I live in a co-op in New York City. My spouse and I 'own' the unit, but we have a friend who lives with us. The unit is owner-occupancy only, so when we bought, we got special permission from the board for this one person to live with us. Owners are not allowed to rent out their units (but our situation is understood). Our roommate helps us pay the bills by giving us some money each month. There are no leases, subletting, proprietary lease for the coop, or any formal documentation at all. Is the money that he gives us each month "rental income"? I would prefer not to separate out rental income, expenses, etc. in addition to our legitimate home offices. However, I care more about doing this properly and not harming a) the roommate, b) the co-op, or c) my bottom line. [more inside]
So I am paying my California taxes using CalFile (their free online filing website at webapp.ftp.ca.gov). I get a few questions in, and then I get to the "Payments" section, with these 4 questions that make no sense to me. [more inside]
My girlfriend nannies for three girls and has concerns about tax season, raises, bonuses and general treatment. [more inside]
My husband made less than $10k this year but TurboTax is telling us he owes over $1k in taxes. Is that right?! [more inside]
I am an independent contractor. I did not pay taxes for 2011. I cannot afford to pay my taxes for 2012. I am scared. [more inside]
I am trying to fill out our first 1065 on Turbotax. We formed as an LLC with the State. The IRS doesn't have a designation for LLC, and considers us a Partnership. Turbotax is asking for each member of the LLC whether we are Limited Partners or General Partners. On the operation agreement, we are member, and actively run the business together. We did not specify a member-manager. On Turbotax, it is asking whether we are General or Limited partners and I am wondering which one I should select. [more inside]
Should I have received additional paperwork after exercising ISOs in a cashless transaction from my former employer? [more inside]
The (unromantic) case for marriage. [more inside]
Is the non-profit I work for legally required to generate 1099 forms for all of the individuals who receive stipends from this org. and have filled out W9 forms (technically "independent contractors")? [more inside]
If I am submitting business expenses for my own business in my 2012 taxes, must I limit them to the 2012 calendar year? Or can they go up to April 15 of 2013?
What is the process and what taxes must I pay when transferring a car title from my father to me? Interstate snowflakes inside. [more inside]
I know that I can still contribute to my IRA account for 2012; can I still make catch-up contributions to my 401K for last year?
I lived in two states last year, but apparently only paid taxes in one. Now what? [more inside]
Asking for a writer friend:
I need an accountant who is up to speed on writers'/artists' tax affairs, and in particular one who understands the intricacies of residence and/or obligation to file in more than one country.[more inside]
I am not sure whether to consult a CPA or a tax attorney for this. I currently live in Chicago. My brother lives in Louisiana. I am, separately, the trustee of a trust for him and his designated power of attorney. While in Louisiana, I sold his primary residence acting as his POA. I deposited the proceeds from the sale into the trust. No 1099 was issued for the home sale. Howwww do I report this to the IRS? [more inside]
I am taking a new position where I am paid a non-taxable income/stipent. Essentially my position is funded through a grant. I am not a student, this is a full-time and temporary. I am afraid when I go to file my taxes next year something might come up where I do have to pay taxes. I guess I don't fully trust the government in not wanting to place their sticky hands on my money! Is there anything I should be aware of? Should I file my taxes a certain way?
Hi HiveMind, I'm filing my own taxes for the first time as a recent college graduate (using TurboTax -- so easy!) and I have a question with regards to my Roth IRA account. In 2012, I graduated college and started a business. We didn't open for business until late November and I only paid myself $1,250 for all my work in 2012. I also opened a Roth IRA account and contributed $5,000 for the year. However, according to TurboTax, contributions to an IRA account cannot exceed earned income. My question: can I simply report a $1,250 contribution to the IRA on my taxes and leave the $5,000 in the IRA? Will this get me in trouble? Should I merely take out the $3,750 and invest it in a different account? If noticed, could I just plead ignorance as my first time filing? Thanks!
I know the self-employed in the US face a strange tax situation. Now think of the salary + benefits of a full-time employee position. How much more money would you have to be paid, as a self-employed independent contractor, to get the after-tax equivalent of that salary, assuming you then had to purchase the benefits yourself?
Somewhat unexpectedly, I find myself working as a full time freelancer. Help me anticipate the tax situation. [more inside]
Should I e-file my taxes? Specific computer phobia (or phobia of the IRS) is involved. [more inside]
I did not file US taxes in 2011 because I thought I didn't owe. I just got a letter saying I did need to file, so I rushed around to do this and now I have filed. Unfortunately, I just found a document that I should have included - a K1 form. My deadline for filing is February 27; it will be virtually impossible to refile by then. I can easily get this refiled in a couple of weeks though. What should I do?
