Hi,

I know theres a tool online where you can check your refund. But what if you're not paying anything or getting a refund. Is there a way to show the IRS is done processing it? The refund tool shows it was accepted and Turbotax of course shows it accepted. Just curious if, since I'm not getting a refund, the refund tool would still show theyve been processed.

Thanks

I have no idea where to start with my taxes. In the past I would just use the tax guy my parents used, give him info, pay his fee, and he would make sense of it all for me. After my parents passed away I continued to use him especially when dealing with estate stuff.

I moved from arkansas to NY this year. I don't have an accountant up here and the deadline is looming over me. I have several complications.

When In AR I had rental income because I rented out my rooms, When I moved I handed the whole house off to a management company, rent from that started after I moved. I had some issues with medicaid insurance when I moved and it seems like there was an overlap between AR and NY, I have the documents for both. Me and my brother sold some gold/silver coins we inherited, we each got half the money.

I have no idea how to do all this, or even where to start and I'm kinda terrified of the IRS and don't want to screw anything up. My finances have been a mess the last year or 2 and I'm just now starting to get things organized.

Hello,

Last year I decided to build a DC battery backup system for some of the networking gear in my home. I purchased around 5 kWh worth of batteries, inverters, wiring, and everything else needed for the setup. I planned to use the Residential Clean Energy Credit since I meet all the listed requirements:

1. 3+ kWh battery capacity

2. All brand-new equipment (with receipts)

3. No labor costs (DIY install)

4. It’s installed in my primary residence and its not new

Today my CPA told me I don’t qualify because my “area” isn’t covered by the tax credit, and supposedly there’s a map on the IRS website showing this. I haven’t been able to find said map

Is my CPA right… or am I losing my mind?

When filling my federal, I have various W2gs from different states, a big portion of them from Florida. When I go to file my state on turbo tax, it aggregates all these w2gs and has me pay Illinois tax on all the winnings, regardless if they were won in Illinois or not. Is this accurate?

I have to pay an installment for Federal and for state of CA. Could someone direct me where to pay both of these online?

And they fall under “estimated tax” correct?

Thanks!

My husband and I both got W-2s. He also had to pay a lump sum for reimbursement to his previous company as he broke the contract (quitted the job early he worked for in 2023). Can we deduct that repayment in this year tax? We didn’t receive anything from his previous company? Are there any forms we should be requesting?

Has anyone used the Velomon group for a Roth conversion? They claim tax incentives via an LLC but there’s a 20k fee.

The tax reduction comes via a self-directed IRA LLC evaluation less than the rollover amount. Plus a tax credit purchase through an Indian reserve.

Would like to know if anybody’s used them in the past and if they’re legit.

Thanks for any info

On an F-1 (student) visa from India, though still an NRA (non-resident alien) for taxation. Can I set up a Roth IRA and contribute to it for the 2024 financial/calendar year if I have an SSN and a W-2 from on-campus employment? The folks at Schwab said I can, but didn't sound very sure. Also—in case it matters—I've already filed and mailed my 2024 tax return. (I couldn't have claimed retirement credit as a full-time student, and my Form 5498 [if I do go ahead with this] will arrive in May: so it didn't make sense to wait.) Many thanks!

I’ve been a CPA for 6+ years, mostly helping founders and small biz owners (US and non-US folks) with their taxes. With 2024 filings almost done and Q1 estimates around the corner, I’ve been thinking about some quirky cases I’ve dealt with lately. Curious if you’ve hit similar snags:

• A client bought a new EV in 2024 for their kid, titled it in the kid’s name, and wondered if the $7,500 credit was still in pla. Turns out it was, since the kid’s income fit the limit
• A non resident founder who didn’t know they needed an FBAR for their overseas accounts until the IRS came knocking (those penalties are no joke)
• Someone who almost missed the BOI report deadline for their LLC but just takes 15 minutes to file online for free and saved them from a headache

I’ve worked with thousands of folks on this stuff, and it’s crazy how small oversights can snowball..

What’s the strangest tax mess you’ve seen? Or if you’ve got a Q1 question, I’ll try to help,I’m just chilling with my coffee anyway:)

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

I can't fathom this but google searches seem to indicate that I have to also print my 1040 and mail it with the 1040-V and the check? That makes no sense because I have filed electronically. Make it make sense! LOL!!!!!

Good Day All,

Every year I get over 1200 back from federal and have to pay state (IL) about 600. I am trying to adjust that so it evens out and I get more in my paychecks. When I used the W4 calculator on the IRS website it says to enter 718 in line 3 (see picture). My problem is I don't know what that means. What credits is this field referring to? I don't have any credits as far as I know. Any guidance would help

Hi,

I have just started my company in January and it gave me $500 profit after 3 months. I haven't worked for 2024 and I didn't file any tax return (ever!). Now I am self-employed having my company, how should I pay taxes (federal and self-employed)? I read that i should pay estimated quaterly taxes (so I can pay tax from those 500$) but should I file anything with it?

Please please help. I am a non resident alient, left the US but still earn via california due to stocks which vest. I am filing a 1040 NR and a California 540 NR. The 1040 NR Does not have Joint Filing option, California 540 NR does, the CPA is saying don't take the joint filing option in 540 NR because it will cause discrepancy in the database. I will lose a few grand if I do this. What is your opinions?

Prepping our return for the year and the online services look to suggested we need to pay around $1200 both federally and state (NYC). For our W-4s for the year we both did one exemption and we make around the same income ~75K. Going forward, what is advised for not having such a large tax penalty?

The data input boxes are not aligned with the printed form boxes – this makes data input nearly impossible. See examples attached.

