Skip to main content

Taxes

I've a question about Federal and State Taxes

Bonnie Squires
I'm trying to find this out for our son. He been working at a store 2 days a week for over a year. The old owners took federal and state taxes out. Than a new owner took over and she was taking federal and state taxes out. But the last 4 months she has taken Federal or state taxes out. My questions is should she be taken these taxes out. She told my son no because he low income and he has no depended. My other questions is wont my son have to pay these taxes himself? Thank you bonnieRead More...
LISA EICHINGER KS has both Federal and state taxes. He filed a W4 form when he started working. He filed for 2018 taxes and got both back it wasn't much but he didn't owe any thing but the store owner was taken out taxes than.Read More...
MOORE INCOME thank youRead More...
@Bonnie Squires Yes she should be taking taxes out. However it will depend if you are in a state that has income tax. Some states do not. The federal taxes should be taken out assuming he filled out a W4 when he started and is claiming 0. If he legally has to file taxes he may have to pay these taxes. If he is claimed as a dependent he needs to make more than $12000 a year to be forced to file taxes.Read More...
For the hours he is working and the amount he is making, it may be true that he will not make enough to pay income tax. This would be a question better answered by @Lisa EichingerRead More...
Last Reply By Bonnie Squires · First Unread Post

Head of household

Hey all! I have tried to find the appropriate answer on various google sites, but they all seem a little gray, so I turned to this forum hoping someone is great with taxes! For the past few years, my disabled mom has had no income and has lived with me. I have claimed Head of household with her as my dependent. In 2018, I got married in August. He lived with his parents for the year, my mom still lived with me, and I still supported her financially for 2018. One site said I would still...Read More...
I know this year things have changed, and you only rec a 500 credit for an adult dependent, not a whole deduction. I am not sure if there is another way around this, but I suspect that if they file for their self and have insurance they might get a better refund, next year when Obama care penalty is retracted this will change again.Read More...
You would file married. Either married file separately because he did not live with you or married filed jointly. You can take your mom as "other dependent", but you can't claim head of household anymore because you are legally married. Does that help?Read More...
Wanted to ping @Lisa Eichinger here -- she may be of help!Read More...
Last Reply By Christi · First Unread Post

Tax Return and Tax Reform

Lisa Eichinger
Hi, So this is going to be a follow up to my original post on tax reforms for 2019. As I work as a tax preparer on the side, I have been hearing a lot of people say "my friends have to pay the government this year" or "there are a lot of upset people that aren't getting their normal tax refunds, they're getting a lot less". I am not going to side with anyone on this, but I wanted to take the opportunity to enlighten the community on why there may be changes or why people have to pay, etc.Read More...
@Moore Income . There should be a place on the state form where it asks if you or your spouse lived in the state all year. For her you would say no then it would be a part time resident for state taxes for her. You might have to do it married filed separately, but your federal taxes back that up with the state codes on the W-2'S. I'm reasonable with my charges to do taxes. I don't have a set charge.Read More...
@Lisa Eichinger yes thanks. I am also running into some confusion with filing the state side when trying married filing jointly. She lived and worked in both Illinois and North Dakota in 2018, I only lived and worked in ND. When I am filling it out it is asking me questions about my residency in Illinois although I technically never had residence there. How much do you charge for your services? I am getting so frustrated trying to do my taxes this year.Read More...
@Moore Income . It is usually most beneficial to file jointly. There are more credits offered. I can't tell you exactly why the amount changed so much without looking at the W-2's. My thought would be that her withholding for taxes was higher so they took less money out. Also the lack of health insurance for the entire year comes with a fee still. This is the last year people will be punished for not having insurance. Does any of this help?Read More...
I have been dreading doing my taxes this year... I started doing them on Tax Act and when I filled out the main info for my wages, it calculated a decent return for me. But I chose "married filing jointly" since I got married in July of 2018. When I added my wife's income, my return dropped to $600 owed in taxes. I didn't have health insurance last year and my wife only had it part of the year. Is this the reason it changed to taxes owed? Would you know why it would drop like that? Would it...Read More...
Last Reply By Lisa Eichinger · First Unread Post

How Do You Do Your Taxes? Yourself or Someone Else?

Moore Income
With tax time coming around the corner I am curious to know what you have found to be the best way to do your taxes. Previously, I have done my taxes myself using an online platform such as HR Block or TaxAct. This year I got married and invested some money and I am thinking doing my taxes is going to be a little more complicated. Any recommendations for the best way to do them?Read More...
Last year my son did mine. This year i did my own with turbo tax. they all so have a free one threw turbo tax that my son did for his brother this year.Read More...
That unfortunately is the case for a lot of people. I am one of the few that asks questions and wants to know what other business expenses they had that they didn't know could be deducted like bills for a shop they own, etc.Read More...
I have used H&R Block to do them myself for over a decade, after experiencing the additional fees with Turbo Tax that you mentioned, makes it accurate. Before those programs, I used a CPA for my businesses and he plugged in the numbers and charged a fee, was disappointed with what I got back and double-checked everything. They don't always ask questions as to why you did something and/or how you used it, which cost me a ton of time to redo my tam and get quite a bit back. (Ex: I bought...Read More...
@Lisa Eichinger Thanks for the clarification. I was hoping that would be the case but wasn't sure.Read More...
Last Reply By Bonnie Squires · First Unread Post

Crypto and Taxes

I got sucked into the cryptocurrency storm late 2017 and started trading as well through a good part of 2018 as well. I did cash out some of my investments and now I am eager to learn it's impact on my tax return. Anyone here who has been involved in cryptocurrency over the past year or so? -SidRead More...
I have only watched from afar, but it's funny you mention the impact on your tax return as I was just doing my tax organizer online for my accountant last week. I was surprised by the question that asked if any of my investments last year were in crypto, and it was like a lightbulb moment. I hadn't even thought about having to report those investments on your taxes! For now, I'm glad I can skip that section.Read More...
Last Reply By Former Member · First Unread Post

Tax Reform 2019

Lisa Eichinger
Hi, I am a tax preparer and have been doing taxes for over 20 years. Here are a few changes that are going into effect this year: - Personal Exemptions have been removed - Standard deductions have been almost doubled - Tax brackets have been changed. They have gone down. - Business expenses for non self employed personnel have been eliminated. I will be happy to explain any of these for anyone who would like. Those are just a few.Read More...
Brianna, What exactly do you mean?Read More...
How are you supposed to file as an independent contractor?Read More...
Amronnie - - Yes, dependent children need to have a SSN for the child tax credit. If they do not have an SSN then there is a new credit for other dependents that the children would fall under. It is a credit of up to $500 per child.Read More...
Lynn - personal businesses and the self employed didn't have much change. - You may be able to deduct up to 20% of your qualified business income from your qualified trade or business, plus 20% of your qualified REIT dividends and qualified PTP income. The deduction can be taken in addition to your standard deduction or itemized deductions.Read More...
Last Reply By Lisa Eichinger · First Unread Post
Share a tip / Ask a Question
Post By Email

You can also post new topics to this forum via email. Just compose your topic and send the email here: [email protected]

×
×
×
×