Join the 9 million people who found a smarter way to get Expert help

Recent Incentives questions

Second opinion] tax question regarding mba write-off as

Second opinion] tax question regarding mba write-off as educational expenses. Im an engineer looking to move to management track within current company. Company is reimbursing me for my tuition, but adding it onto my w-2 at end of year, so there may be tax ramifications. Can I write off as educational tuition, if I can prove it is essential for my position in my company? How would I, if auditted, even prove this?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Upper management has already signed off on it and may if needed write a letter stating it is essential for myself in the company (as opposed to starting a new career elsewhere in another field).

Read more

Matthew Breecher

President

MBA (Graduate Legal Studies)

334 satisfied customers
Robin, I own a home in NC, but worked in the US Islands all

Hi Robin, I own a home in NC, but worked in the US Virgin Islands all of 2012 and 2013. I only had income from the USVI in those years. I was recently notified that I should have filed an NC tax return. I was a full time resident of the USVI and paid taxes there. There was no NC income only expenses related to the house. The house was vacant during that time. Why do they consider me a resident and do I need to file a return with NC for those years?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,004 satisfied customers
Please. I received a form 1099-R from MetLife because my

please. I received a form 1099-R from MetLife because my life insurance policy lapsed, however, I was able to reinstate it as soon as I was notified of the lapse. The 1099-R is regarding an outstanding loan on this policy, which I am currently paying. I just spoke to MetLife who informed me that outstanding loans are "automatically" reported to the IRS as distributed income. My question is since the policy has been reinstated it, and I am paying back the loan, do I still need to report the outstanding balance of the loan as income?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I believe that's all the information needed.

Read more

Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
My wife wants to file her taxes and has education credits

My wife wants to file her taxes and has education credits she wants to clain as deductions. My corporate taxes will be needing an extension so she cannot file jointly with me right now. Can she proceed to file as single and claim these deductions?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No thanks.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,004 satisfied customers
I am looking to understand how to best fill out a W4 for our

I am looking to understand how to best fill out a W4 for our tax situation.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My husband and I are basically equivalent earners and file our taxes separately. However, we have both gotten some lump sums this year and I took out 4000 from my 401K. I am just looking to see if I should claim married but withhold at a higher single rate and leave both federal and state forms at 0.JA: Is there anything else important you think the Accountant should know?Customer: I don't believe so. Ok, can I ask you a total for how much this will cost

Read more

Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
My wife works at a car dealership and received a 1099-MISC

My wife works at a car dealership and received a 1099-MISC from the manufacturer as an incentive payment. Is this income subject to self employment tax? Can you she take expenses against this income?

Read more

Dr. Fiona Chen

President

Ph.D.

1,036 satisfied customers
Taxpayer has received 1099 MISC from Housing Authority. Box

Taxpayer has received 1099 MISC from Housing Authority. Box 1 - Rent: $1,097 and as an incentive bonus $1,000 that has been applied to Box 7.As far as I know incentive bonus should be in box 3 as Other Income.Please advise.Thank you,

Read more

Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
I am doing a tax return on Uber. And I notice the total

I am doing a tax return on Uber. And I notice the total 1099-k is slighlty less than the 1099 K Breakdown total on the Uber Tax Summary for the period 2016. The breakdown total is larger than the 1099-K 1a GROSS AMOUNT OF PAYMENT CARD/3RD PARTY NETWORK TRANSACTIONS. Maybe the 1099 k is reduced by merchant fees??? Anyone know?

Read more

Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
Exercised an ISO stock option in 2016 and sold stock on the

Exercised an ISO stock option in 2016 and sold stock on the same day. Employer included this amount in my W-2 income.-I don't need to report this on form 6251 under incentive stock options, right?-I need to adjust the basis of the stock to factor in the amount included in my w-2 earnings?

Read more

Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
View more Tax questions
In The News