Suppose I were soon to receive a check for approximately $20,000. Also suppose that this represents a portion of my share of an inheritance from a relative and that additional monies will be forthcoming and, though I don't know exactly how much, that'll probably be on the order of $50,000 or so. What are the tax implications of this for me? What could I do to minimize the taxes I pay on this money? (I'm in the U.S.) YANAAccountant or MAccountant.
posted by Wisco72 on Feb 8, 2010 - 11 answers

Is it the $10,000 distribution from my IRA and the $8,000 first-time home buyer's credit that's causing us to owe so much more in taxes this year? [more inside]
posted by anonymous on Feb 8, 2010 - 4 answers

US TaxFilter: Help me figure out what the legal way is to file tax returns (if necessary) for my nonprofit staff members who live and work in Africa, and are doing work for next to no pay out of the goodness of their hearts... [more inside]
posted by treehorn+bunny on Feb 8, 2010 - 17 answers

Why do I owe Maryland $400+ in taxes when I made less than $16,000 last year and moved to New Jersey mid-way through the year? Do states tax you on income you made in other states? Generic tax advice appreciated. [more inside]
posted by schroedinger on Feb 8, 2010 - 10 answers

U.S. TaxFilter: I get paid under the table, and as such I don't have a W-2 for my work. How do I declare this on my taxes? [more inside]
posted by grapefruitmoon on Feb 8, 2010 - 26 answers

Can I keep my Roth IRA if I'm not working anymore? [more inside]
posted by lynnie-the-pooh on Feb 7, 2010 - 5 answers

Does anyone know a good (not too expensive) accountant in San Francisco? [more inside]
posted by twiggy32 on Feb 6, 2010 - 6 answers

Can anyone recommend a tax attorney in NYC? [more inside]
posted by cestmoi15 on Feb 5, 2010 - 2 answers

Which US health insurance paperwork should I file and keep, and which should I toss? [more inside]
posted by infinitewindow on Feb 3, 2010 - 3 answers

Looking for a recommendation for a good CPA or accountant in the DC, NoVA, or Southern Maryland area to field a set of somewhat-complicated questions about taxes. (Read: H&R Block is not going to cut it here.) The problem? All my close friends use TurboTax, and I'm reluctant to mass e-mail my entire contact list for recommendations, since I think the type of CPA (or accountant--is there a difference?) might matter in this situation and figuring out what flavor I need means disclosing more personal financial details than I'm comfortable with. [more inside]
posted by anonymous on Feb 3, 2010 - 2 answers

I'm trying to e-file my taxes (USA) and receive the First Time Homebuyer $8000 credit. Looking for advise on how to go about this. [more inside]
posted by ijoyner on Feb 2, 2010 - 5 answers

This year I did a ton of IT work for a non-profit for no money. Can I claim this on my taxes? [more inside]
posted by orville sash on Feb 1, 2010 - 7 answers

My W-2 is a work of pure fiction. Do I need an accountant or a tax attorney? [more inside]
posted by anonymous on Jan 30, 2010 - 8 answers

Non-profit overwhelmed with prospect of setting up and administering taxes and insurance for employees who will be located in other states. [more inside]
posted by alcahofa on Jan 30, 2010 - 8 answers

It's tax time and I screwed up, what are my options? [more inside]
posted by pakoothefakoo on Jan 26, 2010 - 12 answers

Responsible Adult Filter: In the last year I've bought a condo, gotten engaged, and received a small inheritance. While I've used TurboTax to file in the past, I think I'm in a little over my head now. Does anyone know a trustworthy, reasonably priced accountant in Chicago who is still accepting new clients?
posted by Oktober on Jan 26, 2010 - 6 answers

Is there a way to fill out 1099's online without signing up on an accounting site? Surely there's something easier than using a typewriter!
posted by Allee Katze on Jan 26, 2010 - 10 answers

A character in my story needs to hide gambling winnings from the IRS - what are some simple, non-James-Bondian ways he can hide his winnings? [more inside]
posted by anonymous on Jan 25, 2010 - 29 answers

On Canadian taxes, specifically with RRSP contributions. [more inside]
posted by tksh on Jan 21, 2010 - 6 answers

What is "reasonable compensation" to determine the equitable split between compensation and dividends for the 100% owner/officer of a profitable S-corp advisory firm? [more inside]
posted by anonymous on Jan 15, 2010 - 3 answers

To which of four states do I need to send a tax return this year? [more inside]
posted by electric_counterpoint on Jan 15, 2010 - 10 answers

Do I need to file for income taxes if my sole income was from CD interest (and not really much of THAT)? [more inside]
posted by Yoshi Ayarane on Jan 14, 2010 - 6 answers

I have an estate tax statement showing a loss from the estate of my grandmother in another state. How do I find a professional who can tell me how to file this where I live to the best April 15th benefit? [more inside]
posted by Koffeeman on Jan 12, 2010 - 2 answers

What software should I use for my own company in Canada? [more inside]
posted by Frasermoo on Jan 11, 2010 - 8 answers

Starting a Non-Profit... Where to start? [more inside]
posted by weiler63 on Jan 10, 2010 - 8 answers

LLC for a (now) profitable writer/actor team? [more inside]
posted by 2003girl on Jan 6, 2010 - 3 answers

