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In the past I wasn't required to itemize my charity/educational donations. This year it doesn't give me any other option. Is this new? If I only made contributions totaling between $1,000 and $1,500, is it worth going through my bank statements to find all the donations?
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Mar 23, 2011 01:26
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scribe jones posted:Nobody knows what you're talking about because you didn't say what tax software you are using. If your total itemized deductions (incl. charitable donations) are under $5700 then it doesn't matter what you put since you'll end up taking the standard deduction anyway. Just got to that point (using Turbotax). Standard Deduction it is.
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Mar 23, 2011 02:50
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I got married approximately 10 days ago. I hadn't considered tax implications until someone joked that it was a "tax wedding" or something like that. My wife is in graduate school 1,500 miles away and has minimal income. Should we be opt for the married but filing seperately option (or jointly?), keep it simple and file as singles for the year, or do i do head of household? Are there any comprehensive sites that give breakdowns of these options and their potential affects on our tax situation? Thanks in advance!
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Jan 7, 2013 19:32
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edit: Program assumed my entire earnings for the year were while living in Maryland. Corrected and problem fixed!
Tortilla Maker fucked around with this message at 02:21 on Mar 7, 2013 |
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Mar 7, 2013 00:07
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I hope these are easy questions to answer: - I work in DC but live in Maryland. My employer incorrectly had me paying (withholding?) DC taxes part of the year rather than MD. Is it better to a) talk to my HR department and have them re-do my W-2; b) just enter the info as appearing on my current W-2 and file a DC non-resident form (but then what do I do for MD during that time?); c) other - Wife finished graduate school halfway across the country. She moved up to the DC area and found a job here. Do these moving expenses qualify for the..."Moving Expenses" section on Turbotax? Or is this strictly for cases in which you already have a job and say you're transferred/re-located within the organization? Or you apply for a job out of state and moving expenses aren't covered? Or can moving to relocate with a spouse a valid expense to account here? Hope those are clear. Many thanks in advance.
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Feb 8, 2014 17:32
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My wife and I overpaid both Federal and State taxes so we knew we'd be getting nice refunds this tax season. For that reason I filed our taxes in mid-January as our tax situation is pretty straight-forward (not in school, single steady job for each of us, no mortgage/kids/stocks, etc). We received our Federal refund within 10 days or so. Maryland sent us a notice saying they need to verify our w-2's as they don't show us paying any taxes this year (???). I mailed our w-2's over two weeks ago. The Comptrollers Office says they don't have a "note" in their system indicating the verification office has received or reviewed anything. But then they (I've spoken with several different reps) stress that I shouldn't re-send as that'll "confuse" things. I fear I know where this is headed. Good luck Goons!
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Feb 10, 2015 19:55
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Ramrod Hotshot posted:I'm an independent contractor, and all of my income comes from one client. I used to be an employee of this company. My former boss told me that I can save on my taxes by starting an LLC. Might this be true? What other advantages, if any, might there be for me to start an LLC? More employment law related but: Brief and simple: http://www.dol.gov/whd/regs/compliance/whdfs13.pdf Detailed, more complex, and a bit legalese: http://www.dol.gov/whd/workers/misclassification/ai-2015_1.pdf
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Jan 22, 2016 15:40
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The state ID number (Box 15) on my wife's W2 simply says "BLOCKED". I figured I would just put in the state's ID number as it's indicated on my W2 and my wife's other W2 from a previous employer but noticed that they're different numbers. Is there a recommended way to address this (get it amended; choose any of the two State ID numbers; etc.)? Thanks!
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Feb 5, 2017 20:03
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Guy Axlerod posted:The state ID number is the ID number of the employer as registered with that state. You can't just use some other employer's ID number. I see. Thanks for that clarification. So if there's no state ID number, should I just leave that field blank?
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Feb 5, 2017 20:27
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BAE OF PIGS posted:Is this her first year working there? If not, does she have a previous years w-2 she can get the State ID from? Yes, first year working there. Her employer is based in Virginia but we live in Maryland. Both states have income tax.
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Feb 6, 2017 01:03
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My wife is an employee (not 1099) who uses her own car for work purposes. She's in the medical health professions and travels from appointment to appointment. Her company has no central office that she reports to. We track work-related transportation expenses and it's pretty well documented as her employer reimburses $0.25 per mile. Am I correct that we can claim the remainder (~$0.28) for each mile? I'm having a hard time inputting this into FreeTaxUSA. Their wording is confusing as it's written toward an employer/1099 audience (e.g., " Did you use more than four vehicles at the same time for this business? Such as in fleet operations."; "Enter the date you purchased the vehicle unless you owned the vehicle before you started the business."; etc.). Based on what I've input, I get this response, "Based on your answers on the Additional Vehicle Information screen, you'll need to use the Actual Expense method to deduct your vehicle expenses." I don't remember having to do that last year. Anyone have any advice? Thanks!
