How to record a federal and state overpayment of taxes in 2013 when that overpayment was applied to 2014 taxes. [more inside]
We have way too many filing cabinets taking up space in the home office and we'd like to digitize most of the contents and then shred the original physical items. I've read this document for retention best practices but it doesn't mention anything about digitizing. We're talking receipts, medical records, financial statements, etc. All sorts of goodies. In my mind, worst case scenario is we have to print out any records before submitting them but I could be totally wrong... Thanks!
I have a taxes and graduate school-related question for you all! Obviously, you are not my tax advisor, but can you shed some light on a very strange situation and suggest whether or not it's worth seeking professional help? [more inside]
My official residency last year was in GA with my mother, but I paid for my fiance's food, rent, and all living cost throughout the year. She is a resident of AL and the all utilities plus her apartment lease is in her name even though I paid for everything. [more inside]
Can a person who owes past federal taxes and has set up a payment plan with the IRS make voluntary contributions to her employer's retirement plan, provided she continues to make the payments to the IRS as agreed? [more inside]
California has a law permitting nonprofit unincorporated associations to enjoy many of the benefits of incorporation without actually incorporating. I am a member of such a nonprofit association. We are now applying for EIN for banking purposes, and I have some questions. [more inside]
I know that if you plan well with accountants, you can reduce your tax profile. At what income bracket do you actually get enough advantage from doing this and finding all the weird corner hidden deductions to well cover the expense of hiring the accountant in the first place? [more inside]
My ex-husband says we were audited and I owe half the tax bill!? Is that possible? [more inside]
I was unemployed for most of last year and began working as an independent contractor (no taxes paid up front) later in the year. I was not on any assistance. I was also medically uninsured the whole year and heard you have to pay a fee for every month you were unemployed. With this info, is there any way to estimate what my tax return will look like - whether I will get a refund or have to pay up - just so I can know what to expect?
I'll be changing my name very soon. Problem: My employer will also file my W-2 soon. I don't want mismatched documents to make SSA or IRS send a no-match letter. It'd inconvenience us both, and since this is due to a gender transition, it would also accidentally out me. Is there some time early next year when all the W-2 forms will be processed, and I can tell the SSA of my name change, then my employer, without triggering a no-match? Or is my best option to tell everyone ASAP and hope for the best?
At my company, I have a Roth 401(k) (post-tax dollars). The plan also allows "after-tax" contributions as well. (ie beyond the 401(k) limits). What's the name for those after-tax contributions, or what are they classified as, especially when rolling over or taking disbursements ? [more inside]
My parents called in a panic about what sounds like a scammy voicemail message on their land line. Problem is I just can't figure out the angle. [more inside]
What's the worst that will happen to me if I use my HSA card for a non-medical bill? Or a few. [more inside]
I am writing this on behalf of my almost-ex-husband. He has owed between $80,000 and $100,000 to the IRS since 2003 and has done almost nothing about it. More details inside. [more inside]
Regarding the gift tax, the IRS indicates that a gift does not count against the annual exclusion ($14,000), and is not taxable against the giver, if it is gifted towards a tuition payment. Would this also be the case if it was gifted to pay a student loan for someone directly to their lending institution?
I e-filed my tax returns by the due date but couldn't pay them because I didn't have the money yet. Now I have the money, but am running into the bizarrely antiquated IRS payment system. [more inside]
I donated four large bags of clothes to a Goodwill. They gave me a general signed receipt that confirms I donated something, but it is not itemized or contain a value on it. Should I just estimate this value when doing my taxes next year? Or will that be problematic? [more inside]
After filing my US taxes for 2013 on time, I've decided to bite the bullet and file my delinquent 2008 tax return. I am disorganized and no longer have any of my paperwork. I got a Wage and Income Transcript from the IRS site, which has all the info I need. Do I just file this transcript with my return in lieu of W-2s and 1099s? [more inside]
I owe the IRS a not-insignificant chunk of change. Is there some way I could benefit from this? [more inside]
In the USA, are we required by the IRS to distribute funds raised for a non-profit's group trip equally among all participants? [more inside]
Theoretically, say you are a small business/non-profit and you mailed off ~150 1099 forms to the IRS last week (deadline was 2/28). Say you came into work this morning and the 1096 summary form that is supposed to accompany the 1099s was found to have fallen out of the envelope and onto the floor before sealing. How would one go about resolving this?
There were a few years when I did not pay state or federal taxes. I'm not sure exactly which years, but probably 2001-04 is the window of time I'm looking at. I put it off until the last minute, then got overwhelmed by the paperwork and the forms and just gave up. I didn't make much money any of those years. I'm not even sure I owed taxes - in most cases I probably was due for a (tiny) refund. For the past several years I have worked on becoming more financially responsible and have regularly paid my taxes on time. I tend to forget about those years but when I do think about them I'm concerned. I'm just not sure what steps to take to resolve this. I'm not even sure which years I did not file. [more inside]
I need help understanding taxes. I have a very standard tax situation, with two W2s as a result of a mid-year job change. I left Job A three weeks into January 2013 and started Job B two weeks afterwards. I entered my info into TurboTax. Job B: ~$800 refund. Job A: ~-$800 refund. Now I'm back at 0. I'm confused and disappointed, and apparently I don't have any ideas how taxes work. [more inside]
Can a freelance / self-employed person (filing Schedule C) deduct from her taxes the cost of business travel (airfare, lodging) that she was later reimbursed for? [more inside]
Main details inside.. but the title pretty much says it. IRS and potential repo men involved. [more inside]
My mother receives spousal support from a divorce, but it was as a separate contract between her and her ex-husband, not included in the divorce order. She's been having sobbing fits, unsure if she owes the government taxes this year. [more inside]
Can anyone recommend a good 'affordable' accountant that could reach out to the IRS and get the straight scoop on an IRS mishap (on my part mostly) from 2007-2008? Would like to get this straightened out as soon as possible. [more inside]
What is the logic behind the financial penalties that individuals in the U.S. could face if they don't purchase health insurance?
