My friend and I are working on a few years of back US tax returns. We are both US expats in Ireland with (very) small businesses. We are fairly confident about filing the 1040, Schedule B and the 2555, as well as the FinCEN form 114. The 5471 is confusing though... [more inside]
Are there any laws or regulations in Alberta, Canada, that would supersede a county-imposed pre-authorized-only payment scheme? [more inside]
I'll speak with a tax professional next week but if you've had a similar experience I'd love to hear from you as I'm feeling my way through this. Today I received a notice that my $20,000 student loan has been formally discharged. My only income for the past four years has been Social Security disability and there's no foreseeable change. [more inside]
I signed up for a Dependent Care Flexible Savings Account for 2015. I am struggling to wrap my head around it. Specific questions inside. [more inside]
Can someone recommend a good accountant or accounting firm in Belfast for me? I am a US citizen who has earned income in both the US and in the UK (Northern Ireland) during the 2014 calendar year. I basically want to give all of my tax documents to someone and have them do my US and UK tax returns. Thanks.
I was hoping to get some feedback on what you guys think is the best program to do my own taxes in this year. I want to at least give it a shot. [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?
You are not my accountant. I am a 1099 contractor that works for a consulting company. I am meeting with my accountant next week to form an LLC for 2015. I will be getting paid for the month of December at around the same time. I will open a separate bank account for the corporation, but I will not be able to do it in time to have my first 2015 payment deposited into it, so it will get sent to my personal bank account as it does now. Will this cause any problems in 2016 when I'm doing my 2015 taxes? Or does it not really matter? [more inside]
Through a combination of illness, procrastination, and overwhelm, my modest financial life is in shambles. I don't have a lot of extra money, but I would throw what I could at this problem to have help in getting it straightened out. [more inside]
Last year, little baby iminurmefi was born, and while I know that there's a grace period where you can say "I just had a baby!" to excuse temporarily dropping the ball on all sorts of life stuff, it's about year past when my husband and I should have gotten our crap together and done that legal... stuff (that's the technical term)... that you're supposed to do when you have a kid and a house and assets and newly-complicated taxes. Estate planning, I guess? I know AskMe can't do this for me, but I am a bit lost as to what sort of professional(s) I need to hire here. [more inside]
If I have to pay back a signing bonus because I didn't stay at the job for a full year, is there any way to recover the taxes I paid on the signing bonus? [more inside]
Suppose someone has the ability to work 100% remotely in the US for a company as a 1099 contractor. He has a permanent residence in state A. If he travels around the country over the course of the year, 3 months at a time in a new state, would he need to pay some state income tax for each state, or would he pay state income tax for state A only? If my thinking is correct, that it depends on state law, then how is this enforced if he is, say, living in an RV?
On one's U.S. tax forms, where you have to put down your occupation, can you describe your job as you please, or is one legally required to describe one's job as your employer lists it? I would like to put down "blame-taker" or "scapegoat" because, essentially, this is what my job amounts to. But obviously that's not how my employer describes it. Can I get in trouble for this?
My accountant screwed up my 2012 tax return, to the tune of a six-figure tax bill. You are not my lawyer, or my accountant, but hopefully you can help me figure out which I should contact: a tax lawyer or the accountant? [more inside]
I'm looking for a fee-based financial planner in the Bay Area to help me figure out one simple problem, and one knottier one. I have about $10k in CDs, and I'd like to invest it in a slightly smarter, similarly low-risk way (probably index funds) that I can add to slowly and in (relatively) small increments. I'd probably also like to start a 401k. Unrelatedly, as a child I was gifted $3k in shares of a single bluechip stock that I've never touched, and it's accrued value gradually but steadily over several decades. Recently, talking to a wiser friend, she pointed out that I've never paid taxes on it! I'm not sure how to deal with that, but probably can't avoid it much longer! How money works is confounding to me; I come from a working class background and am good at saving, but not saving wisely. Anyway, I'm primarily looking for financial planner suggestions, but if you've dealt with related stock/tax issues please share your experience and advice! Throwaway: firstname.lastname@example.org if you'd prefer.