Tax question: How do I report money on a lawsuit settlement? Which tax form to use? [more inside]
posted by anonymous on Dec 11, 2009 - 6 answers

My current iPhone was purchased in Washington. I live in Oregon. Under Government Fees & Taxes, I have a WA State Telecom Tax line. Is there a Telecom Tax for OR State? [more inside]
posted by hilaryjade on Dec 5, 2009 - 7 answers

Who can I go to for tax advice for this unusual, personal and embarrassing problem? [more inside]
posted by anonymous on Dec 4, 2009 - 18 answers

huge payroll issue. i'm lost and need direction. long story follows, but the short version is that i seem to have been overpaid by $15,000 and now my employer would like that money back. [more inside]
posted by radiosilents on Dec 2, 2009 - 27 answers

Can I buy a gift card this year (2009) for purchasing a computer in the following year (2010) so I can take the tax deduction in the current year (2009)? [more inside]
posted by jimmy0x52 on Dec 1, 2009 - 9 answers

I need to know a rough estimate of how much I should take out in taxes. Theres no withholding with my checks because the temp agency is whack like that. But I need to know how much to take out for tax season? I live in NY, but don't live in the city. So far I earned with this agency... 7466.55. The end of the year it will be $9000 earned. Can anyone help?
posted by InterestedInKnowing on Nov 23, 2009 - 12 answers

I broke the $100 mark on Adsense, now what? [more inside]
posted by 47triple2 on Nov 9, 2009 - 6 answers

Last year I got most of my income for working from home in the state of Virginia. I did work for a company that is not owned by me and was located in another town in Virginia. I got a 1099 as an individual from the company for the work that I did. This work was all conducted by phone and email, no one came to my home. I recently got a letter in the mail from the City of Winchester, VA saying that I did not register as a business in the city and that I needed to pay back licensing fees. I know you're not my lawyer, but do I have to do this?
posted by jefeweiss on Nov 6, 2009 - 13 answers

What are some good low risk ways to invest $30k for about a 3 month period? [more inside]
posted by trbrts on Nov 4, 2009 - 8 answers

Forgot to file tax returns. Now what? [more inside]
posted by doomtop on Oct 26, 2009 - 6 answers

HELP! It's tax day. Tax return due tonight. HELP! [more inside]
posted by SallyHitMeOntheHead on Oct 15, 2009 - 8 answers

When I bought my car from out of state, the dealer never collected sales tax. Now I moved to that state and the state wants to collect! Help! [more inside]
posted by Tu13es on Oct 13, 2009 - 10 answers

I'm earning maybe $4,000 this year, of which $2,000 is as self-employed. Do I still have to pay around $300 in taxes? [more inside]
posted by anonymous on Oct 6, 2009 - 4 answers

I'm thinking about cashing out my 401k to help start a business. I know I will pay a penalty, and that what I take out will be taxable income, but I expect my business to post a loss the first year that would offset most of (if not all) of this income. Would I still have to pay taxes on all of the 401k money? [more inside]
posted by wezelboy on Oct 1, 2009 - 8 answers

You buy a house in California. You agree that the seller can stay up to 2 months after escrow closes (a "seller rent-back") if they make your (PITI) payments. Do you need to pay income taxes on the money they pay toward your PITI? Also, what was your "seller rent-back" experience? [more inside]
posted by unclezeb on Sep 29, 2009 - 9 answers

SweepstakesFilter: My wife (a Canadian like myself) recently won a large number of travel rewards points from an American chain of hotels. Help us determine if the prize is worth keeping considering what we'll have to pay in taxes to the IRS. [more inside]
posted by stungeye on Sep 25, 2009 - 6 answers

My wife was working a temp/contract job earlier this year. Her contract ended in May and she was paid her final paycheck but was still owed about 60 hours of PTO. [more inside]
posted by tickettrader on Sep 12, 2009 - 2 answers

Sometimes I get small job requests that come from outside my fulltime job. They don't pay much (barely over 1k this year) but it's enough to require me to report myself as a business. Does that mean it's a second job?
posted by mallow005 on Sep 10, 2009 - 11 answers

I'm looking for a good accountant in the Philadelphia area. Ideally one that can help with both tax issues for a freelancer in the tech industry, as well as more general family accounting (I just got married and we just opened our joint account). Any recommendations? [more inside]
posted by Deathalicious on Sep 8, 2009 - 2 answers

Property Tax filter: In August I bought a house in King County WA. The county's assessment of the property is very high. I would like to appeal for a review of the assessment. The desired result is a lower tax bill. I would be grateful for any strategy or advice. [more inside]
posted by anonymous on Sep 1, 2009 - 7 answers

Taxes/licenses required for Nevada company providing consulting services in California? [more inside]
posted by Jacqueline on Aug 14, 2009 - 2 answers

We're starting a US based online T-shirt company that pays sales commisions to designers. In the event that the designer is overseas, do we need to withhold tax? If not, what IRS form do we/they need to fill out?
posted by Dag Maggot on Aug 12, 2009 - 5 answers

How should I go about monetizing my podcast in a legitimate and professional manner? [more inside]
posted by HostBryan on Aug 11, 2009 - 4 answers

New to contracting, and new to Australia. Can someone please help me find a company to sort out my insurances and payroll (and the 'living away from home allowance' -- or recommend an accountant if I need one? [more inside]
posted by Flying Squirrel on Aug 5, 2009 - 9 answers