As an S-corp, am I legally obligated to present receipts or copies of receipts in the event of an audit?
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posted by JJkiss
on May 17, 2013 -
12 answers
I'm mailing out a copy of my tax return and W2's to my employer's tax accountant, so he can take a look at them and do an adjustment. Do I send him the real W2's, or a copy?
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posted by Xere
on Apr 30, 2013 -
10 answers
I have money in need of investment and my sister has student loans. Can I pay them off and then have her pay me a smaller rate of interest?
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posted by Cogito
on Apr 20, 2013 -
17 answers
I'm searching for a quotation that was paraphrased to me as
Talking about sustainability should not be like doing taxes, it must be like writing a love letter.
The person (architect, with interest in sustainable design) who paraphrased this to me is certain this is not the actual quotation and citation, and believes it came to her attention within the past seven years.
posted by Prince_of_Cups
on Apr 15, 2013 -
2 answers
I live in a co-op in New York City. My spouse and I 'own' the unit, but we have a friend who lives with us. The unit is owner-occupancy only, so when we bought, we got special permission from the board for this one person to live with us. Owners are not allowed to rent out their units (but our situation is understood). Our roommate helps us pay the bills by giving us some money each month. There are no leases, subletting, proprietary lease for the coop, or any formal documentation at all.
Is the money that he gives us each month "rental income"? I would prefer not to separate out rental income, expenses, etc. in addition to our legitimate home offices. However, I care more about doing this properly and not harming a) the roommate, b) the co-op, or c) my bottom line.
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posted by peripatetron errant
on Apr 14, 2013 -
7 answers
So I am paying my California taxes using CalFile (their free online filing website at webapp.ftp.ca.gov). I get a few questions in, and then I get to the "Payments" section, with these 4 questions that make no sense to me.
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posted by brenton
on Apr 12, 2013 -
10 answers
My girlfriend nannies for three girls and has concerns about tax season, raises, bonuses and general treatment.
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posted by PetiePal
on Apr 12, 2013 -
21 answers
My husband made less than $10k this year but TurboTax is telling us he owes over $1k in taxes. Is that right?!
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posted by Mooseli
on Apr 11, 2013 -
24 answers
I am an independent contractor. I did not pay taxes for 2011. I cannot afford to pay my taxes for 2012. I am scared.
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posted by anonymous
on Apr 11, 2013 -
22 answers
I am trying to fill out our first 1065 on Turbotax. We formed as an LLC with the State. The IRS doesn't have a designation for LLC, and considers us a Partnership. Turbotax is asking for each member of the LLC whether we are Limited Partners or General Partners. On the operation agreement, we are member, and actively run the business together. We did not specify a member-manager. On Turbotax, it is asking whether we are General or Limited partners and I am wondering which one I should select.
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posted by Roki
on Apr 10, 2013 -
5 answers
Should I have received additional paperwork after exercising ISOs in a cashless transaction from my former employer?
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posted by okay okapi
on Apr 10, 2013 -
2 answers
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")?
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posted by anonymous
on Apr 1, 2013 -
3 answers
If I am submitting business expenses for my own business in my 2012 taxes, must I limit them to the 2012 calendar year? Or can they go up to April 15 of 2013?
posted by azoth
on Mar 27, 2013 -
4 answers
What is the process and what taxes must I pay when transferring a car title from my father to me? Interstate snowflakes inside.
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posted by domnit
on Mar 25, 2013 -
4 answers
I know that I can still contribute to my IRA account for 2012; can I still make catch-up contributions to my 401K for last year?
posted by coldhotel
on Mar 24, 2013 -
3 answers
Asking for a writer friend:
I need an accountant who is up to speed on writers'/artists' tax affairs, and in particular one who understands the intricacies of residence and/or obligation to file in more than one country.
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posted by languagehat
on Mar 19, 2013 -
5 answers
I am not sure whether to consult a CPA or a tax attorney for this.
I currently live in Chicago. My brother lives in Louisiana. I am, separately, the trustee of a trust for him and his designated power of attorney. While in Louisiana, I sold his primary residence acting as his POA. I deposited the proceeds from the sale into the trust. No 1099 was issued for the home sale. Howwww do I report this to the IRS?
