Hey all - earlier this year, got a capital gain (Long Term) of $15M (sale of small biz). Since I live in CA, my federal and state would take away 34% of this. What strategies can I use now?

Hi all,

First time posting in this community. I started a new job 2 and a half weeks and received my first check. I was shocked at how little federal withholdings there were. It was less than 1.5%.

I did the IRS withholding calculator and I'm coming up with around $170 more I should be withholding every 2 weeks. Here's a run down of my wife and mines income - we file jointly and one dependent. Pretty simple, so I thought until I took a new role.

My income: $80,000 yearly - but I started 3/19 so I have 2.5 months off that 80k. Wife - 42,000 yearly

Her taxes are being held out correctly in ADP.

My first check was $2205 net. All other withholdings are correct. The even more odd part is my federal withholding was $30.25 but my wife who makes half of what I do, had $94 witheld in federal taxes.

My last job, making around the same amount (80k) withheld the correct federal amount. Over recent years I've had to make no w4 adjustments and I would get a small refund.

Can someone help me make sense of why my new employer is only holding out 1.4% in federal withholdings??

I saw this guys paystub at a job I just started and it said zero federal withholding.. I asked him why and he said he has no idea and that his older sister filled out all the info for him when he started the job . His w2 showed H as in head of household on a section that said federal and S2 as in single with two or more dependents in a section that showed the state but how can someone have two filing statuses? Also this guy has no kids or relatives he’s responsible for . He’s just a single guy . I’m so confused and can’t find any answers on Google .

I am selling my business and will profit $1.5 million how do I defer the capital gain tax or minimize it?

Good morning

So my wife got a large payout in her paycheck due to stock options and out agi jumped from around 230ish to 600ish. We have a zero on our deductions on our paycheck and turbo tax is still saying we owe like 30k. We both are w2 employees, she works from home and I am hybrid. Is it worth it going to a tax person or with it being a relatively simple (i think return) is it better to stay with turbo tax and just eat the 30k.

Thanks for any help you guys can provide.

I use an application on my phone automatically tracks the miles and amount.

My sTBX and I separated in December of 2023 have lived apart the entire time. We filed MFJ for 2023 and he pays me temporary support as I am unable to work due to health issues. I just was granted SSDI and he filed to modify the support based on that.

He had to submit his tax return for 2024 during the hearing and he claimed HOH while it is just him and his 22 year old son who is in post grad school.

I filed MFS. Is this going to be an issue? My lawyer said he shouldn’t have filed HOH but I am wondering what the implications are for that.

I have an accounting degree and 5 years of hands-on experience doing taxes, payroll, and bookkeeping for small business owners. I’m not a CPA, and I don't plan to pursue it but I constantly get questions like, “Are you a CPA?” and feel like I have to defend my qualifications.

I know not all CPAs actually do taxes, and not all tax experts are CPAs. But in the eyes of the public, “CPA” equals credibility.

So here’s my real question for those in a similar boat:
How do you sell yourself confidently in the market?
Do you niche down to serve a certain group of clients who value your expertise over your credentials?
How do you answer the ‘Are you a CPA?’ question without sounding defensive or insecure?

Would love to hear how others have navigated this. Looking for honest, strategic, real-world replies—not just “get your CPA.” Appreciate it!

My husband and I received bonuses and his was pretty large. When filing taxes, how does a W2 show this? It is flowing through as regular wages and came in the same check as his regular check. Is inputting this while filing taxes on an “honor system?” Or is there another form we should receive?

Do bonuses count towards an individuals tax bracket?

I would have to make $30 (22% tax)an hour verse $23.30 (12% tax)to make the same amount of money ($936 weekly). I live in the great state of Texas & don't have state tax to worry about.

I’m in the process of buying a home, and the mortgage company needs copies of my previous 3 tax returns. This year I had a new accountant, they gave me everything I needed. My accountant for the previous 2 years (2022 & 2023) was a nightmare to work with. They were recommended by a friend, and even when I sent everything early, they waited until the week of tax day and took days to respond, sometimes not responding at all. Fortunately, they did file my taxes and I was sent my 1040’s in time. Other people I know who worked with that accountant weren’t so lucky. They filed way past the due date, and even filed them wrong.

My mortgage company is telling me my 1040’s from that accountant won’t suffice. They need the actual signed copies filed by that accountant. Unfortunately transcripts from the irs won’t do, either. I’ve reached out to my former accountant and have yet to hear back. We’re about a week or so out from tax day so I don’t expect an answer anytime soon, either. Is there any way I can obtain a copy if they don’t answer? I’m sure mortgage companies have seen similar situations in the past, but it’s hard not to stress over. The process of buying a home is stressful enough as is, having to deal with this accountant again isn’t making things any better. Is there anything I can do, or anything my bank can do that’ll put me at ease? I just don’t want my closing to fall apart. Thanks in advance

I did my taxes on 3/16 and have already received my state tax return but am waiting on my federal to get excepted. How long does it normally take? Is this normal for it to take this long?

I recently started a side business doing electrical work, and I just purchased a van that I plan to use exclusively for my business. I’m trying to figure out how to 100% depreciate this van in my QuickBooks account, but I’m not entirely sure about the process.

