That non-NYC residents pay NYC income tax?
Hopefully this isnt what the Big4 has for talent these days.
Boston’s taxing pursuit of Juan Soto
- Thread starter RedOctober3829
- Start date
Hopefully this isnt what the Big4 has for talent these days.
Seriously. It's really annoying when people talk with such certainty about a subject they clearly know nothing about.
Its where you work not where you live. I've been a tax accountant for 9 years now. Until last month when i didn't want to work the crazy hours and changed firms, i worked on a lot of these returns. Trust me i agree when people who don't know tax comment on tax law.
I'm laughing at the tax discussion here. That's funny shit. Glenn is very obviously right.
@Patsfan1983 you have no idea what you're talking about.
@Patsfan1983 you have no idea what you're talking about.
Yes, but now the rest of us have to wait with bated breath to find out which of you is the annoying one.
I'm sorry i have to deal with you tiktok accountant wannabes telling people that you can deduct your dog as an security office expense. Where you live has VERY little to do where you file taxes. He works in NYC so he pays NYC tax and gets a tax credit where ever he lives.
The problem is its a non-refundable credit and people typically end up paying more taxes than they would if they just worked where they live.
Its why pro sports players have to file in EVERY state they play in on away games as well unless that state has a minimum filing threshold. Most don't.
The problem is its a non-refundable credit and people typically end up paying more taxes than they would if they just worked where they live.
Its why pro sports players have to file in EVERY state they play in on away games as well unless that state has a minimum filing threshold. Most don't.
I'm not going to respond anymore. Maybe read the law. Or google it. Or anything. What you say might be broadly correct, it is most certainly wrong for NYC income tax, which is a tax solely on residents.
Here's a link to the law... maybe even look at the heading of the chapter "City Personal Income Tax on Residents"
Edit heres the link: https://nycadmincode.readthedocs.io/t11/c17/sch01/index.html
After all the rumors I decided to consult someone that always has answers. My dog Alfonse has vast telepathetic powers. I asked him what the4 Yankees’ chances were of re-signing Soto and he said rough. I asked him about the Met’s odds and again he said rough (at least that’s what it sounded like to me). I repeated the process regarding the Blue Jays, Dodgers, and Phillies chances. Same thing. So I am completely convinced that he’s signing with the Sox.
They all are.
In fairness, teams do this all the time (i.e. clear the books to make a run at a particular free agent). And it’s not just a baseball thing.
I'll throw my masters in tax accounting in the garbage then.
New York State Department of Taxation and Finance.
Non-Resident Employees of the City of New York - Form 1127
Most New York City employees living outside of the five boroughs (hired on or after January 4, 1973) must file form NYC-1127. This form calculates the City waiver liability, which is the amount due as if the filer were a resident of NYC.
https://www.nyc.gov/site/finance/pay-now/personal-income-tax-and-non-resident-employees.page#:~:text=Non-Resident Employees of the,were a resident of NYC.
Do you pay NYC taxes if you work outside the city?
As a resident, you pay state tax (and city tax if a New York City or Yonkers resident) on all your income no matter where it is earned. As a nonresident, you only pay tax on New York source income, which includes earnings from work performed in New York State, and income from real property located in the state.Feb 14, 2023
https://ttlc.intuit.com/community/state-taxes/discussion/nonresident-new-york-state-tax/00/3292512#:~:text=New York taxes non-residents,your home state tax return.
Yes please read it/ Especially where it says non-residents who work in the city pay a lesser tax........
I understand what you’re saying. Just that in Soto (or Yamamoto lat year) case, the decision might not just be a huge bag of cash plus a $1.
At some point you can’t just add $$$ for the other team to match unless you think the player really wants to play for you. I see nothing wrong with the Sox stepping away on Yamamoto last year.
I did find it interesting you mentioned Yoshida earlier. That was a financial flex that fans want to see… that’s the target and godfather offer gets it done fast. But it’s kind of two faced if the ownership does that, it doesn’t work out and fans crucify ownership for overspending. Just last offseason, Sox fans wanted Montgomery at almost any cost just because the owners have the money. It would have shown a commitment to winning…. And would have been a disaster.
But right now the Sox have 4 high minors prospects in the top 59 rankings AND a difference maker to overspend on in Soto. We just wish Soto to want to play in Boston at slightly less than maximum market.
Come for the Soto rumors. Stay for the nuanced vagaries of tax law regarding our top tax bracket.
I bet you received that degree from Tik Tok University.
Let me know when you think the hole he's digging is deep enough.
Hey, we arent all bad, I promise! I was only correcting someone, but I guess there is no getting through so I won't pollute anymore
I, and @glennhoffmania, are both telling you from personal experience that you are wrong. Do your research outside of the thread if needed. I have lived in or around NYC my whole life and know that as soon as you leave NYC, you no longer have to pay NYC tax.
@absintheofmalaise yea, I'm done. I get it.
Nope misread this one. Pie on my face on this. Sorry, so used to non-tax professionals arguing with me. I misread the 1127 form as saying employees in the city not of the city.
I just found a masters in tax accounting in the garbage and now I have some thoughts on the subject I'd like to share...
Just when I thought I couldn’t read any more information provided by twitter bots or animal telepathy…. I get NYC tax lecture.
Bring back the unsubstantiated X rumors… please
Bring back the unsubstantiated X rumors… please
Ah! sorry, thought you were telling me to shutup about taxes which I was already about to do.
The numbers could change and the teams could too. All this could be true but it doesn’t stop the Mets or Yankees from a countermove. Stay tuned!
Also. I would not be shocked if Devers is his source. Given Gomez is the one who first broke the Devers extension news (and then every local reporter immediately denied it before actually saying my bad you (Gomez) was right.
