Can you explain how a tax write off works? I am new to business world, and I wanted to confirm my thoughts on write offs. Is the below true? If I have 20,000 profit on the year, and I make a $10,000 purchase for a new machine. My new taxable income would be $10,000. But if I did not make the write off, I would have to pay $3,000 in maxed since I am in the 30% tax bracket. So I’m the …

Trump’s Tax Plans Three scenarios for how Republicans could approach cutting taxes next year.

Just a 20% Tax Penalty & Income Tax? – The HSA Withdraw So, let’s say something wild or urgent comes up. Water heater breaks or furnace goes out in winter, pet gets sick, etc. You’re paycheck-to-paycheck, or money is at least tight, at the moment, because you just got everything caught back up… but that means your bank account is basically at $0 for the next 2 – 4 weeks. You have an HSA with $2k. …

Tax exemption on 529 accounts My state allows income tax relief on contributions to the state 529, up to $4,000 per tax year. As I understand it, this relief is per beneficiary. I also understand that I can name as a beneficiary any family member with a SSN, including myself. What would stop me from opening several 529s with different beneficiaries, claim the tax relief for …

What would you do if your tax advantaged retirement accounts didn’t have tax advantages? I live in Puerto Rico. When I retire, I will be taxed on earnings in my ROTH IRA and I’m pretty sure my 401k too because they are held on the mainland and local accounts only have like a 2% interest rate. Should I rethink my whole strategy? Do I need to save an additional 15% on top of what I was hoping for to account for taxes? I make around 5…

Got a notice in the mail about a tax warrant from my state but sent by a tax firm? Nationwide Tax Consulting Hi, I’ve recently got a notice in the mail that I’ve got a tax lien opened against me from my state. (I’ve just. paid my taxes) It has a toll free number to call and I called them and gave them my case number and they said they could put me on a payment plan with the state and settle my tax debt. They asked for payment over the phone and I hung …

W-4 tax withholding w/ 2 jobs I have 2 jobs one is during the school year one is for the summer. I don’t work full time and make under $20k a year. I am single and an independent with no dependents. I am claiming 0 at the first job and 1 at the second on my W-4. For some reason I have made less at my second job but my tax withholding is nearly 4x the amount as my first job. …

After tax “spillover” and MBDR 401k plan provided by the company I work for now allows after tax contributions and they call them “spillover”. This money is company matched at the same rate as regular 401k contributions. I’ve called the benefits people twice, and both times I wasn’t too convinced on the answers I was given. They did confirm that plan allows for after tax mone…

Advice for tax debt? I owe about $3k in old taxes from doing gig work (1099) over the last ten years. I slacked on it and I want to take care of it now. I’m wondering if it’s a good idea to refinance my vehicle loan (I owe about $3k and it’s easily worth $10k) and add on enough to pay off the taxes. Is this a good idea? Is there any way to get my tax debt lowered? I…

Contribute to 401k while in high tax state, convert to Roth IRA when in no income tax state? As the title says, is this a possible tax strategy? Say you have a high income job in NYC. Can you contribute to a 401k, so you don’t pay state taxes on that, and then roll it over to a ROTH IRA if you move to FL, TX, (or any other no income tax state) and save on not paying the state income tax? I know there’s other things involved like you can…

Tax question: I’m a US citizen living and earning in the UK. Can anyone give me insight on how the tax arrangement works? I recently moved to the UK for work and will have to file taxes next cycle, presumably for both the US and the UK. My spouse and child still reside in the US. I’m not high income (boo), but I’m still trying to avoid double taxation. I believe I’ll owe more in the UK than I would in the US. My understanding is that I’m supposed to stay outside th…

Tax & Duties avoidance To get straight to the point, governments are essentially the largest criminal organizations. My taxes and duties are 15% and 10% (depending on the product type), respectively. After several orders and customs experiences, I discovered that the tax calculation is not solely based on the product’s actual costs. Instead, it is calculated after add…

I usually get a significant tax return. How do I lower my withholdings so I get this money with my paycheck rather than a tax return? Thanks for reading and responding. I’m just pretty confused one how to do this and how to specifically limit it so me return is lower, but I also don’t owe money come tax season. I will also go from single to married, and will also be purchasing our first home in the next few months so I know my taxes will significantly change next year as well…

Time to ditch Turbo Tax I knew that registration bull crap they push was going to bite us. I have 6 kids. I put TT on 2 PCs and file 4 on one and 3 on the other and it was always fine. Well this year since TT sees everything it tells me I’m a paid preparer and I can only file a total of 5. Which is a money grab from TT – the IRS limit is actually 5 returns per email ad…

Sales tax Vs. VAT Im a british citizen, will be travelling to nyc for holiday. In the Uk if something is selling for £5 you pay £5 at the till, but in the USA its not like that as they add sales tax or VAT, not sure which one…. as a tourist am i exempt from paying the tax or can i get a refund after my holiday? Also whats the difference between sales tax and VA…

Is it worth it for me to tax loss harvest? I have a $1.5k (11%) loss in a brokerage in vtiax from dumping a lump sum a while back. Is it worth it for me to sell or should I just keep putting money into the fund? I plan on holding long term but I can’t see this going positive anytime soon. submitted by /u/iquert

The ‘Georgists’ Are Out There, and They Want to Tax Your Land Amid a crisis in affordable housing, the century-old ideas of Henry George have gained a new currency.

Amended Tax Return that I submitted two years ago (late 2021) to pay a missed capital gains tax from the tax year 2018 is STILL sitting on hold at the IRS Underreporting Department…. How do I close this thing once and for all and as fast as possible? Some details… So I filed my regular W2 taxes from my job and normal wages in 2018 on time and got a refund and all that jazz, no problem, and thought everything was good and well… Then some time later in 2021 I found out about a rule in regards to cryptocurrency that I happe…

Moved to US. 36% tax? Hello everyone, I recently relocated to the US from a country where the tax burden is significantly lower. The transition has been enlightening, especially when I examined my payslip. I’m working as a Software Engineer with an annual gross income of $175,000. I’ve been in this role for the past 5 months, and this has been my sole source of incom…

LPT: Convert your tax-deferred 401k/IRA/TSP to tax-free Roth before 2026. The Tax Cuts and Jobs Act of 2017 is ending at the end of 2025. This means that personal income tax rates will revert back to their pre-2018 levels. For high income earners, that means a return to the 39.6% marginal tax bracket and increase from the current 37%. Also, those who are currently at 24% may see a shift up to 28%. Take advantage of th…