I am a U.S. citizen. I moved to a foreign country on July 1, and will officially started earning income in the foreign country on August 1. If I quit and move back to the U.S. on July 1, 2016, will I receive foreign income exclusion on my taxes for both the 2015 and 2016 tax years? [more inside]
I won some money in California and taxes were automatically withheld, even though I'm not a resident of CA. I filed CA state taxes to get the withheld amount back, but I didn't hear back about my refund. When I tried to contact California's Tax Powers-That-B, they have no record of my filing and I've conveniently lost all of my paperwork to prove that I did it. [more inside]
As an artist who makes very little money from art, so can I write off a portion of my rent because I use my apartment as a working art studio? [more inside]
The accountant who did my 2011 taxes did a lame job (on several levels). I was notified at some point in 2012 that she'd made en error on my federal return and that I owed more money. Now I just got a notice from the state, saying that I owe them money for the same year. [more inside]
What does "writing it off" really mean? Explain it to me like I am a small child. When people say, "At least you can write it off on your taxes," is that really a silver lining? My personal scenario inside. [more inside]
I am an Amazon Vine participant. Amazon sends me products to review. Amazon has informed reviewers they will be sending a 1099MISC form this year in cases where the total value of all products selected is over $600. [more inside]
I owed Revenue Canada $279 and sent them a check at the end of April. Today I got an assessment that claims my "Payment on filing" is $6785, and added credits of $5.07 refund interest and $6508.32 total credits, for a total refund of $6513.39. Does Finders/Keepers apply in this case? How many years does Revenue Canada have before the money is no longer rightfully theirs? Not to mention the ethical considerations…
I'm in my thirties and I just got my first 'grown-up' job. Now find me a book that teaches me grown-up finances. [more inside]
About 20 years ago, I needed to set up a corporation to work freelance for a large Ontario film production company. A couple of different accountants over the years advised me to hang on to the corporation and they allocated my yearly salary as a management fee. That paradigm shifted this past year and now I'm wondering if invoicing through an incorporated entity is worth the expense and hassle. [more inside]
A dear friend is about to pass away from cancer. She is an Irish national currently residing in Ireland. Most of her career was spent oversees in a non-EU middle-eastern country where her life savings of about $250,000 is currently banked. She has avoided repatriating those funds back to Ireland due to tax reasons. But as time is very short, she would now like to do this and pass them on to her family after her death. I have advised consulting a lawyer. But as time is very short, does anyone know what taxes is she liable to incur with this transaction, including inheritance taxes of her heirs? And is there an optimal method which will minimize her tax burden in this situation? Thank you.
I have gone from freelancing to full-time work so I don't need my LLC at the moment. But I will continue to be charged active-agent fees and taxes. Should I just dissolve it? [more inside]
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 missed the deadline to file federal taxes, and Turbotax says it's too late to file an extension. What do I do? I estimate being able to file my taxes by the end of May, but not before then, but would like to not have the IRS breathing down my neck. [more inside]
My partner and I have gotten into the habit of using tax preparers over the past decade, with the end result that I no longer feel like I really understand what's going on with my tax return. How can i get from where I am now to doing them myself with a high degree of understanding of my tax situation. [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 want to file for taxes (Ontario, Canada) and my accountant asked that I can send him my bank statement so that he knows the different payments instead of having me send him all the receipts. Is this safe or advisable?
I'm a business of one person (an LLC). I'm doing things much sloppier than I can/should - help me automate it and make it smooth! Need advice on best practices and ideal services. [more inside]
I am really upset that we’re down to the last minute and my CPA has not finished my taxes or communicated with me since April 3. I haven’t paid him yet. I’m about ready to download Turbo Tax tonight and use his draft to double check. Would I still be obligated to pay him? What if I wait until tomorrow (which is going to make me extremely anxious)? [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]
My partner works in one Ohioan city but lives in another. For the past 20 years, his employer has been taking taxes out for his work city, but not his home city. My partner doesn't really think about taxes, so it never occurred to him that he would need to do something extra to pay his city taxes. Consequently, he hasn't paid any city taxes to his home city for 20 years. [more inside]
Who is the best professional to call on before 2015 taxes are due? [more inside]
How do I do taxes for the first time? I live in NJ, and I had a paid internship last summer in CA. The internship provided free housing (is that taxable?) and I'm a college student in NJ. Sub-questions: What forms do I fill out, and what software can I use? [more inside]
I found out today that the divorce I filed two years ago did not, in fact, go through. However, I've been filing my taxes as a single person during that period. What should I do? Are there other legal issues I may not be considering? Neither of us want and did not want alimony and we have no children, so that's not a concern. Thanks.
