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.
I was filing my taxes online when I saw my W-2 was extra confusing. The online tax website even flagged the data I entered saying there were probably errors. I'll talk with my employer about this if necessary, but is it actually invalid information or just unusual circumstances? I've provided all the information I could think was relevant. [more inside]
Short version: As a Canadian Freelancer, if I track all my expenses carefully in mint, and pay for pretty much everything with credit/debit cards, do I still need to keep all those paper receipt? [more inside]
How do relocation expenses paid directly to a 3rd party work on your taxes (US)? We received the relocation expense breakdown from employer today and there is about $15,000 listed as w-2 reportable income, that was strictly the cost paid directly to the movers. Will we be paying taxes on that? Will our total income be our regular taxable income plus this $15000? Should we start having more taxes taken out of the paycheck to avoid any yucky surprises next year at tax time? Everything I find online talks about deductible expenses, but I don't see how that even applies to this situation because we weren't reimbursed for anything, the employer handled everything with the movers directly. We meet all the requirements for qualified moving expenses (time, distance and start of work), but again, don't know where that fits in. This will apply to the 2014 taxes, so we have plenty of time to get a better grasp of how it works. You are not my CPA or TA (we may get one, but I would still like to understand and prepare accordingly if we will be getting pounded at tax time).
On Monday, I start my first non self- or under-employed job in five years. It is with a very large (4000+ employees) company that's a big player in their field, and I am very happy and grateful to have the job. But, as I'm sitting here filling out the employee paperwork I'm faced with a "New PC Employee Acceptance Form". It seems I will be issued a company laptop, but I will also be charged $70/month that "covers XXX Company's standard for PC hardware, software and maintenance". This was never discussed in my salary negotiations. Questions: Is this normal? and, Is this an expense I will be able to write off at tax time?
I've just signed on with a couple of online firms that have a team of freelancers and then assign work to them. What do I need to know about taxes? [more inside]
Should we get married this year, or will that end up in a tax penalty, considering our incomes are similar and we would end up in a higher tax bracket? [more inside]
Am I saving enough for taxes from my second job? I live in the US and have no state income taxes. My main job is W2. I make around $56k and usually end up close to even on my Fed return. I now have a second job that's 1099. I get paid $150 a week and set aside $50. Is this probably enough for Fed (income/SS) taxes?
I won a prize in an online drawing from a small business. (The prize is something I want, and I don't want to sell it or give it away.) The stated value of the prize is $750 (and I've confirmed that is what it would actually cost if I were paying for it—the price is not inflated for the prize). How can I determine what taxes I will need to pay on this, given that I pay taxes in NYC, New York State, and federally?
On Tuesday I drove across country to start a new role in the Bay Area. Prior to this I was working on a year-long contract which wasn't renewed. During the interview process I was looking for a full time role, but was convinced that this was a good opportunity, particularly to get my foot in the door back in the Bay Area where I'm originally from and still have family. During the interview I was asked specifically what type of contracting I would be open to and said that I was only interested in W2ing to a new role rather than becoming an independent contractor and billing, and I stated that I wasn't interested in 1099ing. The rate I provided reflected this as well. Turns out I've been onboarded as a 1099 and the rate that I was looking for as a W2. [more inside]
I am self-employed in Philadelphia and will soon be moving to small-town Michigan. I grok the business taxes here. I can't figure out the taxes there. Specifics inside. [more inside]
TaxFilter: Partner and I own multi-family home. How best to split up $$$ from rents, repair costs, mortgage, etc for taxes this year? [more inside]
Theoretically, say you are a small business/non-profit and you mailed off ~150 1099 forms to the IRS last week (deadline was 2/28). Say you came into work this morning and the 1096 summary form that is supposed to accompany the 1099s was found to have fallen out of the envelope and onto the floor before sealing. How would one go about resolving this?
There were a few years when I did not pay state or federal taxes. I'm not sure exactly which years, but probably 2001-04 is the window of time I'm looking at. I put it off until the last minute, then got overwhelmed by the paperwork and the forms and just gave up. I didn't make much money any of those years. I'm not even sure I owed taxes - in most cases I probably was due for a (tiny) refund. For the past several years I have worked on becoming more financially responsible and have regularly paid my taxes on time. I tend to forget about those years but when I do think about them I'm concerned. I'm just not sure what steps to take to resolve this. I'm not even sure which years I did not file. [more inside]
I've had a HRA administration company contact me selling their HRA administration plan. Is this a good idea for a spouse who is self-employed. [more inside]
Does being enrolled in a pre-tax transit benefits program affect how much you owe/get back when you do your taxes? [more inside]
Taxfilter: I sold a condo in April. I sold it for $5,000 less than I bought it for, but I walked away with some money because I had owned it for 10 years and paid down the principal. I had been renting it out for 4 years before I sold it because I moved to a city nearby. I also put about 10K into renovations over the past few years. Do I have to pay any capital gains taxes? Is it worth it to try to get any kind of credit for the loss I took when I sold it for less than I bought it for?