• Is it true that I don t have to declare this on my (father s) taxes?

    So I hate my current job and am looking for another one. This past week, I did a paid trial shift with another company (they do this instead of a traditional interview). I decided this other job wasn t for me and will not be working with them any further. The paycheck I received from this trial shift came out to... show more
    So I hate my current job and am looking for another one. This past week, I did a paid trial shift with another company (they do this instead of a traditional interview). I decided this other job wasn t for me and will not be working with them any further. The paycheck I received from this trial shift came out to less than $100. The manager said that I didn t have to worry about declaring anything less than $500. Is this true? For reference, I live in Orange County, CA.
    18 answers · 2 weeks ago
  • How much would i get from w2 if i only made $2000?

    Best answer: It could be anything, or nothing. What you made is not what determines how much you got. What you make determines how much the government keeps. If you make only $2000, and it was all on a W-2, then they keep all of the social security and medicare tax withheld, but you get back all of the income tax... show more
    Best answer: It could be anything, or nothing. What you made is not what determines how much you got. What you make determines how much the government keeps. If you make only $2000, and it was all on a W-2, then they keep all of the social security and medicare tax withheld, but you get back all of the income tax withheld.

    You get back whatever is listed on W-2 for income tax withheld.

    Plus, if you qualify for the earned income credit, then you get that too.
    13 answers · 1 week ago
  • Anyone wanna help me with a few tax questions?

    Best answer: You need professional help. This is too complicated for you to get accurate advice here. You do need to keep complete records for purchases, sales, expenses (shipping is an expense that you can deduct if you pay it, but if you charge something for shipping, you must include what you charge in gross sales), keep... show more
    Best answer: You need professional help. This is too complicated for you to get accurate advice here.

    You do need to keep complete records for purchases, sales, expenses (shipping is an expense that you can deduct if you pay it, but if you charge something for shipping, you must include what you charge in gross sales), keep business mileage (which can be deducted) separate from personal use mileage.

    It can get very complicated and things you are entitled to take and miss can cost you big, and things you get wrong can cost you big. Professional advice isn't cheap but it's worth the expense, at least the first couple of years. Once you understand what is invloved and how the expert does what they do, you may be able to do it yourself.
    13 answers · 2 weeks ago
  • I noticed i have been claiming myself as a dependent throughout the year on my taxes as the only dependent while being single ?

    Best answer: Probably not in a major way. It could mean that you will underpay slightly for the year and may have to write a check for a small and manageable amount next April, instead of getting a refund. This is actually a good thing. The tax you owe is no different either way. The onlt thing that changes is: 1. Refund - you... show more
    Best answer: Probably not in a major way. It could mean that you will underpay slightly for the year and may have to write a check for a small and manageable amount next April, instead of getting a refund. This is actually a good thing. The tax you owe is no different either way. The onlt thing that changes is:

    1. Refund - you paid in too much..

    2. Owe - you didn't pay in enough.

    It's going to depend on how much you earn for the year and whether or not your earnings were steady rather than having some big earning pay periods. If your earnings were consistent throughout the year, you might have a slight underpayment claiming yourself instead of claiming zero. If you had a few big paychecks, say you worked overtime you normally don't, or received a bonus in a separate check, those would be taxed at a higher rate and would balance out the underpayment and you'll come close to breaking even.

    If you expect to have adjusted gross income after your standard deduction of $12,000 of $38,000 or less, you can change your withholding if you want, but I wouldn't. You will stay in the 12% bracket. If you earn more than $50k a year, then some of your earnings will be taxed at 22%, and then you might want to consider making the change to your W-4.

    Remember, that when you do your taxes next year, you won't be claiming yourself as a dependent on the return, as in the past. The dependent exemptions are gone. Your standard deduction almost doubled, and the increase is more than what that lost exemption was worth. In addition, your top, or marginal, tax bracket, went down by 3%.
    9 answers · 2 weeks ago
  • How much can I claim as per diem as a 1099 employee?

    There is a job that pays $350 a day, but out of that $350 I will be responsible for allocating a portion of that to per diem & tax purposes. I am new to the whole 1099 thing, I have heard the max you can claim on per diem is about $180 a day? Is that true? Or does it go off the minimum GSA rates for the state... show more
    There is a job that pays $350 a day, but out of that $350 I will be responsible for allocating a portion of that to per diem & tax purposes. I am new to the whole 1099 thing, I have heard the max you can claim on per diem is about $180 a day? Is that true? Or does it go off the minimum GSA rates for the state you're working in? Thanks everyone for answering.
    8 answers · 2 weeks ago
  • Is it possible to convert a vacation home to main home?

    Best answer: Yes, but the amount of gain you are allowed to exclude will be pro-rated during the time period it was not your residence and the time period you lived there. See the IRS publication Sale of Home. Use as a vacation home is non-qualified use of the property. Some of the gain since 2008 will be allocated to that... show more
    Best answer: Yes, but the amount of gain you are allowed to exclude will be pro-rated during the time period it was not your residence and the time period you lived there.

    See the IRS publication Sale of Home.

    Use as a vacation home is non-qualified use of the property. Some of the gain since 2008 will be allocated to that time period. The law CHANGED in 2008, but apparently no one here keeps up with changes.