Devers thread for reference
http://sonsofsamhorn.net/index.php?threads/red-sox-and-devers-discussing-a-7-year-deal.37842/
“No the sox flew to the DR to sing Happy Birthday to Devers. NOT to discuss an extension”.
View: https://twitter.com/YancenPujols/status/1584746229514526720
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It’s shocking to me how last place finishes three out of the last five years are acceptable to some of you. This is exactly why FSG doesn’t really invest in the team anymore. They don’t have to.
They will have their token FA offer here and there and show feigned interest in big time free agents just to make it look like they care. However at the end of the day, they will just continue to fill their coffers with your money all the while somehow convincing you there is a plan.
They will have their token FA offer here and there and show feigned interest in big time free agents just to make it look like they care. However at the end of the day, they will just continue to fill their coffers with your money all the while somehow convincing you there is a plan.
Meanwhile, I've solved the mystery of the talking dog who knows something about the Red Sox
View: https://www.youtube.com/watch?v=shbOk8ufIA8
View: https://www.youtube.com/watch?v=shbOk8ufIA8
This. A decent amount of posters will buy into whatever the fuck the Red Sox do no matter what. It’s absolutely wild to read. And it’s hard to ignore these posters because they post a lot
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The only sport where this is done a lot is basketball. It’s not a thing in baseball or football (specifically for one free agent)
So there are a lot of teams resetting the luxury tax and not spending on FAs 4 years earlier? Again, this is only done in basketball.
if you have any sort of articles or news saying that a baseball team has reset the tax and then not spent for 4 years in anticipation of a specific free agent, I would love to see it. This happens or is hinted at in basketball a lot. I have literally never seen it referenced in baseball (definitely not in football either. I don’t think it happens in hockey but I am not a huge hockey fan so I may be wrong).
One single player matters way more in basketball than any other sport. It makes sense in basketball.
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I hope that everyone agrees that Boston largely botched their rebuilding effort. But four odd years ago they were being kicked by the luxury tax for a rapidly declining team. So they made the Scottish trade, which had everything to do with a .500 team facing an endless series of luxury tax penalties due to bad economic decisions made during the Dombrowski era.
But that’s not really the question. The question is “Do teams clear payroll in advance of winters where they expect to spend big?”. They do. The Dodgers were prepared for the offseason of Ohtani. They reset the tax clock in anticipation of signing Ohtani and Yamamoto. Several teams had cleared payroll the previous season in anticipation of the Yamamoto sweepstakes last winter.
It really does happen in baseball, even with their loose cap. Because the penalties aren’t so much financial (although they are), but in terms of reduced ability to acquire developmental talent (smaller draft/international signing pool money). So everyone likes to reset in advance of a period where they’re going to be over. But the bitter reality is this, there’s a limited amount of elite talent in free agency and definitely not enough to satisfy everyones needs.
Except that Boston has spent, they just didn’t spend well. In fact, we can pretty much look at Bloom’s track record and say that he got almost all those decisions wrong. However, if you think that the Red Sox haven’t had the winter that the lifelong Sox fan hit free agency circled on their calendar since he first demonstrated the ability to wreck MLB pitching, I don’t know what to tell you.
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Its not acceptable. Why, just last week, I balled up my fists, and stomped my feet, and jumped up and down. Regrettably, though, I threw away the sternly-worded letter I spent hours composing. I was out of stamps and the line at the post office was too damn long.
This is completely different than what you said. Of course teams plan to get under the tax the year before so they can spend again on a big FA. What they don’t do is reset and stay under for FOUR years to try to wait out one particular guy.
No, it’s literally what I said. What I didn’t say was “Teams cut payroll for four years in advance of free agent signings”. The other poster put those words in my mouth.
That the Red Sox hired the wrong guy to manage their rebuild has nothing to do with the proposition that teams always try to reset the luxury tax when they anticipate being over it for an extended stretch. And they do it because they usually have particular free agents in mind. The Sox were pretty clearly targeting Yamamoto, right down to signing his teammate the prior offseason to better their odds. And I’m pretty sure they had the Soto Sweepstakes marked on their calendar since 2018. I’m not sure why any of this is controversial.
I dont think they were waiting for this particular FA. But it seems pretty clear that they were not going to back up the brinks truck until they had a team and farm worth supplementing with a brinks truck FA. Just so happens its the most brinks-truckiest FA in recent memory, given age and skill.
I think its also clear that they are unlikely to sign top dollar FA pitchers over 30 to long deals.
I’m not sure anyone actually believes they did everything they did the last few years to plan to sign Soto this year.
I would believe they’re more inclined to spend on Soto knowing they’ve got a special group of prospects about to be ready within the next few years.
I would believe they’re more inclined to spend on Soto knowing they’ve got a special group of prospects about to be ready within the next few years.
No one is saying this. No one. You’re not going to find a single quote with anyone saying that. They do not exist. So stop trying to slay that windmill. Everyone agrees that the GM Who Shall Not Be Named screwed up the rebuild and spent his money in the wrong places (with the exception of Rafi). No one’s arguing that Bloom was secretly good.
On point, just as the Giants were geared up for the Judge sweepstakes, I’m pretty sure that Boston had this winter marked on their calendar years ago. San Francisco was hoping that being a lifelong Giants fan would put them over the top. Alas, it didn’t (I would have liked rooting for Judge). Boston’s been clearly taking that same approach with Soto. Hopefully they get better results.
Yes. When Bloom got here, it was clear that it was going to be years before the farm gave them any cheap talent to help offset big spending. They didn't want to become he Angels. So the strategy became "let's field the best team we can for a few years with just one or two year FA deals, an dial it back up when the farm says we should". I actually think Bloom was ready to do this last year, but Breslow wanted a year to see what he had, and I'm glad he did give the emergence of Abreu, Houck,. Duran, etc.