Everyone knows there are tax benefits to having children and dependents
and some are pretty amazing! If you’ve ever had questions about the
popular Child Tax Credit (CTC) or Earned Income Credit (EIC), this is
the place to be! TurboTax does the think...read more
It seems the most popular question at tax time is “Can I deduct this…?”.
Of course you don’t want to pay more taxes than you need to; and you
want to get all the tax deductions and credits you’re entitled to take.
The resources below have helped many...read more
The only income I make is from the U.S. which shows on my W-2. However,
on the Form 2555-T, it keeps bringing me back asking how much foreign
income I made, which I haven't. I do not know how to move on, any help
would be appreciated.
I'm 62 years old, semi-retired, and planning to withdraw $2,500 from my
401k every month. When I checked it, I have to pay about $693 in
estimated taxes (federal 20%, state 7.75%), so my net would be around
$1,806. So, this is my question: is it mand...read more
Doing tax for my son (25) here this weekend. He has an ocean fishing
charter business. Florida. He juuuuuuust started it up in the last month
of 2019. Then 2020: All tourists left in March/April or so. Ghost town,
and ghost beaches. No-one around for...read more
I am at the very last step to file my taxes but at the very end it keeps
telling me to fix Form 2555-T: Total Foreign Earned Income. But I did
not receive any Foreign Earned Income last year so I do not understand
why it keeps appearing. Very aggrava...read more
I receive goods as part of a review program. The company that runs the
program sends me a 1099-NEC for the estimated tax value (ETV) of all the
items I receive. The ETV reported is the full price of the new item. I
do this for profit. I have a busine...read more
Hi, I have over contributed to my HSA and I mark in the TurboTax that I
will withdraw them by the tax due date. However, I just realized that I
missed deadline. If I withdraw the amount right now, what is the penalty
I will get? Thanks
ritedenPosted yesterday
| Latest post yesterday by
dmertz
As I have mentioned elsewhere in earlier threads that I have posted, I
have two small side businesses: dog-sitting/walking/house-sitting and
eBay sales (of items from our extended family). Last year these
collectively made about $500. I only use my c...read more
TT shows that my home office deduction (~$200) exceeds my business
income (~$100). Is this possible? I thought that allowable home office
deduction for the current year is always adjusted to be less that
business income for the current year. Am I doi...read more
Hi , I am USA citizen residing in USA , I am going to sell my property
in foreign country and want to bring the money to USA , I would pay the
property gain tax in foreign country/government , so do I need to pay
tax in USA while bringing the tax to ...read more
MyKnewPosted Thursday
| Latest post Thursday by
Mike9241
Suppose I have a collection of rare baseball cards that I want to donate
to a qualified charity and claim a FMV of $12,000 on my return. My
understanding is that, because this exceeds $5000, I need a professional
appraisal. However, does that $5000 c...read more