71

You're making $100k together per year: you're not in the donut hole, you're in the top 25% of all households, and the top 10% of non-family households (as yours would be). To be blunt, you're not in the "rely on assistance" area: you're in the "save up for your downpayment" sector. My suggestion would be to figure out a way to save more than $200-$400 a ...


70

Also the will stipulated that the house cannot be sold as long as one of my wife's aunts (not the same one who supposedly took the file cabinet) is alive. This is a turkey of a provision, particularly if she is not living in the house. It essentially renders the house, which is mortgaged, valueless. You'd have to put money into it to maintain the mortgage ...


17

Take a look at IRS Publication 15. This is your employer's "bible" for withholding the correct amount of taxes from your paycheck. Most payroll systems use what this publication defines as the "Percentage Method", because it requires less data to be entered into the system in order to correctly compute the amount of withholding. The computation method is as ...


12

If they charge a fee to accept an item, it's reasonable to assume the item has insignificant value, so the only tax-deductible bit would be the money you donated to their charity. What you describe sounds like a fee for service, not a charitable donation. The organization should provide a fee breakdown to show what percentage (if any) of the fee is a ...


11

I am with Joe. Just doing some rough budgeting you should be able to swing 2-2.5K per month. Here is how I got that: You gross 60K, 5k per month. 75% of rent ~1000, 75% of 600 for groceries 450, 75% of 400 for utilities 300, 500 student loan. 5000-1000-450-300-500=2750. Deduct another 250 for gas, car repairs, clothes, hair cuts and you have 2500. ...


9

They are certainly only suggesting that the money you pay to recycle the bulbs is tax deductible as a donation, assuming that they are indeed a 501(c)(3) non-profit. Donations of goods are only deductible at fair market value. Light bulbs that no longer light up have no market value, so only the payment could possibly be deductible.


7

Start the process by contacting the company that services the mortgage. They can answer all your questions. Does the process basically just involve sending in money or are there other documents that must be exchanged? They should have a form that needs to be submitted. You will want to get from them the most up-to-date payoff amount X days from ...


6

In the US there is not a legal way to remove someone from a title without their consent. The fact that you paid the payments and taxes is irrelevant. It's unfortunate that you feel like you paid more than your fair share; perhaps you can get some relief when you sell the home by getting more than half of the proceeds, but she would have to agree to that in ...


5

I use paycheckcity.com and first punch in my paycheck and make sure it calculates within a few pennies the value of my actual paycheck. Then I fiddle with withholding values, etc. to see the effect of change. It has been very effective for me over the years.


5

Assuming your employer correctly knows the local municipality that they should be withholding for you, boxes 18-20 generally are the only ones that you need to worry about when filling local taxes. Box 18 are the gross wages as far as the local municipality is concerned and box 19 are the taxes that have been withheld (box 20 is just the name). As to why ...


5

Pennsylvania-qualified pensions (as well as IRA distributions after age 59.5, whether received as lump-sums or in smaller amounts) are not subject to Pennsylvania state income tax. See the Pennsylvania Department of Revenue website for more details including age requirements etc. Note that the Pennsylvania Department of Revenue cannot exempt income from ...


5

Inherited real estate is purchased at a "stepped up" basis. That is for tax purposes the house price is the value at the time of death. So grandma might have bought the house for $20, and the time of her death, if it is worth 550K the basis price is 550k for your son. If your son sells the house for $1, then that advantage will be lost. There could be ...


3

If a business incurs expenses in the process of its trading, generally those expenses are deductible. Disposing of waste is generally held to be a deductible expense.


3

You have two issues that have to be resolved when when tax issues involve two states: where did you have residency while you earned that money. where did you work when you earned that money. Once that has been established then you determine where you have to pay taxes. Generally it is where you did the work. But if there is reciprocity between the states ...


