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 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]
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]
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]
How to record a federal and state overpayment of taxes in 2013 when that overpayment was applied to 2014 taxes. [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 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?
What's the worst that will happen to me if I use my HSA card for a non-medical bill? Or a few. [more inside]
I am writing this on behalf of my almost-ex-husband. He has owed between $80,000 and $100,000 to the IRS since 2003 and has done almost nothing about it. More details inside. [more inside]
I e-filed my tax returns by the due date but couldn't pay them because I didn't have the money yet. Now I have the money, but am running into the bizarrely antiquated IRS payment system. [more inside]
I donated four large bags of clothes to a Goodwill. They gave me a general signed receipt that confirms I donated something, but it is not itemized or contain a value on it. Should I just estimate this value when doing my taxes next year? Or will that be problematic? [more inside]
After filing my US taxes for 2013 on time, I've decided to bite the bullet and file my delinquent 2008 tax return. I am disorganized and no longer have any of my paperwork. I got a Wage and Income Transcript from the IRS site, which has all the info I need. Do I just file this transcript with my return in lieu of W-2s and 1099s? [more inside]
I owe the IRS a not-insignificant chunk of change. Is there some way I could benefit from this? [more inside]
Theoretically, say you are a small business/non-profit and you mailed off ~150 1099 forms to the IRS last week (deadline was 2/28). Say you came into work this morning and the 1096 summary form that is supposed to accompany the 1099s was found to have fallen out of the envelope and onto the floor before sealing. How would one go about resolving this?
There were a few years when I did not pay state or federal taxes. I'm not sure exactly which years, but probably 2001-04 is the window of time I'm looking at. I put it off until the last minute, then got overwhelmed by the paperwork and the forms and just gave up. I didn't make much money any of those years. I'm not even sure I owed taxes - in most cases I probably was due for a (tiny) refund. For the past several years I have worked on becoming more financially responsible and have regularly paid my taxes on time. I tend to forget about those years but when I do think about them I'm concerned. I'm just not sure what steps to take to resolve this. I'm not even sure which years I did not file. [more inside]
I need help understanding taxes. I have a very standard tax situation, with two W2s as a result of a mid-year job change. I left Job A three weeks into January 2013 and started Job B two weeks afterwards. I entered my info into TurboTax. Job B: ~$800 refund. Job A: ~-$800 refund. Now I'm back at 0. I'm confused and disappointed, and apparently I don't have any ideas how taxes work. [more inside]
Can a freelance / self-employed person (filing Schedule C) deduct from her taxes the cost of business travel (airfare, lodging) that she was later reimbursed for? [more inside]
My mother receives spousal support from a divorce, but it was as a separate contract between her and her ex-husband, not included in the divorce order. She's been having sobbing fits, unsure if she owes the government taxes this year. [more inside]
Can anyone recommend a good 'affordable' accountant that could reach out to the IRS and get the straight scoop on an IRS mishap (on my part mostly) from 2007-2008? Would like to get this straightened out as soon as possible. [more inside]
I estimated and sent money I thought I owed in taxes to the IRS when I filed for an extension on my 2012 taxes. I finally just did my taxes and I actually got a refund instead. How do I get the money I sent the IRS in April back now? [more inside]
I am wondering if there is a single place I can find either one or all of these things.
What's the next step? The person doing the books, preparing the taxes and processing payroll for my friends small business has disappeared, taking all of the physical records with him. This person had teamed up with some other financial services people (insurance, investments, etc.), and they were all offering their services out of the same office. The bookkeeper has left that arrangement, taking all of his clients' physical records with him. He is neither answering his phone nor returning phone calls. The IRS has requested information from my friend and the employees still need their weekly paychecks. [more inside]
I have made 20k in Roth IRA direct contributions over the past few years. That investment is now worth 25k with interest earned. I wish to withdraw 5-10k from this account. Will that withdrawal be tax and penalty free? [more inside]
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. [more inside]
I am an independent contractor. I did not pay taxes for 2011. I cannot afford to pay my taxes for 2012. I am scared. [more inside]
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. [more inside]
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?
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?
Question about 2011 US federal tax deductions and married filing status: Trying to fix a problem with my tax return; please help! [more inside]
Just started as an independent contractor - and I just got married. Self-Employed Taxes are due in ten days! Please help me figure out what I need to know! [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!
received 1099-misc. i earned this income over 8 months while consulting for an american company abroad.any special deductions for me?easy way to deduct daily expenses?advice? [more inside]
If I do freelance work for U.S. companies while residing in a foreign country, is that considered "foreign earned income for IRS purposes? [more inside]
I have a bigger tax bill than I expected, and I'm wavering between putting it all on a credit card and using the IRS installment plan. Have you put your taxes on a credit card? Have you paid through an installment agreement? [more inside]
I have never completed a US tax return before I would love some suggestions on things to watch out for, hints and tips or most important of all links to websites with good beginners information for filing your own returns. More info follows. [more inside]
I made a silly mistake on my taxes (US) and am wondering if it will prevent me from getting my refund. [more inside]
How do I figure out a mutual fund cost basis for tax purposes? [more inside]
I am way short on my estimated quarterly federal taxes this year, am freaking out, and need some honest insight into how much trouble I am in. [more inside]
True or False: If you're supposed to receive a refund from the IRS, but you file an extension and submit it at the very last, the IRS has to pay you the interest that has accrued on your refund, just like you'd have to pay any interest to the IRS if you owed taxes. [more inside]
How much does it cost to file state and federal taxes? (Plus one more bonus tax question.) [more inside]
I am filing taxes for the first time in 5 years. What can I do to avoid mega-penalties? [more inside]
[US Tax Filter] My daughter does not yet have a social security number. It seems unlikely she is going to get one in time for tax season. How do we file if we don't have her social security number? [more inside]
Does anyone have any advice about or know a good tax preparer experienced with international wages in LA (Pasadena-ish)? [more inside]
My roommate told me I can buy a computer and get a full refund on my taxes because I'm a student. Is this true, or partially true, or complete B.S.? [more inside]
When an author, political figure or other speaker donates their speaking or appearance fee to charity, do they garner any tax benefits? Does this donation show up as a charitable tax deduction on their tax form? Does it show up as a charitable donation on the sponsoring organization's tax form? [more inside]
Must I pay estimated taxes this year if last year I didn't withhold enough taxes and triggered a $29 penalty when I filed my 2010 return? [more inside]
I'm meeting with a tax accountant for the first time on Wednesday. I'm a freelancer who gets my income from a number of sources (a combination of freelancing and part time salary work), so my taxes are pretty complicated. Two friends who do similar work recommended this guy, and said he got them big refunds last year, despite having almost no taxes withheld all year. I'm a newbie to taxes -- when meeting this guy, how can I tell whether he's on the up-and-up or whether he's going to get me audited?
Is there any problem in filing my federal tax returns twice? [more inside]