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Isn't the standard deduction much more than $2K? nm

Posted By: MT on 2006-01-29
In Reply to: Yes, you need to plan for it - sm - Laure E.


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Your standard deduction -
Do you have other things to count such as mortgage interest, etc? If you don't, then yes, your standard deduction would be the better deal.

I just finished a personal income tax preparation class in my accounting program in college. I always thought I was doing something with those deductions too until I took this class. Went back and looked at my old returns and lo and behold, always just took the standard deduction.

Personally, I am just upset that I took so much time keeping up with all those receipts and so forth!!!
Pay deduction with DQS
Well, when I started DQS, I was told by the regional manager I would increase my pay with this program so they were cutting everyone's pay who was transitioning to DQS because of that..So my pay was cut three quarters of a cent per line.  I agreed, thinking this was happening to everyone.  Well, MQ tried this for a while until a few brave souls quit and others threatened to quit due to the reduction in pay.  Now, mind you, I have not had a raise since 1998 and yet they chose to decrease my pay.  Even though they have stopped this decision of decreasing pay of people transitioning to DQS, I remain at the deducted pay rate.  Do you think I have an argument to try to get my pay rate back? 
25% deduction
So, I'm not real clear, are you saying you are a statutory status worker and thus federal is deducted which is what ?? 25% and is withheld.  If you were and IC independent contractor, nothing is withheld and you send in the taxes on your own. . Employee and statutory have all or some taxes taken out.
Another Deduction (sorry)
So sorry, I forgot one of the most important deductions, your IRA or SEP IRA,your accountant will know which is best -- this was something my accountant insisted I do years ago; now they are worth "plenty" and I am so grateful to him for insisting I do this. It's all deductible and a wonderful way to save for your retirement.
Get a tax guy, his fee is deduction. FYI, if you
Deduction is 100%, not 50.
100% deduction for me too as IC.
about deduction from mortage
You seem to know quite a bit about this. I have rented in the past and so always deducted proportionally off my rent. I was under the impression there were some not so favorable consequences about deducting off home mortgage, which would be my situation this year, something about having to ante up somehow after you sell the house for the deductions you claimed, depreciating, etc. Can you clarify this any for me or refer me to a site that would explain this in "simple" :-) terms that I could understand? Not sure what I should do this year!!
Office deduction
I can use the money now more than I expect to need it later, as property values continue to go up.  Also, after so many years of NOT claiming office deduction, isn't that penalty withdrawn?
I think you just don't take the deduction for it the year before...ask your CPA
the SEP IRA is a huge deduction...
but I can't say that I've seen people frequently posting they take $10K in deductions. That also means they spent $10K. You may be imagining that. Maybe do an archive search and then try to repost and contact them?  As has been frequently said on this post, the only difference between IC and SE is an IC pays another 7.5% self employment tax but then takes deductions. Don't see how that adds up to 10 grand.
Deduction in pay for errors....
I was just offered a job at a measly 8 cpl after I took this ridiculously long and time consuming test.  I get an email with FAQ and there is a whole section about how much they are going to deduct from your pay for errors.  Someone over there has a screw loose.  I wish I had not wasted my time.  I already have one account that I make about 12 cpl, but I just lost one due to outsourcing, where I started at 9 cpl.  I love my first account, but I always like to have 2 just for backup.  I so far have been offered 7-1/2 cpl, 7 cpl and 8 cpl.  I turned them all down.  These people are crazy!  If you want a good transcriptionist, PAY FOR IT!!!!
HomeOffice Deduction
Can I deduct my home office if I live with a roommate and am not on the lease?  I have a room that is used solely for my office. 
Sorry, but no 'blanket' 100% deduction

  First, forget about a catastrophic illness - if you have a gallbladder or appendix, you can lose your home, right down to just keeping the shirt on your back. I know this for a fact because it happened to me.