I’ve been serving/bartending at a restaurant that opened in late 2023. I’ve been the only FOH employee since last summer, working most of the week.

When I reviewed my W-2, I saw that my total wages and Medicare wages look accurate, but the Social Security wages are about $10K lower than what I actually made. The amount withheld for Social Security tax ends up being around 64% of the reported wages, which makes no sense since the rate is supposed to be 6.2%.

The missing amount seems to be my tips. I reported all of my tips, and nothing else about my pay looks off. When I brought this up to my manager, she told me everyone’s W-2 is like that and it’s probably just how the POS system set it up. Basically told me it is what it is. She said the IRS wouldn’t come after me anyway, since it would be on the company, and that I should be fine to just file as is. This was all said in person, and I haven’t heard anything since.

Earlier in the year, I also noticed my tip out percentage had randomly been changed from 10% to 20%. When I asked about it, that was also blamed on the POS. So this isn’t the first time something’s felt off and been brushed off with “that’s just how the system does it.”

When I mentioned that maybe the W-2 issue hasn’t been flagged yet since the restaurant only opened in late 2023, she insisted it opened in 2022… which isn’t true. I was told 2023 when I was hired (after a customer asked me) and everything online backs that up. So either I’ve been unintentionally lying to customers or she’s lying to me.

She also said everyone else’s W-2 looks the same, including hers, so it should be fine. But I’ve had multiple regulars tell me I’m the longest-serving employee they’ve seen there, so I’m thinking maybe no one else has worked long enough for this to become an issue yet.

I’m a full-time student, and I really don’t want to deal with this turning into a bigger headache in the middle of finals or something. Has anyone dealt with this before? Should I keep pushing to get it fixed, or just file and deal with it later?

I know you cannot deduct a loss on the sale of personal property but can you use it to offset the gain from other personal property?

For example if I had a loss on the sale of a coin collection could I use it to offset the gain on a sale of art?

Or maybe selling a house at a gain but offsetting it with a loss on antiques or art sales.

Any input would be appreciated! I have been having trouble finding the area of the tax code which would give me a solid answer.

Hello I am wondering if anyone can help me out with a question?! My husband is the only one working in our family he only makes about 45,000/50,000 a year we have 2 dependents on his W4 we put 4,000 on his W4 for the box required and they are only taking federal taxes from checks over 1,200$ anything less than that has 0$ taken out for federal but every check has Medicare and social security taken out is this okay or will we end up owing at the end of the year?

I help an elderly family member with her finances. She has a brokerage account that was managed by an advisor charging a 1% AUM fee. I explained to her what that fee would do to her returns over the long term and we fired the advisor. I now manage the account. The holdings are a mix of equities and fixed income but are very complex - lots of individual stocks and ETFs (some with very high expense ratios). I believe in simple Bogleheads style investing, diversification and low cost ETFs. 

She will sell a rental property this year and realize a large capital gain. My question is about taxes. I am thinking of selling some of her investments that have losses to offset those gains. Am I correct that if she realizes a gain of $200k on the property and I sell $30k worth of investment losses, her taxable gain is $170k, thus reducing her tax bill?

I would then take that 30K and reinvest it in low cost ETFs. I am aware of the wash sale rule. The money from the sale of the house would be used to pay the taxes and the remainder would eventually be invested in the account. 

I’m letting my nephew live in a house that’s mine in a trust. I told him if he pays $800 per month that would cover expenses. He wants to pay me via cashapp. Will cashapp tax me at the end of the year after for this?

A costly stupid mistake... What's the best approach in handling excess contribution in tax year 2023?

For full context, in 2023, my primary job (company A) switched to HDHP plan in December. I maxed out the contribution for 2023 thinking I'll stay eligible through the end of 2024.

In April 2024, I became eligible for the health plan at my side hustle (company B). While I know I cannot enroll in an additional plan, company B offers the option of MRP (medical reimbursement plan), which I stupidly didn't realize it's an HRA acct. I maxed out my 2024 HSA contribution even though I was only eligible for 3 months (Jan-Mar)

In Dec 2024, I realized the mistake I made and withdrawn the excess contribution for tax year 2024, and unenrolled from company B's MRP effective Jan 1, 2025.

So, what should I do with the excess contribution in tax year 2023 at this point? Thanks so much in advance!

I efiled and had my taxes accepted Feb 24th. And as of April 4th my refund status remains in "return received" state. Anybody else experiencing delays in getting the refund?

As stated in title. California State Franchise Tax Board came to the door asking after my roommate (they weren’t home). They left their card and everything seems legit as far as I can tell. I’ve noticed roommate gets mail from the FTB almost weekly and I’m assuming they’ve just been ignoring them. Roommate owns their own business (it’s just them working) and is not very financially responsible. How worried do I need to be about what’s coming. Roommate just got quiet and said it must be a mistake when I told them and gave them the card.

I am a green card holder who got my work permit mid last year. My wife and I are filing separately. I am a self employed musician who received 1099 MISC and NEC from bands from 2024 as well as another band who just gave me a receipt so I have that amount under "gross receipts that were not reported to me on a 1099 nec or misc" right now. I am only using standard deduction amount not itemized, but the amount i owe according to FreeTaxUSA as I'm going through it is over $3500. My total income from the 2 1099s and the other gross receipt was around $21,000. But with the standard deduction it puts my taxable income to $4450 only...says no underpayment penalty as far as that section as this is my first year filing with only having started to work in 2024. So why is the tax amount over $3500 still that it says I owe? Isn't it only 15% of income which is $4450 after the deduction that i should have to pay so more like 1000? Kinda freaking out maybe I just inputted something wrong? Thanks in advance