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]
Hi AskMefi. Did my taxes as I always do withTurbotax Deluxe. They came out higher than I expected. I'm considering getting a professional to see if I'm making errors but wanted to see if anyone has had a similar experience where they found that turbotax left them with unaccounted or unexpected payments. Any experiences like this? Thanks.
Grandma set up an uneven trust and we want to distribute it equally. Who do we talk to and what do we ask them? Questions about imbalanced inheritances, DIY redistribution of wealth, and taxes within... [more inside]
Where can I find a good contract template for a loan between two family members? What about the tax implications? [more inside]
I own a lot of shares in a company that has done very well on the market recently. So well in fact that if I sold it all now, I could divide the proceeds equally between my two kids and set them both up for college — something my parents couldn't do for me. However, my oldest child won't be ready for college for another 12 years. Is there any way to convert the stock shares into something less volatile than the market, without incurring capital gains tax? My kids both have 529 funds and I'd love to be able to move the stock there but I want to avoid the IRS as much as possible. Yes, I am naive and ignorant of the finer workings of finance, so please be gentle.
Should I cash out my IRA to significantly reduce my credit card debt? [more inside]
Canada tax: Question about timing of RRSP contributions. Did we mess up? [more inside]
What effect will the change in US tax rates on dividends have on share prices and dividend payouts? [more inside]
What are the benefits of incorporating? [more inside]
Asking on behalf of a friend who is silly enough to not have a MeFi account, but smart enough to know she will find answers here: "I am a freelance translator and I'm about to finish a big project for a US based company. The job is quite complex and long, so a fair amount of money is going to come my way. I have been moving around for the past 2 years, so I am not quite sure how to handle the invoicing / taxes. I'll explain my current situation and I would appreciate any advice, insight, etc. [more inside]
Canadian finance minister, Jim Flaherty, is set to announce our government's plans to stimulate the economy. That plan is rumoured to contain some major tax cuts. Help me understand why every policy, in good times and bad, always calls for tax cuts. [more inside]
My partner and I need to pay off some debt, and unfortunately we need to dip into our retirement funds. Our tax accountant is on vacation and we can't find the answer to our question. We have two sources–either sell some stock or cash out a couple of short-term IRA CDs. Which is the lesser of two evils? [more inside]
30-year investment portfolio which has to start before the end of the year and wants to be left alone afterwards?
If you had a very strong incentive to invest money before the end of the year with a 30-year outlook, and a further strong incentive to not adjust your investment strategy over that timeframe unless absolutely necessary, what kind of portfolio would you assemble? [more inside]
Starting a small, part-time, home-based eBay business in New York. What are the implications of registering for a Sale & Use Tax certificate? [more inside]
What is the best financial/tax situation for us? Kid on way, financial aid eligibility concerns. [more inside]
Tax Filter (surprise surprise!): I didn't pay my taxes in 2000 or 2004 and I need to get my hands on the W2s from those years. [more inside]
Los Angeles is hitting me for a big chunk of money for business taxes... this despite the fact that I am a public employee. [more inside]
Tax planning advice for the self employed. The web is full of articles, the bookstores are full of guides. But there is so much "get rich quick" and "pay zero taxes" crap out there that I am not sure where to go for good, solid tax planning advice. [more inside]
How can I tell whether or not the expenses incurred by my new LLC, which I'm filing taxes for as a partnership and which is operating at a loss this year, can be claimed by the members as deductible business expenses? [more inside]
Possibly a longshot : can anyone recommend an accountant in Vancouver? [more inside]
Tax laws allow you to withdraw money penalty-free from your IRA up to $10,000 if you use it towards a first-time home purchase. We just got the check -- my question is, how do we prove later on that we did use the money for the house?
I own a condo with a mortgage and tax deductions and equity. SO moving in. How do we split expenses fairly? Many other questions about financial logistics. [more inside]
I have exercised stock options and taken possession of a small number of shares. I have not sold anything, but am wondering how screwed I am, tax-wise. First, do I have to declare the value of the stock as "income" for the year that I acquired it? Second, if I should sell it, do I add the money I receive from that sale to my regular taxable income? Do I deduct the amount I paid in? Is the net difference subject to other taxes? Is this handle-able by an average person or do I need an accountant?