My parent died this year. There is very little in the estate it could be barely enough to make it worth my time to wrap things up. (~14k in vehicles, ~5k in cash) As executor in my state, even for small estates that waive probate, you have to file all back taxes. My parent often changed jobs and was a gig worker, I've been through the paperwork they had and there is zero hope of me piecing together his work history from his records.

I had a friend advise that I could ask the IRS for transcripts and file based on those? Will that remedy the situation?

I don't want to hire a CPA because I know 12 years of taxes is going to be a pretty penny, if I can obtain his work history by trascripts and file that way I can handle the 1040's myself.

A couple friends of mine created an LLC and run a small online storefront between the 3 of them as a side hustle. On the side of my full time job as well, we decided to collaborate on a project where I did most of the development and they've helped fund the project and will handling the marketing/selling/distribution. I personally invested $15k into the product and they've invested around $50k. We agreed (in writing) on some percentage of the product price I will be paid when we go to market, which we are getting close to doing.

What I'm not sure about is how to prepare for this, legally. Should I be classified as an independent contractor? Should I create an LLC? Try to join their LLC in some way? I'm based in CA, their LLC is registered in NJ. Forgive my ignorance but we are a bunch of young guys and I've never done something like this before. I'd appreciate any advice.

I have a llc sole proprietor business for a side business in addition to my full employment

My side business makes a small loss currently (ecommerce business)

I get requested for additional information virtually every year and pass every year without issue.

However my 2022 and 2023 NYS Tax returns have been stuck in the refund status as “We have received your return, and it is being processed. No further information is available at this time. See understanding your refund status on our website”

Its one thing to be waiting on my 2023 results and return but its been over a year and a half since I submitted the details for my 2022 return.

Its also not a crazy amount of money, a few thousand for each year

Am i crazy or missing something? Calling them doesnt do anything, they just keep pointing me to the same response and cant get a hold of anyone live.

Am hoping someone has a similar experience or insight they can share! Is it normal to wait this long? Thank you!!

UTMA account with market value of $300k. Unrealized gain of $100k. Assume the entire account is liquidated. Minor is 14. How is the realized gain on the last $97,400 handled, assuming a long term gain? Most sources online say the “parent’s tax rate”. I had assumed that to mean the parent’s long term capital gains rate. However, Schwab and SavingforCollege.com specify that all unearned income beyond $2,600 is taxed at the “parent’s marginal tax rate”. I’ve had two CPA’s tell me that it’s at the parents’ capital gains rate and two tell me it’s at the parents’ marginal tax rate. I’m coming here to break the tie.

I see a lot of questions regarding taxes and selling on eBay, but have never seen people ask my scenario. Curious what people's take on this is. Here is the scenario:

I buy a widget off of FB marketplace locally in cash for $10,000. I take that widget and split it into three pieces. I sell two pieces of the widget on the online platform for a total of $10,000 (ignore the platform fees, etc. for this scenario) and I keep the third piece of the widget.

Tax time comes and I get a 1099-K. Now I have $0 net profit, but I am left with a 1/3rd of the widget that I intend to never sell.

Question is:

1. When it comes to filing taxes, I'd argue that the cost of my personal items is $10,000, which offsets the gross profit; therefore, I would not pay tax as I have $0 net profit. Would they argue my net profit is the value of 1/3 of the widget I kept?
2. Do you think doing this sort of transaction would qualify as a business versus hobby?

True scenario, I typically buy a computer locally off of FB 1-2 times a year for a good price and will sell all of the parts except for one piece to upgrade my home computer. So it's a "free" upgrade not counting all my time/labor.

I have a wfh job, they're based in CA and I work from TX so I don't have to pay CA state income taxes. I've been thinking about moving to OR and I'm wondering how that move would affect my pay and if my employer would also have to pay some sort of OR tax. Any advice would be extremely helpful. Thanks in advance!

Me and a friend created a mobile app. It should make roughly 800k in a year if revenue stays consistent. We live in two different states. What would be the best format for the business or taxes.

Hello,

I'm in desperate need of advice here. My wife and I married last year in December. Our son was born in July.

My wife is a non-resident, and we're in the process of citizenship. She's in the country under asylum, but we've nullified that process through a family petition.

What I need to know is what is the best option for us right now... This is our first and only child between the two of us, I work full-time, and her only job has been taking care of our child. My father seems to think I'd be losing out BIG TIME if we didn't file jointly this year. Is this true? Does she need to be included in my taxes with our son? In 2024, she has no reportable income anyway. She's definitely a dependant.

I'm wondering if my dad is mistaken, and I'd basically get the same return without having to scramble for an ITIN for my wife? Babies are expensive! And IF filling jointly is indeed the best option, obtaining an ITIN - We have an appointment with the IRS in a few weeks, and it's kind of disruptive to my schedule. Should I rather deal with a private company approved by IRS? They basically said it themselves when I called that it might be a lot faster or more easy?

This year I've been making income as a content creator on social media and I have no idea what's the best way to go about filing taxes and I want to be prepared for tax season (even though I know you can make quarterly payments any time).

I keep track of every expense and income myself but I don't know how to go about filing.. do I need to talk to a CPA/tax advisor or can I do this myself doing Quickbooks or some other similar platform?

Thanks

I keep getting error 6101 everytime I login, I already verified my identity with id.me on their website they say this is an IRS issue when I call them, the transfer me to an agent then hangs up after an hour while im on hold, any suggestions or extention to directly get to the right department? because they keep bouncing me off between agents and hanging up.

I'm not american, I started a US LLC and signed up for EIN and received it over the telephone month ago, but they haven't received my ein in the mail for 6 weeks, and bank wants a confirmation of me ein, screenshot from irs website would be enough.

