Relocation, et al

[ehowton]

I was offered a chuck of money as a relocation expense. Though I've moved with the company a couple of times before, I've never used the official, "Relocation Department" which does, I admit, have its perks.

Unfortunately, it also has its shortfalls.

Did you know Relocation Reimbursement is taxable income? I didn't. Until last night. I budgeted on the amount I was offered, not knowing that nearly a third of it would be taken in taxes. That's ONE-THIRD of what I spent I won't be getting back.

I need this right now like I need a hole in the head.

I'm going to have to use a CPA this year. I need to get my State Income Tax back from Missouri, get back what wasn't reimbursed through relo along with what I didn't get covered due to it being taxed, the house I sold, the house I bought...what a nightmare. I'm not going to do this again. I'm done gallivanting all over the world.

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I've been working on setting up my Solaris workstation at work for the past...I dunno, month? Its slow going because work keeps getting in the way. Its an aging Ultra-10 (read, IDE-bus) that I've put two 60GB ATA drives in and mirrored them. I put Solaris 10 on it and blastwave to gnu it up. I slapped a Raptor GFX framebuffer in it, doubled the RAM to 1024MB and installed a DVD-ROM (can't remember if I've mentioned any of this before) and replaced its 333MHz CPU with a 440MHz. I'm still not finished with it.

On the home office front, my beloved 68" Sun rack has lost one of its door panels (it had four). To fix the issue, a buddy at work removed a swing-door (which is nothing more than four panels held together by a frame, two cross-members and 64 screws) and the hardware from an Enterprise-6500 rack and gave it to me. Unfortunately, the 68" rack differs from the E-6500 rack insofar as the mounting brackets are on the right, rather than the left of the rack. This has caused me to re-engineer the door. First, I removed all 64 screws, reversed the frame, and reattached. Unfortunately, the 68" rack wasn't designed to accept the hinges. I mean, the size is the same, but not the holes. Still, I think I can get it to work with a little more effort. Awaiting my tools which are in the last P.O.D.S. which arrives today between 1400-1700.

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I'd also like to introduce to you texas_tangent; A neighbor who's just signed up with livejournal. I hope you'll give her the warm welcome I know you are all capable of.

Comments

[wardlejew.livejournal.com]

Did you know Relocation Reimbursement is taxable income? I didn't. Until last night. I budgeted on the amount I was offered, not knowing that nearly a third of it would be taken in taxes.

Yes I did, But income is income, which isn't bad unless 1. they take it from your normal paycheck(so it really isn't additional income, 2. it pushes you into a higher tax bracket, 3. you are maxing your dependents now so the Gov. doesn't keep your money interest free, but now you have more income so you have to pay taxes.

I need this right now like I need a hole in the head.

You do need holes in your head. 2 to hear, 2 to see, 2 to smell, and 1 to eat. Some of those serve the purpose of breathing too.

I love accounting and taxes!

[celtmanx.livejournal.com]

Though you are taxed on the relocation allotment given to you by your company, because you relocated for a new job your relocation expenses are tax deductible. Also SAVE all your receipts that show sales tax on them from the state of Texas( I first wrote state of Taxes, funny huh) and I mean every one even if it's only $.50 because it all adds up. You can know take your sales taxes off your federal income tax because it is considered a state income tax.

[irulan-amy.livejournal.com]

1/3 of it?! Holy schnikes Batman. :(

The rest of the computer stuff is pretty much Greek-like to me, but hopefully you can fix the door properly.

Have a fan-frakking-tastic Labor Day weekend!


Oh yeah, that reminds me - when does season 3 of BSG come out? Hmmm...

[prog-guy69.livejournal.com]

Some relo expenses are taxable and some are not. Some companies will "gross up" the expense so that they cover the taxes and you get exactly what came out of your pocket. I hear about this stuff all the time in the payroll department. It is not something that I have done in the past, but we are all taking a payroll course and I'm sure relo expenses will be covered.

Prior to working for Accor, the only thing I really knew about how to figure taxes, was to look in the IRS circular E. I've learned a lot on the job the past 6+ years, but there is a hell-of-a-lot I have yet to learn.

And to think, I was supposed to try to get my CPP (that's Certified Payroll Professional) certificate by the end of 2008. I'm thinking that's a no.

[bsdcat.livejournal.com]

I have an old Ultra 10 at home not doing much anymore (too little time to play with all my Sparc hardware): it has a SCSI controller and a few SCSI drives in it, as well as 1GB RAM (I'm not sure what configuration). If any of that would help (the IDE on Ultra 10s is pretty horrible), let me know.

[galinda822.livejournal.com]

I'm not going to do this again. I'm done gallivanting all over the world.
Now that's a wonderful idea! One, I'm sure, your family will be happy with - let's hope you are! :)


Welcome to Live Journal texas_tangent!

[schpydurx.livejournal.com]

a third of it would be taken in taxes.
Taxes, like prescription drug programs, are nothing more then legalized theft.

I need this right now like I need a hole in the head.
A lobotomy would do you a world of good.

I'm not going to do this again. I'm done gallivanting all over the world.
Lying bastard. We'll likely read a story on your blog within two years about how you're moving to someplace else. I'll stick around to say "See, I told you so."

my Solaris workstation
I'll come pick mine up one of these days just as soon as I get a few dollars ahead in the world.

Still, I think I can get it to work with a little more effort.
The windmills are attacking!!!

I'd also like to introduce to you texas_tangent a neighbor who's just signed up with livejournal. I hope you'll give her the warm welcome I know you are all capable of.
So this isn't the psycho bitch?