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posted by liketitanic
on Mar 11, 2013 -
5 answers
I am taking a new position where I am paid a non-taxable income/stipent. Essentially my position is funded through a grant. I am not a student, this is a full-time and temporary. I am afraid when I go to file my taxes next year something might come up where I do have to pay taxes. I guess I don't fully trust the government in not wanting to place their sticky hands on my money!
Is there anything I should be aware of? Should I file my taxes a certain way?
posted by melizabeth
on Mar 7, 2013 -
9 answers
Hi HiveMind,
I'm filing my own taxes for the first time as a recent college graduate (using TurboTax -- so easy!) and I have a question with regards to my Roth IRA account.
In 2012, I graduated college and started a business. We didn't open for business until late November and I only paid myself $1,250 for all my work in 2012. I also opened a Roth IRA account and contributed $5,000 for the year. However, according to TurboTax, contributions to an IRA account cannot exceed earned income.
My question: can I simply report a $1,250 contribution to the IRA on my taxes and leave the $5,000 in the IRA? Will this get me in trouble? Should I merely take out the $3,750 and invest it in a different account? If noticed, could I just plead ignorance as my first time filing?
Thanks!
posted by masters2010
on Mar 3, 2013 -
5 answers
I know the self-employed in the US face a strange tax situation. Now think of the salary + benefits of a full-time employee position. How much more money would you have to be paid, as a self-employed independent contractor, to get the after-tax equivalent of that salary, assuming you then had to purchase the benefits yourself?
posted by shivohum
on Mar 1, 2013 -
11 answers
Somewhat unexpectedly, I find myself working as a full time freelancer. Help me anticipate the tax situation.
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posted by Sara C.
on Feb 27, 2013 -
13 answers
I did not file US taxes in 2011 because I thought I didn't owe. I just got a letter saying I did need to file, so I rushed around to do this and now I have filed. Unfortunately, I just found a document that I should have included - a K1 form. My deadline for filing is February 27; it will be virtually impossible to refile by then. I can easily get this refiled in a couple of weeks though.
What should I do?
posted by Surprised By Bees
on Feb 22, 2013 -
8 answers
I'm looking at tax softwares and not finding one that suits our particular need, which is, specificially: run all these scenarios and figure out what's best.
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posted by TomMelee
on Feb 11, 2013 -
7 answers
I'm looking for a recommendation for someone in the St. Louis area (or Metro East) who prepares taxes.
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posted by aetg
on Feb 9, 2013 -
2 answers
Please help me understand whether I can write off my health insurance premiums.
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posted by mhz
on Feb 9, 2013 -
14 answers
Not sure what happened, but I have a Simple Roth IRA through Fidelity that I overpaid accidentally. I'm in my 40s, so as I understand it, can put in up to $5,000 per year. Last year, I overpaid my maximum by something like $300. I didn't worry too much about it. Starting to do my taxes this year, I looked at my Fidelity statement and it looks like this year I overpaid by $1300. What are my options? How does this affect my taxes, if at all?
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posted by HeyAllie
on Feb 6, 2013 -
8 answers
I am selling a rental house and I have some questions about taxes etc. I know YANMCPA, but if you could point me to a place I can read some clear information, I would appreciate it.
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posted by mikedelic
on Feb 5, 2013 -
4 answers
Should I hire a CPA for my taxes this year? 1. I relocated for my job this year and received multiple relocation benefits. 2. I sold off stocks that were gifted to me and I do not have any cost bases for them because they were purchased so long ago.
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posted by 6spd
on Feb 2, 2013 -
2 answers
Some freelance programming/design work (javascript data visualization) is about to drop into my lap through a friend who has heard me talking about how much I enjoy this stuff. I'm a student and have never done this professionally, but would love to in the future. Help me not look like a rookie and make this go smoothly and professionally.
