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#6
10-15-2004, 12:28 AM
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 Re: NYS Tax Rates "John" <John[at]john.com> wrote: - quote - > Assuming I fall into the maximum tax brackets, what are the
The top marginal NY state individual income tax rate for> marginal tax rates for NYS and Federal taxes, both long term > capital gains and earned. I am expecting one big year. > The NYS tax is deductable from the Federal tax, but is that > in the year it was paid (ie. 2004 tax paid in 2005) or the > year it was incurred (ie. 2004 tax incurred in 2004, but > paid in 2004)? If the first, any way around it; unnecessary > estimated tax payments so the money is paid in 2004 maybe? > Unfortunately, I am only expecting one big year, so I won't > have much use for a tax deduction next year, but could sure > use it this year. 2003, 2004 and 2005 is 7.7% Katie in San Diego The foregoing is intended for educational purposes only and does not constitute legal or professional advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
10-11-2004, 03:23 AM
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| Re: NYS Tax Rates John <John[at]john.com> wrote: - quote - > > State taxes are deductible on your federal tax return when
Yes; however, if it is much larger than will be owed (so you> > PAID. If your final estimated tax payment for the state is > > due in January 2005, then pay it in December 2004 to get the > > deduction on your 2004 return. > Is it okay to make a large estimated payment in December > that is not required, to get it in 2004 rather than to pay > it with the return when it is owed? get it refunded), the IRS might not allow it as a deduction. Paying it in December instead of January (4th quarter estimated) is fine. Seth << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
10-11-2004, 03:04 AM
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| Re: NYS Tax Rates - quote - > Is it okay to make a large estimated payment in December
No. Because #1, the refund will be income for you in the> that is not required, to get it in 2004 rather than to pay > it with the return when it is owed? following year, and #2 - it can be considered "funny" and disallowed by IRS. Helen, EA in PA I DID IT! 50 miles, 3 days, 1 cause - Multiple Sclerosis Challenge Walk for the Cure October 1 to October 3, 2004 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
10-08-2004, 04:02 PM
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| Re: NYS Tax Rates - quote - > State taxes are deductible on your federal tax return when
Is it okay to make a large estimated payment in December> PAID. If your final estimated tax payment for the state is > due in January 2005, then pay it in December 2004 to get the > deduction on your 2004 return. that is not required, to get it in 2004 rather than to pay it with the return when it is owed? My 2004 will be much bigger than my 2003, so no estimated taxes were required. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
10-04-2004, 03:36 PM
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| Re: NYS Tax Rates - quote - > Assuming I fall into the maximum tax brackets, what are the
You need to pay the tax in the year you intend to take the> marginal tax rates for NYS and Federal taxes, both long term > capital gains and earned. I am expecting one big year. > The NYS tax is deductable from the Federal tax, but is that > in the year it was paid (ie. 2004 tax paid in 2005) or the > year it was incurred (ie. 2004 tax incurred in 2004, but > paid in 2004)? If the first, any way around it; unnecessary > estimated tax payments so the money is paid in 2004 maybe? > Unfortunately, I am only expecting one big year, so I won't > have much use for a tax deduction next year, but could sure > use it this year. deduction, so if 2004 is the year, send NYS an estimated tax payment near the end of December. See a tax pro to get an idea of the cost. I know NYS has the same rate for capital gains as for ordinary income (I think around 7.5% max plus city taxes if relevant), while the feds are 15% max for capital gains. It is possible that the AMT would limit the deductibility of the NYS tax in 2004, which is wy you need to check it out before you cut the check. -- Thomas E Healy, CPA, PC 1650 38th St., Ste 202W Boulder, CO 80301 Please send email to: tom[at]tomhealycpa.com, since I block all email at my newsgroup address. phone (303) 443-1804 fax (720) 489-3772 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
10-04-2004, 02:38 PM
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| Re: NYS Tax Rates "John" <John[at]john.com> wrote: - quote - > Assuming I fall into the maximum tax brackets, what are the
Google is your friend; just search for "NY state tax rates"> marginal tax rates for NYS and Federal taxes, both long term > capital gains and earned. I am expecting one big year. - quote - > The NYS tax is deductable from the Federal tax, but is that
State taxes are deductible on your federal tax return when> in the year it was paid (ie. 2004 tax paid in 2005) or the > year it was incurred (ie. 2004 tax incurred in 2004, but > paid in 2004)? If the first, any way around it; unnecessary > estimated tax payments so the money is paid in 2004 maybe? > Unfortunately, I am only expecting one big year, so I won't > have much use for a tax deduction next year, but could sure > use it this year. PAID. If your final estimated tax payment for the state is due in January 2005, then pay it in December 2004 to get the deduction on your 2004 return. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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10-04-2004, 02:38 PM
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| Re: NYS Tax Rates "John" <John[at]john.com> wrote: - quote - > Assuming I fall into the maximum tax brackets, what are the
Sorry. If you are an individual as opposed to a corp. you> marginal tax rates for NYS and Federal taxes, both long term > capital gains and earned. I am expecting one big year. > The NYS tax is deductable from the Federal tax, but is that > in the year it was paid (ie. 2004 tax paid in 2005) or the > year it was incurred (ie. 2004 tax incurred in 2004, but > paid in 2004)? If the first, any way around it; unnecessary > estimated tax payments so the money is paid in 2004 maybe? > Unfortunately, I am only expecting one big year, so I won't > have much use for a tax deduction next year, but could sure > use it this year. are on a cash basis. You deduct the expense for the year the expense is paid. Paid in 2004 deduct on 2004 - 1040. Missy Doyle << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
10-02-2004, 10:49 AM
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| NYS Tax Rates Assuming I fall into the maximum tax brackets, what are the marginal tax rates for NYS and Federal taxes, both long term capital gains and earned. I am expecting one big year. The NYS tax is deductable from the Federal tax, but is that in the year it was paid (ie. 2004 tax paid in 2005) or the year it was incurred (ie. 2004 tax incurred in 2004, but paid in 2004)? If the first, any way around it; unnecessary estimated tax payments so the money is paid in 2004 maybe? Unfortunately, I am only expecting one big year, so I won't have much use for a tax deduction next year, but could sure use it this year. Thanks. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| nys, rates, tax |
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