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Taxaphobic in Chicago

We hate doing our taxes. Despite a professional familiarity with the basics of the tax code, or perhaps because of it, dealing with all of the paperwork really stresses me out, and my spouse doesn't like to do it either. Can you help us find an accountant in the Chicago area who will be competent and easygoing? Details inside. [more inside]
posted by anonymous on Sep 28, 2014 - 2 answers

Writing off expenses: LLC -vs- C-Corp -vs- Non-Profit edition

I'm planning on starting both a nonprofit and a business (LLC or C-Corp) before the end of summer, and I'm uncertain as to my ability to write off expenses. Each would be run with a small (<5) group of investors/friends. [more inside]
posted by NYC-BB on Apr 5, 2014 - 4 answers

Property taxes on a new house in New Jersey

Hi, I'm doing my 2014 taxes. I moved to New Jersey on Dec. 13, 2013 (from New York) and during the closing I paid the property tax for December, as well as 3 months of property tax in advance for the first Q of 2014. My question is: one my taxes, do I claim just the December taxes, or can I claim all the money I paid in 2013?
posted by to sir with millipedes on Apr 5, 2014 - 2 answers

Marriage and the tax penalty.

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]
posted by anonymous on Mar 7, 2014 - 14 answers

Notice of Grant of Stock Option?

I've received a "notice of grant of stock option" from the company I work for, with a place for me to sign. [more inside]
posted by zeek321 on Feb 25, 2014 - 13 answers

What kind of tax help should I be getting?

I'm a roughly average taxpayer who doesn't know very much about American tax law or the tax preparation industry. Should I keep ignoring it and filing my taxes by myself, or will I benefit from looking for professional tax advice? [more inside]
posted by value of information on Feb 19, 2014 - 6 answers

I don't live there! I've never lived there!

The mailing address on my W2 is incorrect and the employer refuses to amend it. How big of a problem is this going to be when I file my taxes? [more inside]
posted by thereemix on Feb 13, 2014 - 8 answers

Freelance / self-employed tax deduction for reimbursed travel expenses?

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]
posted by toomuchkatherine on Feb 9, 2014 - 3 answers

not playing around

How do I pay taxes on the game show winnings I received? [more inside]
posted by anonymous on Jan 5, 2014 - 17 answers

Can I deduct training costs as tax deductible?

If I paid back an employer for training costs and business expenses related to the training - are these tax deductible? [more inside]
posted by lpcxa0 on Jan 4, 2014 - 2 answers

Where should I put my Oregon Political Contribution Credit?

I'm a relatively new transplant to Oregon, so I didn't find out about the Oregon Political Contribution Credit until last April. And then I promptly forgot about it until I heard a fairly annoying ad on the radio reminding people today is the last day to make a contribution. Should I donate my 50 bucks to any particular cause? [more inside]
posted by pwnguin on Dec 31, 2013 - 3 answers

Double taxes? Really?

If a person lives* in Washington state but works** in Oregon, to which state does she pay state income tax? Oregon, Washington, or both? [more inside]
posted by SLC Mom on Dec 30, 2013 - 23 answers

Los Angeles Very Small Business Taxes

I have a very, very small business (a blog; it gets decent traffic and I made some money advertising). I have some questions, and I'd like to speak to a tax professional or attorney for probably less than 30 minutes. I'm in Los Angeles, CA. Can you recommend someone and give me a ballpark cost? [more inside]
posted by insectosaurus on Dec 18, 2013 - 3 answers

How is distillery formed?

How do newcomers enter the spirits business when distilling without a permit and or without paying excise taxes is a federal crime? Home distilling is not a viable gateway hobby like home brewing. [more inside]
posted by Admiral Haddock on Nov 18, 2013 - 20 answers

Estimating the value of charitable donations

What rules do you use for estimating the value of things you give to charity? The organizations we donate to ask us to estimate the value for tax purposes ourselves, rather than doing it for us. I know we obviously should not use the full price that we paid for the item. I am wondering if it is okay to value items at, for example, what we might get for them off Craigslist (sometimes say 1/3 to 1/2 or in rare cases even 2/3 what we paid, depending on the item and condition), or whether we should be valuing at more like what I'd use for a yard sale price of like 1/10th or lower. Does it matter? And is there a corresponding tax consequence for the recipient organization, such that if I declare the higher value on our taxes that organization realizes some proportionate tax or penalty? If so I should probably just estimate lower in order to further benefit the charity. Thanks!
posted by onlyconnect on Oct 8, 2013 - 13 answers

Definition of “out-of-state business activity”

What does “out-of-state business activity” mean in the below quote? “If you are a Michigan resident, all of your income is subject to tax, no matter where it is earned, except income earned from out-of-state business activity.” From this web page – here [more inside]
posted by Sabby on Aug 8, 2013 - 13 answers

How do I find the details of a business's unpaid federal tax bills?