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posted by PercussivePaul
on Jan 31, 2013 -
10 answers
I would like to travel the world while writing my own software (for profit). Ideally, I'd like to stay in each place for a couple of months, not just a few days or weeks. Where can I learn about the legal specifics of doing this?
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posted by anonymous
on Jan 30, 2013 -
7 answers
If I quit my job in April and start working on my own projects, can I buy a new laptop in July and write it off as a work expense on my taxes, even though I might not actually make any money from my projects until next year?
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posted by anonymous
on Jan 29, 2013 -
13 answers
If I'm ordering something online and they're based in Canada, will I have to pay customs when they ship to the US?
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posted by CrazyLemonade
on Jan 28, 2013 -
8 answers
YANMA. I am working full-time and taking part-time classes at the same University where I work. They provide a full tuition waiver and just require me to pay taxes on the amount over $5250, as required by the IRS. These taxes are taken out of my paycheck over 4 months. Can I claim this amount somehow when I file my taxes?
posted by sunshine37
on Jan 26, 2013 -
9 answers
My two sisters and I were equal beneficiaries in a realty trust. This past year, my older sister bought my 1/3 share (as well as that of my sister.) According to the legal documents, it was a "transfer of beneficial interest". Other than signing and notarizing the documents to transfer the real estate share, nothing else official occurred and my sister just paid us our fair share of the assessed market value. She is not planning on reporting the transaction. I have no idea if I owe taxes on the money I've received (and will also be receiving this year - it was divided into a few payments) and if so, what kind of tax that might be.
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posted by nekton
on Jan 24, 2013 -
10 answers
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?
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posted by ch3cooh
on Jan 6, 2013 -
21 answers
My husband and I are moving to NYC for work, but we own a condo in MA. Should we try to maintain MA as our legal, permanent domicile or should we just give in and call that our second home? What are the implications of working & renting in one state and owning a home in another?
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posted by isthenewblack
on Jan 6, 2013 -
9 answers
I am suddenly making a grown-up salary, with a retirement plan and everything. I need to talk to a financial professional about optimizing my taxes and retirement and building a perfect(-ish) machine that I don't need to think about too much. I don't actually know what this person is called. Am I looking for an accountant? A financial advisor? A financial planner? Or something else? Please help me overcome my laughable naïveté. Thanks!
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posted by the brave tetra-pak
on Jan 4, 2013 -
9 answers
My friend, a dual Canadian/American citizen living in the UK, is discussing the terms of a trust with her (US) father. By the time she inherits, she may have given up US citizenship. Does this need to be mentioned so they can account for it now?
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posted by Madamina
on Jan 3, 2013 -
15 answers
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.
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posted by arnicae
on Dec 15, 2012 -
9 answers
My partner and I are about to buy a house together, and we're trying to decide how to do this. We're gay, and hence technically unmarried, and we're trying to figure out the tax implications of the different options.
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posted by Tooty McTootsalot
on Dec 5, 2012 -
10 answers
Please explain the debate over whether or not to raise taxes on the wealthiest Americans. I am apolitical. I have no horse in this race. My knee-jerk response is that making the rich pay more in taxes sounds like a good idea, but I am neither (a) rich, nor (b) an economist. What are the economic arguments for not taxing the wealthy at a rate higher than the current one? My best guess is that it might affect jobs, but I honestly have no idea.
posted by jackypaper
on Dec 3, 2012 -
20 answers
I'm transferring my consulting business from out of state to west LA and I need to find an attorney to help with:
- Forming the company
- Helping me put together contracts for my clients
- Coming up with a tax strategy
Does anyone have a recommendation?
posted by mistermc
on Oct 30, 2012 -
2 answers
Question about 2011 US federal tax deductions and married filing status: Trying to fix a problem with my tax return; please help!
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posted by qxntpqbbbqxl
on Oct 26, 2012 -
11 answers
I'm new to China and I have been told by my employer that I can only deduct laundry and restaurant bills from my income tax. that sucks since I was planning to purchase a lot of photography/computer gear that's relevant to my job. is there really no way for me to get a tax deduction on these items?
posted by krautland
on Oct 23, 2012 -
9 answers
