Questions tagged [united-states]

For questions that relate to the laws, practices, and products of the United States.

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2
votes
1answer
144 views

Mortgage interest deduction requirements

When my wife and I purchased our home my in laws lent us about $80k. We set up a fair interest rate and we've been making our monthly payments to them as agreed. We have every intention of paying ...
7
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1answer
218 views

I need a tax accountant, but don't know how to find one

Is there a trusted listing service for tax accountants? I'm reluctant to call the first listing I see on google or to search craigslist. I also have no idea what is a fair amount for such a person ...
6
votes
1answer
1k views

Can I find out what the IRS knows about me?

Is there a way to get your 'history' or 'profile' form the IRS. By this I mean, can I find out what has been reported to them about me by third parties over the years in terms of W-4 forms, 1099 ...
0
votes
1answer
5k views

FHA Reduction Notices From Third-Party Companies - Scam? Or Something To Consider?

We've got an FHA loan on our house with a 4.75% interest rate. We get a lot of seemingly junk mail but one item from "American Financial Network" caught my eye: The Federal Government recently ...
2
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3answers
1k views

Filing taxes on stocks

In 2007, my father (now deceased), unbeknownst to me, was trading stocks in a custodial account under my name. He actually ended up losing money on the trades, but he never filed taxes for them. ...
3
votes
1answer
176 views

Can this year's free extension-to-pay be filed electronically? IRS Form 1127

Does anyone know if IRS Form 1127 can be filed electronically? I didn't find mention on their site either way so I presume not. But considering they're pushing to go paperless nowadays like most....
2
votes
1answer
3k views

How do I fix a “red flag” regarding my SSN on my credit file?

According to the agent I talked to in myFICO.com, the reason I've been having so much trouble trying to get my credit report is because there is some kind of a problem with my SSN in my credit file. ...
21
votes
1answer
3k views

I haven't filed a return to the IRS in 10 years

My employers have always withheld taxes and for the most part I've assumed they've done it right. I have probably owed a bit some years and been owed a refund some years. Anyhow, I want to get ...
2
votes
1answer
733 views

What are the tax implications for doing accounting on the cash vs the accrual method?

What are the tax implications in the U.S. for doing ones accounting on the cash method versus the accrual method? As I understand it the main difference is in the timing (i.e. which period) of ...
5
votes
1answer
420 views

Contribute to both a SEP IRA and solo Roth 401(k)?

I am self employed in a business venture. Could I theoretically contribute to a SEP IRA where the maximum contribution is $50,000 and to a Solo Roth 401k where the max contribution is $17,500? I ...
14
votes
5answers
38k views

Any practical difference between “personal checks” and “business checks”?

I need to order checks for my LLC. I wrote maybe 5 paper checks last year (by hand, not printed). So it doesn't make sense for me to spend $30-40+ on "business checks" if I can spend $5-10 on "...
1
vote
2answers
88 views

set pre-tax money aside in 2011, tax liability was lower, use for IRA?

I set pre-tax money aside in 2011. (didn't do estimated taxes, paid neglible penalty) My tax bill is lower than the amount I set aside in 2011. I still have wage work, so can I use the remaining ...
3
votes
1answer
71 views

What special things should I do if I move from one state to another, and if I have reported income from both states to report to the IRS?

Should I just get my parents to mail the IRS forms from my old address to my new address (when the forms finally come), and then everything will be taken care of? Or are there more steps I need to ...
0
votes
1answer
252 views

IRA tax events and making the maximum contribution

I have a predicament: I planned to contribute the max of $5000 pretax dollars into my IRA, and I am receiving a distribution from someone else's IRA that I was the beneficiary of. I instructed this ...
6
votes
2answers
1k views

Tax Loss on Forex Trading

In tax year 2011, I traded in a forex brokerage account in FXCM. I had trading losses. FXCM says that they do not report 1099 for US customers. What is the proper way to report my forex trading ...
5
votes
2answers
233 views

Is it advisable for a new PhD student to enroll on a Roth IRA?

My parents are telling me to do it, but I do expect to pay a lot of money for the first year just because I need to move in and get a lot of things set up (like an ergonomic working environment). So I'...
2
votes
3answers
365 views

In the United States, are credit cards with rewards harder to get approved when one has no credit history?

