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# taxes
  • w
    Yes I know that the amount of money I got from a stock grant after taxes was exactly as much as Hashem wants me to get. But it's still quite painful to see how much of it went to taxes.
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  • t
    Worked from home for my main job and side work (side work through personal LLC), can i deduct power/internet/gas? edit: i use my office for this
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    +4
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  • w
    FreeTaxUSA is giving me this warning before I finalize submitting my taxes. I do have childcare expenses in box 10 of a W-2. Am I supposed to also enter that amount in childcare expenses?
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  • c
    In this or maybe the frum devs slack, someone posted that on 401(k) withdrawing principle there is no early withdrawal penalty, and I don't think that is accurate for any IRA?
    m
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  • c
    Is there a time of thumb when you can just use a free online service for tax preparation vs actually hiring someone to do your taxes?
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  • v
    My employer switched to a new payroll processor, and now both companies have sent me a W-2. The old processor issued a W-2 covering about 10 months of income, while the new one reported income for the entire year. Per their agreement, the old processor wasn’t supposed to send a W-2, but they did anyway. The old payroll processor is also almost impossible to reach. Any advice on how to handle this?
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  • a
    Say someone close is gifting me more than 10k for all of certain relatives wedding expenses with whatever remaining going to as a gift to the couple and he wants to wire this gift. What is a reasonable way to pay as little tax on this as possible?
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  • f
    how exactly is a 1099 taxed? My accountant tells me say if I make 100k from w2 and 10k from 1099 then say my tax bracket is 15% so I will pay taxes essentially twice? One 15% for the 1099 = $2250 and then more for the total reported income of 110k on the tax return - again another $2250 - is this correct?
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  • s
    if i contribute to 529 and get a matching contribution from Maryland, instead of tax deduction, can I still get a federal tax deduction?
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  • f
    If I had USDC in a blockfi account before blockfi went bankrupt, then got a payout (less than the sum originally held in the account) that was transferred as usdc into my Coinbase wallet and I subsequently sold those assets/withdrew the funds to my bank, would I need to report that payout as income or is there some kind of cost basis I could apply? No documentation is available from blockfi since the bankruptcy…
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  • m
    My favorite tax influencer has launched a completely free tax law community! https://www.skool.com/actualtaxlaw/about?ref=70b9c06b2f284af0b91556f2f0d45731 Slack Conversation
  • f
    I got two 1099-B forms in the mail from a company called OceanVoyage And Co. I never heard of that company before, def never invested in it. Do I need to be nervous it’s fraud? Is there a way to look into it
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  • a
    On my 2023 return I had a carryover loss from previous years that was not offset at all, so it is also carry forward, how do I record that in freetaxusa? I don't have 1099 income to use it for but hope to have this year so I want to continue to carry it
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  • a
    Anyone have experience with freetaxusa paid services? Or can anyone recommend a tax expert who would do an hour consult to help me make sure i did things correctly before I submit? Thanks
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  • a
    I do freelance video editing, and I'm currently a little shocked at how much I'm paying in self-employment taxes (I think close to 50%, does that make sense?!?!) I'm relatively new to this and I'm wondering if there are ways to reduce taxes. I already keep track of and deduct all my business expenses that I can think of (like computer + peripherals + software). I guess it's normal and I'm not used to actually seeing my income disappear to the IRS because it's usually withheld from my paycheck 🙂 But if anyone has any insight, feel free to share.
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  • w
    I just sold some stock. Is there anything that I need to do / should do now for the capital gains taxes?
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  • s
    If I have an HSA I no longer contribute to that is invested in VTI for the long haul, is it worthwhile to do an FSA also or just save receipts to eventually reimburse years down the line?
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  • c
    My wife just got a very generous check from her grandfather to wipe out all of our credit card debt, BH! It falls below the 38k gift limit for married couples. Do we need to do anything to designate it as a gift? Is there anything else we need to be aware of?
    yay money 5
    ㊗️ 4
    nope 2
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  • t
    New tax fact I learned today: passive losses (even rolled over ones) can offset active income in the year that the property is sold. Sharing in case anyone didn't know, and it can impact their plans of when to sell a property
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  • c
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  • t
    Not sure if this belongs here or somewhere else, but I want to share an interesting idea. When REIT's (like O) and MLP's (like EPD) pay out dividends, most of the dividend is treated as a capital release and not taxed. Instead, the cost basis is decreased by this amount. So, if someone buys these and eventually donates the stock, they will only pay taxes on a fraction of the dividends and on none of the capital gains. Of course, this only works if you like the stock and expect it to appreciate.
  • p
    A benefactor wishes to pay for someone's college tuition using money from their RMD's - can they avoid paying taxes? I know there are QTR programs from school to school and there's 529. . .
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  • b
    I'd like to get more educated on the basics of taxes and be able to make more informed decisions. Stuff like what's a standard deduction, itemized, AGI, MAGI, credits, deductions, etc. Can anyone reecommend a resource for this?
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  • c
  • m
    My spouse recently negotiated a raise. However there are various reasons that it would be much better if they are not "officially" making the higher amount (internal resentment at the company, being a too obvious high cost item, etc). The company is happy to just take over our tuition payments for the amount of the raise. Is there any way to accomplish this legally? Can it not show up on his paystub, but we still declare it and pay taxes on it? Thread in Slack Conversation
  • m
    Someone in my household (trying to protect the guilty!), based on mistaken information, accidentally made a transaction that triggered realized capital gains of $2866 in a UTMA. Child has no other income. What is the cheapest and easiest way to file federal and NJ state tax return for this? I don't want to spend a lot of money, It's only going to be a few dollars in taxes...Is it best to add to my tax return? Does it matter if we plan to use freetaxusa?
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  • t
    can someone explain to me the tax ramifications of doing backdoor roth contributions if I've also got a traditional IRA? I'm trying to make sense of this but I'm having trouble
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  • w
    I'm trying to decide between a 529 or a ugma/utma account . Right now I put away for my kids in a standard brokerage account invested in an index fund. I was thinking that I will most likely need that money to pay for things that are probably tuition related and certainly before they reach the age 19. And so is thinking of stopping to contribute to the standard investment account in contribute instead to one of these accounts which will make the capital gains tax free. I will definitely have education related expenses at my expected time of withdrawal. Is there any reason to choose one over the other
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  • m
    Free resource / Webinar by @kind-nightfall-62444
    ❤️ 2
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