673 posts tagged with Tax.
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US tax Roth IRA ladder conversion/recharacterization questions

I'm looking into using a "Roth conversion ladder" to periodically convert some of my money from a traditional IRA to a Roth IRA, which I can then withdraw five years later in a tax-advantaged manner, despite being younger than the typical age to withdraw funds from IRAs. I have several questions about this. [more inside]
posted by Sock McPuppet, Jr. on May 28, 2016 - 10 answers

How does NAFTA work for a self-employed person?

I'm a Canadian citizen who is self-employed who regularly employs the services of others to produce some of the merchandise I sell. I've recently been getting items made by someone in the US, who produces the items themselves. I know that, under some circumstances, NAFTA (North American Free Trade Agreement) can make it that I don't have to pay duties when importing these items. However, I can't find specific information to explain what situations these are. Can anyone help me out? [more inside]
posted by hytrack on May 26, 2016 - 4 answers

HMRC Election to be treated as Connected

I am self employed and one of my clients has asked me to sign a letter to HMRC asking to be considered jointly connected so that they can claim R&D tax relief on what they pay me. I know you are not my tax advisor etc but can anyone tell me what the ramifications might me for me if I sign this. [more inside]
posted by missmagenta on Apr 21, 2016 - 3 answers

File nonresident taxes in PA for $0 profit across two rental properties?

Do I need to file taxes in as a nonresident in Pennsylvania? I have two small rental properties there, and they are exactly and weirdly balanced this year: +$XX and -$XX, net $0. File? [more inside]
posted by NortonDC on Apr 17, 2016 - 7 answers

What happens if you make an injured spouse claim to the IRS?

I was researching some tax questions on AskMe and learned about the "injured spouse" provision. Last tax year we had a situation where our refund was absorbed by an old outstanding tax bill my spouse incurred a decade before we were married and had forgotten about. I understand I can file as an injured spouse to recoup some of this loss that came from my withheld taxes, but my question is: what happens to the debt? Will my spouse just receive a new bill for that amount? If that's what happens we're probably best chalking it up as water under the bridge. Thanks for any help you can provide.
posted by anonymous on Apr 10, 2016 - 1 answer

How do I receive tax credits I forgot to sign up for on healthcare.gov?

Forgot to sign up for tax credits, received no money back on tax return. Is sending in an 8962 the way to get this tax credit money back? [more inside]
posted by bigspoon on Apr 4, 2016 - 0 answers

How is property tax assessed in Minneapolis, MN?

We were told that the taxes are based on the assessed value of the home, and that it didn't vary by neighborhood-- i.e. a $300k-valued home would pay the same property taxes whether it was in ritzy mc-ritzville or the wrong side of the tracks. But when we looked at property taxes, they seem to vary wildly by neighborhood. What gives? [more inside]
posted by airguitar2 on Mar 23, 2016 - 7 answers

What should my friend do if he's erroneously claimed tax credits?

UK tax filter. My artist friend has been claiming working tax credits for his art business for 35 hours a week, but has been working for less time than that. What should he do? Snowflakes inside. [more inside]
posted by Mistress on Mar 16, 2016 - 5 answers

New Zealand Salary Deductions

In the UK an employee's salary is subject to deductions – national insurance, income tax at varying brackets etc. How does this compare to New Zealand? [more inside]
posted by stackhaus23 on Mar 12, 2016 - 13 answers

Unequal property taxes in Chicago

All the owners in my 6-unit condo building pay different property tax rates. Some vary greatly (by several hundred dollars). How do I figure out if I am paying the correct (or lowest) amount I need to be paying? The building is in Chicago. The property tax situation here is messy and it is easy to be overcharged. Where do I go to figure this out? Preferably would not like to involve an attorney. [more inside]
posted by nologo on Mar 7, 2016 - 7 answers

Does a Canadian, freelancing for a UK company, file UK income taxes?

I've been offered a bit of freelance editing work by a British publisher. As a Canadian, I know I would have to declare that income when I file my Canadian income taxes. But would I also have to file income taxes with the British govt? Bonus UK tax question after the jump! [more inside]
posted by Beardman on Mar 3, 2016 - 2 answers

Refund for errors?

