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]
We donated a service provided by a third party (i.e. "not us") to a deduction-qualified church. The service has a clearly established price of $150. We didn't pay for the service, because the right to the service was given to us in compensation for the provider botching another instance of the service. Can we claim a deduction on our US federal taxes for the normal price of the service? [more inside]
$40,000 was deposited in my bank account last week, and it's not mine. I've figured out that it was tax money owed to my old employer (from 2013) but they never claimed it so the tax office waited until now and forwarded it to me. What do I do now? [more inside]
My father passed away in 2014 (in TX, if it matters). I am the only heir and my mother pre-deceased him. My father's estate includes the house he lived in. It was fully paid off. There was a court ruling (Dec '14) affirming that I am to inherit his property and that I am the executor of the estate. Do I now own the house? Or is it technically owned by the estate until the (non-mortgage) debts are all finalized? [more inside]
The city says they will remove the negative report upon payment. Should I also contest it from my side with the credit agencies? [more inside]
You are not an accountant or not my accountant, and I take full responsibility for verifying any information that you provide me. [more inside]
I need an accountant in L.A., preferably somewhere between downtown and Mid-City. [more inside]
Simply stated- TurboTax is a scummy company with a checkered past that always makes me feel weird using it. Surely there has to be a spritely, young up and comer in the tax game? My taxes are pretty simple- I have a few 1099s, perilously little income and student loans out the wazoo. Nothing too weird. What else is out there?
How do I find someone I can trust to get US tax advice? [more inside]
Most of the part-year stuff on Turbotax seems to assume a clean break - that you lived in one state, worked there, then moved and established a residence in a new state. But we moved, established a residence in a new state, and then while there, still had work income from the first state. How the hell do we show this on tax returns? [more inside]
Is an RRSP loan worth it? [more inside]
I have a taxes and graduate school-related question for you all! Obviously, you are not my tax advisor, but can you shed some light on a very strange situation and suggest whether or not it's worth seeking professional help? [more inside]
My official residency last year was in GA with my mother, but I paid for my fiance's food, rent, and all living cost throughout the year. She is a resident of AL and the all utilities plus her apartment lease is in her name even though I paid for everything. [more inside]
I would very much like to buy some things for my business which does yet technically exist. How does that work? Business owners of metafilter, pleas help me! [more inside]
I live in Seattle and travel to Oregon (Portland area) several times per year. What strategies can I use to best take advantage of the fact that the state has zero sales tax? Sure, I can just buy stuff when I'm there, but can I buy items online and ship them to an Oregon address? Or does that trigger sales tax in the originating state? [more inside]
I went up to my deductible in my health insurance plan - So I had a $4,500 total bill. However, I'm on a repayment plan with the hospital. If I have was billed this amount during 2014, but am still repaying it, is this amount considered "out of pocket expenses"? If I only include the portion that I paid under the repayment plan, I don't qualify for the deduction (yet I'm still paying the big silly amount so it feels like I should.)
I know that if you plan well with accountants, you can reduce your tax profile. At what income bracket do you actually get enough advantage from doing this and finding all the weird corner hidden deductions to well cover the expense of hiring the accountant in the first place? [more inside]
Are there any laws or regulations in Alberta, Canada, that would supersede a county-imposed pre-authorized-only payment scheme? [more inside]
I'm completely lost. I have always suffered from depressive episodes (never discussed it with anyone) and now things have come to a head. I am in my early thirties. I don't know how to carry on. [more inside]
I've been working in France for the past year and am leaving permanently in one week. I've been churning through all the various administrative tasks but I'm a bit confused about tax. I know that this year I will need to pay my taxes for 2014. The question is, do I need to inform the government that I am leaving, or do I need do anything else before I leave? How do I organise paying my taxes from Australia? [more inside]
Guten Tag Ask MeFi! I need to fill in at least one tax return, for 2013-2014, and possibly also for 2014-2015, here in Germany. It is all about income earned here in Germany. What is (was) the deadline(s)? [more inside]
If I contribute $2500 to a Flexible Spending Account (FSA) in 2015, and end up spending only $2000 of it on health costs -- what happens to the other $500?
I just received an email from the company through whom I contract, claiming that they had paid me twice for a recent week. Obviously they now want that money back; however, they are asking for the full amount I was paid, NOT the amount I received after taxes. I am assuming I am on the hook for the whole [cursing] thing, but can someone tell me how this works? [more inside]
If I have to pay back a signing bonus because I didn't stay at the job for a full year, is there any way to recover the taxes I paid on the signing bonus? [more inside]
I'm looking for a fee-based financial planner in the Bay Area to help me figure out one simple problem, and one knottier one. I have about $10k in CDs, and I'd like to invest it in a slightly smarter, similarly low-risk way (probably index funds) that I can add to slowly and in (relatively) small increments. I'd probably also like to start a 401k. Unrelatedly, as a child I was gifted $3k in shares of a single bluechip stock that I've never touched, and it's accrued value gradually but steadily over several decades. Recently, talking to a wiser friend, she pointed out that I've never paid taxes on it! I'm not sure how to deal with that, but probably can't avoid it much longer! How money works is confounding to me; I come from a working class background and am good at saving, but not saving wisely. Anyway, I'm primarily looking for financial planner suggestions, but if you've dealt with related stock/tax issues please share your experience and advice! Throwaway: firstname.lastname@example.org if you'd prefer.
