I did a small amount of work for a company that turns out to be headquartered out of my state of residence. The company is located in California, but I communicated with them remotely and did all of the work in my home state where I reside. I am wondering if I need to fill out a non-resident state tax return for California. The amount of money is small (less than $1000).
For the past 5+ years I've owed small amounts of Federal income tax, $5-$11. Why not this year? [more inside]
In June, I started renting out a bedroom in my condo. I know I can deduct a percentage of some household expenses, but I want to make sure I 'm doing it right. I've been doing my taxes online with FreeTaxUSA for years. I'm really happy with them, but I've always just taken the standard deduction, and I'm wondering if it would be worth hiring someone this year (and then maybe going back to online next year). More inside. [more inside]
I have a part-time freelance thing that I do, in California. At what point do I need to get more formal about incorporating and such? [more inside]
You are not my accountant, but I'm trying to figure out whether I need a tax preparer, or whether software based services like turbo tax can help me navigate the rough and choppy seas of my tax nightmare. [more inside]
My grandmother is in hospice and my father will be inheriting the majority of her savings after she passes. He would like to give me a large-ish amount of money from this, but how does that work? [more inside]
So, I'm trying to pay the filing fees online that I never got around to. The personal tax account I made, my business tax ID number is attached to as well, HOWEVER, it's not indicating that I owe anything. I looked everywhere on the site menu to see how I can pay and it says I owe nothing (I owe a lot, even with no sales). Tax man is after me and I don't know what to do, please help! I'm in NY.
"Consult your tax advisor about your particular situation. " Hmpf. As if everyone has a tax advisor at their fingertips. So... I thought MeFi would be just as helpful. :-) After lots of thought, we would like to take an early distribution from an IRA for the downpayment on a house. Anyone here on MeFi have any experience with or specific knowledge of this type of distribution? Not looking for advice on whether we should or shouldn't do this; we have a pretty good nest-egg and believe this distribution is for the right reason, at the right time. [more inside]
Our home was assessed for more than 100K over the purchase price. It's been 5 years. What can I do, if anything? [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]
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.
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]
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]
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]
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’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]
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!
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]
Yay! I finally sold my house and have the check from the title company in hand. I made money on the sale of the house, but I have a few questions about how to maintain my investment. For tax purposes, does this qualify as "income"? Will I be assessed a Capital Gains Tax? Is a money market the best place to keep the cash from the sale? Please help a money noob... [more inside]
I'm better now, but I feel that I was disabled before and want to re-file my taxes. Do I need to prove this, and how does that work? What does it take to prove disability, especially retroactively? [more inside]
I'm planning to buy a used car in the Bay Area soon, then a month later use it to drive across the country to my new home. Do I need to consider anything special as far as taxes, licensing, insurance, etc? I haven't had a car for nearly a decade, so just buying one is daunting, let alone worrying about any additional financial or legal concerns. Is there anything I should know about?
I’m about to become a contractor. I live in Canada. When I get paid, there will be nothing automatically deducted in the way of income tax, CPP, etc. How should I handle this? [more inside]
I'm Canadian. I redeemed some mutual funds in very late Dec 2013. The redemption appears on my Jan 2014 statement. I have capital gains from the redemption. Should I report these capital gains now on my 2013 tax return, or next year on my 2014 tax return? [more inside]
Every year, I've done my taxes myself, and on time. But, I didn't do my taxes last year. Or the previous year. The reasons are personal and ones that I would imagine the gov't may not care about - a breakup with my partner of 9 years one year + the crush of a big move and job transition the next. I knew there would be complicated tax things to sort through since I was living in corporate-funded temp housing (and also, each year I get $ back, but I think I would have actually owed this time around due to the temp housing deal). I let it build up into a huge scary tower of overwhelmingness. The months ticked by, and it was easier to push to the back of my mind. Essentially - I. just. didn't. do. them. I would imagine that I could be fucked. But I'd like to take a deep breath, take this one on the chin, pay whatever horrible fines I may owe, and get it sorted this year. Pre-April 15th. How fucked am I? Things I should know? Will I need to tell my job about this? I've never used an accountant before - tips for finding one? I'm in Portland, OR.