A local politician has an unpaid $500,000 tax bill associated with a business he owns. I'd like to find out more details on this. [more inside]
posted by foggy out there now on Jul 8, 2013 - 5 answers

First time self employed - what can be deducted? Therapy, bike, health?

Hello! I am an independent contractor (1099 Misc form) for the first time in my life and need some tax advice as the budget is a bit tight! Therapy, acupuncture, bicycle, insurance, computer, etc. How do deductions work? [more inside]
posted by Danah_78 on Jul 2, 2013 - 15 answers

Running an LLC while travelling the world?

I'm working on a few apps and I'd like to form an LLC. What complicates matters is that I plan to travel the world for the next few years, meaning that all my work will be done from my laptop with no stable office and no employees other than myself. I'm currently based in California. What are some good resources to help me figure out the best way to establish my business, both financially and legally? [more inside]
posted by archagon on Jul 2, 2013 - 14 answers

LLC then what?

After you've incorporated, what are the daily, monthly, and yearly behaviors and fees associated with having an LLC? [more inside]
posted by zeek321 on Jun 22, 2013 - 9 answers

Is an org. legally required to generate 1099 forms?

Is the non-profit I work for legally required to generate 1099 forms for all of the individuals who receive stipends from this org. and have filled out W9 forms (technically "independent contractors")? [more inside]
posted by anonymous on Apr 1, 2013 - 3 answers

Do I need a new W2 and other tax questions

I lived in two states last year, but apparently only paid taxes in one. Now what? [more inside]
posted by anonymous on Mar 23, 2013 - 6 answers

Help me not owe a bazillion dollars in taxes next year.

Somewhat unexpectedly, I find myself working as a full time freelancer. Help me anticipate the tax situation. [more inside]
posted by Sara C. on Feb 27, 2013 - 13 answers

What's the best place to live on a low budget given a life-consuming job in Manhattan near Madison Square Park? And how low can I go both before and after unintelligible-but-critically-important-tax-stuff?

What's the best place to live on a low budget given a life-consuming job in Manhattan near Madison Square Park? And how low can I go both before and after unintelligible-but-critically-important-tax-stuff? [more inside]
posted by ch3cooh on Jan 6, 2013 - 21 answers

Should we file jointly or individually?

Mr. Arnicae and I are married, but haven't filed our (U.S.) taxes jointly before. We're trying to figure out how to decide if it would be financially advantageous to file jointly, and what the negatives or positives would be. [more inside]
posted by arnicae on Dec 15, 2012 - 9 answers

Take my deductions -- PLEASE!

Does Romney want to remove deductions for 401k to help pay for his 20% "across the board" tax cut? [more inside]
posted by bionic.junkie on Oct 2, 2012 - 9 answers

Why not lower income taxes and increase capital gains taxes?

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]
posted by AgentRocket on Aug 21, 2012 - 12 answers

Am I going to be audited?

So I was just wired ~$23,000 into my checking account from a foreign bank. How much (if any) tax do I have to pay on this? [more inside]
posted by anonymous on Aug 16, 2012 - 12 answers

Selling Real Estate, and Not Buying Again Immediately

My house sold earlier this month. I am not buying a new house right away, but... maybe? How long can I wait? How will this affect taxes? And if I could buy property, should I in order to avoid penalties (if there are any)? You are not my lawyer or my accountant, but way more details with a little bit of drama after the jump. [more inside]
posted by aabbbiee on Jun 28, 2012 - 10 answers

Can you recommend a tax consultant for an American ex-pat in the UK?

I'm seeking recommendations for tax consultants in the UK, or in the US, or maybe both, to figure out where I need to pay taxes. [more inside]
posted by olinerd on Jun 19, 2012 - 2 answers

As the sole shareholder of an S-Corp, is it my responsibilty to file the corporation's taxes?

Please help me settle a debate... who is responsible for filing a corporation's tax forms, a sole shareholder or an officer? [more inside]
posted by Swede78 on Jun 5, 2012 - 5 answers

Are we wrongly telling our participants that they don't get taxed?

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!
posted by two lights above the sea on May 24, 2012 - 6 answers

Home based business tax write offs when you don't own the home

Can you write off renovations to your home on your taxes for a home based business if you don't own or rent the residence? [more inside]
posted by blubutterfly on Apr 29, 2012 - 1 answer

Help me have more of my income withheld for taxes!