 Secondly,  I fell into the insurance premiums are 100% covered trap personally (2006/2007).    When my accountant actually did my taxes and explained the formula used for determining how much of insurance premiums (and out-of-pocket expenses) are figured, my deduction ended up less than 50% of my oop amount.  I was disbelieving and demanded my accountant prove this, so they called the IRS and believe me, they proved it.  If someone tells you, without reviewing the details of your estimated premium/OOP yearly costs and estimated yearly earnings, that your premiums will be automatically 100% deductible, they do not know what they are talking about.  My point is not to be argumentative, it is to remind you that guessing without expert advice about your personal situation can be very costly.  Learn from those of us who have paid dearly for poor judgement and bad advice.

Can you take home office deduction if you are sm

an employee and how would one guestimate if they would qualify? Looking into this option this year.

Home office deduction
No, but unreimbursed work-related expenses may be deduced on Schedule A.
nix the home office deduction
If you plan on selling your house later on. The deductions you claimed in previous years will be lost when you try to sell. So, if you were planning on selling for $150,000, but you claimed $500 a year in home-office deductions, per year, over ten years, that's $5000 you'll lose out at the end.
Rephrase Deduction Question
I am considered an at-home employee.  Not an IC or statutory.  I have no itemized expenses to carry forward on the 1040.   I take the standard deduction because don't have enough to itemize.  My CPA says because of that, I cannot deduct my MT expenses.  It does not seem quite fair.  Has anybody else had this problem?
get an accountant -- you can take off their fee as a tax deduction and to me, it's worth it to ma
sure my taxes go in quarterly and correctly so that I don't get slammed at the end of the year!
Home Office Deduction
I rent my apartment. I have a home office, which is a room used soley for the purpose of an office, which is the restriction, cannot be part of living room, etc. I deduct portion of rent, all supplies, telephone, cell phone, electric, gas, and oil heat. I don't think your name has to be on the lease, just that you live there and use that room solely as an office. Also, if you travel to and from your job you can deduct mileage, oh and internet connection, which I use mainly for work. Hope that helps you.
Tax guy fee is deduction as is insurance cost if
Home Office Deduction
I have 2 jobs, one as an employee and one as an IC. I was living in a house with a separate room for an office. I have now moved to an apartment. Will I still be able to deduct some portion of my rent and utilities if I don't have a separate office? I would still be able to deduct office supplies and a percentage of internet and cell phone charges, correct? Thanks in advance for your advice.
Another problem with home office deduction
It has to be exclusive use, so you can't take it if you use the area for other activities than strictly work. Also, I did the depreciation thing with my home and it can come back to bite you if you sell the house and make a profit. 
You need to talk to accountant. His fee is tax deduction, you will want several dedections each
Acct fee is a tax deduction. Find a good one.
yepper - automatic deduction from invoice
and was not told about it before the fact - just that the account was switching over - was sent the e-mail about "rental" after the fact - then when the foot pedal broke they wanted to charge me for the replacement. Hello? It's a RENTAL??? I still work there but am branching out. It is not the norm.
You don't have to but I take morgage, etc deduction. Need the help now raising family. Plan on
I do not agree with deduction for errors, don't do it and don't understand why other MTSO do i

can you take part of the water bill under the home office deduction? (nm)
don't need to depreciate computers anymore. take the deduction in the year purchased
There is no standard and most of us are not
privy to that information. 
There is no standard.
It will depend on how much experience you have and how well you are doing with the work. My first company kept me on QA for 6 weeks, although they typically kept new MTs on QA for the first 12. My second company kept me on QA for 2 days, and for my current company I sent 3 reports through QA and then was released.
Definitely not the standard. I would not
work anywhere where I had to pay to use their software. Keep looking, there are good jobs out there.
the pay seemed standard
BUT good luck getting on. I was hired, given a start date, and 3 weeks later finally quit because I had 3 different people asking for the exact same paperwork that had been sent. 
Me too. It's always been the standard for a
reason, because it makes it easier to read. It's a crock & I don't plan to quit putting 2 spaces after a period.
Unfortunately, this is the standard.

If 4 cpl is the VR rate, then you are getting paid, but if they had stated a certain number of hours or days for training pay, then you should receive that amount specified as training pay.  If they simply said you're paid for training, that could very well mean that you will be paid your training rate for your 1.5 hours of training.  What company is it?

these tests are standard for this age and despite what sm
poster below said; they are usually done with routine pap smears and sometimes no mention is ever made from doc about what they are doing. fight ins company.
That's kind of standard, isn't it? I mean (SM)
every hospital and every MT company I've ever worked for, to be a full-time employee you had to account for 40 hours a week, either by working it, or taking PTO, unless you were covered under FMLA.

