After you've incorporated, what are the daily, monthly, and yearly behaviors and fees associated with having an LLC? [more inside]
I am about to send some used personal effects to the US from Europe. I'm sending four boxes of used books and clothes. Each box weighs about 20kg. What should I put on the customs label? In particular, how do I estimate the value of used personal effects? Is it zero? I don't care about insurance/replacement value, I just want to minimize/avoid customs charges. If it matters, I'm in Germany, and will be sending by DHL. I'm a European citizen who will be moving to the US for three years with a J-1 (academic) visa. [more inside]
I've had a difficult time figuring out my tax situation since I moved from the US and now I'm trying to get everything settled. I'm behind a few years and need someone to talk directly with the IRS on my behalf. Will I need an enrolled agent? A tax attorney? Both? Neither? Arg it's so confusing! [more inside]
I've been doing a fair bit of freelance work, and it's to the point now that I have to sub out certain tasks that are outside my area of expertise. I don't want to make my clients cut multiple checks if I can avoid it–want them to just deal with me to keep it simple and neat. However, I do not want to be on the hook for income that is actually going to a sub. What to do? [more inside]
I live in (and am a citizen of) Canada, and have recently mailed important tax information to the US IRS and Treasury Department via the regular Canada post. Should I re-mail that information to ensure that it made it to the proper destinations? [more inside]
I'm seeing reporting that bothers me that my state tax authority is targeting artists for auditing based on what sounds like some specious assertions regarding whether their business models and expenses are appropriate. I realized I don't know what I should do to formally protest these actions. [more inside]
My employer paid me separate checks for my regular hours and overtime hours, and the overtime was not taxed. Is this cool? [more inside]
I feel like this should be really easy, but I'm coming up with a non-sensical result. I am considering taking a job that would involve a pay cut (long story, I promise it's worth it). I am trying to calculate what my actual paycheck would be. I'm using the paycheck calculator at Paycheckcity.com to figure this out. But the number it's giving me for California state income tax doesn't seem right. [more inside]
My partner has not worked at all in 2012. He did not work much in 2011. (He had some income in January.) We are not married or civilly unioned or anything “official.” However, for the last two years, he has qualified as my dependent and I have filed accordingly. Last year, this felt tricky because we were concerned about where the income cut-off was, and he filed as usual, but reporting himself as my dependent. This year did not feel tricky at all because he had no income at all (no employment, unemployment, no disability, nothing), so as soon as I got my W-2, I filed and got my refund and put it out of my mind. Until this morning as we headed out the door to work/doctor's appointment, when he asked “wait, when you did your taxes while I was in the hospital, did you file mine?” Oops. [more inside]
I work as a freelancer, and have done so for many years. Which means I need to track all my expenses for tax time. I'd like to spend as little time as possible on this, both week-to-week, and at the end of the year. I'm in Canada, if that affects things. [more inside]
Question about whether it's worth it to write off approx. $2500 in startup costs for a small business that generated no income in 2012, and whether it's worth it to do so. [more inside]
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]
Here's the rub: In February on 2012, I decided to end my marriage. Because I was dead broke, we simply moved apart, split the bank account in two and went our separate ways with the understanding that we'd make a move to formally divorce in the next year. We did not get a legal separation. That divorce is now pending. My soon-to-be-ex-wife filed her taxes 'Married, Filing Separately'. This causing me all kind of tax havoc, including a bill I have no way of paying. More inside... [more inside]
Do the confirmation e-mails for e-filing federal tax returns with Free File Fillable Forms contain sensitive information? [more inside]
I lived in two states last year, but apparently only paid taxes in one. Now what? [more inside]
Can anyone explain the politics behind the marriage tax penalty? [more inside]
Hi AskMefi. Did my taxes as I always do withTurbotax Deluxe. They came out higher than I expected. I'm considering getting a professional to see if I'm making errors but wanted to see if anyone has had a similar experience where they found that turbotax left them with unaccounted or unexpected payments. Any experiences like this? Thanks.
I've paid my back taxes for New York State as of last year, but the judgment is still on my credit reports, although marked "paid". This is my only ding. Will landlords refuse to rent to me anyway? [more inside]
Somewhat unexpectedly, I find myself working as a full time freelancer. Help me anticipate the tax situation. [more inside]
I moved back to Canada in November 2012 after living in the US for the past five years. Last year I had a CPA prepare my 2011 US and Canada returns and was shocked when I was billed $2,200 for what I see as a relatively simple tax situation. (W2, 1099-INT from the bank, statements of 401K and RRSP contributions and charitable donations) I still haven't recovered from paying so much last year and well, it's that time of year again. What are my options of having my US and Canadian returns prepared for a more reasonable amount? Can I get a US tax preparer in the States and a different one in Canada or is there some sort of connection that's required? Can I do the taxes myself using a TurboTax package from the US and one from Canada? I have my 2011 returns to use as a guide. I'm scared I'll miss something or do something wrong, but it's awfully tempting under the circumstances.
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]