Taxable brokerage set up under my name for minors, how to “give it back” without tax implications (higher tax bracket) I set up a taxable brokerage for younger siblings while they were minors with 10k inheritance. What’s the best way to transition or transfer ownership of the investments. But recouping any previously associated tax implications (formerly low tax bracket) or fees from the account? Current thought process – find any fees / taxes I’ve paid for the…

1099 Trucker tax question I’ve been an owner operator since 2018 and soon my truck will be paid off. My question is since my truck lost all its depreciation, can i switch to mileage and claim that on taxes instead of the low truck payments i have left? submitted by /u/ambushiz

$70K Tax Capital Loss Hi everyone – I have accumulated ~$70K worth of capital losses through a tax managed account and from the market drawdown in 2022. My question to you is how do you recommend I use my tax losses? What I have done for last two tax years is use the $3K deduction towards my income but wonder if I should be putting the rest of the loss to use by sell…

Tax efficiency – do you keep only certain assets in taxable accounts and others in tax advantaged accounts? I’m reading that after finding a good overall allocation and minimizing fees and expense rations, the next thing to worry about is tax efficiency. So keeping municipal bonds in taxable accounts and small cap in something like Roth IRAs. Tough to imaging a lot of people worrying about this level of detail. What sort of drag could you experience …

federal income tax and short term capital gain tax So if I made 3mil from day trading crypto with nearly 0 investment in the past 5 months. Do I have to pay both federal income tax and short term capital gain tax combine, 37% on federal and another 37% on short term capital on top? I don’t have any income before this submitted by /u/ParticularFeeling672

Republican Senators Introduce Bills To Kill The EV Tax Credit And Add On A $1,000 Tax To Electric Cars The Trump administration’s attack on EVs started almost immediately. Billions are being cut from state EV programs. And things may get worse if a handful of Republican senators get their way. Read more…

Roth versus tax deferred For middle to high income earners wouldn’t making a Roth contribution be a better investment for someone in their 20’s because the tax free nature of the earnings far exceeds any break you get by contributing to tax deferred accounts ? submitted by /u/Low-Dependent6912

Tax withholding as a 1 income household I’m a SAHM and my husband is the sole income earner for our family. This has tapered over the last several years, I worked full time, then part time, then rarely, now not at all since we have more kids and he is making more money. This year we got a return of 11k when we filed. It’s gone up a little every year, but this is the biggest return ye…

Federal Tax Withholdings I’m having a really hard time understanding how to fill out my W-4.. paying taxes and everything about the whole process has always been extremely confusing to me. I’m hoping someone can PLEASE help me with this. For most of 2023 and half of 2024 I was helping take care of my mom and was unable to work full-time, but I was doing part time jobs h…

How to Track Your 2024 Federal Tax Refund You filed your taxes—now where’s your money?

Unsure about how to pay tax On my stripe it says I owe 1.86 in taxes to the uk for a sale of $8, is there a way I can refund this and not have to file any tax return I am selling a digital good and am under 18 submitted by /u/No_Employer3896

Tax Filing Software Megathread: A comprehensive list of tax filing resources Please use this thread to discuss various methods of filing taxes. This can include: Tax Software Recommendations (give detail as to why!) Tax Software Experiences Other Tax Filing Tools Experiences with Filing Manually Past Experiences using CPAs or other professionals Tax Filing Tips, Tricks, and Helpful Hints If you have any specific qu…

What Did Trump’s Tax Cuts Do? Economic upheaval caused by the pandemic has clouded analysts’ ability to understand the effects of the 2017 tax law. Republicans call it a huge success and want to extend it anyway.

What happens if I have both pre tax and post tax contributions in a 401(k)? My organization is changing its sponsored retirement plan from a 403b to a 401k with a new brokerage. I have set up the new account to contribute up to the match with post tax, so roth. My current 403b has pre tax contributions and I am wondering what happens when I rollover the 403b to the 401k. I guess I’m wondering when it comes time to withd…

Tax help – How do 529 tax deductions work? Last year my husband and I owed on our taxes. This year we welcomed a son and opened a 529 account through our states program. I read on the website that you can deduct up to $20,000 jointly on your state taxes. Theoretically, if we were to add to the 529 account would that lower our state tax burden to zero–or how would that work? I’d much rat…

Tax implications on trading in vehicle vs selling yourself Buying a new car for my wife, her existing car seems to generally be listed for around 35k for a similar model with similar mileage. New car will be roughly 50k. The dealership offered me 28k for the trade in. One thing I heard from a friend is if you trade in a car you save on sales tax (in this scenario it looks like we would owe tax on 12k i…

Tax Cuts Were Top of Mind at the Tax Foundation’s Annual ‘Prom’ Republican control of Washington and a tax bill next year have corporate America excited — and on edge.

Tax planning 2025 strategies What are your strategies planning taxes for 2025? Planning to see if I need to update withholding, contribute to IRA and 401 to reduce tax rate. What are typical planning scenarios. submitted by /u/merseysiderover

Investment tax as a European Hi everyone! I have a question. I’m a digital nomad and I constantly travel to different countries. I’m European. I have some stock and ecoins. I would like to sell them so that I can get some fiat. But than I have to pay investment tax. As long as I don’t sell them all is fine but it would be nice to use those investment and buy something etc. …

401k before tax/roth,after tax i started my first job this year and i made the mistake of not contributing to a 401K because i thought if im not staying with them for a year it might not be worth it. I’m now trying to enroll in a 401k plan and i want to choose my own but im so confused by before tax, roth, and after tax percentage/amount. if anyone can explain to me like im 5…