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?
If I have the option, is it more advantageous for me to close on a house (tax wise) in 2011 or 2012? [more inside]
Help me understand taxes as a freelance consultant in the UK. [more inside]
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?
If you pay estimated taxes and then end up not owing those taxes, do you get them back? [more inside]
Stay single or get married for tax purposes? [more inside]
A friend owes me $8k to $12k. What tax laws do I need to know? [more inside]
I need recommendations for an accountant, tax lawyer, or real estate lawyer in the Twin Cities. [more inside]
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]
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]
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]
Does anyone have any advice about or know a good tax preparer experienced with international wages in LA (Pasadena-ish)? [more inside]
Help! I still haven't filed my taxes for 2010. Is there anything I can do? [more inside]
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.
Corp-to-Corp computer consulting in CA- what's the deal? [more inside]
A friend and I are starting on a side project together - do we really need to incorporate? [more inside]
Will I need to pay taxes on this inheritance? [more inside]
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]
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]
How do income taxes work when my income is not by W2s or invoices? (home day-care; house cleaning) [more inside]
How to avoid import taxes on a parcel from the US to the UK. [more inside]
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: 1. How do I compute my Net Earnings From Self-Employment (NESE)? What calculation is used? 2. 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]
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]
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.
Any accountants / tax lawyers in NYC area that do Dutch taxes? [more inside]
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.
[Tax Filter] Tax on a lump-sum disability payment that covers a period of time before this year. [more inside]
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]
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]
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]
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]
Should I roll over my 401(k) and then convert it immediately to a Roth IRA? [more inside]
Corporate Job vs. Nanny, need appropriate questions to ask. (See within for more details) [more inside]
How much are taxes on buying a macbook in Toronto? [more inside]
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]
TLDR: Are there any in-depth, English-language guides to the French tax system? [more inside]
Explain my small business tax responsibilities to me like I'm a 5-year-old, please? [more inside]
What is the total tax burden for various income levels in the US? [more inside]
I left off a job on my taxes when I claimed this year, and now I'm filing a FAFSA. What do I put on my FAFSA? Only the job I claimed, or both? If it matters, the job I left off I only worked at for a few weeks, but I feel like that doesn't matter to the government.
Why did I seem to pay much less taxes as an independent contractor vs. a regular employee, making roughly the same hourly wage? [more inside]
Do I have to pay customs duties to have a computer I left behind in Ireland shipped to California? [more inside]
Quirky Canadian tax question - what's the long term impact of reducing CPP payable? [more inside]
You Are Not My Employer's Accountant: My W-2 this year has an entry in Box 18, which is preventing me from e-filing because Boxes 19 and 20 are (correctly) blank. There's a mistake here somewhere... but where? [more inside]
Does the 2010 version of TurboTax Premier really remove an important useful function useful in previous versions?
In past versions of TurboTax Premier, there was an option to use an external file (not a data feed directly from a third party) to import all stock transactions. Where is that in TurboTax Premier 2010 ? [more inside]
Please help me figure out how to resolve, as cheaply as possible, this failure-to-file notice I've received from the Massachusetts Dept. of Revenue. [more inside]
Must I pay estimated taxes this year if last year I didn't withhold enough taxes and triggered a $29 penalty when I filed my 2010 return? [more inside]
I've recently started using Kindle Direct Publish. During the signup process, they ask for all of my identifying information so that they can properly cut me a royalty check. What are, if any, my tax obligations? [more inside]
Newly self-employed in 2011, I have a few (U.S., Federal) tax questions for experienced independent contractors or otherwise self-employed persons out there. [more inside]
US Tax Reform Filter: Our current system is too complex, and has way too many loopholes. What are some great alternatives to the current US tax system? [more inside]
I have a 1099-MISC for a job I did in Florida, early 2010. I then moved to Virginia for a new job mid-2010, for which I have a W2. I am using tax software (TurboTax or HR Block) and when my federal tax return info transfers to my state, my Florida income is taken into account on my Virginia tax return. What do I do? [more inside]