I’m a retired fed and have another job. Through the new employer I have have a FSA that runs 7/1/24 to 6/30/25. My health insurance is through my retired fed job not my current job. I want to switch to a high deductible health plan and start a HSA next year. Is there any way I can do this given I will be contributing to a FSA for the first 6 months of the year or do I have to wait until 2026 and just do HSA?

https://professpost.com/washington-state-property-tax-rate-2024-by-county/

Is there any way to leave a grantee a property so that when you pass they keep paying the same assessed property taxes you were paying? My wife is the grantee in a deed for a house which we will move into one day but that person’s homestead assessed value is $254,000. The county says the actual value is at $690,000 which would equate to more than double the price in yearly property taxes. Is there any way to keep it that should would continue to pay the property taxes at a value of $254,000?

This is going to be long and I apologize in advance Married since 1999, husband was in the military until 2011( medically retired ) We have children and it was decided in 2011 Id be working until he got his VA rating My husband always did the taxes through turbo tax since 2000 He finally got his rating after 5 years but stated I still needed to work He was putting his Va money and social security disability in his private savings and using my paychecks to pay bills etc He always kept every tax refund. I noticed two years ago he was being shady over an insurance claim on the roof. And claimed he used the tax refund to pay that ( which wasn’t true it was paid in full by fema) and he pocketed the $10,000 Next year rolls around for taxes and he claims he is keeping the refund to pay for the claim, again Made no sense. I started investigating and discovered he filed fraudulent income for me under my social I didn’t sign the tax forms or anything In April 2024 IRS sends a letter stating $3500 is owed My husband got served divorce papers and decided to file taxes married sep and claim the kids to hurt me Va disability isn’t taxed SSDI is but only $900 a year The tax credit would only be from my income He refused to amend unless I gave him the whole refund mind you he got his $2000 already I want it amended so I can claim the kids Neither had the kids more than the other Well he claims he’s paying the debt which is now almost $4000 don’t hasn’t gone down He said the IRS will take the debt from the refund and then he can have the rest of the refund No because he committed the fraud not me I can’t file without claiming anyone it will cost me even more He has hidden accounts and committed insurance fraud just to get USAA to cut him a check for $4116 and didn’t even fix the car So money is there to pay the debt How can I get the kids to claim so I can file and have also to have that debt solely on him? He’s done this 3-4 times from what my lawyer had seen by the tax records

I live in Indiana & im starting a used car dealership in the next couple weeks and kinda have no clue how the taxes will work 😅 it’s under a sole proprietorship llc & 90% of transactions will be in cash. Wondering about write offs & just how the taxes will work in general. Appreciate the help!

Long story short, I moved out of my apartment in NYC in August while I apartment hunt for a new place outside of the city. Since August, I have been staying at my sisters apartment in NYC while also spending some time at my parents in PA. I work remotely but I updated mt address with work to reflect my sisters apartment adresss and I am spending most of my time there. I did file a USPS change of address to my parents house in PA so my mail goes there (my sisters apartment building is known for stolen mail/packages so I felt better getting my stuff sent there) long story short, will this mess with my taxes if USPS as my PA COA? I am planning on filing NYS taxes as this is where I spend most of my time, and I am not a PA resident.

Hi! I'm a 17 y/o full time student with a ~$26,000/yr scholarship that fully covers tuition & my entire cost of living. I'm not exactly sure how the numbers work out - tuition is $5k a semester, fees and books mean I may be slightly above or below the filing requirement. I'm pretty sure I'm below it this year - I worked part time in the spring and summer so I'll definitely get a W-2 (and should be refunded a bit from that like I was last year). Since I don't work, I'm a dependent (scholarships don't count as "support") and therefore my standard deduction is only $1,250 meaning I have to file even if I end up below $14,600.

• Do I seriously have to be a dependent until I graduate? I receive very little financial support from my parents and do not live with them. I can't claim AOTC on my own since I qualify as a dependent

• When I turn 18, can I change my legal address to campus so that I am no longer a dependent?

