It looks like we should file taxes on/for our in-home nanny, but we're not sure where to start learning about all we need to know. We're in California, and our nanny started in January, 2012. More details inside. [more inside]
posted by filthy light thief
on Jan 25, 2012 -
I'm filing my US federal and state tax returns by mail this year. I realized after stamping and sealing one of the envelopes that I mixed up the W-2s, so that the Federal copy (Copy B) is on the state return and vice-versa. Are the names just a formality, or do the Feds really, really need Copy B?
posted by hwyengr
on Jan 18, 2012 -
I have been doing my taxes for myself for a long time; late few years have done Turbo Tax on line. Very simple income, not much in the way of deductions, some 401k contributions thru my employer etc. I have never had to pay Federal Income Taxes albeit the refunds have fluctuationed over the years. [more inside]
posted by shaarog
on Jan 17, 2012 -
[US Tax Filter] My daughter does not yet have a social security number. It seems unlikely she is going to get one in time for tax season. How do we file if we don't have her social security number? [more inside]
posted by zizzle
on Jan 12, 2012 -
argh!! nooooooo!! my amazing tax accountant has decided to retire and is leaving me without any referrals. can anyone recommend an awesome tax accountant, bonus points for specializing in working with creatives. [more inside]
posted by violetk
on Jan 10, 2012 -
I've submitted taxes a few times in the past, but the forms were filled out by a surpassingly generous and competent friend with a lot of free time. This year for the first time I have to do everything myself. Please explain the process to me as if I were the stupidest person in the world. [more inside]
posted by resiny
on Jan 10, 2012 -
Simple (I hope!) tax question: my only income in Virginia for 2011 was unemployment benefits (~$9k). I now live in CA. Will I need to file a Virginia income tax return? I believe that in VA unemployment benefits are not taxed at the state level... so I shouldn't need to file, no? Thanks!
posted by alaijmw
on Jan 4, 2012 -
Should we file taxes separately or jointly? Pay off a chunk of student loans now or pray for forgiveness? Help me identify the interaction of these questions. I'm not good with money! Details inside. [more inside]
posted by powerbumpkin
on Jan 4, 2012 -
I got a large bonus this year which will probably never be repeated.
After taxes, it was 26K. I don't have any immediate needs (no medical issues, etc), and I know next to nothing about investing. Given this economy, what should I do with it? Stocks? Bonds? Saving account? IRA? [more inside]
posted by anonymous
on Jan 3, 2012 -
Recently I saw an article online in which a conservative argued that the battle to cut spending was unwinnable and that therefore the conservative strategy should be to raise taxes to the level required to maintain programs, the idea being that this is the only way to convince people that spending cuts are necessary. Help me find this article please.
posted by Jackson
on Jan 2, 2012 -
Document checklist for a recently-married couple? What's crucial to get organized/updated in terms of legal/financial issues? [more inside]
posted by bitter-girl.com
on Dec 27, 2011 -
I sometimes hear about someone winning a prize where somehow the taxes due are somehow offset by the giver of the prize. How is that offset calculated?
Do they just add money to the prize until the post tax amount would be the same as the intended prize (so say 10% tax on $5,000 prize they end up giving $5,555.56. This involves the additional being taxed iteratively since it is all income to you.
Or do they somehow just pay the government the money you would owe on the intended prize amount and the offset doesn't count as income. So for 10% on $5,000 they'd just pay $500.
Or a mystery third option?
posted by obfusciatrist
on Dec 20, 2011 -
If I have the option, is it more advantageous for me to close on a house (tax wise) in 2011 or 2012? [more inside]
posted by batcrazy
on Dec 20, 2011 -
How do taxes work on investments in mutual funds?
I am a novice at investing. American citizen working overseas and building a portfolio finally. I've established my emergency savings and am heading into taxable investments. Unfortunately, I am unable to contribute to my Roth IRA or contribute to a traditional IRA while claiming FEIE (Foreign Earned Income Exemption) with the IRS. I'm looking into investing in Vanguard's VWINX fund. How would US taxes work on these investments?
