Common law married for the past 10+ years (Texas), but we filed our taxes as Single. Should we ammend our taxes for the past 2 years? My partner and I qualify as being married under Texas’s common law marriage, but we always filed our taxes as Single. Would it be worth it to ammend our taxes? I believe we can only go back 2 tax years (2023 & 2024). Would this be difficult? What, if any, “proof” would we need that we’ve been married in the eyes of Texas? We have joint accounts,…

I have not filed taxes in 7 years- now I have a W2 I’ll keep it as short as possible and make edits when/if more info is needed: I am 28 now and I have flipped houses and owned some rentals for a little while. All of this has been done through various LLC’s. In 2017, I had a contractor walk with over $200,000. I was way too loose managing him. I do have a W9 for him. It wasn’t worth pursuing in …

How do taxes work on a partial withdrawal from investment? Let’s say I have 400K invested in the last 5 years 400K gains in a index fund. I want to withdraw $30K, can this be considered that I’m withdrawing money from original principle amount and I owe no taxes on it or is it considered investment income regardless and I have to pay long term gains tax on it? submitted by /u/ecfan

Death and Taxes We explain why the estate tax isn’t working.

Employer Withholding Taxes for wrong state Asking for my best friend, who is in bit of a tricky situation and can’t get help from their employer. First some context to explain the situation: Small retail business based out of Louisiana (LA). Item production for the store is done in North Carolina (NC) where my friend is based. Friend was telling me that the employer is withholding LA tax…

Taxes are not being taken from my paycheck I’m 20, work part-time in retail, and also attend college. I recently realized that money isn’t being taken out of my paycheck for federal and state taxes. I started this job in May, and I just noticed the issue when I checked my paycheck stub on ADP. I’ve never had this issue with any other job I’ve worked before, and honestly, I don’t know any…

Taxes on Tuition Reimbursement, How to minimize? I work for a public university and am using my tuition benefit so that my wife can get her Masters. The benefit is a 50% discount on Tuition so this means it’s adding $9885 to my taxable income as a taxable tuition benefit. I make just under 56k annually, and am paid monthly and so this currently works out to about an additional $300 withheld …

I haven’t filed taxes in 5 years, what do I do I can probably track down all my W2s, I never made more than 20k a year so I shouldn’t owe anything but what the hell do I do? Find an accountant? submitted by /u/garfield-la-sanya

Taxes on an Inheritance My brother and I received an inheritance about 6 months ago. Part of the inheritance was a home. Long story short, we are about to sell the property and split the profit in half. My main question is taxes. I believe whatever the Capital Gains are will be what we pay taxes on. I was hoping to get a little better understanding on this matter so we…

Withholding state taxes I live in arizona and started a new job, and our company is requiring us to select a percentage to withhold for state taxes. Being in Arizona, our income tax is 2.5%. Should I select 2.5% or should I go a bit higher to 3%? submitted by /u/lunardownpour

Taxes on a Stock Sale My company gives me free stock, but then I also purchase stock through them. I far as I can tell on my eTrade, it’s all lumped into my shares. Say I sell some stock. To calculate cost basis, I need to know how much I paid for each share, right? I won’t know that, because some were purchased by me, and some were given to me by the employer. Will …

Accountant filed taxes for me, after I realized they are Georgia taxes. I live and work in Florida. Title pretty much says it all. I work for a franchised chain store in Florida, I live in Florida about 5 mi from the Georgia border. My franchise owner was a big wig for a huge pharma company and “knows what he’s doing” exaggerated eye roll but seems to flounder a lot. He’s been through three office managers in the less than a year I have been h…

Taxes after maxing 401k This is the first year i can afford (well, attempt to afford), maxing my 401k contribution. Looking at my paystub, it appears that taxes are withheld on the basis of my gross pay. Is it worth adjusting my withholding, is that what most folks do? Or do i just not mess with it and get a refund? How do i figure out what the right withholding is? I’…

How do taxes work? Thinking about starting a store and I just want to know how taxes work so I don’t go to jail? In the us btw. submitted by /u/Professional-Ad6429

LPT – Owing taxes on a 529 college fund + back taxes So in 2021 i recieved around ~ $18000 from a college fund set up by my grandmother. I was told that if I use the funds to pay for schooling I would not have to pay any sort of taxes on it, but being stupid(I did not use it for schooling) , I used it to fund other things. At the time I was living with my girlfriend and we were going through some …

Inheritance taxes vs. gift taxes, I think? I will consult a tax lawyer in the spring, but I’m trying to figure this out now. My dad passed away in May. He wanted to leave my half sister something in the will to prevent her contesting it, which he did, $10K. He left me the same amount for appearances’ sake – he didn’t want her to argue with me. He left my full sister everything and asked …

Paying taxes in your Country I am thinking of starting to sell on Amazon FBA, and I wonder if I have to pay more taxes to make the money I earn “legal” in my country. This is for when I sell outside my country of course. Do I have to declare the money I make and pay more taxes in my country or the taxes paid in the country I sold are enough? I am talking in a small scale, n…

Claiming cash for taxes Question do I report the cash I get such as 300-800? I do report the checks I get but what about cash? Someone told me to claim the cash submitted by /u/dreamup1234

Home purchasing and taxes My parents were gonna wire transfer money in full to buy a house that’d be in my name. Apparently this warrants a gift which means they’d also have to pay 100k in taxes. The contractor didn’t require a gift letter but I assume it’d still be considered a gift. What are the other options we can do—like put my parents on the title? submitted by…

HELOC for back taxes? So me and my wife recently applied for a HELOC and was approved. Our goal is to put a new roof on our house and potientally pay off back taxes with some of the money. We inherited her grandparents house with the back taxes of 32,000. This is our first house and I’m honestly scared just knowing that debt is there. But would a HELPC be the right c…