My spouse and I are going to leave our jobs at the end of the year and travel internationally throughout 2015, with no income. Are there any strategies we should be following to make the most, tax-wise, of this change? [more inside]
Should we get married this year, or will that end up in a tax penalty, considering our incomes are similar and we would end up in a higher tax bracket? [more inside]
Somewhat unexpectedly, I find myself working as a full time freelancer. Help me anticipate the tax situation. [more inside]
Excel help: I'm trying to input a dollar value into a cell and have the output be the federal income tax for that amount (just using the brackets). Federal income tax is calculated such that the first x dollars are taxed at rate R, the next y dollars are taxed at rate S, and up through several different rate brackets. I can do this calculation with a simple IF statement using multiple cells by summing the result of 5 separate bracket calculations. I'm not sure if I can cram it into one giant formula. Suggestions? [more inside]
Has there been any serious discussion or analysis of "swapping" capital gains tax rates (by raising them) and income tax rates (by lowering them)? [more inside]
I think someone (semi-falsely, read on) wrote that they paid me a nominal amount on their tax return filed this year. I did not file, and did not need to. Several questions about filing, residence, and liability follow, somewhat NYC specific. [more inside]
What sort of things should an Australian living in Australia know about owning an investment (e.g., an index fund) in the USA? The investment would be part of a retirement fund that has a low (15%) tax rate in Australia.
Help an American citizen with British income tax on book royalties. [more inside]
If you pay estimated taxes and then end up not owing those taxes, do you get them back? [more inside]
I am trying to learn more/understand better my new tax situation as an independent consultant, and was hoping someone could help me with the following questions:
. How do I compute my Net Earnings From Self-Employment (NESE)? What calculation is used?
. Since I am excluded from Federal and State tax (my tax domicile is TX) for my foreign-earned income amount (I estimate it would be $87,500 for 2011) - can you break down how I can get the estimated tax payment amount for 2011? [more inside]
Does one have any recourse against a New York State income execution for taxes? Can the person get it reduced or fight in any way? [more inside]
I am filing tax returns for a number of prior years. One of those years was spent renting an apartment, but having almost no income whatsoever to claim. Rent was paid through a variety of means (read: help from parents). It was one of those years. Do I claim the rent paid? [more inside]
A friend's employer's payroll company has been incorrectly filing her payroll taxes by subtracting her healthcare costs after taxes, causing her to pay more income tax than necessary. Her boss has said she is out of luck, is there anything she can do? [more inside]
State Tax Question: I live in Florida (no state tax) full-time, year round; the company I work for is based in North Carolina (state tax); I work in Florida in a home office set up by the company (co-workers home) year-round. NC State Tax is being deducted from my paycheck; is this correct? [more inside]
How can I verify that Reagan's income tax on the rich was 50%, whereas nowadays the income tax on the rich is only 35%? [more inside]
Can I avoid paying hefty fees and interest on my late tax bill? [more inside]
How can this unfair income tax situation be resolved? [more inside]
In 2009, I made less than $9000 at my part-time job. Do I need to include this income when filing my taxes? [more inside]
(Self-employment-Filter) What should I know about / be aware of when contracting for a local university? [more inside]
Self-employment tax help for out-of-state web work [more inside]
With all the bickering over taxes in the election campaign, I'm trying to get a broader picture of US income tax history, theories behind past policies, and analysis of how they worked (in idiot friendly language). [more inside]
I need to better understand the proposed tax systems. Mainly the fair tax or sales tax versus an income tax. I am writing a paper for school on the viewpoints of TTARA (The Texas Taxpayers and Research Ass.) and CTJ (citizens for tax justice) but cannot gain a clear idea of what each side is proposing. Obviously the republicans want the fair tax, and since TTARA is business minded, I assume they too seek the fair tax, or at least support it. But what is the Dem idea of fair taxation? Do they want an income tax? What is all this talk on CTJ about income tax cuts? I don’t have the patience to sift through all the material so I'm hoping someone can give me a basic idea of the differing positions on the matter. Mainly answer the question of who wants what and why, and who benefits most from each plan.... Also what about the working poor, do they benefit most from an income tax? Etc. Etc.