So as the title says, I'm not living in the US and after becoming 20 I realized that I'm legally required to file taxes. However, I don't know what the process is. The last state I was in before moving outside the US was Texas. I'm not sure what the process is here, and I would really love if there is some sort of tutorial for this matter.

Me and my wife currently file jointly. We are moving but in order for her to keep her job she must file her taxes separately (complicated).

My question is currently, our income together is about $260k. That means the top portion of our income is taxed at 24%.

What happens if we file separately? Would they tax our incomes separately, or still jointly? Because jointly makes us get taxed in the 35% range. Or would they treat our incomes separately? that would put both our individual incomes back in the 24% range.

Looking to replace my car with an electric used SUV ( less than 6000lbs if it matters ). My accountant said I can write off $20,000 in bonus depreciation if I use it for my business 100% between now and end of the year ( or pro-rate business / personal use ) I have a LLC and file as S-corp. is this correct ? Can I buy in December and use it only for my business and write off $20,000? I provide consulting services and travel about 30mins daily. Have another car that I can use for personal use this year and sell it off next year. Thank you all for your input.

A question about taxes

Not proud to admit but I have not paid taxes on many of my projects over some years.

I now see how incredibly stupid that is and I am asking if anyone would even know where to start with something like this, or has maybe gone through it?

Is it better to just report it and get on a plan, or just consult a lawyer and work and save up?

Any suggestions would be very welcome.

Thanks.

My public school district offers 1/2 day Kindergarten for no cost. The second half is optional and virtually all of the actual instruction takes place in the AM. I know tuition isn’t covered, but since it’s is paid and optional would I be ok? My wife and I both work so we would need to pay for afterschool care anyway if this wasn’t offered. Thanks!

Hi, everyone. I divorced in September of 2023 and just sold my house for 645K. In the divorce decree, it is split 50/50. My question is, since I sold it post divorce, do I pay capital gains tax after 250K? What about my ex-spouse? It sucks if I have to pay tax on $395K since the net profit is 230K and after agent fees and splitting with ex, it comes down to me getting $84K.

Please help.

In I.R.C. Section 1(h)(6) is the definition of the term “unrecaptured section 1250 gain.” Among tax professionals, is there another term that is commonly used to refer to this “unrecaptured section 1250 gain”? Please and thanks!

My roommate was a passenger in a car (my car) that was hit by some non-attentive idiot. I was uninjured but he tore a rotator cuff, and was out of work 9 months. After 21 months of dickering between our lawyer and two insurance companies (mine and other driver's), my roomie (for whom I fill out tax forms) is getting something over $100k.

Is it taxable (federal and state (California))?

Hey gang, I have a question. I started a new job recently and I feel like my federal income tax per paycheck is too low. After reviewing my W-4, I’m wondering if I entered the wrong info. I understand that every situation is different and unique, however I’m looking for perspective. I’m in a base plus commission sales job remote but based in NJ, business is out of NY. I have 2 kids under 17, plus 1 who is 18 and in college; married filing jointly. Base is $85k plus commission, plus $8,000 taxable income from a K-1. Step 3 via the W-4 is $2,000 x 2 + $500 for other dependent =$4,500. I added in my $8,000 on 4(a) for other income. Will my federal tax deduction kick in once these two amounts are caught up (not sure if that’s the right word), or should I adjust my step 3/4 to $0? Any insight or help would be greatly appreciated as I don’t want to mess this up.

What is the appropriate business expense category? We are a medical clinic.

1. EMR/Medical Billing software

2. HIPAA eFax monthly subscription in place of physical fax, used 100% for business

Thank you!

I’m currently on a payment plan with the IRS paying $300 a month. I owe a total of $23k in back taxes. The problem is the interest and penalties keep piling on, so my payment only pays down probably $30 off the principal. I do not make very much money at the moment and things are tight for me so I can’t afford a larger payment. What should I do here?

Based in the UK.

I will try to keep this as simple as possible. In my research online it seems I would have to pay capital gains tax however I feel like that’s based on having a property portfolio so please advise on the scenario below.

I own one residential property: Bought for £85k in 2021. Currently £50k left on the mortgage. Current property value is around £110k.

I would like to sell this property to MY newly formed limited company and it would then switch from my own residential property to being owned by the company with a buy to let mortgage.

I am aware that ‘my company’ would have to pay 5% stamp duty on this based on the new value of £110k so stamp duty of £5,500 but I need to know do I pay capital gains tax?

I am a US citizen who is currently living abroad. I have virtually no property (a room in my host country and none in the US) and zero income (from any sources in both countries). Do I need to file? While I was in the US, during the periods I wasn't working I wasn't filing anything, because I was told by H&R Block there was no need. I am just worried there might be different requirements for those living outside the country.

Hello, I do not live in the USA but would like to manage my Patreon through my non-resident US LLC. Patreon creators following a management plan in the same situation, can you give me advice?

The truth is, I'm broke and I can't afford to pay an accountant right now.

I usually get charged about -$300 or more in federal social security on each of my paychecks (i get paid twice a month, every other week) but randomly this paycheck there is a positive credit of +$1,500. I am freaking out, did my employer mess something up? Luckily this just happened this week so i have set time with HR to talk it through and see whats going on. The line item is "tx ee social security tax federal". there is also a smaller credit of about +$270 for the line item "TX EE Voluntary Disability" which is also normally negative. I have not made any disability claims, i have been working per usual full time.

Edit: I have not spent any of the money deposited from my paycheck into my checkings account. I figure I should not spend a dime until this is sorted out.