I'm a roughly average taxpayer who doesn't know very much about American tax law or the tax preparation industry. Should I keep ignoring it and filing my taxes by myself, or will I benefit from looking for professional tax advice? [more inside]
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]
This question is about taxes, withholding, and multiple W2s. Can you help? [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 have an occasional housekeeper who used to work for me very intermittently, and now it's becoming more of a regular thing. I estimate that in 2014 I will end up paying her approx. $2500. She is eager for me to report this income officially and do whatever my legal obligations are re: social security or whatever. I'm totally willing to do it - but have no idea how. [more inside]
Almost 50/50 custody, and after a year of agreeing that we'd split the child tax credit, all of a sudden she announces that since she's pregnant with her new man's child, she's keeping all of it. Snowflake details inside - get ready for indigence. [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.
How do I pay taxes on the game show winnings I received? [more inside]
If I paid back an employer for training costs and business expenses related to the training - are these tax deductible? [more inside]
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]
I'm a relatively new transplant to Oregon, so I didn't find out about the Oregon Political Contribution Credit
until last April. And then I promptly forgot about it until I heard a fairly annoying ad on the radio reminding people today is the last day to make a contribution. Should I donate my 50 bucks to any particular cause? [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]
I have a very, very small business (a blog; it gets decent traffic and I made some money advertising). I have some questions, and I'd like to speak to a tax professional or attorney for probably less than 30 minutes. I'm in Los Angeles, CA. Can you recommend someone and give me a ballpark cost? [more inside]
So, in a nutshell here's the situation: I owe a significant amount of back taxes, and have the ability to pay - but want to see if it's possible to negotiate a lesser amount. [more inside]
I've recently started working on a couple of software projects that I hope will generate income in 2014. I'd like to form an LLC, but I'll probably end up doing that closer to completion since it's so expensive. Because my old laptop just wasn't up to snuff for development work anymore, I decided to purchase a new laptop a few weeks ago. Now I'm worried that I may have missed out on a sizable tax deduction. Assuming I can't take the laptop off my taxes in 2013 (no LLC, no revenue), is there any way I'll be able to deduct a purchase made in 2013 as a business expense in 2014?
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.
My father has just sent me this specific text - "I'd like to do some income tax avoidance, completely above the board, by having you sign over a check to me from my year end family trust account funds. I've had my brother's son **** do this is the past, no big deal just a matter of having someone in the family sign a check made out to them over to me." [more inside]
So I've done the math, and if my job pays me $750 a month less, and uses that money to pay my rent, I actually end up about $150 ahead. [more inside]
How do newcomers enter the spirits business when distilling without a permit and or without paying excise taxes is a federal crime
? Home distilling
is not a viable gateway hobby like home brewing
. [more inside]
BC'ers - how do you calculate the rate of income tax you should be paying? After googling I'm coming across wildly different rates for brackets, as well as terms like 'average rate' and 'marginal rate' (what are these? The internet doesn't want to tell me!) I normally do my own taxes at home (UK) but am being driven round the bend trying to get the figures for this.
I am new to the world of freelance writing. I have a regular full time job but have started freelancing on the side a couple months ago. Right now, I make about $400 a month from various jobs. Still a small number but I'm expecting to ramp this up a bit so I'd like to learn more about taxes and how/when I will need to start paying.
When should I start reporting my taxes?
I assume I will need to pay quarterly, how will I go about this? What forms?
I'll consider hiring a tax advisor if I start making more from writing but for now, I'm just trying to get my feet wet and understand my tax obligations.