What are the potential consequences or complications of paying off your student loans all at once, "in cash"? [more inside]
A friend in Mexico does some consulting for a US company. He has an account in a US bank, where he receives payment for that work. The bank just sent him a W-8BEN form and we are not sure how to fill it. [more inside]
I estimated and sent money I thought I owed in taxes to the IRS when I filed for an extension on my 2012 taxes. I finally just did my taxes and I actually got a refund instead. How do I get the money I sent the IRS in April back now? [more inside]
I am wondering if there is a single place I can find either one or all of these things.
I recently moved from the U.S. to Melbourne, Australia, and I have some questions regarding taxes and accountants. [more inside]
What's the next step? The person doing the books, preparing the taxes and processing payroll for my friends small business has disappeared, taking all of the physical records with him. This person had teamed up with some other financial services people (insurance, investments, etc.), and they were all offering their services out of the same office. The bookkeeper has left that arrangement, taking all of his clients' physical records with him. He is neither answering his phone nor returning phone calls. The IRS has requested information from my friend and the employees still need their weekly paychecks. [more inside]
I have made 20k in Roth IRA direct contributions over the past few years. That investment is now worth 25k with interest earned. I wish to withdraw 5-10k from this account. Will that withdrawal be tax and penalty free? [more inside]
My partner has not worked at all in 2012. He did not work much in 2011. (He had some income in January.) We are not married or civilly unioned or anything “official.” However, for the last two years, he has qualified as my dependent and I have filed accordingly. Last year, this felt tricky because we were concerned about where the income cut-off was, and he filed as usual, but reporting himself as my dependent. This year did not feel tricky at all because he had no income at all (no employment, unemployment, no disability, nothing), so as soon as I got my W-2, I filed and got my refund and put it out of my mind. Until this morning as we headed out the door to work/doctor's appointment, when he asked “wait, when you did your taxes while I was in the hospital, did you file mine?” Oops. [more inside]
So I am paying my California taxes using CalFile (their free online filing website at webapp.ftp.ca.gov). I get a few questions in, and then I get to the "Payments" section, with these 4 questions that make no sense to me. [more inside]
I am an independent contractor. I did not pay taxes for 2011. I cannot afford to pay my taxes for 2012. I am scared. [more inside]
I am trying to fill out our first 1065 on Turbotax. We formed as an LLC with the State. The IRS doesn't have a designation for LLC, and considers us a Partnership. Turbotax is asking for each member of the LLC whether we are Limited Partners or General Partners. On the operation agreement, we are member, and actively run the business together. We did not specify a member-manager. On Turbotax, it is asking whether we are General or Limited partners and I am wondering which one I should select. [more inside]
Do the confirmation e-mails for e-filing federal tax returns with Free File Fillable Forms contain sensitive information? [more inside]
I am taking a new position where I am paid a non-taxable income/stipent. Essentially my position is funded through a grant. I am not a student, this is a full-time and temporary. I am afraid when I go to file my taxes next year something might come up where I do have to pay taxes. I guess I don't fully trust the government in not wanting to place their sticky hands on my money! Is there anything I should be aware of? Should I file my taxes a certain way?
I serve tables at a restaurant (California), and management (large corporate chain) insists we declare 18% tips on sales (whatever the outcome of the night) or face reprimand... [more inside]
I did not file US taxes in 2011 because I thought I didn't owe. I just got a letter saying I did need to file, so I rushed around to do this and now I have filed. Unfortunately, I just found a document that I should have included - a K1 form. My deadline for filing is February 27; it will be virtually impossible to refile by then. I can easily get this refiled in a couple of weeks though. What should I do?
Is a day by day mileage log an excessive amount of info to keep? Or does the IRS really want to know that much about where we drive? [more inside]
Question about 2011 US federal tax deductions and married filing status: Trying to fix a problem with my tax return; please help! [more inside]
I'm currently a contractor for a U.S. based website which has just changed owners. The new owners now require all contractors to send updated IRS forms 8233 and W-8BEN. I'm a Filipino citizen residing in Manila. I do not have an ITIN - this was never required of us before. The new requirements presuppose that I have an existing ITIN. [more inside]
According to Wikipedia the IRS has 106,000 employees. How many of them have access to Mitt Romney's tax returns? And the real question: why haven't they been leaked? Are there protections in place to not have just anyone access anyone else's tax return anonymously?
Just started as an independent contractor - and I just got married. Self-Employed Taxes are due in ten days! Please help me figure out what I need to know! [more inside]
IRS-is-breathing-down-someone's-neck-filter. Can selling your house for more than you estimated in an established Offer In Compromise (OIC) trigger a reassessment of the deal? Is it still the case that opening a bank account in a different state will delay levying by the IRS, because they will have to track it down? Can getting in touch with a Tax Advocate expedite processing of an OIC, or delay levying until the OIC is processed? [more inside]
I'm trying to find information about taxes and volunteer paid experimental (non-clinical) studies. I work in a lab, and one of our participants told us a week ago that if a study pays (the volunteer) over a certain amount, it gets taxed. Can anyone tell me if this is true and give me an official link? We're in Philadelphia, PA, USA. I can provide any other relevant information you need. Thanks!