posted by thatgirl1985
on Dec 9, 2011 -
If you pay estimated taxes and then end up not owing those taxes, do you get them back? [more inside]
posted by doomtop
on Dec 9, 2011 -
I've read How to pick an accountant for your online business
and I'm ready to find a CPA, but a little lost on where to start. Online searches tell me who is good at SEO, but not who is good at tax advice. The few people I know with similar work situations are still doing their own taxes. I was comfortable doing that before, but my tax situation has grown complicated this year. So I'm looking for recommendations from people in similar situations. [more inside]
posted by scottreynen
on Nov 6, 2011 -
My mom is discussing purchasing a house and putting my name and my sister's name on the deed as well as hers. What questions should we be asking before she does this? [more inside]
posted by PussKillian
on Oct 14, 2011 -
You are not my tax advisor, but... We're a same-sex married couple in California, trying to make heads or tails out of the (confusing) IRS tax-filing pickle that is in effect for the 2010 tax year. We have to combine our community income, split it in two, add any individual income to the respective partner's form, and then create two separate forms for the IRS for each of us, but check the "single" category for filing status. Here's the dilemma: He gets a W2 (salaried employee). I freelance (several 1099s and a Schedule C). Do I have to duplicate the entire Schedule C across both forms, and put half of each deduction on my form and half on his? :-0 Or do I do the full deductions on my form and fill in something on the adjustment line (line 21, I think it is) on his 1040 form as a way of evening out the reporting? [more inside]
posted by kentk
on Oct 6, 2011 -
Does anyone have any advice about or know a good tax preparer experienced with international wages in LA (Pasadena-ish)? [more inside]
posted by ApathyGirl
on Oct 3, 2011 -
I work as a nanny. I work part time for 3 different families. They all know that nannying is my full-time career. Everyone's paying me off the books right now. They all should know better, one family is 2 lawyer parents. I want to pay taxes. Can I? I'm pretty sure I won't owe any taxes because I make so little and when paid legally I never have but the families I work for definitely owe their share on my wages. Will the families I work for all get audited if I try to file? What happens? Should I try to tell them that this is my plan? The last time I talked to a family about wanting to be paid legally the gig fell apart, it was a total disaster and I lost the job. I don't want to screw people over but I don't want to get screwed myself.
posted by anonymous
on Oct 2, 2011 -
A friend and I are starting on a side project together - do we really need to incorporate? [more inside]
posted by jourman2
on Sep 27, 2011 -
My roommate told me I can buy a computer and get a full refund on my taxes because I'm a student. Is this true, or partially true, or complete B.S.? [more inside]
posted by DoubleLune
on Sep 25, 2011 -
When an author, political figure or other speaker donates their speaking or appearance fee to charity, do they garner any tax benefits? Does this donation show up as a charitable tax deduction on their tax form? Does it show up as a charitable donation on the sponsoring organization's tax form? [more inside]
posted by 2bucksplus
on Sep 20, 2011 -
I am trying to learn more/understand better my new tax situation as an independent consultant, and was hoping someone could help me with the following questions:
. How do I compute my Net Earnings From Self-Employment (NESE)? What calculation is used?
. Since I am excluded from Federal and State tax (my tax domicile is TX) for my foreign-earned income amount (I estimate it would be $87,500 for 2011) - can you break down how I can get the estimated tax payment amount for 2011? [more inside]
posted by bbhart113
on Sep 10, 2011 -
Is there a way to maintain your state citizenship while traveling within the country, and perhaps outside the country, for up to two years? [more inside]
posted by fignewton
on Aug 30, 2011 -
As a US citizen, living and working abroad for many years, I recently heard of a new law that I must file tax returns on the US by Aug 31, 2011 or face a penalty. Anyone know about this? If US citizens live and pay taxes abroad, they generally are exempt up to $91,500.
posted by foxinsocks
on Aug 27, 2011 -
How do I accurately determine which state to claim as my 'tax' state. For example, I work/live overseas for 2 months at a time, then I get 1 month off and usually travel or go to the US, but I do not rent an apartment, own a home (have a lease or mortgage) - I usually crash on friends' couches, and I keep my belongings and car in NC (in a Public Storage unit), but my mail, driver's license and voting is registered in TX. Which state can I legally claim? I know I need to claim a domicile in a state, and was hoping it could be TX.
posted by bbhart113
on Aug 12, 2011 -
[Tax Filter] Tax on a lump-sum disability payment that covers a period of time before this year. [more inside]
posted by kuanes
on Aug 11, 2011 -
My Taxes Filter: If I spend $2000 in self-employment income on equipment for said business (this is all the money I made on said business this year) will I be able to deduct roughly that amount and not pay taxes on the $2000? [more inside]
posted by sully75
on Aug 9, 2011 -
I didn't pay taxes (federal or state) on my unemployment benefits from January to June of this year. I also won't have any income besides that starting in July. How can I figure out if/how much I'll owe? [more inside]
posted by patientpatient
on Jul 25, 2011 -
I'd been wanting to form a corporaton for a long time. So many benefits it seems:
track business expenses for income-tax deductions
protect assets against law-suits
gain credibility for certain transactions
But all the gory details are getting me down... [more inside]
posted by markhu
on Jul 18, 2011 -
I butchered my state income taxes in 2008. New Jersey caught on with an audit, and now I owe NJ a lot of money. I suspect that if I did the taxes correctly, almost all of that money (except for 3 years of interest :( ) would actually come from New York State. Having screwed it up once with Turbotax, I don't trust myself to get it right by hand. [more inside]
posted by rrenaud
on Jul 13, 2011 -
Capital Gains on Precious Metals exchanged for Goods and Services? I own Platinum, Gold, and Silver physical coins, bars, etc. and know my cost basis for all purchases and have not sold any. Let's say rather than sell them back to a coin dealer or other similar entity, I exchange gold or silver or platinum for a service or good or something other than currency, what are the tax implications? [more inside]
posted by Rafaelloello
on Jun 28, 2011 -
TLDR: Are there any in-depth, English-language guides to the French tax system? [more inside]
posted by pollex
on Jun 23, 2011 -