Latest threads in Taxes General Forumshow only best voted threads
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Free Tax Software
Is there any free tax software that is downloadable (not prepare your tax return on line) that includes Schedules D and E?
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8 years ago
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Penalty for Underpayment
Taxpayer is retired and has income from social security and investment income. He also receives premium assistance from his ACA health insurance. He has no withholding and does not file estimated...
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8 years ago
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What constitutes a tax audit?
AN article in the WSJ on November 4th said that 0.84% of all tax returns were audited last year. Last week, I received a notice of deficiency because the IRS claimed that I withdrew $9000 from my 401K...
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8 years ago
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VITA/TCE switches to TaxSlayer for 2017 filing season
For those of you who do VITA/TCE work, you might be interested to know that IRS SPEC has announced it's awarded the new software contract to TaxSlayer, which will start with the 2017 filing season. So...
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8 years ago
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Question about SLCSP
I am trying to do a dry run on my taxes for 2015 so I can determine if I need to make any year-end adjustments to my income. I am running into problems in determining the SLCSP (second lowest cost...
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8 years ago
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706 and 709
Decedent gave 100K to irrevocable trust in 2001 but did not file a gift tax return. Decedent died in 2015. Does estate have to file a gift tax return or alternatively can trust be listed on Schedule G
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8 years ago
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TT--which return do I import
In 2014 I have my 1040 return and my 1040X due to a slightly amended return (resulted in $14 more refunded). When I do my taxes, I always start out by importing my previous year's return. So, for...
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8 years ago
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Optimizing/Fine-Tuning My Taxes
Looking for advice on optimizing my taxes. I am 58 and semi-retired. I earn $12K/yr in consulting income, which I can receive just before or just after January 1, and usually take just after. I also...
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8 years ago
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Re: taking out a home equity loan in order to pay down student loans
Forgetting for a moment the time value of money.... A 15 year loan of $113,000 at 2% equals payments of $130,890. Use 3.85% and the payments are $148,928. That is an extra $18,038 of interest. A HELOC...
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8 years ago
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Re: Does the standard deduction trigger an audit?
Changes in your return composition from year to year do not trigger audits. Audits are generally selected on the basis of the contents of that year's return. Including a note with your return is a...
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8 years ago
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How to handle upfront payments for ongoing year-straddling services?
[Note to mods: sorry if this is a repeat, but I can't find any evidence this post ever made it out to the world.] How does a cash-basis taxpayer handle an upfront payment for ongoing services that...
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8 years ago
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Showing specific tax payments on check stubs?
My son just got a new job for 20% more than his old job. He got his first pay check and it is lower than the old one. He is confused. The new check stub just gives his gross pay and the amount of the...
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8 years ago
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Current Status of NYS estate tax cliff
I have read several articles from 2014 about losing all exemptions from NYS estate tax if the estate exceeds the exemption. The articles all say it is outrageous and has to be fixed. But I have found...
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8 years ago
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Employer ID changed, what about pension plans?
I changed the form of my one person company from an S-Corp to a sole proprietorship. The IRS issued me a new Employer ID Number (EIN). I forgot about the fact that I had pension plans which were...
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8 years ago
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Form 941, Part 1, Line 1
Line 1 of Part 1 of Form 941 asks for: Number of employees who received wages, tips, or other compensation for the pay period including: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3),...
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8 years ago
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