Given a bunch of new and confusing factors in 2015 (marriage, home buying, self-employment), we hired a tax preparer this year. She made a number of errors, ranging from typos of spelling etc to missing deductions resulting in a >$1000 difference in what we owe. My wife caught these errors right away and the preparer made the changes. (We will give this a full review before submitting, it’s possible there are more errors we haven’t found yet.) [more inside]
posted by latkes on Mar 1, 2016 - 8 answers

Really good CPA for freelancers in NYC area?

Wondering if the Hivemind has any recommendations for a CPA that has experience working with freelancers in the NYC area. I used to freelance and now have a 9-5, and I need some help dealing with the transition.
posted by eustacescrubb on Feb 22, 2016 - 3 answers

Taxes

For the past 5+ years I've owed small amounts of Federal income tax, $5-$11. Why not this year? [more inside]
posted by kittensofthenight on Feb 15, 2016 - 10 answers

Current (2016) Japanese Tax for Ex Pats

I know MeFi includes several ex-pats living and working in Japan; I'd like to know what it's like dealing with the national/prefectural/city tax agencies as an employee of a foreign company. How big of a hassle is it these days, and how big is the combined bite? [more inside]
posted by spacewrench on Feb 14, 2016 - 1 answer

I don't want to screw myself over more than I already have...

I worked as a part time nanny for the first half of this year, but I stupidly accepted being paid under the table. How do I pay taxes now? [more inside]
posted by anonymous on Feb 7, 2016 - 13 answers

Filing (very) late income taxes in QC, Canada

For pretty terrible (and irrelevant) reasons, I haven't filed my taxes in (I think) 5 years. Now I really really need to do them, but I don't know how to start and I get panicky just thinking about the insurmountable piles of paperwork, potential money owing, and even criminal charges. I'm in QC, Canada. If anyone else has dealt with late filing or voluntary disclosure in Quebec, please help! [more inside]
posted by anonymous on Feb 7, 2016 - 21 answers

What do I need to know about incorporating?

I have a part-time freelance thing that I do, in California. At what point do I need to get more formal about incorporating and such? [more inside]
posted by BlahLaLa on Jan 19, 2016 - 14 answers

Question about claiming dependents on taxes

After speaking with my stepmom and dad, they and their accountant said that I should be claiming my mom, sister and nieces as dependents. He has been their accountant for a while, but I don't know him and know whether I should trust what he says. [more inside]
posted by FireballForever on Jan 16, 2016 - 5 answers

Why did my payroll tax increase when I moved abroad?

I moved abroad and continued my employment remotely, with the support of my employer. Now my employer said they're paying more payroll taxes and it's a bit of a problem. But I don't understand why, since my residency status hasn't changed. [more inside]
posted by PercussivePaul on Dec 15, 2015 - 8 answers

Is it standard for a business to charge sales tax on a penalty fee?

I recently had to pay a heavy early termination fee from a gym membership in New Jersey of $99.99. I noticed they charged my card $106.99. When I called the gym they said that the $7.00 is for New Jersey sales tax. I was wondering if this is legal for the business (not sure if this differs by state). More specifically - is it standard for a business to charge sales tax on a penalty fee that relates to a service?
posted by adamhenson on Dec 14, 2015 - 4 answers

Help me find a CPA competent in real estate in Columbus Ohio

I own several rental properties in Columbus Ohio and I plan on expanding. My current CPA does not have much experience with real estate investors and is also slow in getting back to me when I have questions. How can I go about finding a CPA who is well versed in real estate, responds quickly to my questions? Thanks
posted by crawltopslow on Dec 5, 2015 - 1 answer

Paying IRS LLC Back Taxes, please help!

So, I'm trying to pay the filing fees online that I never got around to. The personal tax account I made, my business tax ID number is attached to as well, HOWEVER, it's not indicating that I owe anything. I looked everywhere on the site menu to see how I can pay and it says I owe nothing (I owe a lot, even with no sales). Tax man is after me and I don't know what to do, please help! I'm in NY.
posted by InterestedInKnowing on Nov 6, 2015 - 6 answers

How to return IRS statements? Not mine...