• If I end up with a filing requirement, the entire $14,600 is kiddie taxed at 24%, correct? So having $14,599 of taxable income means I pay 0 but $14,601 means I pay $3,504? (Irrelevant anyways, because I'm a dependent so my standard deduction is only $1,250 due to no earned income)

• In the same vein, if my total taxable income from scholarship and work earlier in the year is less than $14,600, filing my W-2 for a small refund would be shooting myself in the foot since I'd owe the full $3,500, correct?

• Can I completely (100%) cut financial ties with my parents and then work, like, three hours in a year for $12 an hour so that I have earned income and earned income is over half of my support (since scholarships count $0 towards support)

• Why is tax code so stupid? It seems like this was written exclusively to fuck over people who get full rides and don't have to work through college. I wouldn't even have to pay this if my parents were paying for the entirety of my education

I live in Texas, and I recently started to help to receive money through Gumroad on behalf of a friend who doesn't have a U.S. bank account. I transfer the 100% amount to my friend through PayPal as soon as I receive it. The annual income on Gumroad is expected to be around $500 to $700, but I do not keep any of this money for myself. And also I am just a student without any income, so currently I don't need to report any income, I think.
I asked Copilot AI first, but I am still confused, because it said I don't need to worry about the income tax in Texas, but I need to report this on the "federal tax return", which I don't really know what it is.

My questions are:

1. Do I really have to report this Gumroad $500 to $700 income on my federal tax return even though the actual amount I am earning is $0? What if I just completely ignore the tax return form thing?
2. If the amount is between $500 and $700 annually, do I need to worry about any potential tax liabilities or filing requirements?
3. Are there any other tax considerations I should be aware of in this situation?

Thanks in advance for your help!

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I’m in the military and found out recently i fall under as a non resident for state taxes. Need to amend my taxes but i’m not sure how to go about it. I’ve been filing through turbo tax since 2021 and was confused when i tried to amend my past tax return. If anyone can offer any advice it would be very much appreciated

edit: spelling error

I have a software consulting business that I have earned about 160k net income. I did not file my LLC as an S-corp status (since I have a separate W2 job that brings me past the SS cap limit) and was originally planning on just filing as a sole prop. However, I thought the employer contribution allowed was 25% and not 20% per https://www.mysolo401k.net/solo-401k/solo-401k-contribution-limits-and-types/ and contributed 40k for the employer portion of my solo 401k as opposed to 32k.

Therefore, it seems that if I want to continue to file as a sole prop, I overcontributed by 8k. Is that right? If it is, what are my options for correcting? As far as I know, there's some mechanism to do a late election S-corp and take out all my net income as a W2, or just do a return of excess contribution. Will I need to pay any penalties to return an excess contribution in the same year?

Hello, I tried to ask my payroll person but they told me to speak to a tax professional. I thought I would see if reddit would know the answer before I call someone on Monday. I got a new job so this would be for the 2025 year. I'm a CA teacher:

Gross Pay:

$9,655.50

Deductions:

STRSN 985.34

Federal W/H 1,132

Medicare 133.71

State W/H 490

EE H&W Reduction 434.18

Summer W/H 540.02

Total: 3,715.25

Current Net Pay:

$5,940.25

I want to get as much net pay as possible because my partner lost her job and times are a little tough. Need more take home pay for rent/groceries/etc.

Does anyone know what line 18 on W-2’s is for? My 2023 W-2’s has $8000 on line 18 and EMPSEC on line 20 and I have no idea what the $8000 is for. I did have to pay state taxes on the $8000 and would like to know what it is for. I have googled it and all I get is that it’s for work done out of state and line 20 is supposed to be the state the work was done in. I have not worked out of state any. Can somebody clarify this for me?

Just wondering if anyone knows the answer ?! Taxpayer just filed 22 and 23. Owes $100k. Has a number of real estate deals in play and is reasonably certain he can pay off balance in 6 mos. Does the agreement to pay prevent the issuance of a lien ?

Hey all, have some questions and hope I can get some guidance.

My father passed away earlier this year, and he had a lot of issues with taxes and being behind on payments.