For example, ones with free frequent flyer miles upon registration, or maybe some of the Amazon.com credit cards? My credit card applications keep on getting rejected. For the record, I'm an ...
1
vote
0answers
1k views

Can I claim tax withheld on form 1042-S on form 1040

I moved from US to India on 8/2011. I was in India through the end of 2011. In 1/2012 I moved back to US. Fidelity has provided me with a form 1042-S. It looks like the equivalent of form 1099 for non-...
10
votes
2answers
7k views

Graduate student stipend 1099-misc taxes seem to be coming out too high. Am I doing something wrong?

I am a graduate student and I receive a stipend that pays my living expenses, through a national fellowship that I was awarded. The fellowship never withholds taxes of any kind, and so I have been ...
3
votes
2answers
2k views

When can I deduct commuting expenses?

I'm reading through Form 2106 and I can't figure out if I can deduct: Bus fare that I use to get to/from work Mileage etc. driving to/from work When can you deduct these things?
4
votes
1answer
223 views

Where do tax deductions “deduct” from?

My understanding is that tax deductions "deduct" from the Adjusted Gross Income value. Is that right? As a very simple example, let's say I have an AGI of $10 and I owe $3 in taxes (before any ...
0
votes
1answer
593 views

Restricted Stock Grants - How to prepare tax return when you sell to cover taxes

Whenever a stock grant through my employer vests, I always opt to sell to cover my tax obligation. So, for example, if 500 shares vest, I leave with 250 shares and the other 250 are sold to cover my ...
9
votes
5answers
10k views

If I'm audited, will the accountant who prepared my taxes charge me an additional fee to handle the audit?

If I pay an accountant to prepare my taxes, and then I'm audited, is it typical for the accountant to handle the audit as part of the original filing fee, or will he/she charge me by the hour to deal ...
4
votes
1answer
952 views

My credit score went through the roof. Why?

3 months ago, my credit score took a massive dip. The consensus was that this happened because I no longer had any credit cards and thus no revolving debt. So I went out and got myself a new ...
4
votes
2answers
2k views

Mortgage broker asking for a rate extension ($1,300) - is this fair?

Here's my situation. I'm working with a mortgage broker to refinance my existing mortgage. I locked in a rate on Feb 14, 2012. The lock was for 30 days. The broker has now told me that they cannot ...
4
votes
1answer
426 views

How to report worldwide income while filing US income taxes

My spouse is a non resident alien for 2011. I am treating her as resident and trying to enter her worldwide income on form 1040. I could not find any instructions which indicate how to convert her ...
4
votes
2answers
312 views

What options exists if your wife's employer doesn't cover any type of maternity leave?

Recently I discovered that not all employers will cover maternity leave. Many will allow an expectant female to leave for a period of time, but it will be under a leave without pay license. Aside ...
6
votes
2answers
2k views

What is the correct way to report a tender offer fee on my taxes?

In 2011, I participated in a tender offer for Sunpower which had a fee of $25. My broker's tax form 1099B showed the proceeds from this offer but did not exclude this fee. My own calculations did ...
3
votes
1answer
132 views

US Simple donation taxation question

If i take in 50k of income and donate 40k to a 501(c)(3) non-profit, how much money will have to pay taxes on? I am a sole proprietorship. Thanks!
5
votes
1answer
5k views

Reporting income - independent contractor, received no 1099

I have some stuff from last year that I want to report, I just don't have the information the IRS forms ask for. I know how much I made and I know what percentage to pay taxes on, but for voluntary ...
3
votes
2answers
5k views

How do I claim my reimbursed tuition on my taxes?

I got a 1098-T from my school for 2011. I pay the amount but at the end of the semester my company reimburses me. All classes have been marked as Job Related. Can I use use this amount in my favor ...
16
votes
4answers
3k views

Could excess 401(k) contributions be used to game/maximize matches from different employers?

Suppose I max out my 401(k) really early. This avoids the risk that if I lose the job I would have lost the chance to contribute to it fully. However there is another risk. My company doesn't match. ...
15
votes
2answers
42k views

How to determine contractor hourly rate and employee salary equivalents?