I have to mail a large number of packages containing electronic devices, say printers, to a few dozen military sites overseas. If I am shipping to a foreign Air/Army Post Office (APO) or a Fleet Post Office (FPO) on a US Military Base, do I have to pay customs duties and taxes on those goods? [more inside]
I've just finished doing my Canadian taxes using Turbotax. The net income calculated by inputting my T4 is higher than what I actually netted (calculated using excel + mint) by about $8000. [more inside]
My friend has started a small business in Italy and I am the US representative/minority owner. We have not yet begun production of our product. Can anyone tell me about filing US taxes with him as an foreign majority owner? [more inside]
I realized this year I have been neglecting depreciation on my taxes. I bought my condo in 2006, and lived there until 2012. Moved out at the end of June, started renting it out in November 2012. How do I calculate depreciation for my taxes? I know you are supposed to divide costs by 27.5 years, but I have questions. [more inside]
The IRS says they can't identify me and therefore cannot send me my tax refund. The web verification process doesn't work and every phone number I've found for them just gives an automated "we cannot handle your call right now" and hangs up - no option to wait on hold. Please see extended explanation for more details, thanks. [more inside]
Can my employer really make me pay back my signing bonus if I quit? [more inside]
My mom needs to prove to the State that her taxes were filed in 2011. Maybe she could pull her Federal taxes from the IRS online? Would that include scan copies of her w-2s? [more inside]
I apparently owe NYS $7,000 with interest and penalties. Do I call them to tackle this myself or should I find a accountant in the morning? [more inside]
My Mom. Medicaid. A Miller Trust. And taxes owed. How can I make this happen? [more inside]
I’m getting tax assistance for the first time and I’m not sure what I’ll need to bring to my appointment to get the job search deduction, as this will be my first time using itemized deductions. [more inside]
How to record a federal and state overpayment of taxes in 2013 when that overpayment was applied to 2014 taxes. [more inside]
I made less than 30K last year and owe almost 2K in taxes (federal and state). What gives? I'm guessing this is a problem with withholding from multiple jobs but I don't understand what exactly happened or how to fix it. Please use small words. [more inside]
I've got some complicated taxes this year with two W2s and a few 1099s and living in multiple states. Yelp is not turning up anyone useful and the one local company I reached out to is not responding. I don't trust chains like H&R Block, but I don't mind a small company or independent professional. My budget is about $200-$250, might be able to do a little more. Boston, Dedham, Milton area preferred, but may be able to travel a bit further afield for someone with a great reputation. Recommendations are very much appreciated!
Building on an earlier question I'd like some personalized advice on using an accountant. [more inside]
Our taxes this year are complicated by a number of factors, like getting married and dealing with the paperwork from three states. Turbotax is not going to give us the advice we need, so we would like to hire a professional for this round. We also may need professional financial advice in the future, so if the person or firm also offers those services that would be a bonus, but not essential. Anywhere in the Westside would work, though we are also willing to go further out. [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]
in 2014, I went from one job to another, and part of that transition was negotiating a contract with my new employer. As part of the negotiation, I hired a lawyer to help me with the contract terms, which ended up costing me a decent chunk of money. My question: Can I deduct this money from my taxes? is it a job expense? I am thinking the answer is no, but I would love to be able to deduct that money.
We did a deed in lieu of foreclosure in 2014. How will this effect our tax return? [more inside]
I'm looking for a good CPA in Seattle, particularly one who understands self-employment and royalties. I went through one last year, and recent conversations online are leaving me with some doubt as to his proficiency. Suggestions? [more inside]
My friend and I are working on a few years of back US tax returns. We are both US expats in Ireland with (very) small businesses. We are fairly confident about filing the 1040, Schedule B and the 2555, as well as the FinCEN form 114. The 5471 is confusing though... [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'll speak with a tax professional next week but if you've had a similar experience I'd love to hear from you as I'm feeling my way through this. Today I received a notice that my $20,000 student loan has been formally discharged. My only income for the past four years has been Social Security disability and there's no foreseeable change. [more inside]
I signed up for a Dependent Care Flexible Savings Account for 2015. I am struggling to wrap my head around it. Specific questions inside. [more inside]
Can someone recommend a good accountant or accounting firm in Belfast for me? I am a US citizen who has earned income in both the US and in the UK (Northern Ireland) during the 2014 calendar year. I basically want to give all of my tax documents to someone and have them do my US and UK tax returns. Thanks.
I was hoping to get some feedback on what you guys think is the best program to do my own taxes in this year. I want to at least give it a shot. [more inside]
I was unemployed for most of last year and began working as an independent contractor (no taxes paid up front) later in the year. I was not on any assistance. I was also medically uninsured the whole year and heard you have to pay a fee for every month you were unemployed. With this info, is there any way to estimate what my tax return will look like - whether I will get a refund or have to pay up - just so I can know what to expect?