A friend in the same field as me, who was underemployed last year, helped me on a project last year. Over the whole year it was a total of 32 hours (I paid him at $50/hr). Now he's asking for a W2. I think it's pretty clear that he was not an employee (W2), but rather an independent contractor (1099). Aside from inventing a time machine to go back and clarify the terms (which I didn't think would be a problem, considering our friendship), what should I do here? What's at stake?
Looking for a referral for a tax preparer for personal and small creative business. I am located in Los Angeles. [more inside]
Missed 1099 form. How much trouble could I get in? (You are not my tax lawyer. Understood but seeking advice) [more inside]
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]
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]
I had previously thought nonflat taxes were all marginal, but to my surprise the UK Stamp Duty Land Tax doesn't use marginal rates at all. Are there other taxes like this? And why would a nation implement taxes this way? [more inside]
I would like to begin to sell my paintings at local art fairs and online sites such as Etsy, $25-100.00 price range. Do I really need to set up an LLC or sole proprietorship, get a tax number and whatever else just to sell a painting or two (if I'm lucky?) Thanks. P.S. I live in Illinois.
Help me navigate buying and upgrading a new Macbook Pro. Can I upgrade the HDD or RAM myself without voiding the warranties, or am I stuck paying the Apple tax for more HDD and RAM? [more inside]
Absentee voting for US elections - what is this 'tax liability' business? State is Massachusetts. [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]
How do you handle the labyrinth of New York State sales tax? I'm launching an online business that sells goods (some clothes, some non-clothes). We're located in New York State. We need to collect tax in New York State... gorey details inside. [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]
Does Romney want to remove deductions for 401k to help pay for his 20% "across the board" tax cut? [more inside]
Recommendation for cross-border Canada/US tax expert (in Bay Area, or other)? [more inside]
Looking at cashing in a post-tax IRA for purchase of a second home. Realizing there are tax and penalties to be applied, this still may make sense. Because the IRA funds are post-tax, however, what exactly will be our total tax liability be? [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 know how to negotiate on salary. Tell be about negotiating on benefits. What have you asked for and received that really sweetened a job offer for you? [more inside]
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]
It's time to hire help for tax stuff. Any recommendations (including self-recommendations, if you want) for someone around Durham-Chapel Hill, NC? Need help with: working in multiple states (NYC, RTP), lots of travel & business expenses (probably including deductions we don't know about) and maybe other stuff. [more inside]
Home value dropped - does it really matter? [more inside]
At some stores (the convenience store around the corner), the price I pay always comes out to a round(ish) number. Either ending in a 5 or a zero. So that the change I am given won't have any pennies in it. This is convenient for me and the person behind the register. At other stores, there seems to be little interest in getting those round prices. A purchase is just as likely to end in .68 as .50. Why does the consideration of coins influence the pricing of some stores and not others?
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]
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]
Please help me settle a debate... who is responsible for filing a corporation's tax forms, a sole shareholder or an officer? [more inside]
My common-law partner and I are in the process of filing forms for her sponsorship of me to receive permanent resident status in Canada. She changed her marital status to common-law on her most recent tax forms (we have been living together since 2009). She is now being audited by Revenue Canada, since this reflects a change from her last tax return and how her GST/HST refunds are calculated. [more inside]
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]
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!
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]
My wife and I file our federal taxes jointly but our Iowa taxes separately. She works part-time and has a fraction of my income. It appears that we would pay lower state taxes if our income was split more evenly between us. Can I make gifts to her (of cash or perhaps shares), deduct them from my taxable income, and add them to her taxable income?
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]
I am buying a new house in my name only. My wife and I received the 2009 $8000 tax credit for first time home buyers, and have not lived here the required 3 years. The house was purchased in her name and she will be staying at the old house. Do we still have to repay the credit?
Is my accountant obliged to give me a copy of a past business tax return if requested? [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.
How to be the best digital content consulting guy I can be: taxes, subcontracting, incorporation, fees, etc. Your thoughts on freelancing business stuff? [more inside]
I'm broke, can't find work, and owe more taxes than Bank of America. Help me deal with the financial and emotional fallout. [more inside]
Estimating tax payments for 2012. According to the 1040-ES instructions, the exemption for the alternative minimum tax (for married people) is only $45k, down from $75k in 2011. I don't itemize and will have an adjusted gross income above $45k. Do I need to budget for the AMT? [more inside]
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]
Tax panic! I e-filed my 1040 federal return a few weeks ago; then, while finally tackling my state tax return last week, I discovered I'd incorrectly transferred an amount from one of my additional forms into the 1040. Do I need to file a 1040X to correct this, and how do I proceed with my state return? [more inside]
I purchased some software recently from a company txf.express designed to help create an 8949 form for stock trades. It seemed that it was improperly calculating a few numbers, and upon my questioning the software creator asked for my trading history to review the data and look for errors. He then sent me a .piz file and asked that I rename it to a .zip file and open it for a properly functioning program. My limited understanding is that " if you receive a piz file in an email and you are not familiar with the person who is sending it or are unsure of why they are sending it, do not change it to a zip file and try opening it. This could result in infecting your system with a computer virus." Are their legitimate reasons why he should be sending a piz file and asking me to rename it?
OMGTaxFilter question about historical tax costs. Historical stock price research? Why can't a company keep track of it's own stock price? Why can't I look up an old stock cost price on a recently defunct stock ticker? [more inside]
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]
How to figure a contract rate for 1099 work? [more inside]
Question about proper saving of e-mail and web receipts in case of an IRS audit. [more inside]
I'm in a situation with some unfilled taxes and potentially more back taxes then I can pay at the moment. I've seen ads for tax consulting services that help you talk to the IRS. I've also seen some negative reviews for some of them, but was wondering if someone has some positive experience with any of these and can make a recommendation? My throw away email is : email@example.com
If I collected California unemployment benefits while living in New York, do I have to pay taxes to New York? [more inside]
I am single, rent, and payed AMT for 2011. If I owned my own home and had a mortgage, would I have been able to deduct the interest, or is the fact that I payed AMT a sign that no further deductions were available to me? I have few deductions but itemize because my state tax alone is more than the standard deduction. You are not now, and will never be, my accountant.
I am currently living with my parents in NH.I just moved here from NJ. My job will be in MA. I just bought a car in NH and will be registering it here tomorrow. I plan to eventually (less than 6 months in the future, this question might come up) rent a place near Boston in order to be closer to work on days I might have to work late and to be able to socialize and party in a more urban area without driving sometimes on weekends or weekdays. It seems that if I make this future dwelling my primary residence, in MA, I will have to pay a bunch of money on car sales tax and registration conversion. I will be spending a few days (3 maybe) a week at my parents place anyway. Is there any legal way to keep this address in NH as my primary residence, while being able to also rent a place in Somerville or Cambridge and park there? [more inside]
What amount of my income can I claim as tithed/donated without having to have receipts or a paper trail? [more inside]
Will I have to undergo a credit check in order to form an LLC and open a business checking account for that company? [more inside]
Asking business question about setting up LLC and tax savings [more inside]