I am aware of the general differences between being an employee and being an independent contractor. However, I am unable to easily compare the two when it comes to after-tax compensation. Company A:...
6
votes
2answers
147 views

Is there a term for people who manage the money of dual citizens?

I'm a dual citizen of the United States and Canada. I'm afraid to invest in anything because the tax treaties and laws between the two countries make everything too complicated for me to follow. Even ...
2
votes
1answer
7k views

Do I need to file income taxes for my business if it made no money?

I have an LLC. It made no income this year. Do I need to file any tax return forms for it? If so, what forms are should I file? My LLC is incorporated in the State of Illinois. I'm a US citizen. I've ...
39
votes
8answers
32k views

Why do gas stations charge different amounts in the same local area?

I've noticed there can be a 5%-10% difference in the price of gas where I live. For example right now the cheapest premium price is $3.85 and the most expensive is $4.17. It's the same state and ...
3
votes
1answer
86 views

Do I use “Deductions” or “Income (loss)” for my business expenses?

I have a new general partnership that has zero money coming in, but sustained losses for the year. Does these go under "deductions", or under "income (loss)" on the 1065 IRS form? The losses relate ...
1
vote
1answer
121 views

For partnership taxes, is “Part III” of the 1065 Schedule K1 form required?

On Schedule K-1 (Form 1065), I'm confused on whether I fill out the "Part III" section. In the instructions from the IRS (page 24, last paragraph on page forward), it is unclear to me on whether it ...
6
votes
1answer
767 views

How do general partners divide up income/losses on their personal tax returns?

In a general partnership, my understanding is that a 1065 form must be filed with the IRS each year, and that on each partner's individual returns, they each list this as an income/loss in the K1 ...
6
votes
2answers
286 views

Do I have to pay interest to increase my credit score?

I am going to ask this oft repeated question one more time because: I have heard many of my friends say that the best way to increase your credit score is to take a loan ( at an interest) and then ...
4
votes
2answers
266 views

How can I reduce my taxes for 2011

I am looking for options/steps I can take right now to reduce my tax bill for 2011. I am married filing separately ( cannot file jointly, as non resident spouse was working abroad in 2011 and ...
7
votes
3answers
16k views

cost basis of donated clothing?

(similar but NOT identical to How can I calculate the value of donated clothing for tax purposes? ) My wife donated several boxes full of old clothing to Goodwill, and calculated the total thrift ...
8
votes
2answers
2k views

Legal documents required for managing an investment portfolio among friends?

I am considering setting up a personal kind of hedge fund / stock portfolio among friends. I am trying to figure out what kind of a legal agreement I should have them sign for investing with me to ...
4
votes
1answer
573 views

File LLC as S Corp?

I am in the process of creating an LLC and am trying to decide whether to file as an S Corp. I make $80,000 at my day job and would be paying myself (via W2) at least 30,000, so I would be above the $...
2
votes
5answers
805 views

Can a debt collector deny a consolidation?

I've asked this question below... Can a debt collector garnish my wage without a judgment? but thought it be better the break these up into seperate questions... PHEA, who is acting as a debt ...
0
votes
1answer
136 views

Self paid Insurance Premiums and taxes

Currently my employer proivdes a Health Insurance Allowance (which I understand is really just added compensation), but I am wondering if it is possible to somehow shield that money similar to a pre-...
1
vote
1answer
328 views

Which USA Brokerage Firms can I transfer my India stocks to? [closed]

I would like to know which US brokerage firms I can transfer my India stocks to, after finding out my current brokerage (TD Ameritratde) requires doing so...
9
votes
3answers
2k views

Can a debt collector garnish my wage without a judgment?

I am going through student loan hell. Trying to consolidate loans and running into walls (repeatedly). I am getting overwhelmed. Can a debt collector garnish my wage without a judgment? I am trying ...
3
votes
2answers
12k views

How do I deposit a USD check into a US bank account by mail from abroad?

Forgive me for what is probably quite an obvious question for anyone who understands the US banking system, but I don't. I live in the UK, and I have a check in US dollars I need to do something with....
6
votes
3answers
7k views

What are my options if I don't have a relative who can be the executor of my will?

My wife and I have a new child and we're meeting with an attorney this week to draft a will. After doing some initial research, there are a few issues that make our situation a bit complicated: We ...

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