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This tag is to be used for any question pertaining to an individual's income taxes. If this tag is used, ideally a country-specific tag should also be specified, to indicate which region a question belongs to, as the answer may differ based on the country.

5 votes

Blog income taxes?

If the money comes to you, then it's income. If the money goes out from you, it's an expense. You get to handle the appropriate tax documentation for those business transactions. You may also have …
mbhunter's user avatar
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1 vote

What's the Bermudian equivalent of USA's W-2 form or Canada's T4?

Self-employed individuals and employers must file payroll taxes quarterly. These documents would serve as proof of income I would think.
mbhunter's user avatar
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8 votes
Accepted

What are the ins/outs of writing-off part of one's rent for working at home?

Be ruthlessly meticulous about the IRS regulations for deducting a home office. If it's allowed, it's allowed.
mbhunter's user avatar
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19 votes
Accepted

What are the consequences of filing personal income tax return past the deadline of April 15...

You do need to file if you want your refund. The IRS has a questionnaire to determine whether you need to file at all. (See the answer to question 4 about filing on time.) There is a failure to fil …
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5 votes
Accepted

What would be the impact of a fourth child on taxes?

You can claim an extra dependent. You may qualify for the Earned Income Credit, Child Care Credit, and Child Tax Credit Gifts may be given tax-free under certain circumstances More information here …
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4 votes
Accepted

How should I go about filing taxes if I have 2 different W-2s from 2 different jobs?

Nothing unusual for the federal taxes. Just include the amounts of both on your tax return (line 7 of Form 1040 and so forth). If the jobs were in different states, then you may have extra work fili …
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2 votes
Accepted

Do you pay no tax if you lose money on a business or an investment? If so, why is that?

You mean to tell me that everyone doesn't pay his/her fair share?! Please say it isn't so. :) Therein lies the welfare state: Tax the rich more heavily to subsidize the poor, and hobble the rich's …
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1 vote

When filing part time residency how does one determine interest earned in which state?

States handle part-year residents differently. The answer will depend on which states you lived in last year.
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2 votes

How can I determine if leaving a lower paying, tax advantaged, job for a higher paying one m...

It looks like a coin toss. What you have isn't bad at all. If you have enough free time with your $50k job to do extra stuff on the side, you can use that time to build a business. You're obviously …
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7 votes

Tax implications of my first well paying job

Enjoy the lower tax bill for 2011. But then again, you'll likely earn less in 2011 than you will in 2012 and beyond. Oh well. Any tax advantages you might get for doing X come at a price. Count th …
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0 votes

What are the benefits and costs to reducing your AGI?

You're thinking about it the wrong way. Regressive benefits are subsidies. Subsidies can be taken away. Subsidies increase your dependence on the subsidizer. Focus on increasing your income.
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10 votes
Accepted

What do you do if an employer underreported tips?

Here's a good run-down of what's required to handle the reporting of tip income. To address this question specifically, here's the relevant instructions from that post: If your allocated tips are …
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9 votes

Best way to pay US Federal taxes on unpredictable royalty income on time throughout the year?

If you truly don't know how much income you're going to get throughout the year, or when, then it's probably far easier and safer to base estimated tax payments on last year's tax liability. It's a k …
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9 votes

Do you have to file taxes even if you didn't make any money?

If you're "living off the land" and make no money, then you don't have to file. Though you might be able to actually make money through credits and the like if you do file. If you've lost more than …
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2 votes
1 answer
1k views

Filing Form 7004 if an LLC's only members are husband and wife

I need to file tax extensions. I already know I need to file Form 4868: Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. I expect a refund, so I'm sending no pa …
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