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sandmanadream

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If I am investing money in the company but not getting a return then first can it not be claimed on a schedule D as a bad debt which allows me to write off $3000 per year reducing my adjusted gross income therefore reducing my tax liability ? Secondly If I am investing in stock and not getting a return then shouldn't I get a form for capital gains & losses? Thirdly If this money is now going into a 401k then why doesn't my W2 reflect the fact that I am putting money into a retirement fund which will also give me a credit which will reduce my tax liability ? Has anyone checked into this? My account asked these questions today,She said there is a reason why YRC changed the way the they show the 15 percent on our paychecks. If so where is the Tax lawyers for the Union who we pay to protect us?
 
Oh boy................ KK, Trip. Either one of you want to respond to this insightful quire? I'm sure EVERYONE would be curious about this. :duh::hilarious::hilarious::hilarious:
 
sandmanadream said:
If I am investing money in the company but not getting a return then first can it not be claimed on a schedule D as a bad debt which allows me to write off $3000 per year reducing my adjusted gross income therefore reducing my tax liability ? Secondly If I am investing in stock and not getting a return then shouldn't I get a form for capital gains & losses? Thirdly If this money is now going into a 401k then why doesn't my W2 reflect the fact that I am putting money into a retirement fund which will also give me a credit which will reduce my tax liability ? Has anyone checked into this? My account asked these questions today,She said there is a reason why YRC changed the way the they show the 15 percent on our paychecks. If so where is the Tax lawyers for the Union who we pay to protect us?
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Bad debt = bad decision.
 
albag said:
Oh boy................ KK, Trip. Either one of you want to respond to this insightful quire? I'm sure EVERYONE would be curious about this. :duh::hilarious::hilarious::hilarious:
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Actually Bag, I think our staff banker in the Caymans could field this inquiry with a professional, and unbiased response!!!!!! How about it EL?????
 
sandmanadream said:
If I am investing money in the company but not getting a return then first can it not be claimed on a schedule D as a bad debt which allows me to write off $3000 per year reducing my adjusted gross income therefore reducing my tax liability ? Secondly If I am investing in stock and not getting a return then shouldn't I get a form for capital gains & losses? Thirdly If this money is now going into a 401k then why doesn't my W2 reflect the fact that I am putting money into a retirement fund which will also give me a credit which will reduce my tax liability ? Has anyone checked into this? My account asked these questions today,She said there is a reason why YRC changed the way the they show the 15 percent on our paychecks. If so where is the Tax lawyers for the Union who we pay to protect us?
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All you have to do is prove you 'invested' money in the company.

Show a transaction that occurred verifying your 'investment' in the company.

When you have that proof of transaction and a receipt thereof, you must then show another transaction to recover said 'investment,' and show that you received less in return than your initial 'investment.'

This is proof of your 'loss.'

If you can show that your 'investment' returned you less than your initial outlay, then you can claim a 'loss.'

If you cannot prove that your 'investment' provided no return, then you cannot file for a 'loss.'

Your 'investment' did provide you with a gross income that you would not have received had you not 'invested' in the company.

In actuality, you should probably pay capital gains tax as well as income tax because your investment provided you with a significant return.... a salary.

After you completely digest all of the above, we will address the 401-k contributions made on your behalf.
 
sandmanadream said:
If I am investing money in the company but not getting a return then first can it not be claimed on a schedule D as a bad debt which allows me to write off $3000 per year reducing my adjusted gross income therefore reducing my tax liability ? Secondly If I am investing in stock and not getting a return then shouldn't I get a form for capital gains & losses? Thirdly If this money is now going into a 401k then why doesn't my W2 reflect the fact that I am putting money into a retirement fund which will also give me a credit which will reduce my tax liability ? Has anyone checked into this? My account asked these questions today,She said there is a reason why YRC changed the way the they show the 15 percent on our paychecks. If so where is the Tax lawyers for the Union who we pay to protect us?
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In addition to what Elwood has so eloquently stated, here is my 2 cents.

1) You did not "invest" any funds in the company by way of the 15% wage reduction. You took a pay cut, period. How many more times does this have to be explained?

2) Your adjusted gross income is based on the amount shown on your W-2 which is exactly what you were paid, i.e. the lowered pay rate, not some imaginary number.

3) Whether you invest in stocks or any other asset, you actually have to have a cost basis for that asset and then sell the asset in order to have a capital gain or loss.

4) You are not diverting any money from your wages into a 401-K which is why there is no deduction from wages shown on your W-2 for a 401-K contribution.

I think your accountant needs to go back to school for a refresher course.
 
Elwood said:
All you have to do is prove you 'invested' money in the company.

Show a transaction that occurred verifying your 'investment' in the company.

When you have that proof of transaction and a receipt thereof, you must then show another transaction to recover said 'investment,' and show that you received less in return than your initial 'investment.'

This is proof of your 'loss.'

If you can show that your 'investment' returned you less than your initial outlay, then you can claim a 'loss.'

If you cannot prove that your 'investment' provided no return, then you cannot file for a 'loss.'

Your 'investment' did provide you with a gross income that you would not have received had you not 'invested' in the company.

In actuality, you should probably pay capital gains tax as well as income tax because your investment provided you with a significant return.... a salary.

After you completely digest all of the above, we will address the 401-k contributions made on your behalf.
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Can he file an amended return based on the possibility of an impending loss?????
 
BIG R GUY said:
Can he file an amended return based on the possibility of an impending loss?????
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Anyone can file an amended return any time they care to. Whether or not is does any good (or even gets you into trouble with the IRS) depends on how valid your numbers are.

Actually I'm preparing to file an amended return myself. My parents were supposed to be much more wealthy than they turned out to be. I actually insisted on that before I was born. Therefore I'm filing an amended return to claim a deduction for the amount of money I didn't inherit that I was supposed to inherit according to my pre-birth instructions.
 
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mysticobra said:
Wow.
Regarding the 15%.
As bad as I am with numbers I know this was pay cut period.
Can't do anything whatsoever about it so everyone needs to lay it to rest. No taxes... No returns.. No nothin.
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Didn't I say a long time back that this issue will never die? If I were only as good picking stocks! :smile new:
 
Yes , there is a Reason they stopped putting the -15% on our checks , and thinking so when the next contract comes up in the year 2525 !!! cause they will just keep extending this one till then ,they will say look at your pay stub you are at full pay ????
 
wongway said:
Yes , there is a Reason they stopped putting the -15% on our checks , and thinking so when the next contract comes up in the year 2525 !!! cause they will just keep extending this one till then ,they will say look at your pay stub you are at full pay ????
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Unfortunately they would be correct . You are at full pay of the negotiated rate.
 
sandmanadream said:
If I am investing money in the company but not getting a return then first can it not be claimed on a schedule D as a bad debt which allows me to write off $3000 per year reducing my adjusted gross income therefore reducing my tax liability ? Secondly If I am investing in stock and not getting a return then shouldn't I get a form for capital gains & losses? Thirdly If this money is now going into a 401k then why doesn't my W2 reflect the fact that I am putting money into a retirement fund which will also give me a credit which will reduce my tax liability ? Has anyone checked into this? My account asked these questions today,She said there is a reason why YRC changed the way the they show the 15 percent on our paychecks. If so where is the Tax lawyers for the Union who we pay to protect us?
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this is a joke question right lol
 
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