How do relocation expenses paid directly to a 3rd party work on your taxes (US)? We received the relocation expense breakdown from employer today and there is about $15,000 listed as w-2 reportable income, that was strictly the cost paid directly to the movers. Will we be paying taxes on that? Will our total income be our regular taxable income plus this $15000? Should we start having more taxes taken out of the paycheck to avoid any yucky surprises next year at tax time? Everything I find online talks about deductible expenses, but I don't see how that even applies to this situation because we weren't reimbursed for anything, the employer handled everything with the movers directly. We meet all the requirements for qualified moving expenses (time, distance and start of work), but again, don't know where that fits in. This will apply to the 2014 taxes, so we have plenty of time to get a better grasp of how it works. You are not my CPA or TA (we may get one, but I would still like to understand and prepare accordingly if we will be getting pounded at tax time).
On Monday, I start my first non self- or under-employed job in five years. It is with a very large (4000+ employees) company that's a big player in their field, and I am very happy and grateful to have the job. But, as I'm sitting here filling out the employee paperwork I'm faced with a "New PC Employee Acceptance Form". It seems I will be issued a company laptop, but I will also be charged $70/month that "covers XXX Company's standard for PC hardware, software and maintenance". This was never discussed in my salary negotiations. Questions: Is this normal? and, Is this an expense I will be able to write off at tax time?
Am I saving enough for taxes from my second job? I live in the US and have no state income taxes. My main job is W2. I make around $56k and usually end up close to even on my Fed return. I now have a second job that's 1099. I get paid $150 a week and set aside $50. Is this probably enough for Fed (income/SS) taxes?
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]
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]
I want to list my boyfriend as a dependent on my 2013 taxes -- but he has his wages garnished. I'm also wondering about him filing taxes. Even as a dependent, I believe he's able to -- and he needs to for FAFSA purposes. More details and questions behind cut. [more inside]
I just started working for myself in September. before I was on a W2. There is a deadline on January 15th for paying estimated taxes for self employed individuals. Are those taxes for the earnings I made in the last quarter of 2013 or for what I expect to make in the first quarter of 2014. What's an easy way to figure out how much I owe (or would owe). I'd like to note I didn't make that much working for myself yet so it's possible I don't even owe anything for Q4 of 2013. but I have no idea.
I started what is effectively a software consulting business this year. It's incorporated and I'm the only employee/owner/president/whatever. I'm filing the company's taxes for the first time now and my filing should be pretty simple. [more inside]
If a person lives* in Washington state but works** in Oregon, to which state does she pay state income tax? Oregon, Washington, or both? [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]
My legal name and gender change court order will be finalized in late January and I will immediately go and change my SSA, DMV, and birth cert information. My W2 will probably arrive before I can get my new documents to my HR department. Will this cause problems filing my taxes? What should I expect and prepare for? I'm in California and use Turbotax.
I had two orphan 401(k) plans from old jobs that I rolled over into my (traditional) IRA this year. When I do my 2013 taxes, do I count those as part of my IRA contribution for the year? [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]
As we discuss our future together, and with other big changes afoot/underway, my boyfriend and I would like to see financial advice about some specific questions/scenarios but I'm not sure what kind of advisor we should be seeking out. [more inside]
This quote has been going around various friend's facebook pages, supposedly from a NYT editorial opposing the 16th Amendment. I can't find the rest of the article, and would like to see the context for the quote. Any leads online or offline where I could check it out? [more inside]
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? [more inside]
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. [more inside]
My husband made less than $10k this year but TurboTax is telling us he owes over $1k in taxes. Is that right?! [more inside]
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?
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. [more inside]
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?
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. [more inside]
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. [more inside]