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Taxes

If you worked remotely in 2021, please see Dear Penny's article in today's newsletter

7 Essential Rules for Claiming a Work From Home Tax Deduction https://www.thepennyhoarder.com/taxes/work-from-home-tax-deduction/?aff_id=88&aff_sub3=20220326&utm_medium=email&utm_source=weekender&utm_campaign=weekender20220326&aff_unique2=ITR-e819b72f-b01e-54ca-ea55-50b4b6592041&sms I'm grinding to the finish line, and this was a reminder for me to check on some things.Read More...
Last Reply By Pretzal · First Unread Post

What to do with my tax refund

lismox
Hi everyone! I am shocked that I'm actually getting a return this year, just under $600. My question to everyone is - what should I do with it? Pay off my approximate $200 credit card debt and invest/save the rest? Put the remaining amount into my Roth IRA? For context, I have a pretty healthy emergency fund. Thanks for the feedback!Read More...
Last Reply By irishnanny · First Unread Post
Here's the link to the IRS Free File Program https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free (EDIT) To answer some of the questions that have popped up about this: Q: How do I actually use the program? A: Here is a video walkthrough Q: Does this cover federal and state taxes? A: Some of the programs will file your state taxes for free as well, but the majority require you to pay Q: What type of income is the $73k/year referring to? A: The number is based off your adjusted...Read More...
Last Reply By A Penny Pincher's Guide · First Unread Post

The child tax credit parent plus checks?!

Sara Hansma
I’m just wondering if anybody can explain to me a bit about the parent plus monthly checks starting in July. I apparently received a letter stating I was eligible to receive the monthly checks unfortunately my brother got the Mail at his house where my Mail goes and I wasn’t able to read the letter myself so I am kinda clueless about what the details are about these checksRead More...
Last Reply By irishnanny · First Unread Post

Unemployed and paying taxes

Does the IRS give any options to pay taxes once you find a job if you are currently unemployed and 56yrs old? I lost my job in 2020 after working for 19 years, like so many others, the only income at this point is unemployment. I'm thinking I will owe because of a 401k loan that was being paid back while I had a job but now will be considered income since I lost that job and a withdrawal for the remaining amount that was done in Nov. 2020, under the CARES ACT that was under 40,000. All taxes...Read More...
Last Reply By GinaH · First Unread Post
The program is a partnership between the IRS and popular tax filing software's like TurboTax, TaxSlayer, TaxAct, etc... that allows you to file your entire return for free if you make less than the $72,000 AGI cutoff. Here's the link to IRS Free File Even if you do make more than $72,000/year the electronic forms to file are free to use and file online. Granted I would only do that if you have a pretty straightforward tax return or you really know what you're doing when it comes to taxes. If...Read More...

Need info on getting my tax refund + stimulus

awinquis
I didn't have a problem until I filed last time with paper forgot the signature so they sent it back I signed sent it back since than everything got screwed up bc my bank account on my refund is closed down. How do I change my bank account information who do I call bc I didn't get my $600 stimulus or the one coming I'm not gonna get bc bank account is closed. Please help!Read More...

W4/withholding Changes

KellyFromKeene
For years, as a single parent, I filed HH on my taxes. I was recently married and filled out a new W4, and wow- they have changed. VERY confusing. I completed it the best I could, following the instructions, and my paycheck shows a 70% reduction in federal taxes taken out. This must be wrong! Other than completing another W4 and just having them withhold extra, anyone know about these new W4's and how to know you are having the right amount taken out?? I checked with my HR, and they are...Read More...
Last Reply By sthom · First Unread Post

paying taxes and social security taxes

Tammeylupie
My fiancé is on social security disability and has a side gig. The side gig is considered as self-employment (DoorDash). When we did his taxes on TurboTax it said he had to pay $257.00 to the federal government. It then asked if he wanted extension to pay the social security admiration back their share of taxes. So we said yes. It took the amount that he owed to the federal government and it applied to the social security admiration. Now it says he owes nothing to the federal government.Read More...

Claim innocent spouse with IRS after divorce

wood
My ex had BIG tax debt that he failed to disclose pre marriage. Fast forward 10+ years and 4 kids, we are now divorced yet his pre marriage tax debt is attached to my name and IRS wants payment. I have rejoined the workforce but I do not get my tax refund, the IRS keeps it and applies it to his debt! Don't worry I make him give me my refund, but I need for this cleared up. I understand, I can claim innocent spouse since debt was pre marriage and I didn't work during the 10+ years of...Read More...
Last Reply By Dear Penny · First Unread Post

Do You Ask for a Receipt When Donating?

ERoberts
I have done my own taxes for two years now and it's been a painless process. I did, however, make the mistake last year of claiming too many allowances and ended up owing a couple hundred bucks from those larger paychecks. I also moved, and although I was able to sell everything I was looking to get rid of I was wondering about the process of donating those items to Goodwill or Salvation Army and getting a receipt to apply to my taxes instead. Is it worth it to keep those receipts hanging...Read More...
Last Reply By Barbara Marzolf · First Unread Post

Is Your Life Taxing?

One of my neighbors was heading out last year to drop off a folder with his taxes at a Tax Prep office when I asked why he didn't do his own. "Well, I have the condo mortgage to claim," he said as though that made a difference. I explained that I, too, have a mortgage although the interest does not even make a dent in the standard deductions for our property values. He was intrigued. "I can show you how to do your own and save that hundred or so dollars." He was even MORE intrigued. :) There...Read More...
Last Reply By Leslie Kay · First Unread Post

Tax Settlement Firms - Legit?

Hi - I owe back federal taxes and have heard of offer in compromise as well as tax settlement firms. However by the way they are advertised and what I have read from random searches it seems a little sleazy! Has anyone had any luck with such firms or a settlement on their own? Thanks!Read More...
Last Reply By Alex Tucker · First Unread Post

Should I file Taxes

LatinLaydie
Dear Penny, I am 53 yrs old and I am being claimed as a dependent on my parents return. The last time I filed taxes was in 2016 and since then I have'nt worked and receive food stamps also. Should I file taxes for 2019 to get a stimulus check? Thank You for any help you can provide.Read More...
Last Reply By JeremyM · First Unread Post

Help! I need to amend my taxes!

Sexy Star Locke
I claimed my uncle as a dependent and now he is upset that he won't be getting a stimulus check. Is there any way possible for me to amend my taxes so that he'll be eligible for a stimulus check? He did live with me for 6 months and I supported him during this time but for the rest of the year he lived and supported himself. Exactly what are my options?Read More...
Last Reply By Karol Galatioto · First Unread Post

Capital Gains for Selling property

I asked our cpa how our taxes will be affected if we sell our rental property. Most of the funds of the sale will be going to the mortgage company and we’ll pocket about $20,000. That $20,000 will go to pay down my husbands stock plan loans (he can borrow against it). Our cpa said we’ll pay capital gains on the total gain. In my understanding, that means that the difference in what we are getting ready to sell it for minus what we paid for it, is what we have to pay taxes on. If that is...Read More...

First year as a Small Business - What can I expect this Tax Season?

Are there any Small Business owners or people that work out of their homes? What are some things you can help me prepare for as we start digging into our taxes? We made an account just to put back the expected amount we would have to pay in taxes and we hired a professional CPA. But what does that all really mean for us? What are some tips or tricks or advice you can give me?Read More...
Last Reply By Olivia · First Unread Post
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