours) for a year end tax statement. If he is collecting money from you, it is going into the system and you should get a receipt. If you are writing a check directly to that bishop and he is cashing it or something and then depositing, he shouldn't be doing that for reasons beyond your tax deductions.

Yep. You could also ask your ward clerk to check the MLS to see if they had a statement of donations made through other units sent at the end of the year. We got a bunch for our ward, but it is in the messages section which is easily overlooked.

[Sullyute]

Also if you have proof of payment (check stubs, etc) then i don't know if you need the actual receipt. i believe the IRS requires the receipt (acknowledgement from charity) if the donation is over $500 in CASH. Check with your accountant but I am pretty confident you can make the charity claim as long as you have proof of the donation.

[mUUser]

The donations statement should be easy to get from that ward as my BIL is in the bishopric. Thanks all.

[mUUser]

Can anyone recommend an Enrolled Agent in the SLC area? As an alternative a tax accountant?....but prefer an EA for now.

[LA Ute]

Hey, Joe Biden says paying taxes is patriotic.

[LuckyUte]

Hey, Joe Biden says paying taxes is patriotic.

I know you are having a bit of a laugh, here, but, it is.

[LA Ute]

I know you are having a bit of a laugh, here, but, it is.

Joe made that statement in the depths of the 2008 recession, so in context it’s not outrageous. He was talking about pulling together as a nation to pull out of that crisis. Fair enough.

Of course obeying the law is patriotic. But I think for a policy maker to use patriotism to justify economic policy choices — especially tax policy — is laughable. “I don’t mind paying higher taxes so neither should you. Let me wrap myself in the flag while I say that.”

[LuckyUte]

Joe made that statement in the depths of the 2008 recession, so in context it’s not outrageous. He was talking about pulling together as a nation to pull out of that crisis. Fair enough.

Of course obeying the law is patriotic. But I think for a policy maker to use patriotism to justify economic policy choices — especially tax policy — is laughable. “I don’t mind paying higher taxes so neither should you. Let me wrap myself in the flag while I say that.”

Yes, being superior than others and wrapping yourself in the flag, on any issue, not just taxes, is irritating and obnoxious. But, I believe it is patriotic to pay taxes. This country, in many of its social institutions and gatherings revers firefighters, policemen and soldiers and holds them up as patriotic positions, as a base belief. We simply don't have those things without taxes, period. As to how to best use taxes, and how much there should be, that is a different argument than I am making. Paying your taxes in full and on time is one of the most patriotic things you can do.

[LA Ute]

Paying your taxes in full and on time is one of the most patriotic things you can do.

From one life-long patriot to another: I cannot disagree!