Can you recommend a good CPA in Pasadena? [more inside]
Any Australian mefites out there with tax accounting knowledge for film/tv workers? I am so confused about this "income averaging" thing everyone's talking about. I get the theory of why and how income averaging works, but I'm a bit confused about who is eligible, as I've been hearing conflicting stories... [more inside]
US citizen living in Canada, didn't file a US return in 2006 for my meager graduate student stipend. Should I file a late 2006 US return now, even though I know I don't owe anything? [more inside]
We're looking for a good online tax withholding calculator. Our 2008 income will be much higher than 2007, and we've only filed jointly once before (newlyweds). [more inside]
I live in NH but still have a CT driver's license... due to a combination of supposed lack of need and laziness. [more inside]
Is it legal to file for child tax credit separately? [more inside]
U.S. tax question: Does married filing separately result in the same tax obligation as if a couple living together were filing as single? Does having a child create differering results?
Quick survey: how much does your accountant charge to do your income tax? [more inside]
Last year, I used H&R Block's web site to file my taxes. At the time, I was working on a PC laptop. Now, I'm using Mac, and none of the h&r tax filing apps are rendering properly. I tried using Firefox, Safari, Explorer, and Opera to no avail. Are there any 'free file
Companies' on the web for Mac-Users?
Are there any US citizens here who have lived abroad but did freelance or contract work for clients in the States who can share their experiences?
I am a US citizen living in Australia as a Permanent Resident since 2001. I have just gotten some freelance work from the States and need to figure out who I need to talk to on which shores to figure out the details. [more inside]
H&R Block sells kinda pricey tax preparation software
and for an extra $15 bucks, or so, you can file online using that software. Or, you can go to the IRS website
and grab a link that allows you to prepare AND FILE your taxes for FREE -- using H&R Block's website
This makes no sense to me. Why on earth would they do that???
How do I "incorporate under my business" for the purpose of deducting health care costs from my income as a self-employed person? [more inside]
Is there a law requiring you to pay Income Tax? I saw this video
over at youtube, from The FreedomtoFacisim.com
website. They say that Income tax is illegal and there are no laws. They even mention that the 16th admendment isn't valid via the supreme court. Ok, are these guys wackos? IRS has guns, so they make the rules, thats all I know.
I live in New York and recently started a new job in New Jersey. On my first pay stub, I noticed that I'm paying a state income tax for both NY and NJ (and the tax for new jersey is actually $30 more than the NY tax). How can I be forced to pay income tax to two different states when I only live in one? This seems unjust.
Have you claimed a domestic partner, boyfriend, or girlfriend as a dependent for IRS tax purporses? [more inside]
I'm a Canadian who has very recently bought a pre-owned computer for a business I'm starting. Can I claim it in the upcoming income tax? Should I have registered the business first, and then make the necessary purchases? What is the deadline for claiming small business expenses on income tax anyway?
Canadian Investment Loan Income Tax question. I get so sick of people telling me "You can write off the interest...." and then when I ask them what that means exactly... Silence. [more inside]
TaxFilter: A co-worker and I both recently relocated and received a relocation allowance. Anything above the cost of the move (excess reimbursement) we were allowed to keep. I know that the excess is taxable income. My co-worker feels that the relocation allowance is like our Meals and Incidental Expenses per diem, we didn't spend all of the allowance, so we get to keep the balance treating it as non-taxable income.
How can I simply explain the difference between a per diem and an excess reimbusrment to him? I've showed him relevant IRS documentation such as Publications 17 and 521 to no avail.
How can one determine how much tax they're going to pay on their annual bonus? I don't much understand tax schedules or anything, pointers to "for dummies" style-explanation sites would be helpful.
Taxfilter: telecommuting across state lines. [mi] [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?
If one has a business that is registered as an LLC (with no partners-- just the one person) and if: the business location (office) is in one state, the owner lives in another state and most of the business (or clients) are in a third state in which state is state income tax due-- where the office is, the owner's residence or where the clients are?