I sell on Etsy and will be switching my inventory and hopefully making more money. I want to do it all right as I expand. But all of this is making my head spin! Do I need to register as a business too? A DBA? How? [more inside]
I am an officer for a small non-profit in the U.S. In 2016, for the first time, the organization paid at least $600 to certain individuals, and I understand that the organization will need to provide these individuals with 1099-MISC forms by January 31, and that these forms will also need to be provided to the IRS. Can you recommend software to accomplish this task? [more inside]
[UK tax filter] My boyfriend has been audited by the government on his 2014-15 tax returns, and his ex-company is withdrawing accounting support. The specific problem is with his account containing overseas income that he was getting tax relief for. Can you give us some advice on the situation and/or who to ask for help? [more inside]
Last year, my partner and I did farm work in Australia on a work & holiday visa. Some employers gave us PAYG forms, which appear to be the Aussie equivalent of a W2, but not all did. We have since returned home to the US. What documentation should we provide the IRS in place of a W2 when we file? [more inside]
I've got a full time job but have landed some freelance work that will bring in multiple thousand pounds a year. I'm registering as self-employed and I've read a whole bunch around allowances/expenses etc. I've a couple of questions over the fold: [more inside]
I currently live in NJ, and Work in NY City. If I worked in NJ, what's the tax savings (if any)? [more inside]
I am converting from Sole-Trader to a Private Limited Company (for liability reasons). I am the Director (100% share-holder) and sole person who does "the work". Do I need an accountant or a legal advisor or both? [more inside]
Hi all, I claim exempt at two of my part-time jobs. However, I still get federal and state taxes withheld each paycheck (about 20% of each paycheck). Is my job doing this correctly? And should I be claiming exempt? I'm a graduate student and making about 13k a year. Thanks!
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]
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]
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]
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]
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.
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]
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]
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]
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]
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]
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]
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]
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.
For the past 5+ years I've owed small amounts of Federal income tax, $5-$11. Why not this year? [more inside]
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]
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]
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]
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]
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]
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]
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?
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
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.
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]
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?
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]
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]
How do I choose a tax attorney? [more inside]
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]
How do (Canadian) taxes work for non-resident citizens, if they work for a short time in Canada? [more inside]
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]
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]
The IRS made a mistake hugely in my favor. Yay! But I called them! Now what? [more inside]
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]
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...
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?
What are the advantages and disadvantages of setting up a partnership as opposed to sole trading? (UK Tax Filter) [more inside]
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.
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]
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?
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]
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]