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]
How can one learn about the Canadian tax system (Toronto, Ontario to be specific) in the easiest way possible? Does one need to do a ton of reading to grasp the basic concept behind how they work or are there nice videos and presentations that explain how they work? [more inside]
I had an interest in a limited partnership that wound-down and distributed its assets. I received a K-1 with the distribution shown in Box 19. How do I pay tax on this? [more inside]
Got my bill today from my accountant...Can anyone tell me if these fee's are legit? They seem pretty high and im hoping someone with knowledge in this could elaborate or confirm these fees are standard. Thank you!
We hate doing our taxes. Despite a professional familiarity with the basics of the tax code, or perhaps because of it, dealing with all of the paperwork really stresses me out, and my spouse doesn't like to do it either. Can you help us find an accountant in the Chicago area who will be competent and easygoing? Details inside. [more inside]
I understand the literal answer to this question--if I donate $100,000 to charity, I can deduct that amount from my net income for tax purposes, and my tax liability will be significantly less. If I'm well into the 39.6% federal income tax bracket, I will reduce my federal taxes by $39,600. But I'll also have $100,000 less in my account. Can charitable giving increase the total amount I retain, even considering the amount lost by donation? [more inside]
I've inherited from a family member. Not a house or enough actual cash to buy a house outright, but enough to get on the property ladder. I'm awful with money (amongst other things). It's time to get professional advice in London. Can you recommend someone? Or tell me how to find someone? [more inside]
I am thinking of getting Quickbooks, but I am wondering which is the best one to get for a small business. [more inside]
My business partners and I just closed a Kickstarter for around 150k! Awesome! But, for the first time, we have real money and now we need real advice. [more inside]
My accountant screwed up my taxes. I'm unsure of how I should proceed. [more inside]
I will be contacting a CPA. But I am a novice at this and I am wondering about the taxes on the sale of a joint tenancy house. [more inside]
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]
From a description of a web company: "Everyone works from their own home or office, and we’re spread out all over the world — California, Texas, New York, Canada, Ireland, Scotland, Japan, Iceland, Bulgaria, Australia, and more." I know lots of development companies operate like this, and I'm intrigued, but I don't know how it works, especially the aspect of taxation, citizenship, etc. [more inside]
I’ve just started freelancing as a copywriter and have some questions about preparing to pay taxes, and what I can claim as expenses. [more inside]
We go see my mom in Welfleet, Cape Cod once a year and usually spend the night in Boston after the flight, in which case we pick up a rental in Cambridge where it is hundreds of dollars cheaper a week due to airport taxes (or so I am told by the rental car agencies) [more inside]
My new employer is adding what looks like a pre-tax contribution of an extra 1k to my paychecks monthly to pay for health insurance and the remainder is meant to be put in to an HSA. My wife's insurance plan only costs us $210/mo and the HSA contribution limit for a family is $6550/yr what is going to happen to the remainder of the money? [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 having trouble keeping my finances organized for tax purposes. Special considerations: renting out a property, medical expenses. [more inside]
I recently received a letter from Pioneer Credit Recovery, informing me that my debt of ~$1500 in state taxes has been assigned to them. There are some details that make me unsure how to respond. [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'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]
Is there an easy to use withholdings calculator for California? I want one that works like the IRS calculator does for Federal Withholdings. [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]
We just found out that there is such a thing as the 1120-H tax form for condo and homeowner associations, and the previous owners of our building have never filed. Great. We're going to start, but is this something that all condo or homeowner associations do? Were our previous owners unusually lax? [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]
Where do I go online or irl to get specific federal income tax questions answered? [more inside]
I'm planning on starting both a nonprofit and a business (LLC or C-Corp) before the end of summer, and I'm uncertain as to my ability to write off expenses. Each would be run with a small (<5) group of investors/friends. [more inside]
Hi, I'm doing my 2014 taxes. I moved to New Jersey on Dec. 13, 2013 (from New York) and during the closing I paid the property tax for December, as well as 3 months of property tax in advance for the first Q of 2014. My question is: one my taxes, do I claim just the December taxes, or can I claim all the money I paid in 2013?
Is an accountant obligated to report unreported income to the IRS, if the conversation is not pertaining to the completion of my tax return? [more inside]
Is it possible to convert my LLC to an S-Corp to avoid paying $10,000+ in 2013 self-employment taxes? [more inside]
I owe the IRS a not-insignificant chunk of change. Is there some way I could benefit from this? [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.