I think sometimes we expect even more flexibility working from home and forget the fact that working from home IS flexibility -- not having to go into the office, being in the comfort of our home (if we want our children or family around us, that is our option--not so in an office), etc.

The 40-hour expectation is very standard, in my experience. You have PTO to use for when you cannot make up your absence. My guess is they will offer more PTO with this new plan coming up.

Try not to panic or be upset. No one knows what the new plan will be. We will each have to decide if the new plan is what we need or not. If it isn't, thank goodness there are other companies to work for out there.

Please try to relax.
Wow. That's quite contrary to the standard.
Usually, 32 hours is part-time and 37 starts full-time.

You've been quite fortunate!

I HAVE to get to work now. I don't wanna. LOL I'd rather stay and play! LOL

I think the standard now is use numbers (6)
I only took the standard deductions
and it still happened to me. What I couldn't understand was that I was supposed to be in a less likely audit bracket because that year I was an employee, an IC and an SE. (they were trying to see if I met employee status on my SE account).
Double standard
So we expect MDs to always have their complete attention on every word out of their mouths, which would be nice, but some of them put in 70 or more hours a week at the office/hospital, and have mountains of dictation to complete each week. But we expect them to never make a misspeak, even though on these boards we have a heart attack if one poster points out another poster's spelling or grammar error. Never mind that we are supposed to be better at English than the MDs, but we don't have to use our skills in writing posts (which is MUCH easier to do well than never making a misspeak), even if the post has to do with getting a job. That's quite a double standard, if you ask me.
What is the industry standard...sm
Tried to post this on Wednesday, will try again...I need to know what is the industry standard conversion for minutes dictated to minutes typed?  Not how much do you do - but what is average for one hour dictation - how many hours typed.  Bosses think we're taking too long but we do not get automatic demographics and need to look on log sheets (if they arrive and if they're correct) for everything from patient name to referring doctors, addresses, patient #'s, etc. So I need to give him an "average" number of hours dictated equal "X" amount of hours typed taking into consideration the lack of information, the searching we must do and the various typing speeds.  I'm not going to "judge" anyone's advice  - just need some input from those that have been there.  Thanks for sharing.
AAMT is only the standard on
That account would be the one I type online.  The other accounts, that are much more profitable than the typing I do online could give a rat's crap whether I'm certified.  They think I'm great, and they pay me for it.  No QA (don't need it), and my TAT is great.  I'm very reliable, accountable, and have a lot of social grace.  Not a machine here....  typing out those lines for the almight online MTSO's.  Just type for one, and thank goodness they are fair, and I don't feel like I'm "doin' time".  I get raises, and they don't hassle me all day through IM or nitpicky QA issues.  Spent 1-3 days in QA when I first started, and now whatever they give me, I type, and do not require QA.  
There is a standard scale!
I know this is an old post, but I just ran across it.  There absolutely is a standard scale.  The AAMT website has it under an article titled Metrics for Measuring Quality in Medical Transcription (2005).  I wish I could give you the exact page, but I only have the .pdf of that article - but it was only downloaded last week, so it'll still be there. 
That's not a standard description, so
you can only be sure by asking the person who used it.
Industry Standard for VR Pay?
What is the industry standard for VR pay? Specifically for someone just starting out.
Agreed, standard set, so
who would that be? When can we start? Who wants to help? What about a committe appointed and administered through a university with Merriam-Webster, Stedmans, NIH, etc. on the committee. I once met the man (on the phone) who started Sno-Med. Wish I could find his phone number. Maybe he could help us all. All this middle-man stuff and uncertainty has to stop. Thanks for your post.
yea but it is industry standard!
and also as i put in my email to my doc... the templates and macros BENEFIT YOU!
The old standard used to be three times the sm
length of the dictation is the typing time so 30 minutes would be 90 minutes. I'm not sure with Expander programs on one end and then horrible ESL and sometimes horrible audio - what the "standard" is now - I definitely struggle with it though :)
What is the difference between PRO and Standard?