3

If you filed your forms by the deadline, and provided them an instrument for paying what was due; then you are fine. In the days when you sent in these forms by mail, the only requirement was that it had to be postmarked by the due date. The tax agency could take days or weeks to cash that check. It was completely out of your control. The same is true ...


3

Depends on the state, but in the case of Pennsylvania, it looks like you may be subject to PA state taxes (at least, local may depend on locality) depending on the circumstances. Several states - almost entirely states near NYC - tax income derived from employers located in their state regardless of where work is performed. Deleware, Pennsylvania, New ...


3

I generally agree with the other answers. Regarding the bit about your loan from your parents... Your arrangement with your parents is certainly material to you getting another loan. The mortgage application will probably require you to disclose all outstanding debt. Obviously, if you choose to omit it and your parents don't tell, it probably won't ...


3

I went through the process so I'll add my experience for posterity. On the morning of the day I was ready to pay, I went to my mortgage company's web site and got an instant payoff statement dated for the same day. This had the final payoff amount as well as addresses to send checks and information about wiring. I printed this statement out and took it to my ...


2

I don't live in Pennsylvania and I don't know anything about this particular tax, but just the name says that it is a "local" tax. TurboTax covers federal and state taxes, not local taxes. Many places have city, township, and/or county taxes that you are required to pay in addition to state and federal taxes.


2

Pennsylvania is one of the states that divide the land up in to thousands of jurisdictions all of which have the power to tax. Where you live (or work) is located in either a county, city, township or borough. They can tax you based on either your income, your property. You can also be taxed by the school district which can encompass multiple jurisdictions....


2

Well this is not the best situation. Sorry to your friend. First off ROTHs are out, you need earned income. Secondly, I don't think the focus should be on retirement planning until there is again an earned income. Thirdly, this person is just in a bad spot. Lets assume that you can find some really good mutual funds, that consistently return 10% per ...


2

Noah, I hear member @littleadv whispering "this is one where you should be contacting a pro, at least to file the first year's return." That said, IRS documentation has come a long way, at least for those willing to stare at it, re-read, and cross check in case of confusion. Your friend here is Publication 537, Installment Sales. From there: Each ...


2

The best way to do this is to pay for the entire car, including gas, insurance, and repairs, from S-corp funds, then meticulously track how many miles are used for personal and how many miles for business. If you pay with S-corp funds, you will claim the personal miles as a taxable benefit from the S-corp on your personal return. The S-corp can then claim ...


2

This should perhaps be obvious, but handing someone money without any sort of contract or agreement in place to govern the exchange is foolish. It sounds like that's what he's asking you to do - give him a security deposit and month's rent for a rental agreement that doesn't exist (yet). If you don't have a lease contract in your hand, there's nothing to ...


1

State laws can vary, but in general a car only needs to be registered in order to be operated, and there are typically exceptions/grace periods associated with moving and new car purchases. That's the law in New Jersey, but people have been ticketed for having an unregistered vehicle parked in their driveway. It does not need to be registered to sell, the ...


1

Unfortunately, you may have been the victim of a scam. One common way this works is that you are given a check for some amount (say $5000) but asked to send or give a small amount (say $1000) to someone else. The $5000 check is never real but it takes the bank some time to detect this. Once they do, they reverse the charge and you owe the bank any part of ...


1

I've been in your shoes for quite some time, though with different state pairings. You may owe taxes to the state where the company is located. And you may owe taxes to the state in which you live. I had this happen when I worked for a company in CT. I had to file CT & KY returns that year, claiming a tax credit in KY for my CT taxes paid, ultimately ...


1

Consider contracting with a property management company to lease and maintain the house until it can be sold. Rent on the property should cover the mortgage, property taxes, etc. The property management company can handle maintenance and the tenant would be responsible for utilities.


1

PA local taxes are a little tricky at times, but they do have resources to help taxpayers out. The link below is a good place to start, it provides a step by step guideline to go about your local taxes. The Address search application will tell you which locals you would need to file returns with as well as the tax rates. There are links at the bottom of ...


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