A few years ago, a friend was staying with me for an extended period of time. Although he has residency over here in the UK, he is still a US citizen and 'temporarily' used my address for bank statements etc. How do I get the IRS to stop sending his letters to my house? [more inside]
posted by joboe on Oct 11, 2015 - 6 answers

Canadian tax accountant recommendations

Past-aurynn left me in a a situation where I need to file back taxes in Canada, and I'd like professional support in order to get this sorted correctly. Wrinkle: I'm now a Canadian expat living in New Zealand. Does anyone have good recommendations for Alberta-knowledgable tax accountants, who are responsive to email, that could help me out?
posted by aurynn on Sep 21, 2015 - 1 answer

Sales Tax for Online Purchase from Co. with no physical location in VT

I just purchased some home automation items from Belkin and was surprised they charged me sales tax when they have no physical location in the state of Vermont. They won't reimburse me without proof from me that Vermont doesn't charge sales tax for such transactions. [more inside]
posted by terrapin on Sep 15, 2015 - 8 answers

Things Might Be Looking Up. Is this Deductible?

For reasons I won't get into, I stopped making my house payment in May, 2013. I never resumed. In June, 2015, I was finally able to sell my home, as the market had suddenly improved, and rapidly. This was a month ahead of the foreclosure auction. I don't know why the lender took so long, because I wasn't working with them at all. [more inside]
posted by flowergate on Sep 7, 2015 - 5 answers

Pretty - No - Really Late Taxes

How do I choose a tax attorney? [more inside]
posted by anonymous on Sep 1, 2015 - 15 answers

My lawyer is refusing to share work product

My lawyer is unwilling to email me an appeal they have written for me. They say I can review it in their office, but as policy they do not email 'work product' to clients. This is frustrating to me because I feel I can better understand the documents if I read them at home, rather than being put on the spot in a meeting. Is this normal? [more inside]
posted by anonymous on Aug 28, 2015 - 11 answers

How do taxes work for non-resident citizens?

How do (Canadian) taxes work for non-resident citizens, if they work for a short time in Canada? [more inside]
posted by vernondalhart on Aug 19, 2015 - 1 answer

Czeching out my taxes

TaxFilter: I need help with figuring out some tax stuff as an American who will working abroad, self employed. I have already read all the relevant IRS stuff so I need more than just links to Pub 54 etc. Naděje mi, prosím! [more inside]
posted by sio42 on Aug 18, 2015 - 6 answers

What would happen if businesses only paid a gross revenue tax?

If every corporation/business had to pay a fixed percentage of its gross revenue as a tax, what effects would there be on prices and the economy at large? [more inside]
posted by wackybrit on Jul 8, 2015 - 22 answers

I was wishing for a windfall, but what should befall the windfall?

The IRS made a mistake hugely in my favor. Yay! But I called them! Now what? [more inside]
posted by anonymous on Jun 25, 2015 - 42 answers

Sales tax question: Buying a Mac in Canada

I live in Seattle. If I buy a Mac in Canada, can I get the sales tax refunded? Also, does this even make sense with the exchange rate? Does Apple just raise their prices in Canada? [more inside]
posted by Cool Papa Bell on Jun 17, 2015 - 9 answers

Any tax implications when transferring money into UK if non-resident?

I am a non-resident Briton who has built up a substantial amount of savings while working abroad. This money was earned from employment in foreign countries and was taxed in those countries. Are there any tax implications if I transfer some or all of this money from my offshore bank account into my UK bank account? Is there a limit to how much I can transfer into my UK account? From what I have read so far, this answer is "no" and "no", however I am nervous about tax and would appreciate some reassurance...
posted by teselecta on Jun 15, 2015 - 3 answers

What does tax-deductible mean?

