• Trump fans, did you enjoy your tax cuts on your paychecks??? That was quick wasn't it?

    Best answer: I don't think Trump fans are bright enough to put those situations together, even though you've explained it to them.
    Best answer: I don't think Trump fans are bright enough to put those situations together, even though you've explained it to them.
    14 answers · United States · 24 hours ago
  • Should I take out my investment and put it back in order to pay less taxes?

    Best answer: Look up 'wash sale'.
    The IRS would treat you SCHEME as if you never sold the investments at all.
    You would have to use the ORIGINAL purchase price to calculate taxes when you LEGITIMATELY sold the investment.
    Best answer: Look up 'wash sale'.
    The IRS would treat you SCHEME as if you never sold the investments at all.
    You would have to use the ORIGINAL purchase price to calculate taxes when you LEGITIMATELY sold the investment.
    10 answers · United States · 19 hours ago
  • Taxes: never done taxes before must I have my check stubs to file taxes?

    Best answer: No. You don't use check stubs. You will be mailed a W-2 from your employer(s). Those are what you use to file and you send in the appropriate copies.
    Best answer: No. You don't use check stubs. You will be mailed a W-2 from your employer(s). Those are what you use to file and you send in the appropriate copies.
    8 answers · United States · 3 days ago
  • Pension lump sum amount?

    Best answer: Typically, the trustee withholds 20% ($7,000) so you will probably received a check for about $28,000. However, this 20% does not normally cover the entire tax bill on a early distribution. The final percentage will depend upon your total income for the year so there is no way to know the entire percentage but it... show more
    Best answer: Typically, the trustee withholds 20% ($7,000) so you will probably received a check for about $28,000.

    However, this 20% does not normally cover the entire tax bill on a early distribution.

    The final percentage will depend upon your total income for the year so there is no way to know the entire percentage but it is not unusual to pay around 40% in taxes and penalties when all is said and done. So, you could end up with a net of around $21k.

    Note: If you happen to be over 55 years old, the 10% Federal Penalty would not apply.

    It is never advisable to cash out a pension/401k early.
    6 answers · United States · 1 day ago
  • Why do I need to pay taxes?

    Best answer: (1) Taxes also pay for the public transit that you are presumably using instead of roads. (2) The vast majority of your income tax pays for the military. You are using the security they provide. The other major tax you pay is to Social Security, which is basically a savings account that you will collect from... show more
    Best answer: (1) Taxes also pay for the public transit that you are presumably using instead of roads.

    (2) The vast majority of your income tax pays for the military. You are using the security they provide.
    The other major tax you pay is to Social Security, which is basically a savings account that you will collect from later with interest.

    (3) If you don't want to spend so much on the military - maybe you don't think that overthrowing dictators and leaving power vacuums makes you safer - then vote for different politicians. Congress sets the budget, and Congress is supposed to work for you.
    12 answers · United States · 6 days ago
  • Does a business need to generate REVENUE in order to be able to have tax deductions? Ie. Computers, Software, Clothing, Etc.?

    My business has not generated revenue yet, as im still setting it up. Can I have tax deductions, even if I have not made any money?
    My business has not generated revenue yet, as im still setting it up. Can I have tax deductions, even if I have not made any money?
    5 answers · United States · 3 days ago
  • Help with tax auditing please?

    i did my income tax with this guy that claimed he was an expert later i find out he is not..so 2016 was the first year he did it and now im being audited by the irs my question and concern is should i worry or should i do anything for 2017 and 2018 he also filed those years for me thanks
    i did my income tax with this guy that claimed he was an expert later i find out he is not..so 2016 was the first year he did it and now im being audited by the irs my question and concern is should i worry or should i do anything for 2017 and 2018 he also filed those years for me thanks
    5 answers · United States · 5 days ago
  • Tax question... please help!’n?

    So I filed my taxes back in April and never heard back from the IRS. I even called the IRS directly and they said they would look into it. They were supposed to respond within 30 days but never did. Then as I was in the process of moving I was shuffling through paperwork and discovered that back in June I received... show more
    So I filed my taxes back in April and never heard back from the IRS. I even called the IRS directly and they said they would look into it. They were supposed to respond within 30 days but never did. Then as I was in the process of moving I was shuffling through paperwork and discovered that back in June I received something from them requesting medical coverage information to be received within 20 days. It was something that would have literally taken me 5 min to fill out and return! Apparently one of my parents opened it, read it and never thought it was important enough to give to me so they tossed it to the side and it sat there for 3 months 😡. So mad! Anyway? What’s the next step? Am I still eligible for a refund or???
    5 answers · United States · 4 days ago
  • How well can a family of 4 live on $75,000 a MONTH after tax income?

    Best answer: very well in deed
    Best answer: very well in deed
    6 answers · United States · 7 days ago
  • Why does my boss want a W4 form?

    So he fired me and i do not work there anymore. Its a small restaurant. I haven't received my payroll check yet. My boss refused to pay me my check. Its only 2 weeks. He has never paid me anything. He says that I have to give him a w4 form first then he will pay me. Why does he need that? I have worked at other... show more
    So he fired me and i do not work there anymore. Its a small restaurant. I haven't received my payroll check yet. My boss refused to pay me my check. Its only 2 weeks. He has never paid me anything. He says that I have to give him a w4 form first then he will pay me. Why does he need that? I have worked at other jobs for 15 years and no one asks for a w4 form. I can do taxes by myself. What is his problem? Is it right for him to not pay me my paycheck?
    4 answers · United States · 5 days ago
  • Can I file for taxes on January 2019?

    And get a tax return on March 2019
    And get a tax return on March 2019
    9 answers · United States · 1 week ago
  • Do I need to file taxes?

    I work three jobs, one full-time with a company where they take out for SS Tax, medical, and Federal Income. I also work two part-time jobs at about 6 hours each a week. These, however, are jobs not with a company instead they are like a nanny/ moms helper, type of jobs. I’m wondering because together those two... show more
    I work three jobs, one full-time with a company where they take out for SS Tax, medical, and Federal Income. I also work two part-time jobs at about 6 hours each a week. These, however, are jobs not with a company instead they are like a nanny/ moms helper, type of jobs. I’m wondering because together those two jobs are under 10,000 annually, do I need to file taxes on these, and should my bosses report. If the answer is yes to both of these questions, then what kind of filing should be done?
    5 answers · United States · 1 week ago
  • What happens to your taxes when you are part of an LLC?

    So a tax question for the yahoo community! I own a small family business and I intend on adding my brother and mother into the LLC. What happens to their taxes exactly? What will it be treated like? My brother is still a student and my mother also works elsewhere a full time job. Assuming our business had a... show more
    So a tax question for the yahoo community! I own a small family business and I intend on adding my brother and mother into the LLC. What happens to their taxes exactly? What will it be treated like? My brother is still a student and my mother also works elsewhere a full time job. Assuming our business had a good or bad year, what is the likely outcome our taxes? Mom files jointly with my father and my brother is still young enough to be a dependent. I file by myself and I do a lot of freelance work. I know this question might be difficult to answer, but any info will help! Thanks.
    4 answers · United States · 1 week ago