988 posts tagged with taxes.
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Tax withholding mystery

Joyous tax season is here. Please help me figure out what is going on with one of my W2s! [more inside]
posted by sucre on Feb 8, 2016 - 6 answers

five years of taxes to do?

I am one of the thousands of Americans who live overseas and because of ludicrously low incomes have never gotten it together to file taxes in the USA. Zero of my USA friends here are filing taxes in America. I suddenly co-own a business but their accountant does not do expat taxes. How to go about this smoothly would be a delight. I am currently being quoted £500 for each tax year preparation.
posted by anonymous on Feb 7, 2016 - 17 answers

I don't want to screw myself over more than I already have...

I worked as a part time nanny for the first half of this year, but I stupidly accepted being paid under the table. How do I pay taxes now? [more inside]
posted by anonymous on Feb 7, 2016 - 13 answers

You are not my tax adviser, but do I need one? (renting out a room)

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]
posted by FencingGal on Feb 3, 2016 - 8 answers

Solo business, Schedule C question

As I consultant, when I travel on client business, I pay for travel with a card and the client reimburses me (on top of my fee). Likewise with other expenses -- I buy a projector for use on a project, client keeps projector and reimburses me as above. So do I include such reimbursement amounts in both my income and expenses on Schedule C?
posted by LonnieK on Jan 29, 2016 - 10 answers

How can I get back my self employment tax?

I spent almost all of 2015 working full-time for a big company through a temp agency, but the temp agency misclassified me as a contractor. This means that I'm on the hook for self employment tax, which is 7.65% of the year's income! I'd like to avoid paying that tax. What's the best way to do it? [more inside]
posted by dadaclonefly on Jan 29, 2016 - 9 answers

How do taxes work on a Roth conversion that was recharacterized?

If I prepaid taxes on a Roth conversion then recharacterized back to a traditional IRA, how do the taxes I paid work? [more inside]
posted by lpcxa0 on Jan 29, 2016 - 2 answers

Should have filed taxes married/joint. Already efiled married/separate.

My spouse efiled our US federal and state tax returns as married/separate. I haven't filed mine yet. We did some re-calculations and realized we'd get a bigger refund filing married/joint. How do we get the IRS to delete/reject the already efiled return or amend things so we can file the married/joint one correctly?
posted by ao4047 on Jan 29, 2016 - 1 answer

How to tell a narcissist I really did screw him over, this time

My ex has NPD and anger problems so I really don’t want to tick him off – but I think I’m about to. Please help me to mitigate the damage. [more inside]
posted by anonymous on Jan 22, 2016 - 16 answers

What do I need to know about incorporating?

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]
posted by BlahLaLa on Jan 19, 2016 - 14 answers

How likely am I to be given an exemption to the ACA penalty?

I did not have health insurance for the last 8 months of last year. How likely am I to be granted an exemption to the penalty I'd normally face when it comes time to file my taxes? [more inside]
posted by Venadium on Jan 19, 2016 - 6 answers

Question about claiming dependents on taxes

After speaking with my stepmom and dad, they and their accountant said that I should be claiming my mom, sister and nieces as dependents. He has been their accountant for a while, but I don't know him and know whether I should trust what he says. [more inside]
posted by FireballForever on Jan 16, 2016 - 5 answers

My employer screwed up my tax withholding on my paycheck

I've been at my job for six months and I just noticed on my paycheck I'm marked as "single" for CA state taxes withholding. I'm married and had submitted a state tax form stating such when I was first hired. Obviously, it fell into a black hole. What do I do? [more inside]
posted by bondgirl53001 on Jan 11, 2016 - 10 answers

Help me avoid the wrath of the taxman

My payroll taxes were messed up. You are not my accountant or tax lawyer, but what/how do I need to file? [more inside]
posted by anotheraccount on Jan 5, 2016 - 6 answers

New Year's Resolution: Track My Expenses Less Stupidly

I want to move on from my primitive checkbook, which necessitates a truly odious annual tallying/categorizing chore come tax season. There's got to be a better way! If it's an app, ideally it's one that works on both iPhone and Mac, and is as automatic as possible when it comes to totaling expenses in tidy little categories for my accountant. Does anyone have suggestions?
posted by Anonymousness on Jan 2, 2016 - 18 answers

Navigating my wild thicket of taxes

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]
posted by dis_integration on Dec 31, 2015 - 8 answers

How to buy a car in the US from the UK

Let's say you wanted to buy a car for your parents. They live in the US. You live in the UK. They are both retired and have basically no income and many of their benefits are contingent on this fact. What is the best way to do this whilst not incurring unfavorable tax implications but also not being completely shady?
posted by like_neon on Dec 23, 2015 - 8 answers

I changed my full name (and gender). What account do I need to change?

Because of transgender reasons, I recently legally changed my name in court (and at Social Security and the DMV). I have taken care of my bank and my work accounts. Credit card companies and my ISP require me to mail the paperwork. I feel like I'm missing a lot - can you give me some examples of other stuff I will need to change? What is the most important stuff that I should do first? [more inside]
posted by desjardins on Dec 23, 2015 - 16 answers

How do death and taxes work?

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]
posted by thefang on Dec 22, 2015 - 7 answers

Please help me fill out my W4

Usually taxes make sense to me, but life is changing and I'm completely confused right now. I need to know how my (and maybe my spouse's) W-4 should be filled out. Pertinent info here, backstory below the fold... My income will be 75,000, spouse makes 63,000. One child, using dependent care FSA, last year before kid we itemized about 21,000 in deductions. How many allowances do each of us take? [more inside]
posted by anonymous on Dec 14, 2015 - 9 answers

Help me with Nanny Taxes

My wife and I are hiring a part time nanny for about 20hrs/week, starting next month. I've begun looking into the tax situation, and its a bit of a nightmare. Please help! [more inside]
posted by jpdoane on Dec 8, 2015 - 10 answers

Company's been taxing me in the wrong state. What are the implications?

