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.
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]
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]
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]
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]
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?
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?
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]
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]
We donated a service provided by a third party (i.e. "not us") to a deduction-qualified church. The service has a clearly established price of $150. We didn't pay for the service, because the right to the service was given to us in compensation for the provider botching another instance of the service. Can we claim a deduction on our US federal taxes for the normal price of the service? [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]
Who is the best professional to call on before 2015 taxes are due? [more inside]
How do I do taxes for the first time? I live in NJ, and I had a paid internship last summer in CA. The internship provided free housing (is that taxable?) and I'm a college student in NJ. Sub-questions: What forms do I fill out, and what software can I use? [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 have to mail a large number of packages containing electronic devices, say printers, to a few dozen military sites overseas. If I am shipping to a foreign Air/Army Post Office (APO) or a Fleet Post Office (FPO) on a US Military Base, do I have to pay customs duties and taxes on those goods? [more inside]
I've just finished doing my Canadian taxes using Turbotax. The net income calculated by inputting my T4 is higher than what I actually netted (calculated using excel + mint) by about $8000. [more inside]
My friend has started a small business in Italy and I am the US representative/minority owner. We have not yet begun production of our product. Can anyone tell me about filing US taxes with him as an foreign majority owner? [more inside]
I realized this year I have been neglecting depreciation on my taxes. I bought my condo in 2006, and lived there until 2012. Moved out at the end of June, started renting it out in November 2012. How do I calculate depreciation for my taxes? I know you are supposed to divide costs by 27.5 years, but I have questions. [more inside]
The IRS says they can't identify me and therefore cannot send me my tax refund. The web verification process doesn't work and every phone number I've found for them just gives an automated "we cannot handle your call right now" and hangs up - no option to wait on hold. Please see extended explanation for more details, thanks. [more inside]
Can my employer really make me pay back my signing bonus if I quit? [more inside]
My mom needs to prove to the State that her taxes were filed in 2011. Maybe she could pull her Federal taxes from the IRS online? Would that include scan copies of her w-2s? [more inside]
I apparently owe NYS $7,000 with interest and penalties. Do I call them to tackle this myself or should I find a accountant in the morning? [more inside]
My Mom. Medicaid. A Miller Trust. And taxes owed. How can I make this happen? [more inside]
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]
How to record a federal and state overpayment of taxes in 2013 when that overpayment was applied to 2014 taxes. [more inside]
I made less than 30K last year and owe almost 2K in taxes (federal and state). What gives? I'm guessing this is a problem with withholding from multiple jobs but I don't understand what exactly happened or how to fix it. Please use small words. [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!
Building on an earlier question I'd like some personalized advice on using an accountant. [more inside]
Our taxes this year are complicated by a number of factors, like getting married and dealing with the paperwork from three states. Turbotax is not going to give us the advice we need, so we would like to hire a professional for this round. We also may need professional financial advice in the future, so if the person or firm also offers those services that would be a bonus, but not essential. Anywhere in the Westside would work, though we are also willing to go further out. [more inside]
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]
in 2014, I went from one job to another, and part of that transition was negotiating a contract with my new employer. As part of the negotiation, I hired a lawyer to help me with the contract terms, which ended up costing me a decent chunk of money. My question: Can I deduct this money from my taxes? is it a job expense? I am thinking the answer is no, but I would love to be able to deduct that money.
We did a deed in lieu of foreclosure in 2014. How will this effect our tax return? [more inside]
I'm looking for a good CPA in Seattle, particularly one who understands self-employment and royalties. I went through one last year, and recent conversations online are leaving me with some doubt as to his proficiency. Suggestions? [more inside]
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: email@example.com 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]