Year End aipodaniki vastundi. -- Plan your finances accordingly

[aviator]

1 hour ago, Merabharathmahan said:

okavela wife h4 dependent november last week nundi parttime (less than 20 hours per week) shoping mall lo $8/hr job chesthe tax filing lo employed ani chuyinchala? They pay with pay check legally. So last 35 days in the year lo dependent ki parttime job vasthe tax filing lo ela chesthe better. Naku 95k daka vastadi ee year motham salary. Married joint filing chesa last year. 

Ala aite your wife will also get a w2. So you have to do joint filing based on both of your W2's

[Merabharathmahan]

10 hours ago, aviator said:

Ala aite your wife will also get a w2. So you have to do joint filing based on both of your W2's

Year lo last 32 days parttime job chesina kooda employed for that year ani pettala dependent h4 wife ki? hourly rate is $8 ( 15 hours per week) and motham 35 days lo $500 kooda ravu.

question is employed ani pettala wife ki joint filing ki? Just last 32 days in year parttime lo join ayindi. 

[Pillabacha]

[Spartan]

17 hours ago, Merabharathmahan said:

okavela wife h4 dependent november last week nundi parttime (less than 20 hours per week) shoping mall lo $8/hr job chesthe tax filing lo employed ani chuyinchala? They pay with pay check legally. So last 35 days in the year lo dependent ki parttime job vasthe tax filing lo ela chesthe better. Naku 95k daka vastadi ee year motham salary. Married joint filing chesa last year. 

even if she earns for single day Dec 31st also..she needs to file taxes..

joint filing cheyi..almost anni dabbul vapas vastai..

[Bhai]

14 hours ago, Pillabacha said:

[Merabharathmahan]

Spartan bhayya,

billing rate perigindi 1 month back so $110k/year daka vache chances unnay next year if same project there for year so nenu tax saving plans kosam chustunna. Contracting lo job security anthantha matrame unte 401k waste e kada? inka em options unnay pre tax deduction please cheppu

[Spartan]

3 minutes ago, Merabharathmahan said:

Spartan bhayya,

billing rate perigindi 1 month back so $110k/year daka vache chances unnay next year if same project there for year so nenu tax saving plans kosam chustunna. Contracting lo job security anthantha matrame unte 401k waste e kada? inka em options unnay pre tax deduction please cheppu

enta chesina..u cannot go below 75K gross income kada.

so nuvvu tax pay chesedi 25% marginal rate batti for around 90K or something.

i think a range ki pre-tax deductions options emi undavu...only thing is 401K as i see off.

[jailokesh]

Bhayya I paid medical bills around 15-20k, can I include those?

those amount are after which my insurance covered so I paid from my pocket?

emaina problem aithada hospital bills ku include chesthe

[Spartan]

18 hours ago, jailokesh said:

Bhayya I paid medical bills around 15-20k, can I include those?

those amount are after which my insurance covered so I paid from my pocket?

emaina problem aithada hospital bills ku include chesthe

itemized deductions cheyali. for example..

 

lets say you are married (no kids). and salary is 100K.

so ne Adjusted Gross income (AGI) = 100K-12600 = 87400 something.

ne eligible medical bills total amount = 15K anukundam..so what u can claim is below.

(total eligible medical bills)15K -  (10% of ur AGI ) = 15K - 8740 = 7K something.

appudu ur AGI will become 87400-7K = 77K u pay taxes for 77K.

end of the story is u can claim for the amount which is more than ur AGI for taxes.

[Merabharathmahan]

1 hour ago, Spartan said:

enta chesina..u cannot go below 75K gross income kada.

so nuvvu tax pay chesedi 25% marginal rate batti for around 90K or something.

i think a range ki pre-tax deductions options emi undavu...only thing is 401K as i see off.

So married with no kid ki motham salary $120k per year vache chance unte 401k ki entha contribute chesthe better? Nenu contractor and bench meediki kooda vache chances untay 2-3 months in year. comtractors ki edi better? 

 

12,600 deduct ela chestunnav  bhayya married joint filing vallaku? Does this change based on imcome slabs or one flat rate for any amount of income?

[Spartan]

11 minutes ago, Merabharathmahan said:

So married with no kid ki motham salary $120k per year vache chance unte 401k ki entha contribute chesthe better? Nenu contractor and bench meediki kooda vache chances untay 2-3 months in year. comtractors ki edi better? 

 

12,600 deduct ela chestunnav  bhayya married joint filing vallaku? Does this change based on imcome slabs or one flat rate for any amount of income?

bench meeda vache chances unnai antunnav kabatti...401k vaddule..

even if u contribute it doesnt save u much. ne marginal tax rate will be 25% only. so better to go with std deducitons and keep cash in hand rather than 401k.

12600 is standard deduction provided IRS, itemized deduciton chesi if u get deductions more than that amount u can do that.

most of the times it wont cross that .

u can calculate that here.

https://www.irs.gov/uac/how-much-is-my-standard-deduction

[jailokesh]

9 hours ago, Merabharathmahan said:

So married with no kid ki motham salary $120k per year vache chance unte 401k ki entha contribute chesthe better? Nenu contractor and bench meediki kooda vache chances untay 2-3 months in year. comtractors ki edi better? 

 

12,600 deduct ela chestunnav  bhayya married joint filing vallaku? Does this change based on imcome slabs or one flat rate for any amount of income?

 

9 hours ago, Spartan said:

itemized deductions cheyali. for example..

 

lets say you are married (no kids). and salary is 100K.

so ne Adjusted Gross income (AGI) = 100K-12600 = 87400 something.

 

ne eligible medical bills total amount = 15K anukundam..so what u can claim is below.

 

(total eligible medical bills)15K -  (10% of ur AGI ) = 15K - 8740 = 7K something.

 

appudu ur AGI will become 87400-7K = 77K u pay taxes for 77K.

 

end of the story is u can claim for the amount which is more than ur AGI for taxes.

Thanks bhayya.

 

[Spartan]

8 hours ago, jailokesh said:

 

Thanks bhayya.

 

https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/-Can-I-Claim-Medical-Expenses-on-My-Taxes-/INF14196.html

[Quickgun_murugan]

On ‎12‎/‎6‎/‎2016 at 10:24 AM, Kalam_Youtheman said:

desi gaaalu based on your return fee charge chesthaaadu..adhento they dont have standard rates...... if neeku 1k return vasthundhi ante 50 theesukuntaadu adhe 5k vasthundhi ante 250 antaaadu fee.. lafoot na dafoot gaaalu

true.. lafoot nayallu.. and irs audit padithe aadiki em sambandham ledantadu..

[Merabharathmahan]

W-4 lo allowances 2 pettocha husband dantlone and spouse job lo "0" petti? 

married joint filing. wife just part time $8/hr job (60 hours per month) chesthe wife w-4 lo allowances 0 petti husband W-4 lo allowances 2 pettocha? Husband is in IT so pay ekkuvaga husband dantlo vastadi so monthly tax withholds ekkuva cut kakunda undataniki 2 allowances petti then wife di elago chinna pay check so andulo Zero allowances pedthe ok na? i know end of the year they sum up all earnings of both and also how much taxes we paid and owe right? 

W-4 lo second page fill cheyala both working kada so second page lo second dantlo evo unnay?