About a month ago I moved from State A to State B to work in my company's new office. Even though I updated my location with my company and our payroll system, I've still been having only State A taxes withheld, and no State B taxes. Since I'm living and working in State B, I should only have State B taxes withheld as of my move. Turns out that, due to an oversight, the subsidiary of my company that I officially work for isn't yet registered in State B. They're going to fix it on the payroll side, but what implications should I be aware of? Does it matter whether it's fixed by end of year? More details below the fold: [more inside]
posted by anonymous on Dec 8, 2015 - 3 answers

Making up for Covered CA anticipated income discrepancies

I significantly underestimated my (often wildly varying) income when I signed up for Kaiser health insurance through Covered California at the beginning of the year, and later dragged my feet about updating my income information, figuring I'd have to pay it back in a tax penalty next April anyway. I have a few thousand dollars in a non-expiring medical reimbursement account with ADP. Is there a way to apply those funds to my tax penalty somehow, or do something equivalent? [more inside]
posted by tapir-whorf on Dec 7, 2015 - 4 answers

Paying IRS LLC Back Taxes, please help!

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.
posted by InterestedInKnowing on Nov 6, 2015 - 6 answers

LLC to Shining Sea

How do I properly quit business operations in one state after moving to another state. Complication: I have outstanding invoices. [more inside]
posted by papayaninja on Oct 13, 2015 - 4 answers

How do I affordably start a music/art/educational LLC and non-profit?

I am a known financially developmentally delayed idiot. No really. I hate money. And I want to start a music and art festival on a slim budget and start building a framework to be able to raise funds for it and keep it all clean and kosher and separate while keeping my day job and tax bracket. How do I do this? [more inside]
posted by loquacious on Sep 28, 2015 - 14 answers

Can I pick which state I live in for income tax purposes?

I do not want to screw the IRS, as that is scary. At the same time I travel a lot. Nominally I have an apartment in NYC that is "home," and I pay high city tax and state tax rates. I have been AirBnB'ing the apartment and basically living with my girlfriend when I'm home. For business I travel a lot, to the point where I have begun renting cheap bachelor pads to not be living in a hotel all the time. Can I claim residency in those states? [more inside]
posted by geoff. on Sep 27, 2015 - 16 answers

Help me avoid a LLCP tax mess

I have a complicated situation for 2014, and I'm running out of time to sort it out. Details within. [more inside]
posted by roygbv on Sep 15, 2015 - 5 answers

Pretty - No - Really Late Taxes

How do I choose a tax attorney? [more inside]
posted by anonymous on Sep 1, 2015 - 15 answers

Do I really have to pay mortgage foreign exchange gain to the IRS?

I moved to the US from Canada during the 2014 tax year on a work visa. My departure date from Canada is considered the day after I sold my home in Canada. The tax people say it is advantageous for me to file as Married Filing Together, forcing me to declare the entire 2014 (not just the part I was in the US). Therefore, they say, I have to pay capital/mortgage foreign exchange gain on the sale of my home in Canada, even though everything about the house occurred before I was in the US. Does this sound accurate? [more inside]
posted by GeneticFreek on Aug 30, 2015 - 8 answers

Timing for an IRA Distribution for First Time Homebuyer Purchase

"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]
posted by funfunfun on Aug 1, 2015 - 5 answers

CA Property Assessment

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]
posted by tealcake on Jul 31, 2015 - 19 answers

Foreign income exclusion via physical presence test?

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]
posted by anonymous on Jul 28, 2015 - 4 answers

California State Tax Troubles

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]
posted by chara on Jul 28, 2015 - 5 answers

Canadian Tax: Art Division

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]
posted by Phlegmco(tm) on Jul 15, 2015 - 5 answers

Should my accountant pay the interest here, or is that not how it works?

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]
posted by swheatie on Jul 13, 2015 - 15 answers

"They just write it off." "Write it off what?" Tax question!

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]
posted by AppleTurnover on Jul 9, 2015 - 16 answers

Taxes on good received and how to calculate "Fair Market Value?"

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]
posted by anonymous on Jun 26, 2015 - 2 answers

Revenue Canada made a $6500 mistake. Is that their problem?

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…
posted by morspin on Jun 16, 2015 - 13 answers

How to money

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]
posted by anonymous on Jun 5, 2015 - 20 answers

Is it worth it for an Ontario freelancer to be incorporated?

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]
posted by bonobothegreat on May 14, 2015 - 5 answers

Irish tax and inheritance question

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.
posted by MacChimpman on May 11, 2015 - 5 answers

Can I put my LLC "on hold" and not pay fees?

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]
posted by deern the headlice on May 5, 2015 - 7 answers

Setting up a fund-raising donation page for a Nepali village

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]
posted by blueberry on Apr 29, 2015 - 3 answers

Missed tax filing deadline. What do I do?

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]
posted by corb on Apr 27, 2015 - 23 answers

how can I get from using tax preparers to doing my own taxes

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]
posted by diode on Apr 26, 2015 - 9 answers

Filing US taxes homeless

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?
posted by anonymous on Apr 25, 2015 - 2 answers

Is it safe giving my accountant my full bank statement?

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?
posted by cyrusw8 on Apr 22, 2015 - 6 answers

Best independent Business practices - Quickbooks and more

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]
posted by Towelie on Apr 20, 2015 - 4 answers

CPA has gone silent… what to do?

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]
posted by Kriesa on Apr 14, 2015 - 19 answers

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