If some fees you pay are tax-deductible does that mean the gov't gives you all the money back at the end of the year? Or only a part of the money back? How can you tell how much you will get back at the end?
posted by manderin on Jun 6, 2015 - 12 answers

Sole Traders / Partnership

What are the advantages and disadvantages of setting up a partnership as opposed to sole trading? (UK Tax Filter) [more inside]
posted by sock of ages on May 16, 2015 - 3 answers

My Math/Excel Ignorance is Showing

In three cells in a single column in Microsoft Excel, I'd like to be able to input a number in the bottom cell, have the middle cell calculate what a 6% sales tax on the figure below it is, and provide the amount before that 6% tax in the top cell. Any help will be appreciated. The last math class I took was 44 years ago and I didn't pay much attention in that one.
posted by imjustsaying on May 8, 2015 - 8 answers

Setting up a fund-raising donation page for a Nepali village

In light of the recent earthquakes, I am looking for the best and easiest way to setup a page that accepts donations for a small, local, Nepali nonprofit. [more inside]
posted by blueberry on Apr 29, 2015 - 3 answers

Filing US taxes homeless

I was homeless for part of the year last year. I'm filing late (with deferral, sorry I didn't bring this up on Askmefi when it would be more pertinent) because I just now got all the proper info together. Is there anything I should know about filing US taxes for a year in which I was occasionally homeless and/or unemployed?
posted by anonymous on Apr 25, 2015 - 2 answers

Trouble understanding this Vox/Quartz chart on the IRS

I've having trouble understanding this chart, which was included in this article by Vox. It says that the US government's cost/net revenue is 0.66. Does this mean the US spends 62.5 cents for every dollar it takes in? [more inside]
posted by hermanubis on Apr 15, 2015 - 7 answers

Cosigners on foreign bank accounts: how do you handle IRS forms?

TaxFilter day continues! In 2014 my mother-in-law made my wife a cosigner on her German bank account. The account is substantial (over €100,000 but under €150,000) and, of course, we need to fill out FinCEN 114 and IRS 8398. The instructions for IRS 8398 only cover "joint" account holders in the context of marriage. How do we approach this? [more inside]
posted by JoeZydeco on Apr 14, 2015 - 4 answers

US tax deduction for donating a third-party service?

We donated a service provided by a third party (i.e. "not us") to a deduction-qualified church. The service has a clearly established price of $150. We didn't pay for the service, because the right to the service was given to us in compensation for the provider botching another instance of the service. Can we claim a deduction on our US federal taxes for the normal price of the service? [more inside]
posted by NortonDC on Apr 11, 2015 - 5 answers

Do I give back a lot of money that no one will ever ask for?

$40,000 was deposited in my bank account last week, and it's not mine. I've figured out that it was tax money owed to my old employer (from 2013) but they never claimed it so the tax office waited until now and forwarded it to me. What do I do now? [more inside]
posted by anonymous on Mar 27, 2015 - 32 answers

Do I own my late parents' house?

My father passed away in 2014 (in TX, if it matters). I am the only heir and my mother pre-deceased him. My father's estate includes the house he lived in. It was fully paid off. There was a court ruling (Dec '14) affirming that I am to inherit his property and that I am the executor of the estate. Do I now own the house? Or is it technically owned by the estate until the (non-mortgage) debts are all finalized? [more inside]
posted by emilisha on Mar 25, 2015 - 11 answers

Credit report dispute/error, city tax edition.

The city says they will remove the negative report upon payment. Should I also contest it from my side with the credit agencies? [more inside]
posted by Dashy on Mar 25, 2015 - 2 answers

Schedule C deduction of education expenses- help!

You are not an accountant or not my accountant, and I take full responsibility for verifying any information that you provide me. [more inside]
posted by cacao on Mar 25, 2015 - 2 answers

Please reccommend an accountant in Los Angeles

I need an accountant in L.A., preferably somewhere between downtown and Mid-City. [more inside]
posted by drjimmy11 on Mar 10, 2015 - 2 answers

What's the best alternative to Turbo Tax?

Simply stated- TurboTax is a scummy company with a checkered past that always makes me feel weird using it. Surely there has to be a spritely, young up and comer in the tax game? My taxes are pretty simple- I have a few 1099s, perilously little income and student loans out the wazoo. Nothing too weird. What else is out there?
posted by GilloD on Mar 9, 2015 - 20 answers

US expat living in UK - US tax advice

How do I find someone I can trust to get US tax advice? [more inside]
posted by anonymous on Mar 6, 2015 - 6 answers

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