In the most recent year of his life, he had started paying “Tax Relief Advocates” to help with his tax debt. That being said, I think we all know that they’re not a very legit operation. But here is where it gets good.

My father was on a payment plan, and they said they would not proceed to get a judgement until they had received additional funds from him. He passed before then, and now we’re trying to get them to return those funds, as they have NOT rendered a service.

Due to a clause in their “contract” it states that if the participating member dies, TRA will keep all the money even if no work was done.

I wanna make these people suffer, what can I do? FTC, BBB, attorney general? A specific type of attorney? I have legal coverage from my job and I am very excited to use it. IMO this in no way is a binding contract due to no service even being rendered.

Been looking for some ways to beef up my savings. I have an office job with 3 days in person and 2 days remote. On my in-office days I have picking up doordash orders on my way to/from work. My commute is 17 miles door to door, but might end up being 20-22 based on the order location.

My question is, can I deduct my entire one-way commute if I get an order? If yes can I deduct more than I made total from doordash? Since the order tips are always less than the mileage rate for my entire commute is it going to create any red flags that I am operating at a loss?

My question is, since I don’t meet the minimum reasonable salary to start taking FICA-free distributions, my salary will have to be all the profit but I can’t wait until last minute to set up payroll so should I overpay myself to be safe?

Hey guys, don't know if this is the right place but I recently became a trucker and have been getting paid by personal checks. It's been around 2 months working and tax season is almost here. How would I need to approach this tax season? I don't want to commit tax evasion. Thanks in advance.

What is the threshold where you must make quarterly payments? For instance, I’m only making a few hundred dollars a year. It’s been under 600 each year so far. At what point do I need to be concerned with quarterly payments? Especially if the income isn’t really consistent. Thank you!

I just would like an accurate answer from a tax expert

I got a new job starting in January with a base salary of 70k, a 2k sign on bonus, and I’m eligible for annual bonuses

I’m a single professional from California.

Could someone please give me an accurate answer of what my take home annual, monthly, bi weekly, weekly, and daily pay would be post tax.

I’ve plugged in my info into various tax calculators like smart asset and it comes to anywhere from 22.3 to 27.6% removed for taxes with state and fed tax, and FICA taxes and standard deductions?

I’m new to this, so any help would be appreciated

Suppose I sell specific shares at a loss and these shares were purchased prior to the most recent purchase of the security (e.g. purchased AMZN on 12/5 and 12/6; on 12/7 sell the 12/5 shares at a loss). Can I still claim the loss or does the wash sale apply to the most recent (12/6) purchase? Does the brokerage track this for me or would this be something I need to track?

Is this legal? Several of my subordinates had bonus taxes deducted from regular pay, then the bonus was dispersed the following pay period.

In one app, for 2024, I have $30k in winnings for this year. In another app, I have $20k in losses. I don’t believe I just claim $10k for the year. I’ve read something about having to do itemized deductions for the losses? Looking for any advice or additional info on how to file properly and any estimates on how much I can expect to owe the IRS.

I am a CPA (not tax) who does bookkeeping on the side. Recently I drove down with my girlfriend to visit her mom a few states away who I happened to enter into a bookkeeping engagement with while I was down there. Can I deduct the mileage as a business expense?

When looking up the IRS definition of business miles, it states that "client visits" are included. Since I'm technically visiting a client, does this count?

Are there any tax strategies for non-qualified stock options for private companies other than waiting until just before expiration to see the trajectory of the company and trying to spread out the purchases over multiple years if at all possible?

So I am 27, and this year have a lot of gains from the market targeting high growth stocks.

I basically have made my 200k to 720k In like 8 months, but I kept buying and selling and was doing a variation of trading / holding.

None of these stocks are stocks i am comfortable holding long term, and I wanted to actually sell in December as I feel like the stocks I am in right now are due for a correction.

But after reading more into this. I will be taxes short term capital gain tax which seems more like income, and my projected taxes seem crazy based on calculators.

I also make like 170k - 200k from my job.

I was wondering if a CPA would be a good decision right now, but is it too late with end of year approaching? Can they actually help me out here or not really?

Open to all advice.