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Feb 10, 2018 22:26
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Edit: Trump taking away unreimbursed employee expenses!!!  My wife and I own one vehicle. A 2005 Toyota Prius. Five days out of the week, it is used exclusively by my wife for work. She's in the medical profession and does site/client visits, so it's a lot of driving from one worksite to another. Her employer has no office, so there is no commute travel. It's straight to a new worksite each morning and from a different worksite at the end of the day back home. On days she is not working (typically weekdays), she'll use the car to run personal errands. Most of these take place within a 3 mile radius. On the occasions I use the vehicle, it's typically for small errands within a 1.5 mile radius. I’m off on weekends and she usually works so it’s rare that I get to really drive the at. We also reside in an urban area so much of what we do related to personal errands is easily within walking distance or a very short drive. At the end, we estimate that 80-90% of the annual miles are exclusively work-related. As her employer reimburses her $0.25 per mile, she's required to keep detailed logs of her mileage. For reference, she drove over 16,000 miles in 2017 for work. To date, we've always just used the Standard Mileage deduction since it's easier to work with (and I've been lazy). We just account for the mileage portion that her employer doesn't reimburse her for. But considering how much of the car is used for work reasons, I think it makes sense to move toward an Actual Expenses deduction? We recently were presented with a recommended repair that would cost over $2,000. Considering the age of the car and the high mileage on it, we only think that the car is valued at about $3,500. So dumping $2,000 into it seems steep... but if we were to be able to claim 80% of this repair cost as part of an Actual Expenses deduction, it might be easier to take the hit on the repair. Alternatively, I'm exploring the idea of financing/purchasing a new vehicle to replace the 2005 Prius. Are there big cautionary tales/flags I should be aware of if we went with the Actual Expenses deduction on a new Prius purchase (MSRP ~$25,000)? One idea would be to keep the 2005 Prius and just use that for personal errands and use the new purchase exclusively (100%) for work. Any thoughts, tips, advice, warnings, etc., would be appreciated! Tortilla Maker fucked around with this message at 16:45 on Apr 16, 2018 |
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Apr 16, 2018 16:21
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AbbiTheDog posted:Doesn't matter, they all end up on the 2106 and it's gone, baby. Your state may vary though. Why drop in base salary pay? Can you explain this thinking? Why wouldn’t we want a full reimbursement (not partial) for her work expenses plus keeping her base salary intact?
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Apr 16, 2018 20:36
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ARCDad posted:I'm getting married in May of this year, but my fiance's company just told her that if she needs to change her witholdings, then that needs to happen by friday. A few questions on this: You will just need to ensure that the proper amount of taxes is withheld. So if you're MFJ, that could be 100% of taxes are paid by you, or 100% by your partner, or a happy balance in-between.
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Jan 7, 2020 03:41
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I don't know the industry lingo so I'm not sure how to best start my search, but how can I go about finding accounting/auditing firms that specialize in small business / corporate finances? Basically, if a business co-owner wants a neutral, third-party to take a look the company books/finances kept and maintained by the other owners. Edit: Just saw the Accountant megathread. I'll post this there.
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Jul 29, 2020 13:23
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My wife is a medical professional and does old-school house calls when seeing patients. We currently have one car and 80% of the annual mileage put on it is for my wife's work. We've considered getting a new (second) vehicle for my wife's work and someone suggested a Tesla Model X using the section 179 or 168(k) tax deduction. Websites generally seem to paint this as a simple "just write it off!" situation. Anyone with words of caution or general info to share?
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Apr 24, 2022 03:46
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Bought a car years ago for $6,000. KBB values it today at $2,800. For donated cars, I understand that you can only claim a deduction for the amount of gross vehicle proceeds if a charity auctions it off. But what if I donate it to a fire department, where they won’t be selling it but will be putting it to use (training for rescue and recovery)? I could then claim the full $2,800 value?
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Dec 16, 2022 21:39
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I withdrew money from an IRA because it was hemorrhaging money when the economy was being panicky. This is from FreeTaxUSA's "Roth IRA Basis" screen:  Is it basically asking me to first input the total value of the shares I sold at the beginning of the year (e.g., 10 shares × $100 per share = $1,000 value), followed by the value when I sold them (e.g., 10 shares × $50 per share = $500 value)?
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Jan 17, 2023 23:59
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Harveygod posted:Where did the money go? Is it just cash sitting in the same IRA (or some other tax-advantaged account) or did you actually take money out of tax-advantaged space and put it in your checking account? Checking account.
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Jan 18, 2023 01:14
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| # ¿ May 6, 2024 11:31 |
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First time filling out a Schedule C form for a hobby turned very minor hustle that is more pain than gain. edit: Figured out my question by reading the actual form. Tortilla Maker fucked around with this message at 17:24 on Jan 28, 2024 |
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Jan 28, 2024 16:52
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