I had an interest in a limited partnership that wound-down and distributed its assets. I received a K-1 with the distribution shown in Box 19. How do I pay tax on this? [more inside]
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]
My Dad owns about 20 acres of land in a small town that he wishes to give to my brother, my sister, and myself now, not when he passes. My siblings and I plan to split the proceeds of the sale of the land evenly amongst us. Which way, tax-wise, would maximize the amount of money we receive from the land in the end? Should my dad give the title/deed to us first and we sell it, or Dad sells it and then gives us the money from the sale of the land? [more inside]
I'm a US citizen with indefinite leave to remain in the UK. I want to apply for UK citizenship. I have defaulted student loans in the US and haven't filed my taxes in the US for ten years while I've lived here in the UK. Am I going to need to get straight with the US before I can naturalise as a UK citizen? I intend to pay / file what needs paid and filed but what order should I do it in?
Okay. I have been in Europe now (and live as an EU citizen) for almost 10 years. I have no desire to ever return to the states. NONE. WHATSOEVER. NONE. I make very little money so have never passed the threshold to need to pay American tax. But if I get married to a high earner here in Europe. (we are talking 200k plus per year in salary) what happens? Is that joint income if we are married? And if we want to have, say- 3 children, in quick succession. How could this work? Could I have the children, pass on my citizenship, pay tax and then relinquish? What happens? I am completely fine with giving up my US citizenship, and my possible future husband has no desire to live in America- but I realize it could be beneficial to my children. I'm not sure exactly what to think. This is not happening at the moment. But it could happen in the next couple of years. Advice and anecdotes are most welcome!
My car failed its MOT yesterday and, as a result of my bad time management, the tax disc has expired today. I can't tax it without it being covered by a valid MOT certificate, but I need to get it to a garage for repairs so that it can pass the MOT. Is it legal for me to drive it to the mechanic? [more inside]
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]
I hit the holy grail and have a new position with full benefits, including full coverage for domestic partners. I have a partner who lives with me, but we are still fairly newish and are not ready to get married. I have to enroll us in the benefits very soon, like now. The problem is, the queer tax (I guess now the Not-Legally-Married tax) on my partner's benefits. [more inside]
I'm not religious, but would like to know whether the enforcement of a tax on income by the church in some countries - normally around 1% - is consistent with the bible.
My family, being not financially savvy, bought into a slew of variable annuities in 2000 without knowing what they were doing. My grandfather is now in his 80s and never withdrew his required distribution from his IRA variable annuity. I know the penalty is steep. What can we do? [more inside]
I originally got paid for a one week interval and 22% of my paycheck was deducted for taxes. Now, I'm getting paid in two-week intervals and 31% of my paycheck is being deducted. The money is disappearing into withholding. Why did my paycheck shrink, even though my pay rate hasn't? I have not changed my withholding allowances. [more inside]
In the US tax code (specific to the AMT), is mortgage interest to a private party treated differently than mortgage interest to a bank? [more inside]
Due to an accounting error, my employer has not been paying me my full salary for the last several years. I'm in sales, and I get paid on commission, so my paycheck fluctuates month to month - I never even noticed my paycheck was always secretly slightly less than what it should have been. My employer just discovered their error and told me immediately. Which I hugely respect. We have a good employment relationship and we'd all like it to continue. They're saying they now owe me about $145k plus interest, and are prepared to write me a check, but they know this raises some tax issues for me. [more inside]
I'm entering a PhD program with full tuition covered and a stipend. I own a home with my fiancee, but my home is 2 hours away from my school. So for the first year, I'm going to rent an on-campus apartment. And I have some tax questions. [more inside]
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]
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?
How do I request an extension to file my income taxes when I'm not sure if I will be filing as "married filing jointly" or "married filing separately" and if separately, what deductions/exemptions, if any, I may be entitled to. [more inside]
Free online tax filing that allows a Schedule K-1? [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]
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]
From about 2008 to 2012, I was self employed as a private tutor in Canada. My income ranged from about 25k - 40k. During that time, I didn't collect GST/HST from my students because I didn't realize I was required to. I received a letter on Friday from Canada Revenue saying that I've been registered for an HST number and asking to submit GST/HST for 2010-2011. I'm a bit scared now, and wondering if anyone can give me an idea of what the penalties might be? I plan to talk to an accountant in the next week, but I'm just hoping to get an idea of what I might be in for.
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]
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]