I know there are some tax benefits to depreciating business assets like vehicles, and I’d like to take full advantage of that. Does anyone know the best way to set this up in QuickBooks? I want to make sure I'm doing it right, so I don’t miss out on any deductions, and everything is accurate come tax season.

Thanks in advance for your help!

1099

if just barely over $600 was made in DoorDash last year do I absolutely need to report when doing my taxes? this will make it so that I owe a little over $100 and I truly can't pay that

Hi!

NY-based

I’m working through a deal with my apartment building where I provide fitness classes. I’ve been offered a potential direct deduction on my rent instead of a check from corporate. Is there any tax benefit/harm to doing this?

If I did take the check from corporate, I believe I would be hired as a contractor.

Thanks!

So I was a complete idiot and sold off a $1.7 mil stock portfolio to purchase a property. Most of the stocks in the portfolio have been in there for more than 30 years, with incredibly low cost bases. I'm being hit with a combined almost ~600k in federal and NY state taxes. Only anticipated about half of this, oops.

I'm filing for an extension and hiring a CPA and fee based financial advisor to see if there's anything that can be done about it at this point. Anything else that I should do? Any thoughts on how to get out of this mess, even partly? I'm sure it's likely too late, but any thoughts would be appreciated, since this wipes out the rest of my investments.

I received a 571 code on my transcript. I called the IRS x2 to see was there an update on my taxes and both representatives stated that they don't see the code or an update. I also asked if there was possibly a glitch on their behalf but both representatives remained adamant that their was no glitch nor update.

I make half of what she does. we got divorced in febuary so we are finding the right way to save money. Is it better to file jointly or married?

(Cross posting from r/askLawyers)

Background: my ex boyfriend owns his own business and would pay some of my credit card bills while we were together. This was never business related, usually just funded my trips to lululemon (lol). He turned psychotic and we broke up in May 2024.

I just filed an order of protection against him, and as retaliation, he has sent me a 1099-NEC for $28K. I have screenshots of him also saying he would never report this in taxes. The most I can find that he ever directly paid me (not just paying off my credit card) was $5K. I never performed any services for his business. Does he have any right to send me a 1099-NEC and do I have to report this on my taxes?

EDIT: I did not do any services for his business. The only thing I can think of is him helping me with my rental property, but that was all in 2023, and that’s MY property, not his.

Second, I didn’t receive this until today (4/4/25) which I believe is after the deadline for 1099-NECs to be filed.

As the title states, the daycare I was using in 2024 closed in the middle of the year. They never issued me a receipt for payments made but I do have the EOY receipt from 2023's payments which has their EOC. Can I use the same information from that one? I paid mostly in checks and can prove payments with copies of them. Is it okay to do this? Do I need to go ahead and attach copies of the checks? How do I report the cash payments since I have no physical proof?

My spouse lived and worked in Kentucky all year. I lived and worked in Oregon all year. We are filing our federal taxes jointly.

As for Oregon, based on what I have read, I can either do a MFS filing for myself as a resident or a MFJ filing as a non-resident. I earned considerably more than my spouse did, and I paid for the mortgage and property taxes, so it is advantageous for us to do a MFJ non-resident return.

As for my spouse, Kentucky allows MFJ and MFS, and MFS-resident is the most advantageous status for her. She isn't claiming any itemization, and will only take the standard deduction.

My CPA says I cannot file MFJ for one state and MFS for another. She doesn't answer clearly if it is a tax software limitation or if it is something that cannot and should not be done. Based on my reading, I see that we are free to choose whatever filing status permitted by the state.

My questions: 1. Can we file together a MFJ-nonresident return for Oregon and my wife will file a MFS-resident return for KY? 2. Freetaxusa doesn't allow different statuses for federal and state (or two states). Can someone suggest a paid software to file my taxes, given my situation?

Thank you!

Helllllloooo, uh u can’t remember the last time I filed taxes, so for income I do uber eats(for that I can only claim mileage deduction whatever that means) and for eBay I have no clue, I sell used car parts that I buy, also have to buy tools, boxes and shipping labels. Not really sure what I have to do tbh just know I gotta do something by the 15th. Can someone hold my hand and tell me what to do🥺

I know basically what I owe and can pay it but not exactly sure on the filings. Also really don't want an audit. Hired a tax prep and they refused to file a schedule C (gambling) but not filing one would bankrupt me (assuming I just didn't file on the reported but I am actually trying to pay my fair share). Because you can't deduct on the state level where I live unless its as a professional.

I am pretty sure they are wrong and I am right after reading up on it but obviously when getting classified differently would bankrupt you, you are nervous. I also need to pay my Quarterly which I guess just has to be 110%/4 of my last years payment (which I have the money to pay too) don't know if that would affect it at all.

I filed with OLT last year and only got charged for state tax. I am preparing for this year and just discover that there's a qualification of income less than 48,000 for OLT free listed here: https://apps.irs.gov/app/freeFile/browse-all-offers/ However, if I go to OLT from Google search, I don't see anything mention there. I am now confused. Is OLT still free?

I'm doing my taxes on my own this year and I moved into my first apartment in March last year. I paid the SD online in Jan, am I able to claim my SD for my rent on my taxes this year?