I'm looking at tax softwares and not finding one that suits our particular need, which is, specificially: run all these scenarios and figure out what's best. [more inside]
I'm looking for a recommendation for someone in the St. Louis area (or Metro East) who prepares taxes. [more inside]
Please help me understand whether I can write off my health insurance premiums. [more inside]
Not sure what happened, but I have a Simple Roth IRA through Fidelity that I overpaid accidentally. I'm in my 40s, so as I understand it, can put in up to $5,000 per year. Last year, I overpaid my maximum by something like $300. I didn't worry too much about it. Starting to do my taxes this year, I looked at my Fidelity statement and it looks like this year I overpaid by $1300. What are my options? How does this affect my taxes, if at all? [more inside]
I am selling a rental house and I have some questions about taxes etc. I know YANMCPA, but if you could point me to a place I can read some clear information, I would appreciate it. [more inside]
Looking for a CPA in Minneapolis for a fairly straightforward tax situation. [more inside]
Should I hire a CPA for my taxes this year? 1. I relocated for my job this year and received multiple relocation benefits. 2. I sold off stocks that were gifted to me and I do not have any cost bases for them because they were purchased so long ago. [more inside]
I would like to travel the world while writing my own software (for profit). Ideally, I'd like to stay in each place for a couple of months, not just a few days or weeks. Where can I learn about the legal specifics of doing this? [more inside]
If I quit my job in April and start working on my own projects, can I buy a new laptop in July and write it off as a work expense on my taxes, even though I might not actually make any money from my projects until next year? [more inside]
If I'm ordering something online and they're based in Canada, will I have to pay customs when they ship to the US? [more inside]
YANMA. I am working full-time and taking part-time classes at the same University where I work. They provide a full tuition waiver and just require me to pay taxes on the amount over $5250, as required by the IRS. These taxes are taken out of my paycheck over 4 months. Can I claim this amount somehow when I file my taxes?
My two sisters and I were equal beneficiaries in a realty trust. This past year, my older sister bought my 1/3 share (as well as that of my sister.) According to the legal documents, it was a "transfer of beneficial interest". Other than signing and notarizing the documents to transfer the real estate share, nothing else official occurred and my sister just paid us our fair share of the assessed market value. She is not planning on reporting the transaction. I have no idea if I owe taxes on the money I've received (and will also be receiving this year - it was divided into a few payments) and if so, what kind of tax that might be. [more inside]
What withholding should I put in my W4 if I'm paying alimony/spousal support? [more inside]
What's the best place to live on a low budget given a life-consuming job in Manhattan near Madison Square Park? And how low can I go both before and after unintelligible-but-critically-important-tax-stuff?
What's the best place to live on a low budget given a life-consuming job in Manhattan near Madison Square Park? And how low can I go both before and after unintelligible-but-critically-important-tax-stuff? [more inside]
My husband and I are moving to NYC for work, but we own a condo in MA. Should we try to maintain MA as our legal, permanent domicile or should we just give in and call that our second home? What are the implications of working & renting in one state and owning a home in another? [more inside]
I am suddenly making a grown-up salary, with a retirement plan and everything. I need to talk to a financial professional about optimizing my taxes and retirement and building a perfect(-ish) machine that I don't need to think about too much. I don't actually know what this person is called. Am I looking for an accountant? A financial advisor? A financial planner? Or something else? Please help me overcome my laughable naïveté. Thanks! [more inside]
My friend, a dual Canadian/American citizen living in the UK, is discussing the terms of a trust with her (US) father. By the time she inherits, she may have given up US citizenship. Does this need to be mentioned so they can account for it now? [more inside]
Mr. Arnicae and I are married, but haven't filed our (U.S.) taxes jointly before. We're trying to figure out how to decide if it would be financially advantageous to file jointly, and what the negatives or positives would be. [more inside]
My partner and I are about to buy a house together, and we're trying to decide how to do this. We're gay, and hence technically unmarried, and we're trying to figure out the tax implications of the different options. [more inside]
Please explain the debate over whether or not to raise taxes on the wealthiest Americans. I am apolitical. I have no horse in this race. My knee-jerk response is that making the rich pay more in taxes sounds like a good idea, but I am neither (a) rich, nor (b) an economist. What are the economic arguments for not taxing the wealthy at a rate higher than the current one? My best guess is that it might affect jobs, but I honestly have no idea.
Are we in one of the rare situations where cashing out a 401K makes sense? [more inside]
I'm transferring my consulting business from out of state to west LA and I need to find an attorney to help with: - Forming the company - Helping me put together contracts for my clients - Coming up with a tax strategy Does anyone have a recommendation?
Question about 2011 US federal tax deductions and married filing status: Trying to fix a problem with my tax return; please help! [more inside]
I'm new to China and I have been told by my employer that I can only deduct laundry and restaurant bills from my income tax. that sucks since I was planning to purchase a lot of photography/computer gear that's relevant to my job. is there really no way for me to get a tax deduction on these items?
Although I'm a highly educated woman in my late thirties, when it comes to money I'm basically a fourth grader. Tell me how you managed to be a financial grown up. [more inside]
Why do most central banks target a small non-zero inflation rate rather than zero? - Bank of England target is 2% CPI - European Central Bank HICP target is "less than 2%" - US Federal Reserve target is 2% Why don't they all target zero if the ultimate aim of policy is actually "Price Stability" as most officially state. [more inside]
How important is it for me to get an accountant now that I'm earning most of my income as a freelancer? Can I handle taxes on my own? [more inside]
Does Romney want to remove deductions for 401k to help pay for his 20% "across the board" tax cut? [more inside]