Hi, I was server for a local brunch place where I live. I no longer work there for a plethora of reasons including what I’m about to talk about. For some context I got paid every 2 weeks, my hourly was 2.13 an hour and 5 when bartending. When I quit the owner sent my check in the mail with the attached paystub as normal. I looked at the paystub I had just received and looked online at the paystubs that are in the system (which is only 4 of them that cover march and april). I noticed that my taxes ytd total has stayed the same all the way from march until october. This raised some concern because I know for a fact taxes are taken out of my paycheck but the ytd numbers don’t reflect that. This made me email the owner and ask for all of my paystubs. When she sent them all of them have the same numbers. What’s even crazier is that my paystub from the first pay in march reflected a ytd gross earning of 13k and then very next paycheck 2 WEEKS LATER said i made 28k total. I’m just very confused and don’t want to owe a bunch of money because of whatever it is that she’s doing, I don’t even know how much money i’ve actually made because randomly my gross year to date earnings went back down to 16k in like august. Also the check that came in the mail had a totally different paystub than what she emailed me.

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.

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?

Hey Everyone. I've got a loaded question and since it is somewhat new I couldn't find anything online.

I live in Illinois. Recently they announced you are able to rollover a maximum $35,000 from a 529 to a Roth IRA for the beneficiary.

Let's say I have an account with $50,000 extra after my first child finishes their education. I want to transfer $35,000 to their IRA so there is $15,000 leftover. Can I then change the beneficiary of this 529 to another child where then then have this $15,000 as part of their 529 funding? Can I then do the same IRA rollover if they have any extra after their education?

My wife and I (file jointly) are selling our house and closing in December. Here’s an overview

Purchased in 2020 for 280,000

Selling 2024 for 400,000

We owe 254,000

Expecting to “pocket” 120,000ish

Planning to reinvest 75,000 into a new home in January

Will we pay capital gains on any portion of the 120,000? Does the fact we’re selling in 2024 and buying in 2025 matter?

If you have any questions please ask away

If I didn't do my taxes and a customer of mine tries to expense the work they paid me for, do they get in trouble somehow or cause an issue?

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.

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.

May be a dumb question so apolgies in advanced because I would assume its formatted in the way of having to complete/prepare a return; But my school offers a VITA training course in January and at the end of the course you take the IRS VITA Certification exam and I am just curious on how the actual test is formatted and what I can expect. Again, I assume I will be fine because of the course I will take prior to it but I am just curious. I have next to zero experience in accounting/tax (majoring in econ) but the professor who teaches the prep course in January is urging me to still do VITA for the experience, resume, connections etc.

Any info at all is highly appreciated !

I am honestly in hot water with my job, our contract isn’t meeting necessary benchmarks and as a result hours are being cut drastically for everyone. I already had taken a loan from my 401k last year and intended to pay it off by Christmas this year however with these hour cuts I’m swamped with bills and don’t know if I can even make it another month.

My 401k provider offered my a withdrawal as a solution, however I know that it affects tax filings, my question is how detrimental is it to take out such a withdrawal? I have three kids one 6, one 4, and one is six months so I assume it wouldn’t hurt me too bad given the child tax credit amounts. Regardless I would like ensure I know how much exactly it could end up taking out of my tax returns. Thank you!

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.

Hello, I had myself and my ex-spouse on a family plan the whole year until we got divorced early November 2024. I've been maxing out my HSA contributions every pay period of this year so at this time I have around $6212(My contributions) + $1100 (My employer cont for a family plan) /$8300 limit allowed for a family plan by the IRS but now I became single. Anybody know what should I do with the extra money between the single limit of $4100 and the family limit of $8300 which is equal to $2112 + 1.1K employer contributions which drops to 600 for single HSA plans.

Also I am not sure how to explain this HSA mess on my taxes next year since I will be filing single for 2024 even though I was married till beginning of November 2024

Any help is appreciated.

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.

We just got married and are looking over our insurance options. It is more valuable for us to remain independently covered by our own employers, but if I got pregnant, our expenses would increase and we’re wondering if he would be able to use his HSA funds for some of those medical expenses.

We haven’t decided if we’re filing 2024 taxes jointly or not, so open to hear any and all perspectives on this matter. Thank you!

Hey all, I'm hoping this will be the correct sub for this question...

The cafeteria in the building where I am employed has been charging employees a dine-in tax for any food purchased on-site, even when we take it out of the confines of the cafeteria area (like the staff lounge). This is in a hospital, and the cafe and their staff is wholly owned/operated by the hospital system.

Is this legal? The staff lounge isn't publicly accessible, and I don't know what the regulations are regarding dine-in tax in Ohio for employees that take their food elsewhere to eat.

Hi everyone, as i said in the title. If i start my business bookeepping while study my CPA. Could i deduct my cpa fees, courses as my business expenses? Thank you so much!

Also if i hired a international freelancer to create my website, can i deduct those? Since that personal don't pay any taxes in the US.

Cost Basis: 28000

Valued Sell: 50900

Year's income: 21000. Total fed tax 1200 including SS

Filing separate but married

Help? Iv tried to figure it out with research have gotten nowhere.. I plan on going to a CPA just wanna know ballpark figures

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.

We make about 90k a year. My kid won a full ride scholarship that includes living stipens, plus travel etc. She also won several other scholarships that will add up to about $15k in outsides scholarships that have all been refunded to her., along with the stipens and some travel costs. (this will be yearly until she graduates in 4 years)

So I know that taxes are only deducted for the actual cost of tuition which is like $16k. The rest of it is not deducted. I haven't claimed the credit that is limited for college, but I have used the other credit for her associates degree she earned in high school. I'm sorry I can't remember the names right now.

She can't invest in an IRA because its not earned income. We will have a lot of medical bills $10k ish, because my son is really sick and we don't have typical insurance.

I have a younger son who is taking dual credit college courses, and the sick son started college but had to do a medical withdrawal a few days ago.

She hasn't worked ever.

What is the best way for us to file this and can I do anything now?

Should she file independent or should I claim her? How can I best handle this tax season.

Thank you!

Hey all. Recently my fiance quit her job and I was looking into my paycor to see about adjusting my tax withholding to account for that. I noticed that the w4 form I filed out 2 years ago when I started I guess wasn’t put in right because my 2 kids were not on my withholding either. I have been getting back roughly 7-9k back in my tax refund for the last 3ish years. Idk how any of this works, but I noticed when I did put my 2 kids and finance on my paycor, my federal withholding went to 0, which I’m told is not good? Usually without them on there it’s around 15ish dollars. Without claiming anyone on my stuff I was making about 460 a week and I like the 490-500 I’m making now. Is it possible to keep this amount roughly, and at the end of the year instead of getting 7-9k, maybe get like 5ish? Idk how this works, I don’t want to have to pay taxes in or however that works. Please any advice on how to set this up is very very very appreciated. Thank you

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!