Could I undergo a training program and be an "accounting assistant" on evenings and weekends during the upcoming tax season? Is there another way to become a part-time accountant? I'm also considering a career transition and wonder if accounting would be a good long-term direction for me. [more inside]
My husband and I just switched our legal residency to a state with no income tax (South Dakota). This is very common amongst full-time RVers because SD recognizes a full time travel status
. However, we're neither working nor living in South Dakota, so how do state taxes work? [more inside]
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]
What rules do you use for estimating the value of things you give to charity? The organizations we donate to ask us to estimate the value for tax purposes ourselves, rather than doing it for us. I know we obviously should not use the full price that we paid for the item. I am wondering if it is okay to value items at, for example, what we might get for them off Craigslist (sometimes say 1/3 to 1/2 or in rare cases even 2/3 what we paid, depending on the item and condition), or whether we should be valuing at more like what I'd use for a yard sale price of like 1/10th or lower. Does it matter? And is there a corresponding tax consequence for the recipient organization, such that if I declare the higher value on our taxes that organization realizes some proportionate tax or penalty? If so I should probably just estimate lower in order to further benefit the charity. Thanks!
I'm doing a website project for a local musician, but I need to make sure it's "above board" as far as the IRS is concerned. How do I proceed? 1099 forms, etc? [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.
Will forwarding our mail twice in three months raise any red flags with anyone? How about three times in seven months? I also need some general help on mail management and state residency since we plan to be mobile next year (we live in an RV). [more inside]
How do I prevent my mother from adding me to her accounts? [more inside]
Can I really use my now empty Health Savings Account plan to pre-tax reimburse myself for expenses in the past, if I contribute to it today? [more inside]
SO has job offer 1800 miles away in beautiful California. Yesterday we were told by friends to expect over 50% of his salary to be taxed, leaving us with net income not far from what we make now in landlocked midwestern state. Should we be concerned about being destitute if we take this job and make the move to Ventura County? [more inside]
I'm putting my daughter in preschool and want to know the cheapest way to pay for it. [more inside]
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]
What does “out-of-state business activity” mean in the below quote?
“If you are a Michigan resident, all of your income is subject to tax, no matter where it is earned, except income earned from out-of-state business activity.” From this web page – here [more inside]
I keep seeing CList ads for free tax prep courses. Supposedly they may offer you a job after completing the course--this seems like a weird business model. How does it work? Do they really hire these people who've had so little training?
Help us determine if we're over reacting to a company paying at-risk adults below minimum wage because they can. [more inside]
I'm new to the world of freelance writing but not making enough to hire a tax advisor. Should I start paying taxes in September? And how can I write off the depreciation of my laptop? [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]
Had some reno work done on our house, disagreeing with the handyman over taxes, does anyone know the correct BC tax regulation here? [more inside]
A local politician has an unpaid $500,000 tax bill associated with a business he owns. I'd like to find out more details on this. [more inside]
Hello! I am an independent contractor (1099 Misc form) for the first time in my life and need some tax advice as the budget is a bit tight!
Therapy, acupuncture, bicycle, insurance, computer, etc. How do deductions work? [more inside]
I'm working on a few apps and I'd like to form an LLC. What complicates matters is that I plan to travel the world for the next few years, meaning that all my work will be done from my laptop with no stable office and no employees other than myself. I'm currently based in California. What are some good resources to help me figure out the best way to establish my business, both financially and legally? [more inside]
I need to file an amendment to my 2009 US federal and state taxes - I lived in the US (California specifically) half of the 2009 year and the rest of the year in Canada (GTA). I think this will be very simple (nothing but paycheck income to claim, no assets like trusts, property, stock, etc), but I am overwhelmed with the choices of accountants and tax people here, even the ones who specialize in cross border taxes. Can anyone recommend a decent tax person who could help with this? Preferrably someone near Etobicoke, although Mississauga/Oakville fine too. I've had numerous people warn me against the nearest chain type tax place, so I'm looking for someone independent or a small accounting type firm.
There's nothing nefarious about this, I got too caught up in work. What's the best way to catch up on a few years of tax returns? [more inside]
After you've incorporated, what are the daily, monthly, and yearly behaviors and fees associated with having an LLC? [more inside]
We will be importing a 2004 Honda Accord into Canada this weekend, I hope. We must pay taxes (16% of value of the car!) when we bring it in. It is up to us to put a value on the the car and hope the customs agent accepts our assessment. If they don't accept it, they will put their own value on the car and we must accept that and pay taxes accordingly. Two questions: how would you assess the value? And how would you try to pay the least amount possible? [more inside]