I'm tired of getting screwed over on my taxes. I have two jobs, one of these jobs will not take taxes out with each paycheck. How do I arrange my other job to take more out to cover this? [more inside]
posted by royalsong on Apr 16, 2012 - 19 answers

Is paying my taxes in installments a bad idea?

I have a bigger tax bill than I expected, and I'm wavering between putting it all on a credit card and using the IRS installment plan. Have you put your taxes on a credit card? Have you paid through an installment agreement? [more inside]
posted by ablazingsaddle on Apr 10, 2012 - 21 answers

I'm pretty sure the Bluth family is a terrible role model here

I'm inheriting $100,000. My parents are inheriting a lot more (around $1mil, but we're not sure the exact amount). Please give us advice. We're in the US (New Mexico). [more inside]
posted by Harry Potter and the Puppet of Sock on Jan 30, 2012 - 26 answers

taxing.

argh!! nooooooo!! my amazing tax accountant has decided to retire and is leaving me without any referrals. can anyone recommend an awesome tax accountant, bonus points for specializing in working with creatives. [more inside]
posted by violetk on Jan 10, 2012 - 3 answers

Does the tax man keep your money if you overpay?

If you pay estimated taxes and then end up not owing those taxes, do you get them back? [more inside]
posted by doomtop on Dec 9, 2011 - 7 answers

Can I get a free computer by doing my taxes right?

My roommate told me I can buy a computer and get a full refund on my taxes because I'm a student. Is this true, or partially true, or complete B.S.? [more inside]
posted by DoubleLune on Sep 25, 2011 - 10 answers

How to avoid import taxes on a parcel from the US to the UK.

How to avoid import taxes on a parcel from the US to the UK. [more inside]
posted by rinsemedown on Sep 15, 2011 - 12 answers

Estimated Self-Employment Tax

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: 1. How do I compute my Net Earnings From Self-Employment (NESE)? What calculation is used? 2. 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]
posted by bbhart113 on Sep 10, 2011 - 7 answers

US Tax Law Change for Americans Living Abroad

As a US citizen, living and working abroad for many years, I recently heard of a new law that I must file tax returns on the US by Aug 31, 2011 or face a penalty. Anyone know about this? If US citizens live and pay taxes abroad, they generally are exempt up to $91,500.
posted by foxinsocks on Aug 27, 2011 - 9 answers

Is it worth forming an LLC and in which state?

I'd been wanting to form a corporaton for a long time. So many benefits it seems:
  • track business expenses for income-tax deductions
  • protect assets against law-suits
  • gain credibility for certain transactions
  • privacy
  • But all the gory details are getting me down... [more inside]
    posted by markhu on Jul 18, 2011 - 20 answers

    Goods for Goods? Taxable event?

    Capital Gains on Precious Metals exchanged for Goods and Services? I own Platinum, Gold, and Silver physical coins, bars, etc. and know my cost basis for all purchases and have not sold any. Let's say rather than sell them back to a coin dealer or other similar entity, I exchange gold or silver or platinum for a service or good or something other than currency, what are the tax implications? [more inside]
    posted by Rafaelloello on Jun 28, 2011 - 8 answers

    Taxes Taxes Taxes - What Do They Want From Us?

    You Are Not My Employer's Accountant: My W-2 this year has an entry in Box 18, which is preventing me from e-filing because Boxes 19 and 20 are (correctly) blank. There's a mistake here somewhere... but where? [more inside]
    posted by Devoidoid on Apr 16, 2011 - 2 answers

    Legal set-up for a commune in Canada?

    Legal set-up for a commune in Canada? [more inside]
    posted by Meatbomb on Feb 5, 2011 - 13 answers

    I'd like to do a little reading first, then talk to the professional.

    Career moves and taxes question: Need recommendations for resources that I can read to help me understand how my tax situation changes a) due to career-related educational expenses and b) when I start consulting. Also need a CPA in Chicago who will help me sort through these issues. [more inside]
    posted by Tehhund on Jan 28, 2011 - 1 answer

    Recommendations for online tax softare.

    Doing taxes in the cloud--it sounds so dreamy that way. [more inside]
    posted by IvyMike on Jan 9, 2011 - 12 answers

    pick a tax form, any tax form

    How do I file taxes? [more inside]
    posted by lover on Jan 8, 2011 - 14 answers

    How easy is it for an American to avoid paying tax on Canadian-based revenue?

    As a U.S. resident and citizen, what happens if I neglect to claim income from a Canadian company? [more inside]
    posted by Mushpuppy on Oct 28, 2010 - 6 answers

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