    Here is an article with examples.
    http://fairmark.com/news/08080501-reside...

    For example, if someone buys a vacation home in 2009 and converts it to a personal residence in 2017 and sells in 2019, 80% of the time is considered disqualified use, so 80% of the gain CANNOT be excluded.

    All of the other posts are saying, no problem, but I bet the poster is thinking that means they can exclude the first $250K.
    9 answers · 2 weeks ago
  • Filing taxes for stocks: Small capital gains after large capital losses?

    Best answer: Assuming you have $350,000 in losses carried forward and $10,000 in gains this year . Since your losses are more than $3,000 more than your gains, your taxes for this year will be based on a net loss of $3,000 for the year and you will carry forward $337,000 in losses.
    Best answer: Assuming you have $350,000 in losses carried forward and $10,000 in gains this year . Since your losses are more than $3,000 more than your gains, your taxes for this year will be based on a net loss of $3,000 for the year and you will carry forward $337,000 in losses.
    12 answers · 2 weeks ago
  • If your an OTR truck driver and your compny pays you per diem can you still file per diem at the end of the year on your taxes?

    I saved all my receipts like food receipts, can I still file and itemize at the end of the year when tax season comes? Or do I have to ask my company to stop giving me per diem just so I can itemize all my receipts at the end of the year? Thanks, Chris
    I saved all my receipts like food receipts, can I still file and itemize at the end of the year when tax season comes? Or do I have to ask my company to stop giving me per diem just so I can itemize all my receipts at the end of the year? Thanks, Chris
    12 answers · 2 weeks ago
  • Just Realized my W2 lists me as Single And Not as Dependent?

    I am now really worried. It was part of a federal work study (aka college.) I did not file my taxes because I did not make more than 1,050 as a Dependent, otherwise I would've noticed the issue sooner. I contacted my college to tell them of the issue, but I am afraid this will hurt my aid or screw up my taxes.... show more
    I am now really worried. It was part of a federal work study (aka college.) I did not file my taxes because I did not make more than 1,050 as a Dependent, otherwise I would've noticed the issue sooner. I contacted my college to tell them of the issue, but I am afraid this will hurt my aid or screw up my taxes. Since I wasn't required to file as a Dependent or as a Single, am I in the clear?
    11 answers · 2 weeks ago
  • Worst the could happen if I don't pay taxes on my 40k tutoring business?

    Best answer: you are not obligated to pay taxes on self-earned income - that is why none gets taken out when your customers pay you
    Best answer: you are not obligated to pay taxes on self-earned income - that is why none gets taken out when your customers pay you
    16 answers · 3 weeks ago
  • When the IRS audited Trumps tax returns, did they find that he helped the Russian mafia launder tens of millions of dollars in stolen money?

    Best answer: I don't know. He obviously has something to hide, that's why he's not releasing them (unlike Obama and Hillary).
    Best answer: I don't know. He obviously has something to hide, that's why he's not releasing them (unlike Obama and Hillary).
    13 answers · 2 weeks ago
  • How long does it take a professional to complete a simple tax return?

    Best answer: When the only thing you have is W-2 and no additional forms or schedules are required, I would spend more time filling in your name, address and SS # than it would take me to calculate your tax owed or tax refund. Less than 30 minutes. Start adding 1099s, earned income/child tax credits, itemized deductions,... show more
    Best answer: When the only thing you have is W-2 and no additional forms or schedules are required, I would spend more time filling in your name, address and SS # than it would take me to calculate your tax owed or tax refund. Less than 30 minutes.

    Start adding 1099s, earned income/child tax credits, itemized deductions, business income on Sch C, rents on Sch E, investments that require Sch D and Form 8949 etc, and the time grows with every one you add.
    13 answers · 3 weeks ago
  • Doesn't this prove that less taxes is ALWAYS better?

    This past Sunday my local pastor was talking about how our government is like a community. However, there is a limit about what should be provided. He mentioned that ancient Rome was an economic powerhouse during the time of Jesus. However, people started to demand more from their government like free food and... show more
    This past Sunday my local pastor was talking about how our government is like a community. However, there is a limit about what should be provided. He mentioned that ancient Rome was an economic powerhouse during the time of Jesus. However, people started to demand more from their government like free food and housing and medical care. They provided the things with very high taxes on the rich but after awhile almost everyone became broke. This ended up costing the Roman empire as leader of the world. He went on to say that our community and country shall only provide the most basic necessities and nothing else. He has urged us to vote for Republican candidates to make sure America stays strong. We must all vote Republican to make sure America doesn't become broke.
    20 answers · 3 weeks ago
  • Can you be imprisoned for accidentally preparing someone’s taxes wrong?

    Best answer: In the US, you CANNOT face criminal charges for MISTAKES on a tax form. Contrary to other answers, you CANNOT be sued for additional taxes the client would have owed had you done things correctly the first time. You CAN be liable for penalties they would not have paid it the return was prepared correctly, but... show more
    Best answer: In the US, you CANNOT face criminal charges for MISTAKES on a tax form.
    Contrary to other answers, you CANNOT be sued for additional taxes the client would have owed had you done things correctly the first time.
    You CAN be liable for penalties they would not have paid it the return was prepared correctly, but they would have to prove that you were provided with correct information to properly prepare the return.
    17 answers · 3 weeks ago